Business Wire | Oct 28, 2020 04:30PM EDT

Coeur Reports Third Quarter 2020 Results

Oct. 28, 2020

CHICAGO--(BUSINESS WIRE)--Oct. 28, 2020--Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE: CDE) today reported third quarter 2020 financial results, including revenue of $229.7 million, cash flow from operating activities of $79.5 million and GAAP net income from continuing operations of $26.9 million, or $0.11 per share. On an adjusted basis1, the Company reported EBITDA of $90.8 million, cash flow from operating activities prior to changes in working capital of $57.4 million and net income from continuing operations of $38.2 million, or $0.16 per share.

Key Highlights

* Highest quarterly financial results in nearly a decade - Revenue increased 49% and adjusted EBITDA1 more than doubled quarter-over-quarter. Operating cash flow was eight-times higher and now totals $81.4 million through the first nine months of the year. Free cash flow1 increased significantly to $56.5 million, leading to year-to-date positive free cash flow1 of $19.5 million * Strong quarter-over-quarter production growth - Gold production increased 23% to 95,995 ounces driven by improved operational performance at Palmarejo, Rochester and Wharf, while silver production of 2.6 million ounces was 58% higher largely due to positive results at Palmarejo * Well-executed restart at Palmarejo following temporary suspension - Palmarejo generated strong operational and financial results after being temporarily suspended for approximately 45 days in the prior period due to a COVID-19-related government decree. Gold production nearly doubled while silver production was more than two-times higher quarter-over-quarter, helping to generate $49.7 million and $44.7 million in operating and free cash flow1, respectively * Successfully commenced construction on schedule for Rochester expansion - The Company broke ground in early August on the Plan of Operations Amendment 11 ("POA 11") expansion project at its Rochester mine. Coeur plans to file an updated technical report in December, which will provide a detailed economic and technical overview of the expansion project * Record quarterly results at Wharf - Wharf produced 33,440 ounces of gold, which generated $39.1 million in operating cash flow and $38.6 million free cash flow1 during the third quarter - all new quarterly records since Coeur's acquisition of Wharf in early 2015 for approximately $99.5 million. Cumulative operating and free cash flow1 since acquisition now totals $256.0 million and $232.4 million, respectively * Continued execution of the Company's largest exploration program in its history2 - Building on the success from the first half of the year, approximately 20 drill rigs continue to operate across the Company, including at the new C-Horst discovery located in the northernmost portion of the Crown Block in southern Nevada. Results indicate potential for strong resource growth at Palmarejo, Rochester, Kensington, Silvertip and C-Horst, while infill drilling has demonstrated near-term upside potential for reserve growth at Palmarejo and Rochester * Bolstered balance sheet and financial flexibility - The Company reduced total debt3 by $47.5 million, or 14%, quarter-over-quarter while cash and cash equivalents increased 9% to $77.1 million as of September 30, 2020

"Strong production growth and higher gold and silver prices combined to generate multi-year high financial results during the third quarter," said Mitchell J. Krebs, President and Chief Executive Officer. "A strong rebound from Palmarejo and a record-breaking quarter at Wharf helped showcase the benefit of our balanced portfolio of North American-based precious metals assets. Quarterly revenue was the highest in nearly a decade, adjusted EBITDA1 more than doubled and free cash flow1 now totals $19.5 million through the first nine months of the year after jumping to $56.5 million in the third quarter."

Mr. Krebs continued, "We achieved a major milestone by commencing construction on schedule on the POA 11 expansion project at Rochester and look forward to sharing the results of the updated technical report in December. In addition to strong operational execution at several sites, we significantly reduced debt while increasing cash, leaving us well-positioned as we head into major construction activities at Rochester next year. With strengthening operational performance, successful execution of our near-term organic growth opportunities and a sustained commitment to our exploration investments, we remain on-track to fundamentally reposition the Company and unlock meaningful long-term value for our stockholders."

Financial and Operating Highlights (Unaudited)

(Amounts inmillions,except pershare amounts,gold ounces 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019produced &sold, andper-ounce/poundmetrics)

Gold Sales $ 167.1 $ 127.9 $ 127.6 $ 134.3 $ 141.9

Silver Sales $ 62.6 $ 26.3 $ 44.9 $ 54.8 $ 51.6

Consolidated $ 229.7 $ 154.2 $ 173.2 $ 195.0 $ 199.5 Revenue

CostsApplicable to $ 112.8 $ 90.0 $ 118.9 $ 146.6 $ 141.0 Sales^4

General andAdministrative $ 7.8 $ 8.6 $ 8.9 $ 7.6 $ 9.6 Expenses

Net Income $ 26.9 $ (1.2) $ (11.9) $ (270.9) $ (14.3) (Loss)

Net Income(Loss) Per $ 0.11 $ (0.01) $ (0.05) $ (1.13) $ (0.06) Share

Adjusted Net $ 38.2 $ 2.6 $ (0.9) $ (3.3) $ (5.3) Income (Loss)^1

Adjusted NetIncome (Loss)^1 $ 0.16 $ 0.01 $ - $ (0.01) $ (0.02) Per Share

WeightedAverage Shares 243.8 240.9 240.3 238.7 225.9 Outstanding

EBITDA^1 $ 77.3 $ 35.3 $ 25.5 $ (214.5) $ 37.6

Adjusted EBITDA $ 90.8 $ 42.2 $ 46.5 $ 59.8 $ 61.0 ^1

Cash Flow fromOperating $ 79.5 $ 9.9 $ (8.0) $ 39.3 $ 42.0 Activities

Capital $ 23.0 $ 16.7 $ 22.2 $ 21.0 $ 30.7 Expenditures

Free Cash Flow^ $ 56.5 $ (6.7) $ (30.2) $ 18.4 $ 11.3 1

Cash,Equivalents & $ 77.1 $ 70.9 $ 52.9 $ 55.6 $ 65.3 Short-TermInvestments

Total Debt^3 $ 301.1 $ 348.6 $ 343.1 $ 295.5 $ 298.7

AverageRealized Price $ 1,754 $ 1,641 $ 1,490 $ 1,407 $ 1,413 Per Ounce -Gold

AverageRealized Price $ 24.15 $ 16.25 $ 16.63 $ 16.99 $ 17.17 Per Ounce -Silver

Gold Ounces 95,995 78,229 85,077 94,716 99,782 Produced

Silver Ounces 2.6 1.6 2.7 3.1 3.0 Produced

Gold Ounces 95,283 77,933 85,635 95,532 100,407 Sold

Silver Ounces 2.6 1.6 2.7 3.3 3.0 Sold

Financial Results

Third quarter 2020 revenue increased 49% and 15% quarter-over-quarter and year-over-year, respectively, to $229.7 million driven by higher production and favorable metals prices. The Company's gold and silver production increased 23% and 58% quarter-over-quarter to 95,995 and 2.6 million ounces, respectively. Gold and silver sales totaled 95,283 and 2.6 million ounces, respectively, 22% and 60% higher than the prior period. Average realized gold and silver prices for the quarter were $1,754 and $24.15 per ounce, respectively, or 7% and 49% higher quarter-over-quarter.

Gold and silver sales accounted for 73% and 27% of third quarter revenue, respectively. The Company's U.S. operations accounted for approximately 64% of third quarter revenue, down from approximately 75% in the prior period, primarily due to the ramp-up of Palmarejo following the government-mandated temporary suspension in the prior period.

Costs applicable to sales4 increased 25% quarter-over-quarter to $112.8 million, largely due to the ramp-up of Palmarejo and higher production at Wharf. Third quarter general and administrative expenses decreased 9% to $7.8 million, primarily driven by lower employee-related expenses and outside service fees.

Third quarter exploration expense totaled $12.8 million, 8% higher quarter-over-quarter, reflecting a rebound in drilling activity at Palmarejo, an acceleration of Silvertip's exploration program, and increased drilling expense at Kensington and Wharf. See the "Operations" and "Exploration" sections for additional detail on the Company's exploration activities.

Operating costs related to COVID-19 mitigation and response efforts totaled $4.0 million during the third quarter, compared to $6.1 million in the prior period. These additional costs are primarily driven by employee-related expenses at Palmarejo and Kensington, and are included in "Pre-development, reclamation, and other expenses" on the Company's income statement.

Coeur recorded an income tax expense of $13.1 million during the third quarter, primarily related to strong financial performance at Palmarejo. Cash income and mining taxes paid during the quarter totaled approximately $3.3 million, bringing the full-year figure to $20.1 million. The Company expects to pay approximately $30.0 to $35.0 million of cash income and mining taxes in 2020.

Quarterly operating cash flow improved to $79.5 million compared to $9.9 million in the prior period, reflecting strong revenue growth and margin expansion quarter-over-quarter. Changes in working capital during the quarter totaled $22.1 million, compared to $(6.5) million in the second quarter of 2020, largely driven by the timing of tax payments in Mexico, payables related to the ramp-up of Palmarejo and interest payments. Third quarter operating cash flow includes a cash outflow of $5.1 million associated with the Company's prepayment agreement at Kensington. Coeur expects the remaining $9.9 million cash outflow under the arrangement to occur in the fourth quarter.

Third quarter capital expenditures were $23.0 million compared to $16.7 million in the prior period, reflecting higher investment across the Company's operations as well as increased spending on POA 11. Sustaining and development capital expenditures accounted for approximately 51% and 49%, respectively, of the Company's capital expenditures during the quarter.

Liquidity Update

Coeur continued to prudently manage its balance sheet during the third quarter of 2020 by repaying $47.5 million of total debt3, including $40.0 million of outstanding indebtedness under its senior secured revolving credit facility ("RCF"). The Company intends to repay the remaining $20.0 million RCF balance by year end from internally generated cash flow. At September 30, 2020, cash and cash equivalents totaled $77.1 million (9% higher quarter-over-quarter), while total debt3 outstanding was $301.1 million (14% lower quarter-over-quarter).

Hedging Update

The Company did not execute any additional zero-cost collar ("ZCC") hedges during the third quarter. Coeur's hedging strategy remains focused on supporting cash flow generation during the POA 11 expansion at Rochester, which the Company expects to fund with a combination of cash on hand, internally generated cash flow and existing debt capacity.

Coeur completed its gold hedging program for 2021 earlier this year and will proactively monitor market conditions to potentially layer in additional ZCC hedges on up to 50% of expected gold production in 2022. The Company's silver price exposure remains unhedged. An overview of the hedges currently implemented is outlined below:

4Q 2020 2021 2022

Gold Ounces Hedged 55,500 158,700 126,000

Avg. Ceiling ($/oz) $1,823 $1,875 $2,030

Avg. Floor ($/oz) $1,471 $1,600 $1,626

Rochester Expansion

Coeur commenced construction on the POA 11 expansion project on schedule in early August 2020, advancing early-stage earthworks and establishing infrastructure at site to support construction activities. The expansion project includes the construction of a new leach pad, a crushing facility equipped with two high-pressure grinding roll ("HPGR") units, a Merrill-Crowe process plant, and related infrastructure to support the extension of Rochester's mine life.

Together with SNC-Lavalin, Coeur's engineering, procurement and project management contractor, the Company has completed over 75% of detailed design for the expansion project. Major construction is expected to begin in 2021 and be largely completed by late 2022. The project remains on schedule with no changes to key elements of the timeline (highlighted below).

Expected Start Target Completion Date Date

Leach Pad (Incl. Ancillary 2H 2020 Mid-2022Facilities)

Merrill-Crowe Process Plant 1H 2021 YE 2022

Crushing Circuit 1H 2021 YE 2022

Supporting Infrastructure 2H 2020 Mid-2022

The Company expects to publish an updated technical report for Rochester in December further outlining details of the expansion, including estimated capital expenditures, an updated mine plan, and detailed operational and financial information regarding the expected impacts of HPGR technology.

Operations

Third quarter 2020 highlights for each of the Company's operations are provided below.

Palmarejo, Mexico

(Dollars in millions, except 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019per ounce amounts)

Tons milled 492,474 269,641 479,562 486,779 442,464

Average gold grade (oz/t) 0.07 0.07 0.07 0.07 0.09

Average silver grade (oz/t) 4.37 4.46 4.69 5.11 4.88

Average recovery rate - Au 91.3% 86.0% 91.6% 84.9% 81.7%

Average recovery rate - Ag 82.8% 72.2% 81.5% 81.7% 79.6%

Gold ounces produced 29,296 15,223 31,578 28,702 31,779

Silver ounces produced (000's) 1,784 867 1,835 2,029 1,720

Gold ounces sold 27,252 16,924 31,287 27,952 32,731

Silver ounces sold (000's) 1,765 875 1,895 1,980 1,747

Average realized price per $1,446 $1,399 $1,331 $1,238 $1,269gold ounce

Average realized price per $23.98 $16.35 $17.25 $17.28 $17.05silver ounce

Metal sales $81.8 $38.0 $74.3 $68.9 $71.3

Costs applicable to sales^4 $34.3 $18.8 $36.0 $34.8 $37.4

Adjusted CAS^ per AuOz^1 $602 $686 $645 $622 $660

Adjusted CAS^ per AgOz^1 $10.06 $8.13 $8.37 $8.79 $8.95

Exploration expense $2.0 $0.9 $1.5 $2.0 $1.6

Cash flow from operating $49.7 $(3.5) $28.9 $41.4 $36.3activities

Sustaining capitalexpenditures (excludes capital $4.9 $4.5 $7.1 $6.2 $4.7lease payments)

Development capital $0.1 $- $- $2.4 $3.1expenditures

Total capital expenditures $5.0 $4.5 $7.1 $8.6 $7.8

Free cash flow^1 $44.7 $(8.0) $21.8 $32.8 $28.5

Operational

* Operations steadily ramped back up during June and into the third quarter following amended guidance from the Federal Government of Mexico that precious metals mining is considered an essential business activity * Third quarter gold production increased 92% to 29,296 ounces and silver production more than doubled to approximately 1.8 million ounces compared to the prior quarter

Financial

* Third quarter adjusted CAS1 for gold on a co-product basis decreased 12% compared to the prior period to $602 per ounce, while adjusted CAS1 for silver on a co-product basis increased 24% to $10.06 per ounce. Co-product adjusted CAS1 for the quarter reflect the ramp-up of operations following the temporary suspension and comparatively higher silver sales * Quarterly capital expenditures increased 11% to $5.0 million, and focused on mine development and infrastructure projects * Free cash flow1 in the third quarter totaled $44.7 million, compared to $(8.0) million in the prior period

Exploration

* Exploration investment during the third quarter totaled approximately $3.2 million ($2.0 million expensed and $1.2 million capitalized), compared to approximately $1.5 million ($0.9 million expensed and $0.6 million capitalized) in the prior quarter

* Coeur began the third quarter with four active rigs and ramped up to seven surface and underground core rigs during the period. A total of 18 expansion and 30 infill holes were drilled during the quarter for a total of 68,554 feet (20,895 meters) * Exploration activity focused on infill drilling within the two mine complexes, Independencia and Guadalupe, and on resource expansion north, southwest and southeast of both mine complexes. New resource expansion holes were also drilled east, northwest and north of Independencia * Resource expansion results continue to be encouraging, cutting multiple mineralized zones that extend south, northwest and north of Independencia. Similarly, infill drilling has been successful south and southwest of Guadalupe * Coeur expects to continue with seven active rigs during the fourth quarter, primarily focusing on resource expansion drilling as well as infill drilling on select targets. Three expansion rigs have recently been mobilized to focus on growing mineralized material between Independencia and the mill

Other

* Workforce staffing levels gradually increased to near full capacity during September, up from approximately 85% earlier in the quarter due to government-imposed restrictions related to COVID-19. The Company is maintaining its rigorous health and safety protocols at Palmarejo aimed at limiting the exposure and transmission of COVID-19 * Approximately 38% of Palmarejo's gold sales in the third quarter, or 10,348 ounces, were sold under its gold stream agreement at a price of $800 per ounce

Guidance

* Full-year 2020 gold production is expected to be slightly higher at 100,000 - 110,000 ounces (previously 95,000 - 105,000 ounces), while silver production is expected to be 6.0 - 7.0 million ounces (no change) * With higher expected gold production and solid cost controls, CAS1 for gold are expected to be $650 - $750 per ounce (previously $785 - $885 per ounce), while CAS1 for silver are anticipated to be $9.50 - $10.50 per ounce (no change) * Capital expenditures are expected to be modestly lower at approximately $27 - $30 million (previously $32 - $36 million)

Rochester, Nevada

(Dollars inmillions, except per 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019ounce amounts)

Ore tons placed 4,523,767 3,743,331 3,428,578 2,612,319 2,516,353

Average silver grade 0.49 0.51 0.57 0.47 0.43(oz/t)

Average gold grade 0.002 0.002 0.002 0.003 0.004(oz/t)

Silver ounces 740 728 687 848 982produced (000's)

Gold ounces produced 6,462 5,159 5,936 10,634 7,901

Silver ounces sold 786 724 632 932 951(000's)

Gold ounces sold 6,834 5,278 5,473 11,248 7,651

Average realizedprice per silver $24.49 $16.11 $16.99 $17.22 $17.02ounce

Average realized $1,882 $1,702 $1,583 $1,484 $1,476price per gold ounce

Metal sales $32.1 $20.6 $19.4 $32.6 $27.5

Costs applicable to $19.1 $18.3 $17.0 $25.3 $27.7sales^4

Adjusted CAS^ per $14.98 $13.75 $14.38 $13.25 $14.24AgOz^1

Adjusted CAS^ per $1,148 $1,481 $1,359 $1,142 $1,230AuOz^1

Exploration expense $0.5 $1.8 $0.2 $0.4 $0.1

Cash flow from $2.1 $(5.6) $(9.3) $6.9 $8.3operating activities

Sustaining capitalexpenditures $2.5 $1.5 $0.1 $0.9 $(1.0)(excludes capitallease payments)

Development capital $7.3 $4.3 $5.0 $4.1 $11.2expenditures

Total capital $9.8 $5.8 $5.1 $5.0 $10.2expenditures

Free cash flow^1 $(7.7) $(11.4) $(14.4) $1.9 $(1.9)

Operational

* Silver production increased modestly quarter-over-quarter to approximately 0.7 million ounces, while gold production was 25% higher and totaled 6,462 ounces * Improved production was driven by the placement of 4.5 million tons during the quarter, a 21% increase compared to the prior period and 80% higher than the third quarter of 2019. Just over 36,500 tons per day were processed through the upgraded crushing circuit, consistent with the prior period and 142% higher year-over-year. Placement rates were supplemented by stacking roughly 1.2 million tons of run-of-mine material during the quarter * Upset conditions in the Merrill-Crowe process plant and residual impacts of dilution from stacking HPGR-crushed material on top of historical ore on the Stage IV leach pad earlier in the year resulted in lower-than-anticipated production during the quarter * As a result of the upset conditions, approximately 0.1 million ounces of silver and 1,250 ounces of gold were held as work-in-process inventory at the end of the third quarter and are expected to be recovered by the end of the year

* Late in the third quarter, Coeur expanded the scope of its revised stacking plan by installing additional inter-lift liners to maximize the placement of HPGR-crushed ore on shallower portions of the Stage IV leach pad

Financial

* Third quarter adjusted CAS1 for silver on a co-product basis increased 9% quarter-over-quarter to $14.98 per ounce, while adjusted CAS1 for gold on a co-product basis decreased 22% to $1,148 per ounce, reflecting comparatively higher costs and increased gold production * Third quarter capital expenditures totaled $9.8 million compared to $5.8 million in the prior period, largely due to increased investment in POA 11 * Free cash flow1 totaled $(7.7) million in the third quarter, compared to $(11.4) million in the second quarter, primarily driven by improved operating cash flow and partially offset by higher capital expenditures

Exploration

* Exploration investment for the third quarter totaled approximately $1.3 million ($0.5 million expensed and $0.9 million capitalized), compared to approximately $2.2 million ($1.8 million expensed and $0.4 million capitalized) in the prior period * Following the success of prior drill programs, two core rigs continued directional drilling at East Rochester to test areas of potential mineralization under the Stage I and Stage II leach pads. A total of four new expansion core holes were drilled during the quarter (12 through the first nine months of 2020). The core rigs were then moved to complete geotechnical holes in the existing open pit * One reverse circulation rig continued infill drilling within the existing open pit. A total of 15 infill holes and five expansion holes were drilled during the quarter * Based on the results received to date, significant potential exists for additional reserve and resource growth in the existing open pit and at East Rochester. Additionally, target generation in the district highlighted priorities for future drilling north of East Rochester and East Packard as well as around the Lincoln Hill, Gold Ridge and Independence Hill zones located immediately west of Rochester

* Based on the drilling success at East Rochester, Coeur has extended the expansion program through the winter with one reverse circulation rig focused on testing the extension of the zone northwards towards the Stage IV leach pad

Other

* Mining remains an essential business in Nevada. The Company continues to maintain rigorous health and safety protocols aimed at limiting the exposure and transmission of COVID-19 at Rochester and in the surrounding communities

Guidance

* Full-year 2020 silver production is anticipated to be modestly lower at 3.1 - 3.7 million ounces (previously 3.5 - 4.5 million ounces) given greater-than-expected impacts from dilution, while gold production guidance remains consistent at 27,000 - 33,000 ounces (no change) * Given lower expected silver production, CAS1 for silver in 2020 are expected to be $13.50 - $14.75 per ounce (previously $12.75 - $14.00 per ounce). Comparatively higher gold production is expected to drive CAS1 to $1,150 - $1,300 per ounce of gold (previously $1,250 - $1,400 per ounce) * Capital expenditures are expected to remain relatively unchanged at approximately $38 - $42 million (previously $38 - $43 million)

Kensington, Alaska

(Dollars in millions, except 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019per ounce amounts)

Tons milled 163,276 170,478 162,341 167,061 166,475

Average gold grade (oz/t) 0.18 0.21 0.21 0.20 0.22

Average recovery rate 93.7% 92.0% 93.5% 87.2% 93.2%

Gold ounces produced 26,797 33,058 32,022 29,736 34,156

Gold ounces sold 27,815 32,367 32,781 29,293 35,452

Average realized price per $1,917 $1,762 $1,603 $1,493 $1,505gold ounce, gross

Treatment and refining charges $35 $57 $27 $24 $20per gold ounce

Average realized price per $1,882 $1,705 $1,576 $1,469 $1,485gold ounce, net

Metal sales $52.4 $55.2 $51.7 $43.0 $52.6

Costs applicable to sales^4 $31.5 $30.4 $30.5 $28.8 $29.5

Adjusted CAS per AuOz^1 $1,128 $934 $928 $976 $822

Prepayment, working capital $(5.1) $7.0 $(7.0) $4.7 $(14.7)cash flow

Exploration expense $3.4 $2.6 $1.8 $1.6 $1.5

Cash flow from operating $9.1 $27.8 $11.9 $19.9 $4.5activities

Sustaining capitalexpenditures (excludes capital $5.3 $3.9 $4.8 $4.3 $4.9lease payments)

Development capital $- $- $- $- $-expenditures

Total capital expenditures $5.3 $3.9 $4.8 $4.3 $4.9

Free cash flow^1 $3.8 $23.9 $7.1 $15.6 $(0.4)

Operational

* Gold production in the third quarter totaled 26,797 ounces compared to 33,058 ounces in the prior period, reflecting the impact of several positive COVID-19 cases isolated to the underground mining workforce. The Company conducted comprehensive testing, contact tracing and sanitization efforts, helping to mitigate the threat of further transmission across the operation

* Average gold grade decreased approximately 14% to 0.18 ounces per ton, largely due to the processing of additional development ore and surface stockpile material as a result of mine sequencing and COVID-19 contact tracing, respectively * Jualin accounted for approximately 18% of Kensington's third quarter production, increasing from approximately 16% in the prior quarter. For the full year, Jualin is expected to account for approximately 15-20% of Kensington's total production

Financial

* Adjusted CAS1 totaled $1,128 per ounce compared to $934 per ounce in the prior period, reflecting modestly higher costs and lower production * Capital expenditures increased 36% quarter-over-quarter to $5.3 million, largely due to the completion of certain capital projects prior to the winter months * Free cash flow1 totaled $3.8 million during the third quarter, including cash outflow of approximately $5.1 million associated with Coeur's prepayment agreement at Kensington. Excluding the effect of the prepayment, free cash flow1 totaled approximately $8.9 million in the third quarter

Exploration

* Exploration investment increased 30% compared to the prior quarter to approximately $3.5 million (substantially all expensed) * Three core rigs, two surface and one underground, were active during the quarter and focused on resource expansion drilling. A total of 52 resource expansion holes were drilled during the quarter for a total of 45,138 feet (13,758 meters) * The surface program accelerated to two helicopter-supported rigs drilling on the upper Raven, Big Lake and upper Johnson veins, while the underground program targeted the lower and mid levels of the Elmira vein * Significant intervals of mineralized core were observed from the surface program at the upper Raven vein as well as at the recently discovered Jennifer vein located near the Raven vein. Drilling from the uppermost 2050 drift has also generated positive visual mineralized core, specifically at the Kensington, Eureka, upper Kensington Zone 30 and Northern Belle veins * With surface drilling now complete, the three core rigs were moved underground and are anticipated to maintain a similar pace during the fourth quarter. Exploration activities are expected to continue focusing on resource expansion drilling at the Eureka, upper Kensington Zone 30 and Johnson veins, as well as infill drilling at the Elmira vein

Other

* Mining continues to be considered an essential business in Alaska. Rotational schedules remain extended from 14 days to 28 days in response to concerns related to COVID-19. All employees are required to quarantine for 7 days and undergo viral COVID-19 testing prior to starting their 28-day rotation

Guidance

* Production in 2020 is expected to be slightly lower at 122,500 - 130,000 ounces of gold (previously 125,000 - 135,000 ounces) * CAS1 in 2020 are expected to remain consistent at $900 - $1,000 per ounce (no change) * Given investments made through the first three quarters of 2020, full-year capital expenditures are anticipated to be modestly lower at $22 - $27 million ($28 - $33 million)

Wharf, South Dakota

(Dollars in millions,except per ounce 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019amounts)

Ore tons placed 1,315,542 1,401,237 946,449 1,100,393 1,503,021

Average gold grade (oz 0.025 0.032 0.025 0.023 0.027/t)

Gold ounces produced 33,440 24,789 15,541 25,644 25,946

Silver ounces produced 42 25 15 20 18(000's)

Gold ounces sold 33,382 23,364 16,094 27,039 24,573

Silver ounces sold 41 23 15 21 17(000's)

Average realized price $1,872 $1,715 $1,592 $1,482 $1,481per gold ounce

Metal sales $63.5 $40.5 $25.9 $40.5 $36.7

Costs applicable to $27.9 $22.5 $17.8 $25.7 $22.1sales^4

Adjusted CAS per AuOz^ $804 $804 $1,090 $802 $8871

Exploration expense $0.5 $0.1 $- $0.2 $0.1

Cash flow from $39.1 $19.1 $2.6 $17.0 $17.6operating activities

Sustaining capitalexpenditures (excludes $0.5 $0.3 $0.4 $0.8 $0.8capital leasepayments)

Development capital $- $- $- $- $-expenditures

Total capital $0.5 $0.3 $0.4 $0.8 $0.8expenditures

Free cash flow^1 $38.6 $18.8 $2.2 $16.2 $16.8

Operational

* Gold production increased 35% quarter-over-quarter driven by higher placement rates and improved grades over the past two quarters

Financial

* Adjusted CAS1 on a by-product basis remained consistent quarter-over-quarter at $804 per ounce * Third quarter capital expenditures totaled $0.5 million, modestly higher than the prior period * Free cash flow1 of $38.6 million was more than two-times higher quarter-over-quarter. Coeur has now generated cumulative free cash flow of more than double its original investment of approximately $99.5 million in February 2015

Exploration

* Exploration investment in the third quarter totaled approximately $0.5 million (substantially all expensed), compared to approximately $0.1 million (substantially all expensed) in the prior period. The exploration program is currently using one reverse circulation rig and has completed approximately 20,880 feet (6,364 meters) during the quarter

* Exploration activity focused on resource expansion drilling at Richmond Hill, which is located approximately four miles north-northeast of Wharf. Coeur has an exclusive option agreement with two subsidiaries of Barrick Gold Corporation to acquire the project that expires in September 2021 * Additionally, geologic mapping and geochemical sampling were successfully completed over the claims contained within Richmond Hill as well as outer zones that may be of interest to Coeur, with most assays pending

Other

* South Dakota's public order mandating the closure of all public-facing businesses does not include Wharf. Coeur continues to follow rigorous health and safety protocols aimed at limiting the exposure and transmission of COVID-19 at Wharf and in the surrounding communities

Guidance

* Given strong operating results during the first three quarters of the year, gold production in 2020 is expected to be 85,000 - 95,000 ounces (previously 80,000 - 90,000 ounces) * As a result of higher production, CAS1 are expected to be $875 - $925 per ounce (previously $950 - $1,000 per ounce) * Full-year capital expenditures are expected to remain consistent at approximately $2 - $3 million (no change)

Silvertip, British Columbia

(Dollars in millions, except per 3Q 2Q 1Q 4Q 3Qounce and per pound amounts) 2020 2020 2020 2019 2019

Metal sales $- $- $1.9 $10.2 $11.3

Costs applicable to sales^4 $- $- $17.7 $32.0 $24.2

Exploration expense $3.9 $2.9 $0.3 $0.9 $0.8

Cash flow from operating activities $(8.2) $ $ $ $ (14.9) (27.1) (28.6) (15.3)

Sustaining capital expenditures $(1.8) $1.9 $4.6 $2.0 $6.4(excludes capital lease payments)

Development capital expenditures $3.9 $- $- $- $-

Total capital expenditures $2.1 $1.9 $4.6 $2.0 $6.4

Free cash flow^1 $ $ $ $ $ (10.3) (16.8) (31.7) (30.6) (21.7)

* Mining and operating activities were temporarily suspended at Silvertip on February 19, 2020 (unrelated to COVID-19)

Operational

* The internal pre-feasibility study to evaluate a potential expansion and restart was substantially completed during the third quarter. Results from the technical analysis and test work have been positive and have largely addressed the key performance challenges experienced prior to suspension * Based on the positive results to date, the Company has allocated an additional $6.0 million to continue with engineering work, including detailed design of a potential mill expansion to further de-risk the project and enhance the economics of a potential restart * To strengthen confidence in the results of the pre-feasibility study, third-party technical reviews are expected to be conducted during the fourth quarter

Financial

* Temporary suspension costs related to the ramp-down of active mining and processing activities totaled $0.8 million in the third quarter compared to $1.7 million in the prior period * Ongoing carrying costs in the third quarter totaled $3.9 million, compared to $5.2 million in the prior period. Coeur expects ongoing quarterly carrying costs to remain at similar levels during the suspension * Capital expenditures during the third quarter increased 6% to approximately $2.1 million, reflecting additional work completed on the pre-feasibility study * Free cash flow1 for the quarter totaled $(10.3) million

Exploration

* Exploration investment in the third quarter totaled approximately $3.9 million (substantially all expensed), compared to approximately $2.9 million (substantially all expensed) in the prior period * The focus throughout 2020 has been on near-mine resource expansion and larger step-out ("scout") drilling to test the edges of the mineralized system. Results demonstrate the potential for resource growth with over two miles (3.5 kilometers) of north-south strike length, more than triple the previous resource strike length * The Company had up to six active drill rigs during the period, ending with five rigs at quarter end. A total of 83,047 feet (25,313 meters) was drilled during the quarter in five zones, including the last phases of scout drilling, completing the initial 2020 exploration program ahead of schedule and under budget * Results from resource expansion drilling continue to be encouraging, specifically east and south of the Discovery zone and at the new Tour Ridge and Camp Creek zones, which are located in the south and southwest extensions of the Silvertip area, respectively. Additionally, the Silvertip resource zones continue to remain open to the south as scout drilling tested the southern limits of mineralization. New core drilling at the Tour Ridge, Discovery South and Camp Creek zones have all returned significant sulfide mineralization, suggesting the ore bodies are increasing in thickness to the south * Coeur has allocated approximately $1.0 million of additional capital for underground development in the fourth quarter to bolster exploration efforts and help facilitate follow-up drilling of encouraging results received during the first nine months of the year * As winter approaches, the Company plans to transition its drill rigs to lower-elevation drill pads and continue its near-mine resource expansion program during the fourth quarter, ramping down to three active rigs by early November

Other

* Mining continues to be considered an essential business in British Columbia. Rotational schedules remain at 14 days (previously extended to 21 days in early 2020). The Company continues to maintain rigorous health and safety protocols at Silvertip aimed at limiting the exposure and transmission of COVID-19

Guidance

* With additional capital allocated to underground development and ongoing work to further de-risk Silvertip, capital expenditures are expected to be modestly higher at approximately $10 - $12 million (previously $8 - $10 million) in 2020

Exploration

During the third quarter, the Company drilled 256,882 feet (78,299 meters) at a total investment of approximately $15.2 million ($12.8 million expensed and $2.3 million capitalized), compared to 194,043 feet (59,145 meters) at a total investment of roughly $13.0 million ($11.9 million expensed and $1.1 million capitalized) in the prior period. Total feet drilled was approximately 32% and 108% higher quarter-over-quarter and year-over-year, respectively. The increase was primarily due to the re-start of drilling activities at Palmarejo, acceleration of Silvertip's exploration program, and additional drilling at Kensington and Wharf.

In addition to the Company's mine sites, up to three drill rigs were active at the Crown exploration property in southern Nevada during the third quarter. The Company drilled a total of 23,465 feet (7,152 meters) in the quarter, compared to 23,680 feet (7,218 meters) in the prior period. Two reverse circulation rigs and one core rig were active during the period.

One of the reverse circulation rigs initially began at Sterling, before it was moved to Wharf to focus on expansion drilling at Richmond Hill early in the quarter, while the other rig remained at C-Horst. The core rig focused on drilling for metallurgical and engineering studies, specifically testing the C-Horst, Daisy and Secret Pass deposits. Drilling from the core rig is expected to be completed during the fourth quarter.

The drilling at C-Horst continues to look encouraging with 36 holes now completed from four permitted drill pads. An amended notice was approved in the beginning of October, providing Coeur the opportunity to drill from six additional platforms. If successful, these platforms have the potential to continue expanding mineralization at C-Horst, which remains open south and southwest of Coeur's initial discovery.

For the remainder of the year, Coeur plans to utilize three rigs, two reverse circulation and one core, to drill within its recently received 300-acre disturbance permit at Crown as well as from the newly permitted drill platforms at C-Horst.

The Company expects to invest $50 - $60 million (previously $44 - $54 million) in exploration in 2020, including $43 - $49 million (previously $37 - $43 million) of expensed exploration and $7 - $11 million (no change) of capitalized exploration. Increased investment in exploration is largely driven by higher planned expansion drilling at Silvertip and Crown.

2020 Production Guidance

Previous Updated

Gold Silver Gold Silver

(oz) (K oz) (oz) (K oz)

Palmarejo 95,000 - 6,000 - 100,000 - 6,000 - 105,000 7,000 110,000 7,000

Rochester 27,000 - 33,000 3,500 - 27,000 - 33,000 3,100 - 4,500 3,700

Kensington 125,000 - - 122,500 - - 135,000 130,000

Wharf 80,000 - 90,000 - 85,000 - 95,000 -

Total 327,000 - 9,500 - 334,500 - 9,100 - 363,000 11,500 368,000 10,700

2020 Costs Applicable to Sales Guidance

Previous

Updated

Gold

Silver

Gold

Silver

($/oz)

($/oz)

($/oz)

($/oz)

Palmarejo (co-product)

$785 - $885

$9.50 - $10.50

$650 - $750

$9.50 - $10.50

Rochester (co-product)

$1,250 - $1,400

$12.75 - $14.00

$1,150 - $1,300

$13.50 - $14.75

Kensington

$900 - $1,000

-

$900 - $1,000

-

Wharf (by-product)

$950 - $1,000

-

$875 - $925

-

2020 Costs Applicable to Sales Guidance

Previous Updated

Gold Silver Gold Silver

($/oz) ($/oz) ($/oz) ($/oz)

Palmarejo $785 - $885 $9.50 - $650 - $750 $9.50 -(co-product) $10.50 $10.50

Rochester $1,250 - $12.75 - $1,150 - $13.50 -(co-product) $1,400 $14.00 $1,300 $14.75

Kensington $900 - - $900 - - $1,000 $1,000

Wharf $950 - - $875 - $925 -(by-product) $1,000

2020 Capital, Exploration and G&A Guidance

Previous

Updated

($M)

($M)

Capital Expenditures, Sustaining

$70 - $85

$55 - $60

Capital Expenditures, Development

$40 - $45

$45 - $55

Exploration, Expensed

$37 - $43

$43 - $49

Exploration, Capitalized

$7 - $11

$7 - $11

General & Administrative Expenses

$32 - $36

$32 - $36

Note: The Company's previous guidance reflects realized prices through the first half of 2020 and estimated prices of $1,650/oz gold and $16.50/oz silver as well as CAD of 1.36 and MXN of 21.00 for the second half of the year. The Company's updated guidance reflects realized prices through September 30, 2020 and estimated prices of $1,850/oz gold and $24.00/oz silver as well as CAD of 1.30 and MXN of 21.00 for the fourth quarter.

Financial Results and Conference Call

Coeur will host a conference call to discuss its third quarter 2020 financial results on October 29, 2020 at 11:00 a.m. Eastern Time.

2020 Capital, Exploration and G&A Guidance

Previous Updated

($M) ($M)

Capital Expenditures, Sustaining $70 - $85 $55 - $60

Capital Expenditures, Development $40 - $45 $45 - $55

Exploration, Expensed $37 - $43 $43 - $49

Exploration, Capitalized $7 - $11 $7 - $11

General & Administrative Expenses $32 - $36 $32 - $36

Note: The Company's previous guidance reflects realized prices through the first half of 2020 and estimated prices of $1,650/oz gold and $16.50/oz silver as well as CAD of 1.36 and MXN of 21.00 for the second half of the year. The Company's updated guidance reflects realized prices through September 30, 2020 and estimated prices of $1,850/oz gold and $24.00/oz silver as well as CAD of 1.30 and MXN of 21.00 for the fourth quarter.

Financial Results and Conference Call

Coeur will host a conference call to discuss its third quarter 2020 financial results on October 29, 2020 at 11:00 a.m. Eastern Time.

Dial-In Numbers: (855) 560-2581 (U.S.)

(855) 669-9657 (Canada)

(412) 542-4166 (International)

Conference ID: Coeur Mining

Hosting the call will be Mitchell J. Krebs, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael "Mick" Routledge, Senior Vice President and Chief Operating Officer, and other members of management. A replay of the call will be available through November 12, 2020.

Replay numbers: (877) 344-7529 (U.S.)

(855) 669-9658 (Canada)

(412) 317-0088 (International)

Conference ID: 101 47 941

About Coeur

Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the Silvertip silver-zinc-lead mine in British Columbia. In addition, the Company has interests in several precious metals exploration projects throughout North America.

Cautionary Statements

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding exploration and development efforts and plans, the pre-feasibility study regarding an expansion of the mill at Silvertip, the impact of the new crushing circuit, POA 11 expansion project and technical report preparation at Rochester, expected timing of completion of the Company's obligations under the prepayment agreement at Kensington, hedging strategies, repositioning, value creation, liquidity management, cash flow, debt repayment, catalysts, anticipated production, costs and expenses, COVID-19 mitigation efforts, and operations at Palmarejo, Rochester, Wharf, Kensington and Silvertip. 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 production, cost and expense 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, silver, zinc and lead and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur's production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions and, grade variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the uncertainties inherent in the estimation of mineral reserves, changes that could result from Coeur's future acquisition of new mining properties or businesses, the loss of access or insolvency of any third-party refiner or smelter to which Coeur markets its production, the potential effects of the COVID-19 pandemic, including impacts to the availability of our workforce, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production, the effects of environmental and other governmental regulations and government shut-downs, 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. This does not constitute an offer of any securities for sale.

Christopher Pascoe, Coeur's Director, Technical Services and a qualified person under Canadian National Instrument 43-101, approved 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 EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow excluding changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) or pound (zinc or lead). 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 EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce (gold and silver) and pound (zinc and lead) are important measures in assessing the Company's overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2019 and our Form 10-Q for the quarter ended September 30, 2020.

Notes

* EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow excluding changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) or pound (lead and zinc) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures and gold production royalty payments. Please see table in Appendix for the calculation of consolidated free cash flow. * For additional information and complete tables of all drill results published in 2020, please refer to the following links: https://www.coeur.com/_resources/news/nr_20200811.pdf; https://www.coeur.com/_resources/pdfs/2020-08-11_Exploration_Update_Appendix_-_Final.pdf. * Includes capital leases. Net of debt issuance costs and premium received. * Excludes amortization.Average Spot Prices

3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019

AverageGold Spot $ 1,908 $ 1,711 $ 1,583 $ 1,481 $ 1,472 Price PerOunce

AverageSilver $ 24.26 $ 16.38 $ 16.90 $ 17.32 $ 16.98 Spot PricePer Ounce

AverageZinc Spot $ 1.06 $ 0.89 $ 0.96 $ 1.08 $ 1.07 Price PerPound

AverageLead Spot $ 0.85 $ 0.76 $ 0.84 $ 0.93 $ 0.92 Price PerPound

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 2020

December 31, 2019

ASSETS

In thousands, except share data

CURRENT ASSETS

Cash and cash equivalents

$

77,148

$

55,645

Receivables

22,490

18,666

Inventory

46,978

55,886

Ore on leach pads

72,326

66,192

Prepaid expenses and other

20,285

14,047

239,227

210,436

NON-CURRENT ASSETS

Property, plant and equipment, net

226,115

248,789

Mining properties, net

708,744

711,955

Ore on leach pads

87,420

71,539

Restricted assets

8,819

8,752

Equity and debt securities

19,862

35,646

Receivables

23,493

28,709

Other

57,466

62,810

TOTAL ASSETS

$

1,371,146

$

1,378,636

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable

$

71,461

$

69,176

Accrued liabilities and other

107,990

95,616

Debt

23,265

22,746

Reclamation

3,094

3,114

205,810

190,652

NON-CURRENT LIABILITIES

Debt

277,873

272,751

Reclamation

139,608

133,417

Deferred tax liabilities

30,947

41,976

Other long-term liabilities

52,681

72,836

501,109

520,980

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,744,601 issued and outstanding at September 30, 2020 and 241,529,021 at December 31, 2019

2,437

2,415

Additional paid-in capital

3,608,102

3,598,472

Accumulated other comprehensive income (loss)

(26,312)

(136)

Accumulated deficit

(2,920,000)

(2,933,747)

664,227

667,004

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,371,146

$

1,378,636

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, December 31, 2020 2019

ASSETS In thousands, except share data

CURRENT ASSETS

Cash and cash equivalents $ 77,148 $ 55,645

Receivables 22,490 18,666

Inventory 46,978 55,886

Ore on leach pads 72,326 66,192

Prepaid expenses and other 20,285 14,047

239,227 210,436

NON-CURRENT ASSETS

Property, plant and equipment, net 226,115 248,789

Mining properties, net 708,744 711,955

Ore on leach pads 87,420 71,539

Restricted assets 8,819 8,752

Equity and debt securities 19,862 35,646

Receivables 23,493 28,709

Other 57,466 62,810

TOTAL ASSETS $ 1,371,146 $ 1,378,636

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable $ 71,461 $ 69,176

Accrued liabilities and other 107,990 95,616

Debt 23,265 22,746

Reclamation 3,094 3,114

205,810 190,652

NON-CURRENT LIABILITIES

Debt 277,873 272,751

Reclamation 139,608 133,417

Deferred tax liabilities 30,947 41,976

Other long-term liabilities 52,681 72,836

501,109 520,980

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Common stock, par value $0.01 per share;authorized 300,000,000 shares, 243,744,601 2,437 2,415 issued and outstanding at September 30, 2020 and241,529,021 at December 31, 2019

Additional paid-in capital 3,608,102 3,598,472

Accumulated other comprehensive income (loss) (26,312) (136)

Accumulated deficit (2,920,000) (2,933,747)

664,227 667,004

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,371,146 $ 1,378,636

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

In thousands, except share data

Revenue

$

229,728

$

199,469

$

557,144

$

516,462

COSTS AND EXPENSES

Costs applicable to sales(1)

112,772

140,952

321,704

404,550

Amortization

32,216

45,678

96,254

130,758

General and administrative

7,757

9,635

25,293

26,859

Exploration

12,818

5,893

31,059

15,326

Pre-development, reclamation, and other

15,031

4,851

40,261

13,619

Total costs and expenses

180,594

207,009

514,571

591,112

OTHER INCOME (EXPENSE), NET

Loss on debt extinguishment

-

(1,282)

-

(1,282)

Fair value adjustments, net

2,243

4,377

3,491

8,201

Interest expense, net of capitalized interest

(5,096)

(5,980)

(15,989)

(19,259)

Other, net

(6,312)

(3,634)

(4,310)

(2,931)

Total other income (expense), net

(9,165)

(6,519)

(16,808)

(15,271)

Income (loss) before income and mining taxes

39,969

(14,059)

25,765

(89,921)

Income and mining tax (expense) benefit

(13,113)

(218)

(12,018)

13,986

Income (loss) from continuing operations

$

26,856

$

(14,277)

$

13,747

$

(75,935)

Income (loss) from discontinued operations

-

-

-

5,693

NET INCOME (LOSS)

$

26,856

$

(14,277)

$

13,747

$

(70,242)

OTHER COMPREHENSIVE INCOME (LOSS):

Change in fair value of derivative contracts designated as cash flow hedges, net of tax of $0 and $365 for the three and nine months ended September 30, 2020 and 2019 respectively.

(18,606)

1,132

(26,176)

1,132

Unrealized gain (loss) on debt and equity securities

-

-

-

59

Other comprehensive income (loss)

(18,606)

1,132

(26,176)

1,191

COMPREHENSIVE INCOME (LOSS)

$

8,250

$

(13,145)

$

(12,429)

$

(69,051)

NET INCOME (LOSS) PER SHARE

Basic income (loss) per share:

Net income (loss) from continuing operations

$

0.11

$

(0.06)

$

0.06

$

(0.36)

Net income (loss) from discontinued operations

-

-

-

0.03

Basic(2)

$

0.11

$

(0.06)

$

0.06

$

(0.33)

Diluted income (loss) per share:

Net income (loss) from continuing operations

$

0.11

$

(0.06)

$

0.06

$

(0.36)

Net income (loss) from discontinued operations

-

-

-

0.03

Diluted(2)

$

0.11

$

(0.06)

$

0.06

$

(0.33)

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

In thousands, except share data

Revenue $ 229,728 $ 199,469 $ 557,144 $ 516,462

COSTS AND EXPENSES

Costs applicable to 112,772 140,952 321,704 404,550 sales^(1)

Amortization 32,216 45,678 96,254 130,758

General and 7,757 9,635 25,293 26,859 administrative

Exploration 12,818 5,893 31,059 15,326

Pre-development,reclamation, and 15,031 4,851 40,261 13,619 other

Total costs and 180,594 207,009 514,571 591,112 expenses

OTHER INCOME (EXPENSE), NET

Loss on debt - (1,282) - (1,282) extinguishment

Fair value 2,243 4,377 3,491 8,201 adjustments, net

Interest expense, netof capitalized (5,096) (5,980) (15,989) (19,259) interest

Other, net (6,312) (3,634) (4,310) (2,931)

Total other income (9,165) (6,519) (16,808) (15,271) (expense), net

Income (loss) beforeincome and mining 39,969 (14,059) 25,765 (89,921) taxes

Income and mining tax (13,113) (218) (12,018) 13,986 (expense) benefit

Income (loss) from $ 26,856 $ (14,277) $ 13,747 $ (75,935) continuing operations

Income (loss) fromdiscontinued - - - 5,693 operations

NET INCOME (LOSS) $ 26,856 $ (14,277) $ 13,747 $ (70,242)

OTHER COMPREHENSIVE INCOME (LOSS):

Change in fair valueof derivativecontracts designatedas cash flow hedges,net of tax of $0 and (18,606) 1,132 (26,176) 1,132 $365 for the threeand nine months endedSeptember 30, 2020and 2019respectively.

Unrealized gain(loss) on debt and - - - 59 equity securities

Other comprehensive (18,606) 1,132 (26,176) 1,191 income (loss)

COMPREHENSIVE INCOME $ 8,250 $ (13,145) $ (12,429) $ (69,051) (LOSS)



NET INCOME (LOSS) PER SHARE

Basic income (loss) per share:

Net income (loss)from continuing $ 0.11 $ (0.06) $ 0.06 $ (0.36) operations

Net income (loss)from discontinued - - - 0.03 operations

Basic^(2) $ 0.11 $ (0.06) $ 0.06 $ (0.33)

Diluted income (loss) per share:

Net income (loss)from continuing $ 0.11 $ (0.06) $ 0.06 $ (0.36) operations

Net income (loss)from discontinued - - - 0.03 operations

Diluted^(2) $ 0.11 $ (0.06) $ 0.06 $ (0.33)

(1)Excludes amortization.

(2)Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share.

(1) Excludes amortization.

Due to rounding, the sum of net income per share from continuing(2) operations and discontinued operations may not equal net income per share.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

In thousands

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$

26,856

$

(14,277)

$

13,747

$

(70,242)

(Income) loss from discontinued operations

-

-

-

(5,693)

Adjustments:

Amortization

32,216

45,678

96,254

130,758

Accretion

2,969

3,073

8,724

9,023

Deferred taxes

(4,515)

(10,545)

(11,547)

(27,962)

Loss on debt extinguishment

-

1,282

-

1,282

Fair value adjustments, net

(2,243)

(4,377)

(3,491)

(8,201)

Stock-based compensation

1,969

2,432

6,269

6,642

Gain on modification of right of use lease

-

-

(4,051)

-

Write-downs

1,232

13,966

16,821

41,285

Deferred revenue recognition

(5,485)

(15,250)

(21,167)

(16,008)

Other

4,379

8,994

2,374

15,733

Changes in operating assets and liabilities:

Receivables

(1,497)

(3,350)

(3,846)

(20,709)

Prepaid expenses and other current assets

(1,921)

1,375

(1,186)

(2,143)

Inventory and ore on leach pads

(3,066)

(9,389)

(33,047)

(42,601)

Accounts payable and accrued liabilities

28,570

22,384

15,566

41,421

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF CONTINUING OPERATIONS

79,464

41,996

81,420

52,585

CASH PROVIDED BY (USED IN )OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS

-

-

-

-

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

79,464

41,996

81,420

52,585

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(22,996)

(30,678)

(61,886)

(78,865)

Proceeds from the sale of assets

730

26

5,245

930

Purchase of investments

(2,500)

-

(2,500)

-

Sale of investments

-

1,007

19,802

2,109

Proceeds from notes receivable

-

-

-

7,168

Other

(25)

(57)

(225)

1,961

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF CONTINUING OPERATIONS

(24,791)

(29,702)

(39,564)

(66,697)

CASH USED IN INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS

-

-

-

-

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

(24,791)

(29,702)

(39,564)

(66,697)

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of common stock

-

73,781

-

122,668

Issuance of notes and bank borrowings, net of issuance costs

-

30,000

150,000

45,000

Payments on debt, finance leases, and associated costs

(48,557)

(87,778)

(150,171)

(201,051)

Silvertip contingent consideration

-

-

(18,750)

-

Other

114

301

(1,718)

(2,958)

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES OF CONTINUING OPERATIONS

(48,443)

16,304

(20,639)

(36,341)

CASH USED IN FINANCING ACTIVITIES OF DISCONTINUED OPERATIONS

-

-

-

-

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

(48,443)

16,304

(20,639)

(36,341)

Effect of exchange rate changes on cash and cash equivalents

(10)

(192)

293

65

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

6,220

28,406

21,510

(50,388)

Less net cash used in discontinued operations

-

-

-

-

6,220

28,406

21,510

(50,388)

Cash, cash equivalents and restricted cash at beginning of period

72,308

39,275

57,018

118,069

Cash, cash equivalents and restricted cash at end of period

$

78,528

$

67,681

$

78,528

$

67,681

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

In thousands

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) $ 26,856 $ (14,277) $ 13,747 $ (70,242)

(Income) loss from - - - (5,693) discontinued operations

Adjustments:

Amortization 32,216 45,678 96,254 130,758

Accretion 2,969 3,073 8,724 9,023

Deferred taxes (4,515) (10,545) (11,547) (27,962)

Loss on debt - 1,282 - 1,282 extinguishment

Fair value adjustments, (2,243) (4,377) (3,491) (8,201) net

Stock-based 1,969 2,432 6,269 6,642 compensation

Gain on modification of - - (4,051) - right of use lease

Write-downs 1,232 13,966 16,821 41,285

Deferred revenue (5,485) (15,250) (21,167) (16,008) recognition

Other 4,379 8,994 2,374 15,733

Changes in operating assets and liabilities:

Receivables (1,497) (3,350) (3,846) (20,709)

Prepaid expenses and (1,921) 1,375 (1,186) (2,143) other current assets

Inventory and ore on (3,066) (9,389) (33,047) (42,601) leach pads

Accounts payable and 28,570 22,384 15,566 41,421 accrued liabilities

CASH PROVIDED BY (USEDIN) OPERATING 79,464 41,996 81,420 52,585 ACTIVITIES OFCONTINUING OPERATIONS

CASH PROVIDED BY (USEDIN )OPERATING - - - - ACTIVITIES OFDISCONTINUED OPERATIONS

CASH PROVIDED BY (USEDIN) OPERATING 79,464 41,996 81,420 52,585 ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures (22,996) (30,678) (61,886) (78,865)

Proceeds from the sale 730 26 5,245 930 of assets

Purchase of investments (2,500) - (2,500) -

Sale of investments - 1,007 19,802 2,109

Proceeds from notes - - - 7,168 receivable

Other (25) (57) (225) 1,961

CASH PROVIDED BY (USEDIN) INVESTING (24,791) (29,702) (39,564) (66,697) ACTIVITIES OFCONTINUING OPERATIONS

CASH USED IN INVESTINGACTIVITIES OF - - - - DISCONTINUED OPERATIONS

CASH PROVIDED BY (USEDIN) INVESTING (24,791) (29,702) (39,564) (66,697) ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of common - 73,781 - 122,668 stock

Issuance of notes andbank borrowings, net of - 30,000 150,000 45,000 issuance costs

Payments on debt,finance leases, and (48,557) (87,778) (150,171) (201,051) associated costs

Silvertip contingent - - (18,750) - consideration

Other 114 301 (1,718) (2,958)

CASH PROVIDED BY (USEDIN) FINANCING (48,443) 16,304 (20,639) (36,341) ACTIVITIES OFCONTINUING OPERATIONS

CASH USED IN FINANCINGACTIVITIES OF - - - - DISCONTINUED OPERATIONS

CASH PROVIDED BY (USEDIN) FINANCING (48,443) 16,304 (20,639) (36,341) ACTIVITIES

Effect of exchange ratechanges on cash and (10) (192) 293 65 cash equivalents

INCREASE (DECREASE) INCASH, CASH EQUIVALENTS 6,220 28,406 21,510 (50,388) AND RESTRICTED CASH

Less net cash used in - - - - discontinued operations

6,220 28,406 21,510 (50,388)

Cash, cash equivalentsand restricted cash at 72,308 39,275 57,018 118,069 beginning of period

Cash, cash equivalentsand restricted cash at $ 78,528 $ 67,681 $ 78,528 $ 67,681 end of period

Adjusted EBITDA Reconciliation

(Dollars in thousands except per share amounts)

LTM 3Q 2020

3Q 2020

2Q 2020

1Q 2020

4Q 2019

3Q 2019

Net income (loss)

$

(257,214)

$

26,856

$

(1,209)

$

(11,900)

$

(270,961)

$

(14,277)

Interest expense, net of capitalized interest

21,501

5,096

5,765

5,128

5,512

5,980

Income tax provision (benefit)

14,875

13,113

2,844

(3,939)

2,857

218

Amortization

144,372

32,216

27,876

36,162

48,118

45,678

EBITDA

(76,466)

77,281

35,276

25,451

(214,474)

37,599

Fair value adjustments, net

(11,320)

(2,243)

(10,067)

8,819

(7,829)

(4,377)

Foreign exchange (gain) loss

932

599

(11)

76

268

2,945

Asset retirement obligation accretion

11,847

2,968

2,908

2,847

3,124

3,080

Inventory adjustments and write-downs

1,402

(230)

793

476

363

5,371

(Gain) loss on sale of assets and securities

2,687

2,476

(9)

(374)

594

100

Impairment of long-lived assets

250,814

-

-

-

250,814

-

Silvertip inventory write-down

37,042

1,232

2,104

10,381

23,325

13,966

Silvertip temporary suspension costs

6,072

838

1,725

3,509

-

-

Silvertip lease modification

(4,051)

-

-

(4,051)

-

-

Silvertip gain on contingent consideration

(955)

-

-

(955)

-

-

COVID-19 costs

10,417

4,037

6,108

272

-

-

Novation

3,819

3,819

-

-

-

-

Wharf inventory write-down

6,919

-

3,323

-

3,596

-

Loss on debt extinguishment

-

-

-

-

-

1,282

Receivable write-down

-

-

-

-

-

1,040

Adjusted EBITDA

$

239,159

$

90,777

$

42,150

$

46,451

$

59,781

$

61,006

Revenue

$

752,184

$

229,728

$

154,249

$

173,167

$

195,040

$

199,469

Adjusted EBITDA Margin

32

%

40

%

27

%

27

%

31

%

31

%

Adjusted EBITDA Reconciliation

(Dollars inthousands LTM 3Q 2020 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019except pershare amounts)

Net income $ (257,214) $ 26,856 $ (1,209) $ (11,900) $ (270,961) $ (14,277) (loss)

Interestexpense, net 21,501 5,096 5,765 5,128 5,512 5,980 of capitalizedinterest

Income taxprovision 14,875 13,113 2,844 (3,939) 2,857 218 (benefit)

Amortization 144,372 32,216 27,876 36,162 48,118 45,678

EBITDA (76,466) 77,281 35,276 25,451 (214,474) 37,599

Fair valueadjustments, (11,320) (2,243) (10,067) 8,819 (7,829) (4,377) net

Foreignexchange 932 599 (11) 76 268 2,945 (gain) loss

Assetretirement 11,847 2,968 2,908 2,847 3,124 3,080 obligationaccretion

Inventoryadjustments 1,402 (230) 793 476 363 5,371 andwrite-downs

(Gain) loss onsale of assets 2,687 2,476 (9) (374) 594 100 and securities

Impairment oflong-lived 250,814 - - - 250,814 - assets

Silvertipinventory 37,042 1,232 2,104 10,381 23,325 13,966 write-down

Silvertiptemporary 6,072 838 1,725 3,509 - - suspensioncosts

Silvertiplease (4,051) - - (4,051) - - modification

Silvertip gainon contingent (955) - - (955) - - consideration

COVID-19 costs 10,417 4,037 6,108 272 - -

Novation 3,819 3,819 - - - -

Wharfinventory 6,919 - 3,323 - 3,596 - write-down

Loss on debt - - - - - 1,282 extinguishment

Receivable - - - - - 1,040 write-down

Adjusted $ 239,159 $ 90,777 $ 42,150 $ 46,451 $ 59,781 $ 61,006 EBITDA

Revenue $ 752,184 $ 229,728 $ 154,249 $ 173,167 $ 195,040 $ 199,469

Adjusted 32 % 40 % 27 % 27 % 31 % 31 %EBITDA Margin

Adjusted Net Income (Loss) Reconciliation

(Dollars in thousands except per share amounts)

3Q 2020

2Q 2020

1Q 2020

4Q 2019

3Q 2019

Net income (loss)

$

26,856

$

(1,209)

$

(11,900)

$

(270,961)

$

(14,277)

Fair value adjustments, net

(2,243)

(10,067)

8,819

(7,829)

(4,377)

Foreign exchange loss (gain)

1,233

626

(6,620)

1,733

2,022

(Gain) loss on sale of assets and securities

2,476

(9)

(374)

594

100

Impairment of long-lived assets

-

-

-

250,814

-

Silvertip inventory write-down

1,232

2,104

10,381

23,325

13,966

Silvertip temporary suspension costs

838

1,725

3,509

-

-

Silvertip lease modification

-

-

(4,051)

-

-

Silvertip gain on contingent consideration

-

-

(955)

-

-

COVID-19 costs

4,037

6,108

272

-

-

Novation

3,819

-

-

-

-

Wharf inventory write-down

-

3,323

-

3,596

-

Loss on debt extinguishment

-

-

-

-

1,282

Receivable write-down

-

-

-

-

1,040

Tax effect of adjustments

-

-

-

(4,572)

(5,096)

Adjusted net income (loss)

$

38,248

$

2,601

$

(919)

$

(3,300)

$

(5,340)

Adjusted net income (loss) per share - Basic

$

0.16

$

0.01

$

0.00

$

(0.01)

$

(0.02)

Adjusted net income (loss) per share - Diluted

$

0.16

$

0.01

$

0.00

$

(0.01)

$

(0.02)

Adjusted Net Income (Loss) Reconciliation

(Dollars inthousands 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019except pershare amounts)

Net income $ 26,856 $ (1,209) $ (11,900) $ (270,961) $ (14,277) (loss)

Fair valueadjustments, (2,243) (10,067) 8,819 (7,829) (4,377) net

Foreignexchange loss 1,233 626 (6,620) 1,733 2,022 (gain)

(Gain) loss onsale of assets 2,476 (9) (374) 594 100 and securities

Impairment oflong-lived - - - 250,814 - assets

Silvertipinventory 1,232 2,104 10,381 23,325 13,966 write-down

Silvertiptemporary 838 1,725 3,509 - - suspensioncosts

Silvertiplease - - (4,051) - - modification

Silvertip gainon contingent - - (955) - - consideration

COVID-19 costs 4,037 6,108 272 - -

Novation 3,819 - - - -

Wharfinventory - 3,323 - 3,596 - write-down

Loss on debt - - - - 1,282 extinguishment

Receivable - - - - 1,040 write-down

Tax effect of - - - (4,572) (5,096) adjustments

Adjusted net $ 38,248 $ 2,601 $ (919) $ (3,300) $ (5,340) income (loss)



Adjusted netincome (loss) $ 0.16 $ 0.01 $ 0.00 $ (0.01) $ (0.02) per share -Basic

Adjusted netincome (loss) $ 0.16 $ 0.01 $ 0.00 $ (0.01) $ (0.02) per share -Diluted

Consolidated Free Cash Flow Reconciliation

(Dollars in thousands)

3Q 2020

2Q 2020

1Q 2020

4Q 2019

3Q 2019

Cash flow from continuing operations

$

79,464

$

9,947

$

(7,991)

$

39,295

$

41,996

Capital expenditures from continuing operations

22,996

16,682

22,208

20,907

30,678

Free cash flow

$

56,468

$

(6,735)

$

(30,199)

$

18,388

$

11,318

Consolidated Free Cash Flow Reconciliation

(Dollars in 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019thousands)

Cash flowfrom $ 79,464 $ 9,947 $ (7,991) $ 39,295 $ 41,996 continuingoperations

Capitalexpendituresfrom 22,996 16,682 22,208 20,907 30,678 continuingoperations

Free cash $ 56,468 $ (6,735) $ (30,199) $ 18,388 $ 11,318 flow

Consolidated Operating Cash Flow

Before Working Capital Changes Reconciliation

(Dollars in thousands)

3Q 2020

2Q 2020

1Q 2020

4Q 2019

3Q 2019

Cash provided by (used in) continuing operating activities

$

79,464

$

9,947

$

(7,991)

$

39,295

$

41,996

Changes in operating assets and liabilities:

Receivables

1,497

1,536

813

(17,970)

3,350

Prepaid expenses and other

1,921

(1,081)

346

(2,423)

(1,375)

Inventories

3,066

8,056

21,925

20,397

9,389

Accounts payable and accrued liabilities

(28,570)

(2,047)

15,051

18,318

(22,384)

Cash flow before changes in operating assets and liabilities

$

57,378

$

16,411

$

30,144

$

57,617

$

30,976

Consolidated Operating Cash Flow

Before Working Capital Changes Reconciliation

(Dollars in 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019thousands)

Cash providedby (used in)continuing $ 79,464 $ 9,947 $ (7,991) $ 39,295 $ 41,996 operatingactivities

Changes inoperating assets andliabilities:

Receivables 1,497 1,536 813 (17,970) 3,350

Prepaidexpenses and 1,921 (1,081) 346 (2,423) (1,375) other

Inventories 3,066 8,056 21,925 20,397 9,389

Accountspayable and (28,570) (2,047) 15,051 18,318 (22,384) accruedliabilities

Cash flowbefore changesin operating $ 57,378 $ 16,411 $ 30,144 $ 57,617 $ 30,976 assets andliabilities

Reconciliation of Costs Applicable to Sales

for Three Months Ended September 30, 2020

In thousands except per ounce or per pound amounts

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

46,163

$

22,382

$

43,053

$

31,887

$

1,185

$

144,670

Amortization

(11,912)

(3,278)

(11,523)

(4,000)

(1,185)

(31,898)

Costs applicable to sales

$

34,251

$

19,104

$

31,530

$

27,887

$

-

$

112,772

Inventory Adjustments

(100)

517

(141)

(46)

-

230

By-product credit

-

-

-

(1,007)

-

(1,007)

Adjusted costs applicable to sales

$

34,151

$

19,621

$

31,389

$

26,834

$

-

$

111,995

Metal Sales

Gold ounces

27,252

6,834

27,815

33,382

95,283

Silver ounces

1,765,371

785,887

40,521

-

2,591,779

Zinc pounds

-

-

Lead pounds

-

-

Revenue Split

Gold

48

%

40

%

100

%

100

%

Silver

52

%

60

%

-

%

Zinc

-

%

Lead

-

%

Adjusted costs applicable to sales

Gold ($/oz)

$

602

$

1,148

$

1,128

$

804

Silver ($/oz)

$

10.06

$

14.98

$

-

Zinc ($/lb)

$

-

Lead ($/lb)

$

-

Reconciliation of Costs Applicable to Sales

for Three Months Ended September 30, 2020

In thousandsexcept perounce or per Palmarejo Rochester Kensington Wharf Silvertip Totalpoundamounts

Costsapplicableto sales, $ 46,163 $ 22,382 $ 43,053 $ 31,887 $ 1,185 $ 144,670 includingamortization(U.S. GAAP)

Amortization (11,912) (3,278) (11,523) (4,000) (1,185) (31,898)

Costsapplicable $ 34,251 $ 19,104 $ 31,530 $ 27,887 $ - $ 112,772 to sales

Inventory (100) 517 (141) (46) - 230 Adjustments

By-product - - - (1,007) - (1,007) credit

Adjustedcosts $ 34,151 $ 19,621 $ 31,389 $ 26,834 $ - $ 111,995 applicableto sales



Metal Sales

Gold ounces 27,252 6,834 27,815 33,382 95,283

Silver 1,765,371 785,887 40,521 - 2,591,779 ounces

Zinc pounds - -

Lead pounds - -



Revenue Split

Gold 48 % 40 % 100 % 100 %

Silver 52 % 60 % - %

Zinc - %

Lead - %



Adjustedcosts applicableto sales

Gold ($/oz) $ 602 $ 1,148 $ 1,128 $ 804

Silver ($/ $ 10.06 $ 14.98 $ - oz)

Zinc ($/lb) $ -

Lead ($/lb) $ -

Reconciliation of Costs Applicable to Sales

for Three Months Ended June 30, 2020

In thousands except per ounce or per pound amounts

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

26,095

$

21,348

$

43,235

$

25,653

$

1,231

$

117,562

Amortization

(7,270)

(3,012)

(12,853)

(3,181)

(1,231)

(27,547)

Costs applicable to sales

$

18,825

$

18,336

$

30,382

$

22,472

$

-

$

90,015

Inventory Adjustments

(106)

(566)

(139)

(3,304)

-

(4,115)

By-product credit

-

-

-

(385)

-

(385)

Adjusted costs applicable to sales

$

18,719

$

17,770

$

30,243

$

18,783

$

-

$

85,515

Metal Sales

Gold ounces

16,924

5,278

32,367

23,364

77,933

Silver ounces

874,642

723,679

22,707

-

1,621,028

Zinc pounds

-

-

Lead pounds

-

-

Revenue Split

Gold

62

%

44

%

100

%

100

%

Silver

38

%

56

%

-

%

Zinc

-

%

Lead

-

%

Adjusted costs applicable to sales

Gold ($/oz)

$

686

$

1,481

$

934

$

804

Silver ($/oz)

$

8.13

$

13.75

$

-

Zinc ($/lb)

$

-

Lead ($/lb)

$

-

Reconciliation of Costs Applicable to Sales

for Three Months Ended June 30, 2020

In thousandsexcept perounce or per Palmarejo Rochester Kensington Wharf Silvertip Totalpoundamounts

Costsapplicableto sales, $ 26,095 $ 21,348 $ 43,235 $ 25,653 $ 1,231 $ 117,562 includingamortization(U.S. GAAP)

Amortization (7,270) (3,012) (12,853) (3,181) (1,231) (27,547)

Costsapplicable $ 18,825 $ 18,336 $ 30,382 $ 22,472 $ - $ 90,015 to sales

Inventory (106) (566) (139) (3,304) - (4,115) Adjustments

By-product - - - (385) - (385) credit

Adjustedcosts $ 18,719 $ 17,770 $ 30,243 $ 18,783 $ - $ 85,515 applicableto sales



Metal Sales

Gold ounces 16,924 5,278 32,367 23,364 77,933

Silver 874,642 723,679 22,707 - 1,621,028 ounces

Zinc pounds - -

Lead pounds - -



Revenue Split

Gold 62 % 44 % 100 % 100 %

Silver 38 % 56 % - %

Zinc - %

Lead - %



Adjustedcosts applicableto sales

Gold ($/oz) $ 686 $ 1,481 $ 934 $ 804

Silver ($/ $ 8.13 $ 13.75 $ - oz)

Zinc ($/lb) $ -

Lead ($/lb) $ -

Reconciliation of Costs Applicable to Sales

for Three Months Ended March 31, 2020

In thousands except per ounce or per pound amounts

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

49,149

$

19,860

$

42,429

$

20,267

$

23,002

$

154,707

Amortization

(13,175)

(2,904)

(11,922)

(2,444)

(5,345)

(35,790)

Costs applicable to sales

$

35,974

$

16,956

$

30,507

$

17,823

$

17,657

$

118,917

Inventory Adjustments

73

(422)

(101)

(25)

(10,381)

(10,856)

By-product credit

-

-

-

(248)

-

(248)

Adjusted costs applicable to sales

$

36,047

$

16,534

$

30,406

$

17,550

$

7,276

$

107,813

Metal Sales

Gold ounces

31,287

5,473

32,781

16,094

85,635

Silver ounces

1,894,789

632,237

14,768

158,984

2,700,778

Zinc pounds

3,203,446

3,203,446

Lead pounds

2,453,485

2,453,485

Revenue Split

Gold

56

%

45

%

100

%

100

%

Silver

44

%

55

%

26

%

Zinc

48

%

Lead

26

%

Adjusted costs applicable to sales

Gold ($/oz)

$

645

$

1,359

$

928

$

1,090

Silver ($/oz)

$

8.37

$

14.38

$

11.79

Zinc ($/lb)

$

1.12

Lead ($/lb)

$

0.74

Reconciliation of Costs Applicable to Sales

for Three Months Ended March 31, 2020

In thousandsexcept perounce or per Palmarejo Rochester Kensington Wharf Silvertip Totalpoundamounts

Costsapplicableto sales, $ 49,149 $ 19,860 $ 42,429 $ 20,267 $ 23,002 $ 154,707 includingamortization(U.S. GAAP)

Amortization (13,175) (2,904) (11,922) (2,444) (5,345) (35,790)

Costsapplicable $ 35,974 $ 16,956 $ 30,507 $ 17,823 $ 17,657 $ 118,917 to sales

Inventory 73 (422) (101) (25) (10,381) (10,856) Adjustments

By-product - - - (248) - (248) credit

Adjustedcosts $ 36,047 $ 16,534 $ 30,406 $ 17,550 $ 7,276 $ 107,813 applicableto sales



Metal Sales

Gold ounces 31,287 5,473 32,781 16,094 85,635

Silver 1,894,789 632,237 14,768 158,984 2,700,778 ounces

Zinc pounds 3,203,446 3,203,446

Lead pounds 2,453,485 2,453,485



Revenue Split

Gold 56 % 45 % 100 % 100 %

Silver 44 % 55 % 26 %

Zinc 48 %

Lead 26 %



Adjustedcosts applicableto sales

Gold ($/oz) $ 645 $ 1,359 $ 928 $ 1,090

Silver ($/ $ 8.37 $ 14.38 $ 11.79 oz)

Zinc ($/lb) $ 1.12

Lead ($/lb) $ 0.74

Reconciliation of Costs Applicable to Sales

for Three Months Ended December 31, 2019

In thousands except per ounce or per pound amounts

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

49,590

$

31,100

$

41,537

$

29,818

$

42,189

$

194,234

Amortization

(14,799)

(5,791)

(12,776)

(4,072)

(10,166)

(47,604)

Costs applicable to sales

$

34,791

$

25,309

$

28,761

$

25,746

$

32,023

$

146,630

Inventory Adjustments

(11)

(116)

(176)

(3,677)

(23,325)

(27,305)

By-product credit

-

-

-

(373)

-

(373)

Adjusted costs applicable to sales

$

34,780

$

25,193

$

28,585

$

21,696

$

8,698

$

118,952

Metal Sales

Gold ounces

27,953

11,248

29,293

27,039

-

95,533

Silver ounces

1,979,315

931,326

21,132

294,498

3,226,271

Zinc pounds

4,052,554

4,052,554

Lead pounds

4,223,504

4,223,504

Revenue Split

Gold

50

%

51

%

100

%

100

%

Silver

50

%

49

%

38

%

Zinc

32

%

Lead

30

%

Adjusted costs applicable to sales

Gold ($/oz)

$

622

$

1,142

$

976

$

802

Silver ($/oz)

$

8.79

$

13.25

$

11.22

Zinc ($/lb)

$

0.69

Lead ($/lb)

$

0.62

Reconciliation of Costs Applicable to Sales

for Three Months Ended December 31, 2019

In thousandsexcept perounce or per Palmarejo Rochester Kensington Wharf Silvertip Totalpoundamounts

Costsapplicableto sales, $ 49,590 $ 31,100 $ 41,537 $ 29,818 $ 42,189 $ 194,234 includingamortization(U.S. GAAP)

Amortization (14,799) (5,791) (12,776) (4,072) (10,166) (47,604)

Costsapplicable $ 34,791 $ 25,309 $ 28,761 $ 25,746 $ 32,023 $ 146,630 to sales

Inventory (11) (116) (176) (3,677) (23,325) (27,305) Adjustments

By-product - - - (373) - (373) credit

Adjustedcosts $ 34,780 $ 25,193 $ 28,585 $ 21,696 $ 8,698 $ 118,952 applicableto sales



Metal Sales

Gold ounces 27,953 11,248 29,293 27,039 - 95,533

Silver 1,979,315 931,326 21,132 294,498 3,226,271 ounces

Zinc pounds 4,052,554 4,052,554

Lead pounds 4,223,504 4,223,504



Revenue Split

Gold 50 % 51 % 100 % 100 %

Silver 50 % 49 % 38 %

Zinc 32 %

Lead 30 %



Adjustedcosts applicableto sales

Gold ($/oz) $ 622 $ 1,142 $ 976 $ 802

Silver ($/ $ 8.79 $ 13.25 $ 11.22 oz)

Zinc ($/lb) $ 0.69

Lead ($/lb) $ 0.62

Reconciliation of Costs Applicable to Sales

for Three Months Ended September 30, 2019

In thousands except per ounce or per pound amounts

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

53,237

$

31,999

$

43,085

$

25,385

$

32,457

$

186,163

Amortization

(15,840)

(4,250)

(13,552)

(3,301)

(8,268)

(45,211)

Costs applicable to sales

$

37,397

$

27,749

$

29,533

$

22,084

$

24,189

$

140,952

Inventory Adjustments

(175)

(4,799)

(405)

(7)

(13,966)

(19,352)

By-product credit

-

-

-

(293)

-

(293)

Adjusted costs applicable to sales

$

37,222

$

22,950

$

29,128

$

21,784

$

10,223

$

121,307

Metal Sales

Gold ounces

32,731

7,651

35,452

24,573

100,407

Silver ounces

1,747,250

951,043

16,612

289,910

3,004,815

Zinc pounds

4,076,390

4,076,390

Lead pounds

4,330,862

4,330,862

Revenue Split

Gold

58

%

41

%

100

%

100

%

Silver

42

%

59

%

39

%

Zinc

29

%

Lead

32

%

Adjusted costs applicable to sales

Gold ($/oz)

$

660

$

1,230

$

822

$

887

Silver ($/oz)

$

8.95

$

14.24

$

14.14

Zinc ($/lb)

$

0.75

Lead ($/lb)

$

0.71

Reconciliation of Costs Applicable to Sales

for Three Months Ended September 30, 2019

In thousandsexcept perounce or per Palmarejo Rochester Kensington Wharf Silvertip Totalpoundamounts

Costsapplicableto sales, $ 53,237 $ 31,999 $ 43,085 $ 25,385 $ 32,457 $ 186,163 includingamortization(U.S. GAAP)

Amortization (15,840) (4,250) (13,552) (3,301) (8,268) (45,211)

Costsapplicable $ 37,397 $ 27,749 $ 29,533 $ 22,084 $ 24,189 $ 140,952 to sales

Inventory (175) (4,799) (405) (7) (13,966) (19,352) Adjustments

By-product - - - (293) - (293) credit

Adjustedcosts $ 37,222 $ 22,950 $ 29,128 $ 21,784 $ 10,223 $ 121,307 applicableto sales



Metal Sales

Gold ounces 32,731 7,651 35,452 24,573 100,407

Silver 1,747,250 951,043 16,612 289,910 3,004,815 ounces

Zinc pounds 4,076,390 4,076,390

Lead pounds 4,330,862 4,330,862



Revenue Split

Gold 58 % 41 % 100 % 100 %

Silver 42 % 59 % 39 %

Zinc 29 %

Lead 32 %



Adjustedcosts applicableto sales

Gold ($/oz) $ 660 $ 1,230 $ 822 $ 887

Silver ($/ $ 8.95 $ 14.24 $ 14.14 oz)

Zinc ($/lb) $ 0.75

Lead ($/lb) $ 0.71

Reconciliation of Costs Applicable to Sales for Updated 2020 Guidance

In thousands except per ounce or per pound amounts

Palmarejo

Rochester

Kensington

Wharf

Costs applicable to sales, including amortization (U.S. GAAP)

$

179,529

$

102,554

$

175,424

$

94,989

Amortization

(44,409)

(14,561)

(52,201)

(11,600)

Costs applicable to sales

$

135,120

$

87,993

$

123,223

$

83,389

By-product credit

-

-

-

(2,058)

Adjusted costs applicable to sales

$

135,120

$

87,993

$

123,223

$

81,331

Metal Sales

Gold ounces

106,500

31,400

126,700

89,500

Silver ounces

6,400,000

3,600,000

95,000

Revenue Split

Gold

52%

43%

100%

100%

Silver

48%

57%

-

-

Adjusted costs applicable to sales

Gold ($/oz)

$650 - $750

$1,150 - $1,300

$900 - $1,000

$875 - $925

Silver ($/oz)

$9.50 - $10.50

$13.50 - $14.75

Reconciliation of Costs Applicable to Sales for Updated 2020 Guidance

In thousands except perounce or per pound Palmarejo Rochester Kensington Wharfamounts

Costs applicable tosales, including $ 179,529 $ 102,554 $ 175,424 $ 94,989 amortization (U.S. GAAP)

Amortization (44,409) (14,561) (52,201) (11,600)

Costs applicable to sales $ 135,120 $ 87,993 $ 123,223 $ 83,389

By-product credit - - - (2,058)

Adjusted costs applicable $ 135,120 $ 87,993 $ 123,223 $ 81,331 to sales



Metal Sales

Gold ounces 106,500 31,400 126,700 89,500

Silver ounces 6,400,000 3,600,000 95,000



Revenue Split

Gold 52% 43% 100% 100%

Silver 48% 57% - -



Adjusted costs applicable to sales

Gold ($/oz) $650 - $750 $1,150 - $900 - $875 - $1,300 $1,000 $925

Silver ($/oz) $9.50 - $13.50 - $10.50 $14.75

Reconciliation of Costs Applicable to Sales for Previous 2020 Guidance

In thousands except per ounce or per pound amounts

Palmarejo

Rochester

Kensington

Wharf

Costs applicable to sales, including amortization (U.S. GAAP)

$

178,977

$

105,053

$

178,595

$

94,142

Amortization

(42,220

)

(15,177

)

(54,009

)

(11,202

)

Costs applicable to sales

$

136,757

$

89,876

$

124,586

$

82,940

By-product credit

-

-

-

(998

)

Adjusted costs applicable to sales

$

136,757

$

89,876

$

124,586

$

81,942

Metal Sales

Gold ounces

97,800

32,000

132,800

84,900

Silver ounces

6,300,000

3,800,000

60,350

Revenue Split

Gold

56

%

46

%

100

%

100

%

Silver

44

%

54

%

-

-

Costs applicable to sales

Gold ($/oz)

$785 - $885

$1,250 - $1,400

$900 - $1,000

$950 - $1,000

Silver ($/oz)

$9.50 - $10.50

$12.75 - $14.00

View source version on businesswire.com: https://www.businesswire.com/news/home/20201028006061/en/

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