Business Wire | Jul 29, 2020 04:46PM EDT

Coeur Reports Second Quarter 2020 Results

Jul. 29, 2020

CHICAGO--(BUSINESS WIRE)--Jul. 29, 2020--Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE: CDE) today reported second quarter 2020 financial results, including revenue of $154.2 million, cash flow from operating activities of $9.9 million and GAAP net loss from continuing operations of $1.2 million, or $0.01 per share. On an adjusted basis1, the Company reported EBITDA of $42.2 million, cash flow from operating activities prior to changes in working capital of $16.4 million and net income from continuing operations of $2.6 million, or $0.01 per share.

Key Highlights

* Successful restart of Palmarejo post-suspension - Coeur safely restarted its Palmarejo mine, following receipt of updated guidance from the Mexican government that precious metals mining is now considered an essential business activity. After being temporarily suspended for approximately 45 days, production began ramping up in June and is expected to continue increasing during the second half of the year * Prepared to begin construction on upcoming expansion at Rochester - The Company received authorizations necessary to advance the expansion under Plan of Operations Amendment 11 ("POA 11") at Rochester. Coeur expects to commence construction on the project in early August 2020 * Strong operating and financial results at Kensington and Wharf - Kensington's gold production remained strong during the second quarter, helping to generate $27.8 million2 in operating cash flow and $23.9 million2 of free cash flow1, compared to $11.9 million3 and $7.1 million3, respectively, in the prior period. Gold production at Wharf increased 60% quarter-over-quarter, leading to $19.1 million and $18.8 million in operating and free cash flow1, respectively, compared to $2.6 million and $2.2 million in the first quarter of 2020 * Aggressive investment in exploration - Coeur continued to execute its largest exploration program in Company history, investing $13.0 million, a 60% increase over the prior period and approximately 90% higher than the second quarter of 2019. The Company plans to publish an exploration update in August 2020, outlining program highlights through the first half of the year * Continued execution of hedging program to underpin expected cash flow - The Company took advantage of stronger gold prices to implement additional zero-cost collar ("ZCC") hedges to support the expected funding requirement for the POA 11 expansion at Rochester, targeting up to 50% of the Company's expected gold production in 2021 and 2022 * Higher cash position and successful debt reduction initiatives - Cash and cash equivalents totaled $70.9 million at June 30, 2020, 34% higher than at the end of the first quarter of 2020. The Company also repaid $90.0 million of its senior secured revolving credit facility ("RCF") using cash on hand, leaving a $60.0 million balance at the end of the second quarter. Coeur intends to repay the remaining RCF balance by year-end from internally generated cash flow and expects cash to build over the coming quarters in preparation for the expansion at Rochester

"Like most companies, our second quarter results were negatively impacted by COVID-19. Most notably at Palmarejo, our strongest performing asset in the first quarter, operations were temporarily suspended due to a decree from the Federal government of Mexico. However, with Palmarejo now back in production, our three U.S. operations hitting their strides and the tailwind of higher gold and silver prices, we are anticipating a strong second half of 2020 and expect to continue this momentum into 2021," said Mitchell J. Krebs, President and Chief Executive Officer. "I would like to thank everyone at Coeur for working tirelessly under challenging circumstances to safely and responsibly deliver critical minerals that are essential to nearly every aspect of modern life. Their ongoing efforts have allowed the Company to be well positioned to benefit from higher gold and silver prices going forward."

Mr. Krebs continued, "Looking ahead over the coming quarters, we are excited about the direction we are headed as a company. We recently enhanced our team by bringing in Mick Routledge as our new Chief Operating Officer and appointing Terry Smith as our Chief Development Officer, which has provided us greater organizational bandwidth and a leadership structure that is better aligned with our strategy and key priorities. Our top strategic priority is the POA 11 expansion at Rochester, which is expected to generate exponentially higher annual free cash flow and represents a fundamental inflection point for Coeur. Additionally, the success of our exploration programs and acquisitions made at much lower gold and silver prices provides a balanced pipeline of near-, medium- and long-term growth opportunities that we believe will unlock meaningful value for our stockholders."

"With multiple key catalysts in the coming quarters, we plan to proactively update investors on our capital allocation decisions and their expected impact on the Company's growth, costs and cash flow. We plan to publish an exploration update in August given the size and importance of our investment in exploration in 2020. We also intend to deliver the results of Rochester's updated technical report in the fourth quarter that will detail the updated economics of this important expansion project," concluded Mr. Krebs.

Financial and OperatingHighlights (Unaudited)

(Amounts in millions,except per shareamounts, gold ounces 2Q 2020 1Q 2020 4Q 2019 3Q 2019 2Q 2019produced & sold, andper-ounce/poundmetrics)

Gold Sales $ 127.9 $ 127.6 $ 134.3 $ 141.9 $ 110.3

Silver Sales $ 26.3 $ 44.9 $ 54.8 $ 51.6 $ 45.0

Zinc Sales $ - $ (0.7 ) $ 2.6 $ 2.0 $ 2.6

Lead Sales $ - $ 1.3 $ 3.3 $ 4.0 $ 4.2

Consolidated Revenue $ 154.2 $ 173.2 $ 195.0 $ 199.5 $ 162.1

Costs Applicable to $ 90.0 $ 118.9 $ 146.6 $ 141.0 $ 131.9 Sales^4

General and $ 8.6 $ 8.9 $ 7.6 $ 9.6 $ 7.8 Administrative Expenses

Net Income (Loss) $ (1.2 ) $ (11.9 ) $ (270.9 ) $ (14.3 ) $ (36.8 )

Net Income (Loss) Per $ (0.01 ) $ (0.05 ) $ (1.13 ) $ (0.06 ) $ (0.18 )Share

Adjusted Net Income $ 2.6 $ (0.9 ) $ (3.3 ) $ (5.3 ) $ (23.0 )(Loss)^1

Adjusted Net Income $ 0.01 $ - $ (0.01 ) $ (0.02 ) $ (0.11 )(Loss)^1 Per Share

Weighted Average Shares 240.9 240.3 238.7 225.9 207.8 Outstanding

EBITDA^1 $ 35.3 $ 25.5 $ (214.5 ) $ 37.6 $ 7.7

Adjusted EBITDA^1 $ 42.2 $ 46.5 $ 59.8 $ 61.0 $ 30.6

Cash Flow from $ 9.9 $ (8.0 ) $ 39.3 $ 42.0 $ 26.4 Operating Activities

Capital Expenditures $ 16.7 $ 22.2 $ 21.0 $ 30.7 $ 20.7

Free Cash Flow^1 $ (6.7 ) $ (30.2 ) $ 18.4 $ 11.3 $ 5.7

Cash, Equivalents & $ 70.9 $ 52.9 $ 55.6 $ 65.3 $ 37.9 Short-Term Investments

Total Debt^5 $ 348.6 $ 343.1 $ 295.5 $ 298.7 $ 370.0

Average Realized Price $ 1,641 $ 1,490 $ 1,407 $ 1,413 $ 1,277 Per Ounce - Gold

Average Realized Price $ 16.25 $ 16.63 $ 16.99 $ 17.17 $ 14.75 Per Ounce - Silver

Average Realized Price $ - $ (0.21 ) $ 0.62 $ 0.50 $ 0.49 Per Pound - Zinc

Average Realized Price $ - $ 0.54 $ 0.78 $ 0.92 $ 0.82 Per Pound - Lead

Gold Ounces Produced 78,229 85,077 94,716 99,782 86,584

Silver Ounces Produced 1.6 2.7 3.1 3.0 3.1

Zinc Pounds Produced - 2.5 3.9 4.2 5.3

Lead Pounds Produced - 2.2 4.0 4.5 5.0

Gold Ounces Sold 77,933 85,635 95,532 100,407 86,385

Silver Ounces Sold 1.6 2.7 3.3 3.0 3.0

Zinc Pounds Sold - 3.2 4.1 4.1 5.3

Lead Pounds Sold - 2.5 4.3 4.3 5.2

Financial Results

Second quarter 2020 revenue totaled $154.2 million compared to $173.2 million in the prior period, primarily driven by the temporary suspension at Palmarejo. The Company produced 78,229 ounces of gold and 1.6 million ounces of silver during the second quarter, selling 77,933 ounces of gold and 1.6 million ounces of silver. Average realized gold and silver prices for the quarter were $1,641 and $16.25 per ounce, respectively, or 10% higher and 2% lower quarter-over-quarter.

Gold and silver sales accounted for 83% and 17% of second quarter revenue, respectively. The Company's U.S. operations accounted for approximately 75% of second quarter revenue, up from approximately 56% in the prior period, due primarily to the temporary suspension at Palmarejo.

Costs applicable to sales4 of $90.0 million were 24% lower quarter-over-quarter, reflecting a full quarter of suspended operations at Silvertip and compliance with the government-mandated temporary suspension at Palmarejo. Second quarter general and administrative expenses decreased modestly to $8.6 million, primarily driven by lower employee-related expenses and outside service fees.

Second quarter exploration expense totaled $11.9 million, or 86% higher quarter-over-quarter, reflecting the ramp-up of seasonal drilling programs at Rochester, Wharf and Silvertip. See the "Operations" section and page 14 for additional details on the Company's exploration activities.

Operating costs related to COVID-19 totaled $6.1 million during the second quarter, compared to $0.3 million in the prior period, primarily related to higher employee-related expenses incurred at Palmarejo and Kensington. These costs are included in "Pre-development, reclamation, and other expenses" on the Company's income statement.

Coeur recorded an income tax expense of $2.8 million during the second quarter. Cash income and mining taxes paid during the quarter totaled approximately $5.9 million.

Quarterly operating cash flow improved to $9.9 million, compared to $(8.0) million in the prior period, reflecting improved cash flow from most operations and working capital changes quarter-over-quarter. The Company satisfied the remaining $8.0 million obligation under its prepayment agreement at Kensington and exercised an option to receive an additional $15.0 million prepayment, resulting in a net cash inflow of approximately $7.0 million in the second quarter. Changes in working capital during the quarter totaled $(6.5) million, compared to $(38.1) million in the first quarter of 2020.

Second quarter capital expenditures were $16.7 million, compared to $22.2 million in the prior period, reflecting lower investment across most of the Company's operations. Sustaining and development capital expenditures accounted for approximately 71% and 29%, respectively, of the Company's capital expenditures during the quarter.

Liquidity Update

Prudent balance sheet management remains a key element of Coeur's strategy. The Company used cash on hand to repay $90.0 million of outstanding indebtedness under its RCF, reducing the total amount drawn from $150.0 million in April 2020 to $60.0 million at the end of the second quarter. Coeur also opportunistically monetized a portion of its holding in Metalla Royalty & Streaming Ltd., resulting in net proceeds of approximately $19.4 million.

At June 30, 2020, cash and cash equivalents totaled $70.9 million, while total debt5 outstanding was $348.6 million. Additionally, the Company's issued and outstanding share count remained consistent at 240.9 million in the second quarter.

Hedging Update

Coeur continued to add to its hedge position by executing additional ZCC hedges on a portion of its expected gold production. The structure allows for downside protection against potential decreases in the price of gold, while enabling participation in the potential upside to a specified ceiling price.

The Company implemented the program in preparation for POA 11 at Rochester, which it expects to fund with a combination of cash on hand, internally generated cash flow and existing debt capacity. Coeur has completed its gold hedging program for 2021 and will look to continue opportunistically executing ZCC hedges on up to 50% of expected gold production in 2022. The Company's silver price exposure is currently unhedged. An overview of the hedges currently implemented is outlined below:

3Q 2020 4Q 2020 Total 2H 2020 2021 2022

Gold Ounces Hedged 49,500 55,500 105,000 158,700 126,000

Avg. Ceiling ($/oz) $1,826 $1,823 $1,825 $1,875 $2,030

Avg. Floor ($/oz) $1,441 $1,471 $1,457 $1,600 $1,626

Rochester Expansion

Coeur completed its internal review of the business case supporting POA 11 during the second quarter, resulting in the approval to proceed with construction of the expansion project. The Company also received its revised water pollution control permit, authorizing mining, milling and mineral beneficiation for POA 11. The expansion project includes the construction of a new leach pad, crushing facility equipped with two high-pressure grinding roll ("HPGR") units and Merrill-Crowe process plant as well as related infrastructure to support the extension of Rochester's mine life.

Together with SNC-Lavalin, the Company's engineering, procurement and project management contractor for POA 11, Coeur has made significant progress on detailed design work. The Company expects to complete the work necessary to finalize its total capital estimate by the end of the third quarter of 2020. Coeur also plans to file an updated technical report in late 2020 further outlining the details of the expansion, including an updated mine plan and drilling results as well as additional operational and financial information regarding the expected impacts of HPGR technology.

Coeur expects to begin construction activities for POA 11 in early August 2020, including (i) advancing early-stage earthworks and (ii) establishing project-specific infrastructure, providing the Company additional flexibility on the back end of its project schedule. Major construction projects are expected to begin in early 2021 and be largely completed by late 2022. The current timeline for the key elements of the expansion is 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

Operations

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

Palmarejo, Mexico

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

Tons milled 269,641 479,562 486,779 442,464 447,727

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

Average silver grade (oz/t) 4.46 4.69 5.11 4.88 4.74

Average recovery rate - Au 86.0% 91.6% 84.9% 81.7% 87.7%

Average recovery rate - Ag 72.2% 81.5% 81.7% 79.6% 81.8%

Gold ounces produced 15,223 31,578 28,702 31,779 28,246

Silver ounces produced (000's) 867 1,835 2,029 1,720 1,735

Gold ounces sold 16,924 31,287 27,952 32,731 28,027

Silver ounces sold (000's) 875 1,895 1,980 1,747 1,709

Average realized price per gold $1,399 $1,331 $1,238 $1,269 $1,210ounce

Average realized price per silver $16.35 $17.25 $17.28 $17.05 $14.86ounce

Metal sales $38.0 $74.3 $68.9 $71.3 $59.3

Costs applicable to sales^4 $18.8 $36.0 $34.8 $37.4 $36.5

Adjusted CAS^ per AuOz^1 $686 $645 $622 $660 $741

Adjusted CAS^ per AgOz^1 $8.13 $8.37 $8.79 $8.95 $9.17

Exploration expense $0.9 $1.5 $2.0 $1.6 $1.1

Cash flow from operating $(3.5) $28.9 $41.4 $36.3 $15.6activities

Sustaining capital expenditures $4.5 $7.1 $6.2 $4.7 $5.0(excludes capital lease payments)

Development capital expenditures $- $- $2.4 $3.1 $2.6

Total capital expenditures $4.5 $7.1 $8.6 $7.8 $7.6

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

* Active mining, processing and exploration activities were temporarily suspended at Palmarejo during the second quarter in accordance with a government decree in response to COVID-19. The Federal government of Mexico amended its guidance in May, clarifying that precious metals mining is an essential business activity, allowing Palmarejo to resume operations

Operational

* Operations were ramped down in the beginning of April and were suspended for approximately 45 days during the second quarter. Production began ramping back up in June and increased steadily during the month * Second quarter gold and silver production totaled 15,223 ounces and 0.9 million ounces, respectively, compared to 31,578 ounces and 1.8 million ounces in the prior period

Financial

* Second quarter adjusted CAS1 for gold on a co-product basis increased 6% compared to the prior period to $686 per ounce, while adjusted CAS1 for silver on a co-product basis decreased 3% to $8.13 per ounce * Quarterly capital expenditures decreased 37% to $4.5 million and continued to focus on mine development and infrastructure projects * Free cash flow1 in the second quarter totaled $(8.0) million, compared to $21.8 million in the prior period

Exploration

* Exploration investment for the second quarter totaled approximately $1.5 million ($0.9 million expensed and $0.6 million capitalized), compared to roughly $2.7 million ($1.5 million expensed and $1.2 million capitalized) in the prior quarter * Up to eight surface and underground core rigs were active during the quarter, with four rigs mobilized at the end of June 2020 * Exploration activity focused on infill drilling within the two underground 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 * A total of 10 expansion and 18 infill holes were drilled during the quarter for a total 30,440 feet (9,278 meters). Coeur expects to ramp up to six active rigs during the third quarter, targeting a balanced focus of expansion and infill drilling

Other

* Workforce staffing levels are currently limited to approximately 85% due to compliance with government-imposed restrictions related to COVID-19 * Approximately 35% of Palmarejo's gold sales in the second quarter, or 5,988 ounces, were sold under its gold stream agreement at a price of $800 per ounce

Guidance

* Full-year 2020 production is expected to be 95,000 - 105,000 ounces of gold and 6.0 - 7.0 million ounces of silver * CAS1 are expected to be $785 - $885 per gold ounce and $9.50 - $10.50 per silver ounce * Capital expenditures are expected to be approximately $32 - $36 million

Rochester, Nevada

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

Ore tons placed 3,743,331 3,428,578 2,612,319 2,516,353 2,786,287

Average silver grade (oz 0.51 0.57 0.47 0.43 0.45/t)

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

Silver ounces produced 728 687 848 982 971(000's)

Gold ounces produced 5,159 5,936 10,634 7,901 8,609

Silver ounces sold 724 632 932 951 962(000's)

Gold ounces sold 5,278 5,473 11,248 7,651 8,642

Average realized price $16.11 $16.99 $17.22 $17.02 $14.83per silver ounce

Average realized price $1,702 $1,583 $1,484 $1,476 $1,295per gold ounce

Metal sales $20.6 $19.4 $32.6 $27.5 $25.5

Costs applicable to $18.3 $17.0 $25.3 $27.7 $24.7sales^4

Adjusted CAS^ per AgOz^1 $13.75 $14.38 $13.25 $14.24 $13.19

Adjusted CAS^ per AuOz^1 $1,481 $1,359 $1,142 $1,230 $1,153

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

Cash flow from operating $(5.6) $(9.3) $6.9 $8.3 $1.6activities

Sustaining capitalexpenditures (excludes $1.5 $0.1 $0.9 $(1.0) $0.4capital lease payments)

Development capital $4.3 $5.0 $4.1 $11.2 $2.4expenditures

Total capital $5.8 $5.1 $5.0 $10.2 $2.8expenditures

Free cash flow^1 $(11.4) $(14.4) $1.9 $(1.9) $(1.2)

Operational

* Silver production increased 6% quarter-over-quarter to approximately 0.7 million ounces, while gold production decreased 13% to 5,159 ounces * Despite continued restocking of metal inventories during the second quarter, production was impacted by dilution from stacking HPGR-crushed material on top of historic ore on the Stage IV leach pad * Slightly higher silver production was driven by residual leaching on the Stage III leach pad and a modest improvement in solution grades on the Stage IV leach pad. Gold production was affected by the placement of slightly lower grade material during the first half of the year * Tons placed increased 9% quarter-over-quarter and 34% year-over-year to approximately 3.7 million tons. The Company was able to process 36,360 tons per day6 through the upgraded crushing circuit, in-line with its target for the quarter. Coeur supplemented placement rates by stacking roughly 650,000 tons of run-of-mine material, taking advantage of favorable fuel and consumable costs * In June 2020, Coeur calibrated a new recovery model for the Stage IV leach pad and began executing a new stacking plan to maximize silver recoveries on HPGR-crushed ore. The new plan utilizes an inter-lift liner to place ounces on shallower portions of the Stage IV leach pad, leveraging two existing collection systems. Production is expected to increase steadily and reach sustainable levels during the second half of the year * Initial results received from thirty-foot column tests conducted during the second quarter further validate the Company's recovery rate assumptions on HPGR-crushed ore

Financial

* Second quarter adjusted CAS1 for silver on a co-product basis decreased 4% quarter-over-quarter to $13.75 per ounce, while adjusted CAS1 for gold on a co-product basis increased 9% to $1,481 per ounce, reflecting modestly higher crushing and mining costs as well as higher silver and lower gold sales * Capital expenditures of $5.8 million were approximately 14% higher quarter-over-quarter, reflecting increased investment related to POA 11 and a milestone payment for the inter-lift liner * Free cash flow1 totaled $(11.4) million in the second quarter, compared to $(14.4) million in the first quarter, largely driven by improved operating cash flow and partially offset by higher capital expenditures

Exploration

* Exploration investment for the second quarter accelerated to approximately $2.2 million ($1.8 million expensed and $0.4 million capitalized), compared to roughly $0.4 million ($0.2 million expensed and $0.2 million capitalized) in the prior period * Following the success of prior drill programs, two core rigs began directional drilling in the beginning of the quarter to test areas of potential mineralization under the Stage I and Stage II leach pads at East Rochester. A total of 8 expansion core holes were drilled for a total of 13,465 feet (4,104 meters) * One reverse circulation rig was subsequently added, transitioning focus to infill drilling within the existing Rochester pit. A total of 23 infill holes were drilled in the area for a total of 14,239 feet (4,340 meters) * Based on its success, Coeur has decided to extend the directional drilling program at East Rochester as well as the southeast Rochester infill program

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 * During the quarter, Coeur entered into a first-of-its-kind agreement to protect critical sagebrush habitat in Nevada while ensuring continued environmentally sensitive and sustainable mining practices. Funding by Coeur will preserve and enhance over 3,000 acres of vital greater sage-grouse habitat in Elko and Humboldt Counties

Guidance

* Full-year 2020 production is expected to be 3.5 - 4.5 million ounces of silver and 27,000 - 33,000 ounces of gold * CAS1 in 2020 are expected to be $12.75 - $14.00 per silver ounce and $1,250 - $1,400 per gold ounce * Capital expenditures are expected to be approximately $38 - $43 million

Kensington, Alaska

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

Tons milled 170,478 162,341 167,061 166,475 160,510

Average gold grade (oz/t) 0.21 0.21 0.20 0.22 0.23

Average recovery rate 92.0% 93.5% 87.2% 93.2% 93.0%

Gold ounces produced 33,058 32,022 29,736 34,156 34,049

Gold ounces sold 32,367 32,781 29,293 35,452 34,415

Average realized price per gold $1,762 $1,603 $1,493 $1,505 $1,332ounce, gross

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

Average realized price per gold $1,705 $1,576 $1,469 $1,485 $1,312ounce, net

Metal sales $55.2 $51.7 $43.0 $52.6 $45.2

Costs applicable to sales^4 $30.4 $30.5 $28.8 $29.5 $29.1

Adjusted CAS per AuOz^1 $934 $928 $976 $822 $842

Prepayment, working capital cash $7.0 $(7.0) $4.7 $(14.7) $25.0flow

Exploration expense $2.6 $1.8 $1.6 $1.5 $2.0

Cash flow from operating $27.8 $11.9 $19.9 $4.5 $41.4activities

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

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

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

Free cash flow^1 $23.9 $7.1 $15.6 $(0.4) $36.5

Operational

* Gold production in the second quarter totaled 33,058 ounces, slightly higher quarter-over-quarter and modestly lower year-over-year * The improvement in production was largely driven by positive grade reconciliation from the Kensington Main deposit as well as an increase in throughput from the higher-grade Jualin deposit * Jualin accounted for approximately 16% of Kensington's second quarter production, increasing from approximately 8% 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 remained relatively consistent quarter-over-quarter, totaling $934 per ounce * Capital expenditures of $3.9 million were slightly lower compared to the prior period, focusing on underground development and planned equipment purchases * Free cash flow1 totaled $23.9 million during the second quarter, including net cash inflow of approximately $7.0 million associated with Coeur's prepayment agreement at Kensington. Excluding the effect of the prepayment, free cash flow1 totaled approximately $16.9 million in the second quarter

Exploration

* Exploration investment during the second quarter totaled approximately $2.7 million (substantially all expensed), compared to approximately $1.9 million (substantially all expensed) in the prior quarter * Three core rigs were active during the quarter, two underground and one surface, exclusively focused on resource expansion drilling. The underground rigs initially focused on the Jualin and lower Kensington Zone 10 veins and were later moved to drill the upper Kensington Zone 30, Elmira and Eureka veins. The surface rig was added to test Jualin veins #1 and #2. Late in the quarter, a helicopter-supported surface rig began drilling on the Raven vein * A total of 60 resource expansion holes were drilled during the quarter for a total of 40,231 feet (12,262 meters)

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 125,000 - 135,000 ounces of gold * CAS1 in 2020 are expected to be $900 - $1,000 per ounce * Capital expenditures are expected to be $28 - $33 million in 2020

Wharf, South Dakota

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

Ore tons placed 1,401,237 946,449 1,100,393 1,503,021 919,435

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

Gold ounces produced 24,789 15,541 25,644 25,946 15,680

Silver ounces produced 25 15 20 18 12(000's)

Gold ounces sold 23,364 16,094 27,039 24,573 15,301

Silver ounces sold (000's) 23 15 21 17 12

Average realized price per $1,715 $1,592 $1,482 $1,481 $1,311gold ounce

Metal sales $40.5 $25.9 $40.5 $36.7 $20.2

Costs applicable to sales^4 $22.5 $17.8 $25.7 $22.1 $15.5

Adjusted CAS per AuOz^1 $804 $1,090 $802 $887 $1,002

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

Cash flow from operating $19.1 $2.6 $17.0 $17.6 $0.5activities

Sustaining capitalexpenditures (excludes $0.3 $0.4 $0.8 $0.8 $0.2capital lease payments)

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

Total capital expenditures $0.3 $0.4 $0.8 $0.8 $0.2

Free cash flow^1 $18.8 $2.2 $16.2 $16.8 $0.3

Operational

* Gold production increased 60% quarter-over-quarter and 58% year-over-year to 24,789 ounces * Strong production during the quarter was due to improved weather conditions, higher grades and better crusher performance which drove a 48% increase in tons placed quarter-over-quarter

Financial

* Adjusted CAS1 on a by-product basis decreased 26% quarter-over-quarter to $804 per ounce, primarily driven by higher production and increased metal sales * Second quarter capital expenditures totaled $0.3 million, remaining relatively consistent with the prior period * Free cash flow1 was $18.8 million in the second quarter and has now totaled $193.8 million since Coeur acquired the operation in February 2015 for approximately $99.5 million

Exploration

* As anticipated, exploration investment in the second quarter was minimal and is expected to increase during the second half of the year * Exploration activities began in mid-June with geologic mapping, geochemical sampling and drilling at the Richmond Hill project, which is located approximately four miles north-northeast of Wharf. Coeur has an exclusive option agreement with Barrick Gold Corp to acquire the project that expires in September 2021 * The exploration program is currently employing one reverse circulation rig and is expected to drill approximately 18,000 feet (5,500 meters) in 2020

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 to limit the exposure and transmission of COVID-19 at Wharf

Guidance

* Gold production in 2020 is expected to be 80,000 - 90,000 ounces * CAS1 are expected to be $950 - $1,000 per ounce * Capital expenditures are expected to be approximately $2 - $3 million in 2020

Silvertip, British Columbia

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

Silver ounces produced (000's) - 139 279 300 344

Zinc pounds produced (000's) - 2,460 3,865 4,197 5,322

Lead pounds produced (000's) - 2,177 4,021 4,478 4,980

Silver ounces sold (000's) - 159 294 290 365

Zinc pounds sold (000's) - 3,203 4,053 4,076 5,303

Lead pounds sold (000's) - 2,453 4,223 4,331 5,186

Metal sales $- $1.9 $10.2 $11.3 $11.9

Costs applicable to sales^4 $- $17.7 $32.0 $24.2 $26.2

Exploration expense $2.9 $0.3 $0.9 $0.8 $0.7

Cash flow from operating activities $ $ $ $ $ (14.9) (27.1) (28.6) (15.3) (11.6)

Sustaining capital expenditures $1.9 $4.6 $2.0 $6.4 $5.0(excludes capital lease payments)

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

Total capital expenditures $1.9 $4.6 $2.0 $6.4 $5.0

Free cash flow^1 $ $ $ $ $ (16.8) (31.7) (30.6) (21.7) (16.6)

* Mining and operating activities were temporarily suspended at Silvertip on February 19, 2020 (unrelated to COVID-19). Operational results in the table above reflect performance prior to the temporary suspension

Operational

* Coeur continues to advance work on its internal pre-feasibility study to evaluate a mill expansion, which is expected to be completed in the third quarter

Financial

* One-time costs related to the ramp down of active mining and processing activities totaled $1.7 million in the second quarter, compared to $3.5 million in the prior period * Ongoing carrying costs in the second quarter totaled $5.2 million, compared to $2.6 million in the prior period, reflecting a full quarter of suspended operations. Coeur expects ongoing quarterly carrying costs to remain at similar levels during the suspension * Capital expenditures during the second quarter decreased 58% to $1.9 million, reflecting the curtailment of spending on capital projects completed in the prior periods * Free cash flow1 for the quarter totaled $(16.8) million

Exploration

* Exploration investment in the second quarter totaled approximately $2.9 million (substantially all expensed), compared to approximately $0.3 million (substantially all expensed) in the prior period * The Company ramped up to six active drill rigs in the second quarter, focusing on resource expansion and larger step out ("scout") drilling to test the edges of the mineralized system. A total of 35 holes were drilled during the quarter for a total of 51,794 feet (15,787 meters) * Coeur plans to continue accelerating its exploration program, targeting six active rigs during the third quarter. As access has improved following winter snow melt, approximately 30% of the planned expansion holes will focus on scout targets to test the edges and limits of the known resource shapes to the north, east and south of Silvertip mine

Other

* Rotational schedules have transitioned back to 14 days (previously 21 days) as a result of easing concerns related to COVID-19 in British Columbia

Guidance

* Capital expenditures are expected to total approximately $8 - $10 million in 2020

Exploration

During the second quarter, the Company drilled 194,043 feet (59,145 meters) at a total investment of approximately $13.0 million ($11.9 million expensed and $1.1 million capitalized), compared to 149,215 feet (45,481 meters) at a total investment of roughly $8.1 million ($6.4 million expensed and $1.7 million capitalized) in the prior period. Total feet drilled in the second quarter was approximately 30% higher compared to the prior quarter and 28% higher than the second quarter of 2019. The increase in drilling activity was due primarily to the ramp up of seasonal drill programs at Rochester, Wharf and Silvertip.

Additionally, up to three drill rigs were active during the second quarter at the Sterling and Crown exploration properties in southern Nevada. The Company drilled a total of 40,347 feet (12,298 meters) during the quarter, compared to 48,090 feet (14,658 meters) in the prior period. During the quarter, one core rig focused on drilling for metallurgical and engineering studies at Sterling, while 25 reverse circulation holes focusing on resource expansion were drilled at both Sterling and Crown. The Company expects to receive its larger 300-acre disturbance permit for the Crown Block in the third quarter and plans to shift its focus for the remainder of the year to both core and reverse circulation drilling in the area.

The Company expects to invest $44 - $54 million in exploration in 2020, including $37 - $43 million and $7 - $11 million of expensed and capitalized exploration, respectively. Coeur plans to publish an exploration update in August 2020, highlighting the progress of its various drilling campaigns through the first half of the year.

2020 Production Guidance

Gold Silver

(oz) (K oz)

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

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

Kensington 125,000 - 135,000 -

Wharf 80,000 - 90,000 -

Total 327,000 - 363,000 9,500 - 11,500

2020 Costs Applicable to Sales Guidance

Gold Silver

($/oz) ($/oz)

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

Rochester (co-product) $1,250 - $1,400 $12.75 - $14.00

Kensington $900 - $1,000 -

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

2020 Capital, Exploration and G&A Guidance

($M)

Capital Expenditures, Sustaining $70 - $85

Capital Expenditures, Development $40 - $45

Exploration, Expensed $37 - $43

Exploration, Capitalized $7 - $11

General & Administrative Expenses $32 - $36

Note: The Company's guidance figures assume $1,650/oz gold and $16.50/oz silver as well as CAD of 1.36 and MXN of 21.00.

Financial Results and Conference Call

Coeur will host a conference call to discuss its second quarter 2020 financial results on July 30, 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 August 13, 2020.

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

(855) 669-9658 (Canada)

(412) 317-0088 (International)

Conference ID: 101 44 955

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, including expected annual free cash flow after completion of POA 11, hedging strategies, priorities, returns, growth, debt repayment plans, staffing levels, permitting, cash flow, cash on hand, catalysts, anticipated production, costs and expenses, COVID-19 mitigation efforts, strategic initiatives 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 June 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. * Includes net cash inflow of $7.0 million related to Coeur's prepayment agreement at Kensington. * Includes net cash outflow of $7.0 million related to Coeur's prepayment agreement at Kensington. * Excludes amortization. * Includes capital leases. Net of debt issuance costs and premium received. * Calculation excludes six days related to an extended planned shutdown during May 2020.

Average Spot Prices

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

Average Gold Spot Price Per $ 1,711 $ 1,583 $ 1,481 $ 1,472 $ 1,309 Ounce

Average Silver Spot Price $ 16.38 $ 16.90 $ 17.32 $ 16.98 $ 14.88 Per Ounce

Average Zinc Spot Price Per $ 0.89 $ 0.96 $ 1.08 $ 1.07 $ 1.25 Pound

Average Lead Spot Price Per $ 0.76 $ 0.84 $ 0.93 $ 0.92 $ 0.85 Pound

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2020 December 31, 2019

ASSETS In thousands, except share data

CURRENT ASSETS

Cash and cash equivalents $ 70,924 $ 55,645

Receivables 21,986 18,666

Inventory 52,752 55,886

Ore on leach pads 75,111 66,192

Prepaid expenses and other 18,730 14,047

239,503 210,436

NON-CURRENT ASSETS

Property, plant and equipment, net 234,133 248,789

Mining properties, net 704,580 711,955

Ore on leach pads 78,605 71,539

Restricted assets 8,636 8,752

Equity and debt securities 15,086 35,646

Receivables 22,978 28,709

Other 57,559 62,810

TOTAL ASSETS $ 1,361,080 $ 1,378,636

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable $ 58,241 $ 69,176

Accrued liabilities and other 68,457 95,616

Debt 27,176 22,746

Reclamation 3,094 3,114

156,968 190,652

NON-CURRENT LIABILITIES

Debt 321,443 272,751

Reclamation 137,715 133,417

Deferred tax liabilities 35,266 41,976

Other long-term liabilities 55,831 72,836

550,255 520,980

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Common stock, par value $0.01 per share;authorized 300,000,000 shares, 243,731,885 2,437 2,415 issued and outstanding at June 30, 2020 and241,529,021 at December 31, 2019

Additional paid-in capital 3,605,982 3,598,472

Accumulated other comprehensive income (loss) (7,706 ) (136 )

Accumulated deficit (2,946,856 ) (2,933,747 )

653,857 667,004

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,361,080 $ 1,378,636

COEUR MINING, INC. AND SUBSIDIARIES

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

Three Months Ended June Six Months Ended June 30, 30,

2020 2019 2020 2019



Revenue $ 154,249 $ 162,123 $ 327,416 $ 316,993

COSTS AND EXPENSES

Costs applicable to 90,015 131,948 208,932 263,598 sales^(1)

Amortization 27,876 43,204 64,038 85,080

General and 8,616 7,750 17,536 17,224 administrative

Exploration 11,855 5,719 18,241 9,433

Pre-development, 18,675 4,334 25,230 8,768 reclamation, and other

Total costs and expenses 157,037 192,955 333,977 384,103

OTHER INCOME (EXPENSE), NET

Fair value adjustments, 10,067 (5,296 ) 1,248 3,824 net

Interest expense, net of (5,765 ) (6,825 ) (10,893 ) (13,279 )capitalized interest

Other, net 121 643 2,002 703

Total other income 4,423 (11,478 ) (7,643 ) (8,752 )(expense), net

Income (loss) before 1,635 (42,310 ) (14,204 ) (75,862 )income and mining taxes

Income and mining tax (2,844 ) 5,546 1,095 14,204 (expense) benefit

Income (loss) from $ (1,209 ) $ (36,764 ) $ (13,109 ) $ (61,658 )continuing operations

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

NET INCOME (LOSS) $ (1,209 ) $ (36,764 ) $ (13,109 ) $ (55,965 )

OTHER COMPREHENSIVEINCOME (LOSS), net of tax:

Change in fair value ofderivative contracts (7,776 ) - (7,570 ) - designated as cash flowhedges

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

Other comprehensive (7,776 ) - (7,570 ) 59 income (loss)

COMPREHENSIVE INCOME $ (8,985 ) $ (36,764 ) $ (20,679 ) $ (55,906 )(LOSS)



NET INCOME (LOSS) PER SHARE

Basic income (loss) per share:

Net income (loss) from $ (0.01 ) $ (0.18 ) $ (0.05 ) $ (0.30 )continuing operations

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

Basic^(2) $ (0.01 ) $ (0.18 ) $ (0.05 ) $ (0.27 )

Diluted income (loss) per share:

Net income (loss) from $ (0.01 ) $ (0.18 ) $ (0.05 ) $ (0.30 )continuing operations

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

Diluted^(2) $ (0.01 ) $ (0.18 ) $ (0.05 ) $ (0.27 )

(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 June Six Months Ended June 30, 30,

2020 2019 2020 2019

In thousands

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) $ (1,209 ) $ (36,764 ) (13,109 ) (55,965 )

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

Adjustments:

Amortization 27,876 43,204 64,038 85,080

Accretion 2,908 3,007 5,755 5,950

Deferred taxes (1,545 ) (9,158 ) (7,032 ) (17,417 )

Fair value adjustments, net (10,067 ) 5,296 (1,248 ) (3,824 )

Stock-based compensation 2,287 1,987 4,300 4,210

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

Write-downs 5,208 11,872 15,589 27,319

Deferred revenue (8,134 ) - (15,682 ) - recognition

Other (913 ) 4,731 (2,005 ) 5,981

Changes in operating assets and liabilities:

Receivables (1,536 ) (7,624 ) (2,349 ) (17,359 )

Prepaid expenses and other 1,081 (834 ) 735 (3,518 )current assets

Inventory and ore on leach (8,056 ) (14,391 ) (29,981 ) (33,212 )pads

Accounts payable and 2,047 25,109 (13,004 ) 19,037 accrued liabilities

CASH PROVIDED BY (USED IN)OPERATING ACTIVITIES OF 9,947 26,435 1,956 10,589 CONTINUING OPERATIONS

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

CASH PROVIDED BY (USED IN) 9,947 26,435 1,956 10,589 OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures (16,682 ) (20,749 ) (38,890 ) (48,187 )

Proceeds from the sale of 9 57 4,515 904 assets

Sale of investments 19,802 1,102 19,802 1,102

Proceeds from notes - 2,000 - 7,168 receivable

Other (183 ) 277 (200 ) 2,018

CASH PROVIDED BY (USED IN)INVESTING ACTIVITIES OF 2,946 (17,313 ) (14,773 ) (36,995 )CONTINUING OPERATIONS

CASH USED IN INVESTINGACTIVITIES OF DISCONTINUED - - - - OPERATIONS

CASH PROVIDED BY (USED IN) 2,946 (17,313 ) (14,773 ) (36,995 )INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of common stock - 48,887 - 48,887

Issuance of notes and bankborrowings, net of issuance 100,000 - 150,000 15,000 costs

Payments on debt, financeleases, and associated (95,713 ) (90,812 ) (101,614 ) (113,273 )costs

Silvertip contingent - - (18,750 ) - consideration

Other 141 - (1,832 ) (3,259 )

CASH PROVIDED BY (USED IN)FINANCING ACTIVITIES OF 4,428 (41,925 ) 27,804 (52,645 )CONTINUING OPERATIONS

CASH USED IN FINANCINGACTIVITIES OF DISCONTINUED - - - - OPERATIONS

CASH PROVIDED BY (USED IN) 4,428 (41,925 ) 27,804 (52,645 )FINANCING ACTIVITIES

Effect of exchange ratechanges on cash and cash 929 56 303 257 equivalents

INCREASE (DECREASE) INCASH, CASH EQUIVALENTS AND 18,250 (32,747 ) 15,290 (78,794 )RESTRICTED CASH

Less net cash used in - - - - discontinued operations

18,250 (32,747 ) 15,290 (78,794 )

Cash, cash equivalents andrestricted cash at 54,058 72,022 57,018 118,069 beginning of period

Cash, cash equivalents andrestricted cash at end of $ 72,308 $ 39,275 $ 72,308 $ 39,275 period



Adjusted EBITDA Reconciliation

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

Net income $ (298,347 ) $ (1,209 ) $ (11,900 ) $ (270,961 ) $ (14,277 ) $ (36,764 )(loss)

Interestexpense, net 22,385 5,765 5,128 5,512 5,980 6,825 of capitalizedinterest

Income taxprovision 1,980 2,844 (3,939 ) 2,857 218 (5,546 )(benefit)

Amortization 157,834 27,876 36,162 48,118 45,678 43,204

EBITDA (116,148 ) 35,276 25,451 (214,474 ) 37,599 7,719

Fair valueadjustments, (13,454 ) (10,067 ) 8,819 (7,829 ) (4,377 ) 5,296 net

Foreignexchange 3,278 (11 ) 76 268 2,945 468 (gain) loss

Assetretirement 11,959 2,908 2,847 3,124 3,080 3,007 obligationaccretion

Inventoryadjustments 6,157 793 476 363 5,371 2,193 andwrite-downs

(Gain) loss onsale of assets 311 (9 ) (374 ) 594 100 72 and securities

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

Silvertipinventory 49,776 2,104 10,381 23,325 13,966 11,872 write-down

Silvertip 5,234 1,725 3,509 - - - one-time costs

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

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

COVID-19 6,380 6,108 272 - - - one-time costs

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

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

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

Interestincome on - - - - - (18 )notesreceivables

Adjusted $ 208,542 $ 42,150 $ 46,451 $ 59,781 $ 61,006 $ 30,609 EBITDA

Revenue $ 721,925 $ 154,249 $ 173,167 $ 195,040 $ 199,469 $ 162,123

Adjusted 29 % 27 % 27 % 31 % 31 % 19 %EBITDA Margin

Adjusted Net Income (Loss) Reconciliation

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

Net income $ (1,209 ) $ (11,900 ) $ (270,961 ) $ (14,277 ) $ (36,764 )(loss)

Fair valueadjustments, (10,067 ) 8,819 (7,829 ) (4,377 ) 5,296 net

Foreignexchange loss 626 (6,620 ) 1,733 2,022 889 (gain)

(Gain) loss onsale of assets (9 ) (374 ) 594 100 72 and securities

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

Silvertipinventory 2,104 10,381 23,325 13,966 11,872 write-down

Silvertip 1,725 3,509 - - - one-time costs

Silvertiplease - (4,051 ) - - - modification

Silvertip gainon contingent - (955 ) - - - consideration

COVID-19 6,108 272 - - - one-time costs

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

Loss on debt - - - 1,282 - extinguishment

Receivable - - - 1,040 - write-down

Interestincome on - - - - (18 )notesreceivables

Tax effect of - - (4,572 ) (5,096 ) (4,332 )adjustments

Adjusted net $ 2,601 $ (919 ) $ (3,300 ) $ (5,340 ) $ (22,985 )income (loss)



Adjusted netincome (loss) $ 0.01 $ 0.00 $ (0.01 ) $ (0.02 ) $ (0.11 )per share -Basic

Adjusted netincome (loss) $ 0.01 $ 0.00 $ (0.01 ) $ (0.02 ) $ (0.11 )per share -Diluted

Consolidated Free Cash Flow Reconciliation

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

Cash flow fromcontinuing $ 9,947 $ (7,991 ) $ 39,295 $ 41,996 $ 26,435 operations

Capitalexpendituresfrom 16,682 22,208 20,907 30,678 20,749 continuingoperations

Free cash flow $ (6,735 ) $ (30,199 ) $ 18,388 $ 11,318 $ 5,686

Consolidated Operating Cash Flow

Before Working Capital Changes Reconciliation

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

Cash provided by(used in)continuing $ 9,947 $ (7,991 ) $ 39,295 $ 41,996 $ 26,435 operatingactivities

Changes inoperating assets and liabilities:

Receivables 1,536 813 (17,970 ) 3,350 7,624

Prepaid expenses (1,081 ) 346 (2,423 ) (1,375 ) 834 and other

Inventories 8,056 21,925 20,397 9,389 14,391

Accounts payableand accrued (2,047 ) 15,051 18,318 (22,384 ) (25,109 )liabilities

Cash flow beforechanges in $ 16,411 $ 30,144 $ 57,617 $ 30,976 $ 24,175 operating assetsand liabilities

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 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 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 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 Three Months Ended June 30, 2019

In thousandsexcept perounce or per Palmarejo Rochester Kensington Wharf Silvertip Totalpoundamounts

Costsapplicableto sales, $ 50,708 $ 28,656 $ 41,670 $ 17,691 $ 36,038 $ 174,763 includingamortization(U.S. GAAP)

Amortization (14,212 ) (3,963 ) (12,537 ) (2,225 ) (9,878 ) (42,815 )

Costsapplicable $ 36,496 $ 24,693 $ 29,133 $ 15,466 $ 26,160 $ 131,948 to sales

Inventory (39 ) (2,045 ) (156 ) 48 (11,872 ) (14,064 )Adjustments

By-product - - - (188 ) - (188 )credit

Adjustedcosts $ 36,457 $ 22,648 $ 28,977 $ 15,326 $ 14,288 $ 117,696 applicableto sales



Metal Sales

Gold ounces 28,027 8,642 34,415 15,301 - 86,385

Silver 1,709,406 961,634 12,364 364,961 3,048,365 ounces

Zinc pounds 5,302,508 5,302,508

Lead pounds 5,185,634 5,185,634



Revenue Split

Gold 57 % 44 % 100 % 100 %

Silver 43 % 56 % 34 %

Zinc 38 %

Lead 28 %



Adjustedcosts applicableto sales

Gold ($/oz) $ 741 $ 1,153 $ 842 $ 1,002

Silver ($/ $ 9.17 $ 13.19 $ 13.31 oz)

Zinc ($/lb) $ 1.02

Lead ($/lb) $ 0.77

Reconciliation of Costs Applicable to Sales for 2020 Guidance

In thousands except per Palmarejo Rochester Kensington Wharfounce amounts

Costs applicable tosales, including $ 178,977 $ 105,053 $ 178,595 $ 94,142 amortization (U.S. GAAP)

Amortization (42,220 ) (15,177 ) (54,009 ) (11,202 )

Costs applicable to $ 136,757 $ 89,876 $ 124,586 $ 82,940 sales

By-product credit - - - (998 )

Adjusted costs $ 136,757 $ 89,876 $ 124,586 $ 81,942 applicable to sales



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% - -



Adjusted costs applicable to sales

Gold ($/oz) $785 - $885 $1,250 - $900 - $950 - $1,400 $1,000 $1,000

Silver ($/oz) $9.50 - $12.75 - $10.50 $14.00

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CONTACT: For Additional Information Coeur Mining, Inc. 104 S. Michigan Avenue, Suite 900 Chicago, IL 60603 Attention: Paul DePartout, Director, Investor Relations Phone: (312) 489-5800 www.coeur.com