CDE Coeur Mining Inc

14% Decline in Adjusted AISC1 Drives 46% Growth in Quarterly Adjusted EBITDA1 to $34.6 million

Coeur Mining, Inc. (the “Company” or “Coeur”) (NYSE: CDE) reported first quarter 2016 revenue of $148.4 million, adjusted EBITDA1 of $34.6 million, adjusted net loss1 of $0.04 per share, and cash flow from operating activities of $6.6 million2. The Company sold 3.5 million ounces of silver and 79,091 ounces of gold and during the quarter.

Adjusted all-in sustaining costs per realized silver equivalent ounce1 of $13.73 dropped 14% compared to the same quarter last year (9% decline assuming a constant 60:1 ratio). Adjusted costs applicable to sales per realized silver equivalent ounce1 of $11.08 declined 14% compared with the first quarter last year (12% decline assuming a constant 60:1 ratio). Adjusted costs applicable to sales per gold equivalent ounce1 of $721 declined 10% compared to the first quarter last year.

Highlights

• Silver production was 3.4 million ounces and gold production was 78,072 ounces, or 8.1 million silver equivalent ounces1, as previously announced on April 7, 2016
• Silver sales were 3.5 million ounces and gold sales were 79,091 ounces, or 8.3 million silver equivalent ounces1
• Adjusted all-in sustaining costs were $13.73 per realized silver equivalent ounce1. Using a 60:1 equivalence, adjusted all-in sustaining costs were $16.05 per silver equivalent ounce1
• Adjusted costs applicable to sales were $11.08 per realized silver equivalent ounce1. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce1 were $12.05
• Adjusted costs applicable to sales per gold equivalent ounce1 were $721
• Adjusted EBITDA1 was $34.6 million, a 16% increase from the fourth quarter 2015
• Capital expenditures totaled $22.2 million, driven by development of the Jualin deposit at Kensington and the Guadalupe and Independencia underground deposits at Palmarejo
• Cash and equivalents of $173.4 million at March 31, 2016
• Expected total consideration of $24.8 million from sales of non-core assets

"I am pleased with our strong cost performance in the first quarter, which is tracking at the low-end of cost guidance set at the beginning of the year," said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. "These sustained lower operating costs, combined with the positive momentum we have seen in silver and gold prices so far this year, have led to a 16% increase in adjusted EBITDA1 to $34.6 million.

"We have made significant progress repositioning our assets through industry-leading cost reductions, operational efficiency improvements, and the focus on higher-quality, higher-margin silver and gold ounces, which is reflected in this quarter's results. As underground production rates continue to accelerate at the Guadalupe and Independencia deposits at Palmarejo, ore placement rates at Rochester increase, development of higher-grade mineralization at Kensington progresses, and with the first full-year of contribution from the Wharf mine which we acquired last year, we are well-positioned to generate strong free cash flow later this year."

 

Financial Highlights (Unaudited)

                   

(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)

1Q 2016     4Q 2015     3Q 2015     2Q 2015     1Q 2015 Revenue $ 148.4 $ 164.2 $ 162.6 $ 166.3 $ 153.0 Costs Applicable to Sales $ 101.6 $ 125.3 $ 120.2 $ 119.1 $ 115.1 General and Administrative Expenses $ 8.3 $ 8.8 $ 6.7 $ 8.5 $ 8.8 Adjusted EBITDA1 $ 34.6 $ 29.8 $ 31.4 $ 34.7 $ 23.7 Net Income (Loss) $ (20.4 ) $ (303.0 ) $ (14.2 ) $ (16.7 ) $ (33.3 ) Net Income (Loss) Per Share $ (0.14 ) $ (2.28 ) $ (0.11 ) $ (0.12 ) $ (0.32 ) Adjusted Net Income (Loss)1 $ (6.6 ) $ (38.6 ) $ (21.8 ) $ (14.5 ) $ (19.2 ) Adjusted Net Income (Loss)1 Per Share $ (0.04 ) $ (0.27 ) $ (0.16 ) $ (0.11 ) $ (0.19 ) Weighted Average Shares 150.2 145.0 135.5 135.0 102.6 Cash Flow From Operating Activities $ 6.6 $ 44.4 $ 36.2 $ 36.9 $ (3.4 ) Capital Expenditures $ 22.2 $ 30.0 $ 23.9 $ 23.7 $ 17.6 Cash, Equivalents & Short-Term Investments $ 173.4 $ 200.7 $ 205.7 $ 205.9 $ 179.6 Total Debt3 $ 511.1 $ 490.4 $ 546.0 $ 547.7 $ 513.5 Average Realized Price Per Ounce – Silver $ 15.16 $ 14.27 $ 14.66 $ 16.23 $ 16.77 Average Realized Price Per Ounce – Gold $ 1,178 $ 1,093 $ 1,116 $ 1,179 $ 1,204 Silver Ounces Produced 3.4 4.0 3.8 4.3 3.8 Gold Ounces Produced 78,072 91,551 85,769 80,855 69,734 Silver Equivalent Ounces Produced1 8.1 9.5 9.0 9.1 8.0 Silver Ounces Sold 3.5 4.4 4.0 4.0 4.1 Gold Ounces Sold 79,091 92,032 91,118 84,312 68,420 Silver Equivalent Ounces Sold1 8.3 9.9 9.5 9.1 8.2 Silver Equivalent Ounces Sold (Realized)1 9.7 11.3 10.9 10.1 9.0 Adjusted Costs Applicable to Sales per AgEq Ounce1 $ 12.05 $ 12.65 $ 12.07 $ 12.56 $ 13.71 Adjusted Costs Applicable to Sales per Realized AgEq Ounce1 $ 11.08 $ 11.71 $ 11.00 $ 11.75 $ 12.90 Adjusted Costs Applicable to Sales per AuEq Ounce1 $ 721 $ 663 $ 783 $ 816 $ 797 Adjusted All-in Sustaining Costs per AgEq Ounce1 $ 16.05 $ 15.66 $ 15.17 $ 16.60 $ 17.66 Adjusted All-in Sustaining Costs per Realized AgEq Ounce 1 $ 13.73   $ 13.55 $ 13.14 $ 14.81 $ 16.05  

Financial Results

The Company realized average silver and gold prices of $15.16 and $1,178 during the first quarter, which were 6% and 8% higher, respectively, compared with the fourth quarter and 10% and 2% lower, respectively, compared to last year's first quarter.

First quarter revenue decreased 10% compared with the fourth quarter and 3% compared with the first quarter 2015 to $148.4 million, primarily due to fewer silver and gold ounces sold from Palmarejo as a result of reduced mining rates as the operation transitions from predominantly open pit mining to entirely higher-grade underground mining. Production began from the Independencia deposit in late January and mining rates are expected to climb during each remaining quarter of the year. Silver contributed 36% of metal sales and gold contributed 64% during the first quarter.

First quarter general and administrative expenses were $8.3 million, 6% lower compared to the first and fourth quarters last year. First quarter capital expenditures of $22.2 million were 26% lower compared to the fourth quarter and 26% higher than the first quarter last year due to development of the Jualin deposit at Kensington and development of the Guadalupe and Independencia deposits at Palmarejo. First quarter exploration expense totaled $1.7 million for discovery of new silver and gold mineralization, which was flat compared to the fourth quarter and 59% lower than the first quarter 2015.

First quarter adjusted EBITDA1 was $34.6 million, a 16% increase compared to the fourth quarter, primarily due to lower operating costs and higher metal prices, and up 46% compared to the first quarter last year as a result of lower costs and the addition of the Wharf mine. At March 31, 2016, LTM adjusted EBITDA1 totaled $126.5 million, an 8% increase from year-end 2015 and a 58% increase from the same period last year.

Adjusted net loss1 was $6.6 million, or $0.04 per share, in the first quarter, compared to an adjusted net loss1 of $38.6 million, or $0.27 per share, in the fourth quarter and $19.2 million, or $0.19 per share, in the first quarter 2015. The first quarter adjusted net loss primarily excludes fair value adjustments to royalty obligations, a $3.9 million reduction in carrying value of the Endeavor silver stream and El Gallo royalty, and stock-based compensation. First quarter cash flow from operating activities was $6.6 million, lower than the fourth quarter 2015 as a result of lower metal sales and a $16.6 million increase in working capital, primarily due to payment of accrued interest and an increase in ore inventory on the leach pad at Rochester.

Operations

Highlights of first quarter 2016 results for each of the Company's operating segments are provided below.

 

Palmarejo, Mexico

                      (Dollars in millions, except per ounce amounts) 1Q 2016     4Q 2015     3Q 2015     2Q 2015     1Q 2015 Underground Operations: Tons mined 215,642 189,383 190,399 172,730 149,150 Average silver grade (oz/t) 4.21 3.96 4.11 3.90 4.34 Average gold grade (oz/t) 0.07 0.06 0.10 0.09 0.07 Surface Operations: Tons mined 35,211 102,018 247,071 257,862 281,481 Average silver grade (oz/t) 4.18 3.86 3.56 3.47 3.79 Average gold grade (oz/t) 0.04 0.03 0.03 0.03 0.04 Processing: Total tons milled 246,533 301,274 427,635 435,841 451,918 Average recovery rate – Ag 89.1% 95.4% 87.9% 78.5% 78.7% Average recovery rate – Au 92.1% 88.8% 84.7% 76.2% 73.9% Silver ounces produced (000's) 933 1,126 1,422 1,247 1,354 Gold ounces produced 14,668 14,326 22,974 18,127 15,495 Silver equivalent ounces produced1 (000's) 1,813 1,985 2,800 2,335 2,284 Silver ounces sold (000's) 928 1,465 1,425 1,228 1,330 Gold ounces sold 12,899 18,719 25,000 15,706 13,793 Silver equivalent ounces sold1 (000's) 1,702 2,588 2,925 2,170 2,158 Silver equivalent ounces sold1 (realized) (000's) 1,930 2,840 3,325 2,374 2,323 Revenues $29.8 $41.6 $49.2 $38.9 $39.4 Costs applicable to sales $21.0 $39.8 $34.1 $30.1 $34.5 Adjusted costs applicable to sales per AgEq ounce1 $11.54 $13.48 $11.40 $13.21 $14.56 Adjusted costs applicable to sales per realized AgEq ounce 1 $10.18 $12.04 $10.01 $12.07 $13.52 Exploration expense $0.8 $0.5 $1.1 $1.8 $1.1 Cash flow from operating activities $3.4 $20.3 $22.9 $9.7 $(0.2) Sustaining capital expenditures $6.6 $(1.4) $1.1 $2.7 $3.1 Development capital expenditures $2.2 $7.0 $9.4 $8.0 $6.1 Total capital expenditures $8.8 $5.6 $10.5 $10.7 $9.2 Free cash flow (before royalties) $(5.4) $14.7 $12.4 $(1.0) $(9.4) Royalties paid $9.1 $8.8 $10.2 $9.8 $10.4 Free cash flow4 $(14.5) $5.9 $2.2 $(10.8) $(19.8)

• Production was in-line with expectations as the transition to lower-tonnage, higher-grade, higher-margin underground operations from two ore sources - Guadalupe and Independencia - remains on-track
• First quarter adjusted costs applicable to sales per realized silver equivalent ounce1 were $10.18, a 15% decline from the fourth quarter as a result of fewer waste tons mined and lower processing costs. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce1 were $11.54
• Recent modifications to the processing plant have significantly improved recovery rates. First quarter recovery rates were 89.1% for silver and 92.1% for gold compared to 78.7% and 73.9%, respectively, during last year's first quarter
• With active open pit mining operations to be completed in the second quarter 2016, underground production levels are expected to increase throughout the year as mining rates from Independencia accelerate to 1,000 tons per day by year-end 2016. By mid-2017, the Company expects daily underground mining rates to reach a combined 4,000 tons per day from the higher-grade, higher-margin Guadalupe and Independencia deposits
• In 2016, Palmarejo is expected to produce 3.9 - 4.4 million ounces of silver and 67,000 - 72,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $12.50 - $13.50 (based on a 60:1 equivalence)

 

Rochester, Nevada

                      (Dollars in millions, except per ounce amounts) 1Q 2016     4Q 2015     3Q 2015     2Q 2015     1Q 2015 Ore tons placed 4,374,459 4,411,590 4,128,868 3,859,965 4,013,879 Average silver grade (oz/t) 0.64 0.60 0.59 0.61 0.74 Average gold grade (oz/t) 0.004 0.003 0.003 0.003 0.004 Silver ounces produced (000's) 929 1,107 1,086 1,294 1,144 Gold ounces produced 10,460 11,564 10,892 16,411 13,721 Silver equivalent ounces produced1 (000's) 1,557 1,800 1,740 2,279 1,967 Silver ounces sold (000's) 1,079 1,125 1,304 1,120 1,351 Gold ounces sold 11,672 11,587 13,537 15,085 17,754 Silver equivalent ounces sold1 (000's) 1,779 1,821 2,116 2,025 2,416 Silver equivalent ounces sold1 (realized) (000's) 1,986 2,004 2,333 2,221 2,629 Revenues $30.0 $29.0 $34.6 $36.3 $44.0 Costs applicable to sales $22.5 $22.8 $25.4 $24.4 $31.4 Adjusted costs applicable to sales per AgEq ounce1 $12.61 $12.37 $12.01 $12.01 $12.95 Adjusted costs applicable to sales per realized AgEq ounce 1 $11.29 $11.19 $10.89 $10.94 $11.91 Exploration expense $0.1 $0.1 $— $0.5 $0.7 Cash flow from operating activities $2.1 $0.4 $6.5 $8.8 $16.4 Sustaining capital expenditures $2.5 $5.3 $1.8 $2.4 $0.8 Development capital expenditures $0.8 $5.5 $3.5 $3.5 $2.5 Total capital expenditures $3.3 $10.8 $5.3 $5.9 $3.3 Free cash flow4 $(1.2) $(10.4) $1.2 $2.9 $13.1

• Silver equivalent production1 was 14% lower than the prior quarter due to poor weather and timing of recoveries from the Stage III leach pad. Production levels increased significantly in March as expected and are anticipated to continue to climb throughout the year
• First quarter adjusted costs applicable to sales per realized silver equivalent ounce1 were $11.29. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce1 were $12.61
• Approval for POA 10, which will allow for the expansion of the Stage IV leach pad and construction of new Stage V leach pad, is expected in the second quarter 2016
• In 2016, Rochester is expected to produce 4.8 - 5.3 million ounces of silver and 48,000 - 55,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $11.25 - $12.25 (based on a 60:1 equivalence)

 

Kensington, Alaska

                      (Dollars in millions, except per ounce amounts) 1Q 2016     4Q 2015     3Q 2015     2Q 2015     1Q 2015 Tons milled 159,360 159,666 165,198 170,649 164,951 Average gold grade (oz/t) 0.21 0.22 0.19 0.18 0.24 Average recovery rate 95.8% 96.0% 93.9% 94.9% 94.8% Gold ounces produced 31,974 33,713 28,799 29,845 33,909 Gold ounces sold 31,648 29,989 28,084 36,607 36,873 Revenues $35.7 $31.7 $30.5 $42.5 $44.0 Costs applicable to sales $24.4 $23.7 $25.0 $27.5 $29.4 Adjusted costs applicable to sales per gold ounce1 $761 $777 $842 $745 $797 Exploration expense $— $0.3 $0.2 $0.4 $1.7 Cash flow from operating activities $13.7 $4.5 $8.9 $12.0 $12.3 Sustaining capital expenditures $4.4 $5.5 $1.0 $4.2 $4.1 Development capital expenditures $3.7 $4.0 $4.5 $0.5 $— Total capital expenditures $8.1 $9.5 $5.5 $4.7 $4.1 Free cash flow4 $5.6 $(5.0) $3.4 $7.3 $8.2

• Consistent production and costs achieved in the first quarter with 31,974 gold ounces produced at adjusted costs applicable to sales per gold ounce1 of $761
• Development of the high-grade Jualin deposit is progressing and is over one-third complete
• In 2016, Kensington is expected to produce 115,000 - 125,000 ounces of gold at costs applicable to sales per gold ounce1 of $825 - $875

 

Wharf, South Dakota

                      (Dollars in millions, except per ounce amounts) 1Q 2016     4Q 2015     3Q 2015     2Q 2015     1Q 2015 Ore tons placed 974,663 1,147,130 1,149,744 887,409 415,996 Average silver grade (oz/t) 0.30 0.21 0.21 0.30 — Average gold grade (oz/t) 0.031 0.032 0.035 0.025 0.020 Average plant recovery rate – Au 96.6% 97.3% 92.8% 76.7% 85.9% Silver ounces produced (000's) 13 18 19 19 — Gold ounces produced 20,970 31,947 23,104 16,472 6,609 Gold equivalent ounces produced1 21,186 32,231 23,427 16,794 6,609 Silver ounces sold (000's) 15 17 19 13 — Gold ounces sold 22,872 31,202 24,815 17,131 — Gold equivalent ounces sold1 23,122 31,485 25,132 17,348 — Revenues $27.9 $35.7 $28.0 $20.4 $— Costs applicable to sales $15.5 $17.8 $17.8 $16.6 $— Adjusted costs applicable to sales per gold equivalent ounce1 $667 $556 $716 $970 $— Exploration expense $— $0.1 $— $— $— Cash flow from operating activities $9.7 $18.1 $12.9 $8.2 $(7.2) Sustaining capital expenditures $1.4 $1.2 $0.7 $1.2 $0.1 Development capital expenditures $— $— $— $— $— Total capital expenditures $1.4 $1.2 $0.7 $1.2 $0.1 Free cash flow4 $8.3 $16.9 $12.2 $7.0 $(7.3)

• Lower production compared to prior quarter as expected due to timing of recoveries from the current leach pad. Higher production is expected during remainder of 2016
• Adjusted costs applicable to sales per gold equivalent ounce1 were $667 in the first quarter. Process plant efficiencies have led to significantly higher plant recovery rates since Coeur acquired the operation in February 2015, which have positively impacted unit costs
• In 2016, Wharf is expected to produce 90,000 - 95,000 ounces of gold at costs applicable to sales per gold equivalent ounce1 of $650 - $750

 

San Bartolomé, Bolivia

                    (Dollars in millions, except per ounce amounts) 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015 Tons milled 407,806 475,695 373,201 457,232 406,951 Average silver grade (oz/t) 3.64 3.84 3.76 3.73 3.65 Average recovery rate 93.1% 84.9% 84.0% 87.6% 81.6% Silver ounces produced (000's) 1,382 1,550 1,178 1,495 1,213 Silver ounces sold (000's) 1,384 1,564 1,202 1,439 1,290 Revenues $21.3 $22.4 $17.4 $23.4 $21.5 Costs applicable to sales $17.5 $20.0 $17.5 $19.2 $19.1

Adjusted costs applicable to sales per silver ounce1

$12.56 $12.48 $14.41 $13.26 $14.47 Exploration expense $— $— $0.1 $— $— Cash flow from operating activities $5.5 $10.0 $5.7 $5.4 $5.0 Sustaining capital expenditures $0.5 $2.5 $1.8 $1.0 $0.9 Development capital expenditures $— $— $— $— $— Total capital expenditures $0.5 $2.5 $1.8 $1.0 $0.9 Free cash flow4 $5.0 $7.5 $3.9 $4.4 $4.1

• Adjusted costs applicable to sales per silver ounce1 were $12.56 in the first quarter, consistent with the prior quarter and down 13% compared the to the same quarter last year as a result of the recent increase in lower-cost, higher-grade, third-party ore purchases
• Approximately one-third of first quarter silver production was derived from higher-grade, third-party ore purchases. Coeur expects the proportion to remain between 25 - 30% during the remainder of 2016
• Average recovery rate increased from 84.9% in the fourth quarter to 93.1% in the first quarter, partially as a result of process improvements, including the recently implemented oxygen injection system in the agitated leach circuit
• In 2016, San Bartolomé is expected to produce 5.8 - 6.1 million ounces of silver at costs applicable to sales per silver ounce1 of $13.50 - $14.25

 

Coeur Capital

                      (Dollars in millions, except per ounce amounts) 1Q 2016     4Q 2015     3Q 2015     2Q 2015     1Q 2015 Tons milled 86,863 198,927 191,913 191,175 185,299 Average silver grade (oz/t) 3.17 2.05 1.39 2.35 1.69 Average recovery rate 41.9% 42.1% 45.4% 45.4% 42.4% Silver ounces produced (000's) 115 171 121 204 133 Silver ounces sold (000's) 123 193 95 209 118 Metal sales $1.9 $2.4 $1.3 $3.1 $1.9 Royalty revenue $1.8 $1.5 $1.6 $1.8 $2.0 Costs applicable to sales (Endeavor silver stream) $1.0 $1.0 $0.5 $1.4 $0.6 Costs applicable to sales per silver equivalent ounce1 $5.35 $5.50 $4.99 $6.46 $5.37 Cash flow from operating activities $0.8 $0.8 $3.1 $2.1 $2.2 Free cash flow4 $0.8 $0.8 $3.1 $2.1 $2.2

• There are now three cash-flowing royalties and streams, one non-cash-flowing royalty, and several investments in junior mining companies held in Coeur Capital or its affiliates
• Coeur Capital's largest source of cash flow is the silver stream on the Endeavor mine in New South Wales, Australia in which the Company owns 100% of the silver up to a total of 20.0 million payable ounces. At March 31, 2016, the Company has received 6.2 million ounces
• Silver production received from the stream on the Endeavor mine declined following a decision by the operator to significantly cut production due to lower lead and zinc prices

Exploration

First quarter exploration expense totaled $1.7 million. Coeur's exploration program used 3 drill rigs during the first quarter, including one drill at each of Palmarejo, Kensington, and Rochester. This work resulted in completion of over 12,579 feet (3,834 meters) of combined core and reverse circulation drilling. Drilling programs gained momentum toward the end of the quarter, with the second and third quarters expected to be the most active for exploration drilling.

Exploration expense is expected to total $11 - $13 million in 2016, with an additional $11 - $13 million of capital allocated to resource conversion. Exploration continues to be driven by the focus on the discovery of high-grade deposits located near existing operations, with the near-term focus on:

• Expanding resources in the Guadalupe-Independencia corridor, including deeper areas of the Guadalupe and Independencia deposits and the recently identified Los Bancos and Nación veins, as well as drilling at the nearby La Bavisa vein
• Infill and expansion drilling of the higher-grade East Rochester deposit, which is expected to be the focus of a revised economic analysis in 2016
• Underground infill and expansion drilling of the high-grade Jualin deposit at Kensington, as well as four zones within the Kensington Main deposit, proximal to current mining activities

Non-Core Asset Sales

On March 31, 2016, Coeur sold its 2.0% net smelter returns "NSR" royalty on the Cerro Bayo mine to the operator, Mandalay Resources Corporation, for total consideration valued at approximately $5.7 million on the closing date, consisting of $4.0 million in cash and 2.5 million Mandalay shares

On April 19, 2016, Coeur closed the sale of its 2.5% NSR royalty on the La Cigarra project to Kootenay Silver Inc. for total consideration valued at approximately $3.6 million on the closing date, consisting of $500,000 in cash and 9.6 million Kootenay shares.

On April 19, 2016, Coeur sold its tiered NSR royalty on the El Gallo mine to the operator, a subsidiary of McEwen Mining Inc., for total consideration of approximately $6.3 million, including $1 million in contingent consideration payable in mid-2018.

Coeur also entered into a definitive agreement to sell its Martha assets in Argentina to Hunt Mining Corp. for total cash consideration of $3.0 million, including $1.5 million at the time of closing and $1.5 million on the one-year anniversary of the closing. The transaction is expected to close in the second quarter of 2016.

Coeur has reached principal terms to sell its interest in the royalty on the Correnso mine for expected consideration of $5.5 million (on a 100% basis after completing the buyout of Coeur's joint venture partner in New Zealand), plus a contingent payment of $700,000 payable in 2017 tied to resource conversion. The transaction is subject to negotiation and execution of definitive agreements and is expected to close in the second quarter 2016.

Full-Year 2016 Outlook

Coeur's 2016 guidance is shown below. Companywide production and cost guidance is unchanged from the original guidance provided on February 10, 2016. Following a decision by the operator of the Endeavor mine to significantly curtail production due to lower lead and zinc prices, Coeur revised the production outlook from the Endeavor silver stream lower but expects to increase production at Palmarejo, Rochester, and San Bartolomé for the remainder of 2016, leaving total silver and silver equivalent production guidance unchanged from the February 10, 2016 guidance.

 

2016 Production Outlook

            (silver and silver equivalent ounces in thousands)     Silver     Gold     Silver Equivalent1 Palmarejo 3,875 - 4,400 67,000 - 72,000 7,895 - 8,720 Rochester 4,750 - 5,250 48,000 - 55,000 7,630 - 8,550 San Bartolomé 5,750 - 6,050 — 5,750 - 6,050 Endeavor 175 - 200 — 175 - 200 Kensington — 115,000 - 125,000 6,900 - 7,500 Wharf     80 - 100     90,000 - 95,000     5,480 - 5,800 Total     14,630 - 16,000     320,000 - 347,000     33,830 - 36,820  

2016 Cost Outlook

        (dollars in millions, except per ounce amounts)     2016 Guidance     2015 Result Costs Applicable to Sales per Silver Equivalent Ounce1 – Palmarejo $12.50 - $13.50 $13.03 Costs Applicable to Sales per Silver Equivalent Ounce1 – Rochester $11.25 - $12.25 $12.36 Costs Applicable to Sales per Silver Ounce1 – San Bartolomé $13.50 - $14.25 $13.63 Costs Applicable to Sales per Gold Ounce1 – Kensington $825 - $875 $798 Costs Applicable to Sales per Gold Equivalent Ounce1 – Wharf $650 - $750 $706 Capital Expenditures $90 - $100 $95.2 General and Administrative Expenses $28 - $32 $32.8 Exploration Expense $11 - $13 $11.6 All-in Sustaining Costs per Silver Equivalent Ounce1 $16.00 - $17.25 $16.16  

Conference Call Information

Coeur will report its full operational and financial results for first quarter 2016 on April 27, 2016 after the New York Stock Exchange closes for trading. There will be a conference call on April 28, 2016 at 11:00 a.m. Eastern time.

Dial-In Numbers:     (855) 560-2581 (US) (855) 669-9657 (Canada) (412) 542-4166 (International)   Conference ID: Coeur Mining   A replay of the call will be available through May 13, 2016.   Replay numbers: (877) 344-7529 (US) (855) 669-9658 (Canada) (412) 317-0088 (International)   Conference ID: 100 83 340  

About Coeur

Coeur Mining is the largest U.S.-based silver producer and a significant gold producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold 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 San Bartolomé silver mine in Bolivia. The Company also has a non-operating interest in the Endeavor mine in Australia in addition to royalties on the Zaruma mine in Ecuador and the Correnso mine in New Zealand. In addition, the Company has two silver-gold exploration projects - the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts ongoing exploration activities in Alaska, Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic investment positions in several silver and gold development companies with projects in North and South America.

Cautionary Statement

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated cash flow, production, costs, capital expenditures, expenses, mining rates, recovery rates, development activity at Palmarejo and Kensington, permitting and expansion projects at Rochester, ore purchases at San Bartolomé, and exploration efforts. 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 and silver and a sustained lower price environment, the uncertainties inherent in Coeur's production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground conditions, grade variability, any future labor disputes or work stoppages (including those involving third parties), the uncertainties inherent in the estimation of gold and silver reserves and resources, changes that could result from Coeur's future acquisition of new mining properties or businesses, the absence of control over and reliance on third parties to operate mining operations in which Coeur or its subsidiaries hold royalty or streaming interests and risks related to these mining operations including results of mining and exploration activities, environmental, economic and political risks of the jurisdiction in which the mining operations are located, the loss of access to any third-party smelter to which Coeur markets silver and gold, the effects of environmental and other governmental regulations, 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 Forms 10-K and 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.

Dana Willis, Coeur's Director, Resource Geology and a qualified person under Canadian National Instrument 43-101, supervised the preparation of 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 adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce, all-in sustaining costs, and adjusted all-in sustaining costs. 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 adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce, all-in sustaining costs, and adjusted all-in sustaining costs are important measures in assessing the Company's overall financial performance.

Notes

1. Adjusted EBITDA, adjusted net income (loss), all-in sustaining costs, adjusted all-in sustaining costs, costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), and adjusted costs applicable to sales per silver equivalent ounce are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. For purposes of silver and gold equivalence, a 60:1 silver to gold ratio is assumed except where noted as average realized prices.

2. Operating cash flow is after a $16.6 million increase in working capital.

3. Includes capital leases. Net of debt issuance costs and premium received.

4. Free cash flow is defined as cash flow from operating activities less capital expenditures and royalty payments.

  Coeur Mining, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Loss)       Three months ended March 31, 2016     2015 In thousands, except share data Revenue $ 148,387     $ 152,956 COSTS AND EXPENSES Costs applicable to sales(1) 101,555 115,062 Amortization 27,964 33,090 General and administrative 8,276 8,834 Exploration 1,731 4,266 Write-downs 4,446 — Pre-development, reclamation, and other 4,204   6,763   Total costs and expenses 148,176 168,015 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (8,695 ) (4,884 ) Interest expense, net of capitalized interest (11,120 ) (10,765 ) Other, net 1,314   (2,511 ) Total other income (expense), net (18,501 ) (18,160 ) Income (loss) before income and mining taxes (18,290 ) (33,219 ) Income and mining tax (expense) benefit (2,106 ) (68 )

NET INCOME (LOSS)

$ (20,396 ) $ (33,287 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax:

Unrealized gain (loss) on equity securities, net of tax of $(1,011) and $578 for the threemonths ended March 31, 2016 and 2015, respectively

1,043 (915 )

Reclassification adjustments for impairment of equity securities, net of tax of $(586) forthe three months ended March 31, 2015

— 928 Reclassification adjustments for realized loss on sale of equity securities 588   —   Other comprehensive income (loss) 1,631   13   COMPREHENSIVE INCOME (LOSS) $ (18,765 ) $ (33,274 )   NET INCOME (LOSS) PER SHARE Basic $ (0.14 ) $ (0.32 )   Diluted $ (0.14 ) $ (0.32 )   Coeur Mining, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows       Three months ended March 31, 2016     2015 In thousands CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (20,396 ) (33,287 ) Adjustments: Amortization 27,964 33,090 Accretion 3,169 3,150 Deferred income taxes (2,105 ) (2,184 ) Fair value adjustments, net 8,695 4,884 Stock-based compensation 2,915 2,150 Impairment of equity securities — 1,514 Write-downs 4,446 —

Other

(1,435 ) 1,079 Changes in operating assets and liabilities: Receivables 3,481 2,556 Prepaid expenses and other current assets 1,279 (1,327 ) Inventory and ore on leach pads (7,822 ) 684 Accounts payable and accrued liabilities (13,574 ) (15,758 ) CASH PROVIDED BY OPERATING ACTIVITIES 6,617   (3,449 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (22,172 ) (17,620 ) Acquisitions, net — (102,018 ) Other 2,536 (1,730 )

Purchase of investments

(7 ) (278 )

Sales and maturities of investments

997   229   CASH USED IN INVESTING ACTIVITIES (18,646 ) (121,417 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings — 53,500 Payments on debt, capital leases, and associated costs (5,971 ) (8,594 ) Gold production royalty payments (9,131 ) (10,368 ) Other (280 ) (423 ) CASH PROVIDED BY FINANCING ACTIVITIES (15,382 ) 34,115   Effect of exchange rate changes on cash and cash equivalents 86   (523 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (27,325 ) (91,274 ) Cash and cash equivalents at beginning of period 200,714   270,861   Cash and cash equivalents at end of period $ 173,389   $ 179,587     Coeur Mining, Inc. and Subsidiaries Condensed Consolidated Balance Sheets       March 31,     December 31, 2016 2015 ASSETS In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 173,389 $ 200,714 Receivables 82,929 85,992 Inventory 78,597 81,711 Ore on leach pads 72,703 67,329 Prepaid expenses and other 13,130   10,942   420,748 446,688 NON-CURRENT ASSETS Property, plant and equipment, net 220,948 195,999 Mining properties, net 574,104 589,219 Ore on leach pads 49,294 44,582 Restricted assets 13,221 11,633 Equity securities 5,530 2,766 Receivables 24,114 24,768 Deferred tax assets 2,750 1,942 Other 14,389   14,892   TOTAL ASSETS $ 1,325,098   $ 1,332,489   LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 46,955 $ 48,732 Accrued liabilities and other 42,037 53,953 Debt 16,801 10,431 Royalty obligations 21,183 24,893 Reclamation 3,463   2,071   130,439 140,080 NON-CURRENT LIABILITIES Debt 494,300 479,979 Royalty obligations 6,354 4,864 Reclamation 83,902 83,197 Deferred tax liabilities 146,845 147,132 Other long-term liabilities 58,118   55,761   789,519 770,933 STOCKHOLDERS’ EQUITY

Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued andoutstanding 153,240,428 at March 31, 2016 and 151,339,136 at December 31, 2015

1,532 1,513 Additional paid-in capital 3,026,871 3,024,461 Accumulated other comprehensive income (loss) (2,091 ) (3,722 ) Accumulated deficit (2,621,172 ) (2,600,776 ) 405,140   421,476   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,325,098   $ 1,332,489    

Adjusted EBITDA Reconciliation

                LTM 1Q LTM

(Dollars in thousands except per share amounts)

2016 1Q 2016 4Q 2015   3Q 2015 2Q 2015 1Q 2015 1Q 2015 Net income (loss) $ (354,292 ) $ (20,396 ) $ (303,000 ) $ (14,219 ) $ (16,677 ) $ (1,151,980 ) $ (33,287 ) Interest expense, net of capitalized interest 46,058 11,120 11,758 12,446 10,734 45,257 10,765 Other, net (3,810 ) (1,314 ) (14,241 ) 8,893 2,852 7,124 2,511 Income tax provision (benefit) (24,225 ) 2,106 (17,811 ) (8,260 ) (260 ) (454,487 ) 68 Amortization 138,625   27,964   36,190     35,497   38,974   155,067   33,090   EBITDA (197,644 ) 19,480 (287,104 ) 34,357 35,623 (1,399,019 ) 13,147 Fair value adjustments, net (1,391 ) 8,695 (1,546 ) (5,786 ) (2,754 ) (10,170 ) 4,884 Corporate reorganization costs 647 — 133 514 — — — Transaction-related costs 137 — 99 — 38 1,975 1,975 Inventory adjustments 6,957 1,944 4,901 2,280 1,805 14,738 3,684 Write-downs 317,783   4,446   313,337     —   —   1,472,721   —   Adjusted EBITDA $ 126,489   $ 34,565   $ 29,820     $ 31,365   $ 34,712   $ 80,245   $ 23,690    

Adjusted Net Income (Loss) Reconciliation

  (Dollars in thousands except per share amounts)     1Q 2016   4Q 2015   3Q 2015   2Q 2015   1Q 2015 Net income (loss) $ (20,396 ) $ (303,000 )   $ (14,219 ) $ (16,677 ) $ (33,287 ) Fair value adjustments, net 6,980 (2,446 ) (3,384 ) (2,618 ) 4,339 Stock-based compensation 2,846 2,221 1,541 2,529 2,410 Impairment of equity securities — 318 483 31 1,514 Accretion of royalty obligation 392 727 1,063 1,147 1,315 Write-downs 3,937 276,510 — — — Gain on sale of non-core assets (1,880 ) — — — — (Gain) loss on debt extinguishments — (16,187 ) — 524 (253 ) Inventory adjustments 1,944 4,901 2,280 1,805 3,684 Corporate reorganization costs — 133 514 — — Transaction-related costs — 99 — 38 1,975 Deferred tax asset valuation allowance 848 — — — — Foreign exchange (gain) loss on deferred taxes (1,288 ) (1,844 )   (10,092 ) (1,305 ) (929 ) Adjusted net income (loss) $ (6,617 ) $ (38,568 )   $ (21,814 ) $ (14,526 ) $ (19,232 )   Adjusted net income (loss) per share $ (0.04 ) $ (0.27 )   $ (0.16 ) $ (0.11 ) $ (0.19 )   Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended March 31, 2016       Silver     Gold     Total

In thousands except per ounce amounts

Palmarejo   Rochester   San Bartolomé   Endeavor   Total Kensington   Wharf   Total Costs applicable to sales, including amortization (U.S. GAAP) $ 28,327   $ 27,798   $ 19,251   $ 955   $ 76,331 $ 32,767 $ 19,512 $ 52,279 $ 128,610 Amortization 7,289   5,313   1,754   299   14,655   8,349   4,051   12,400   27,055   Costs applicable to sales $ 21,038 $ 22,485 $ 17,497 $ 656 $ 61,676 $ 24,418 $ 15,461 $ 39,879 $ 101,555 Silver equivalent ounces sold 1,702,290 1,779,377 1,384,391 122,694 4,988,752 8,274,952 Gold equivalent ounces sold           31,648   23,122   54,770     Costs applicable to sales per ounce $ 12.36 $ 12.64 $ 12.64 $ 5.35 $ 12.36 $ 772 $ 669 $ 728 $ 12.27 Inventory adjustments (0.82 ) (0.03 ) (0.08 ) —   (0.31 ) (11 ) (2 ) (7 ) (0.23 ) Adjusted costs applicable to sales per ounce $ 11.54 $ 12.61 $ 12.56 $ 5.35 $ 12.05   $ 761 $ 667 $ 721 $ 12.04     Costs applicable to sales per realized ounce $ 10.90 $ 11.32 $ 11.37 $ 10.50 Inventory adjustments (0.72 ) (0.03 ) (0.29 ) (0.20 ) Adjusted costs applicable to sales per realized ounce $ 10.18 $ 11.29 $ 11.08   $ 10.30     Costs applicable to sales $ 101,555 Treatment and refining costs 1,158 Sustaining capital 16,710 General and administrative 8,276 Exploration 1,731 Reclamation 3,759 Project/pre-development costs 1,558   All-in sustaining costs $ 134,747 Silver equivalent ounces sold 4,988,752 Kensington and Wharf silver equivalent ounces sold 3,286,200   Consolidated silver equivalent ounces sold 8,274,952   All-in sustaining costs per silver equivalent ounce $ 16.28   Inventory adjustments $ (0.23 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 16.05     All-in sustaining costs per realized silver equivalent ounce $ 13.93   Inventory adjustments $ (0.20 ) Adjusted all-in sustaining costs per realized silver equivalent ounce $ 13.73     Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended December 31, 2015       Silver     Gold     Total In thousands except per ounce amounts Palmarejo   Rochester   San Bartolomé   Endeavor   Total Kensington   Wharf   Total Costs applicable to sales, including amortization (U.S. GAAP) $ 47,207   $ 27,716   $ 24,372   $ 2,579   $ 101,874 $ 33,298 $

25,033

$

58,331

$

160,205

Amortization 7,426   4,944   4,311   1,519   18,200   9,503  

7,246

 

16,749

 

34,949

  Costs applicable to sales $ 39,781 $ 22,772 $ 20,061 $ 1,060 $ 83,674 $ 23,795 $ 17,787 $ 41,582 $ 125,256 Silver equivalent ounces sold 2,588,185 1,820,471 1,564,155 192,768 6,165,579 9,885,699 Gold equivalent ounces sold           29,988   32,014   62,002     Costs applicable to sales per ounce $ 15.37 $ 12.51 $ 12.83 $ 5.50 $ 13.57 $ 793 $ 556 $ 671 $ 12.67 Inventory adjustments (1.89 ) (0.14 ) (0.35 ) —   (0.92 ) (16 ) —   (8 ) (0.62 ) Adjusted costs applicable to sales per ounce $ 13.48 $ 12.37 $ 12.48 $ 5.50 $ 12.65   $ 777 $ 556 $ 663 $ 12.05     Costs applicable to sales per realized ounce $ 13.73 $ 11.32 $ 12.56 $ 10.98 Inventory adjustments (1.69 ) (0.13 ) (0.85 ) (0.54 ) Adjusted costs applicable to sales per realized ounce $ 12.04 $ 11.19 $ 11.71   $ 10.44     Costs applicable to sales $ 125,256 Treatment and refining costs 964 Sustaining capital 16,567 General and administrative 8,855 Exploration 1,689 Reclamation 4,963 Project/pre-development costs 2,691   All-in sustaining costs $ 160,985 Silver equivalent ounces sold 6,165,579 Kensington and Wharf silver equivalent ounces sold 3,720,120   Consolidated silver equivalent ounces sold 9,885,699   All-in sustaining costs per silver equivalent ounce $ 16.28   Inventory adjustments $ (0.62 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 15.66     All-in sustaining costs per realized silver equivalent ounce $ 14.09   Inventory adjustments $ (0.54 ) Adjusted all-in sustaining costs per realized silver equivalent ounce $ 13.55     Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended September 30, 2015       Silver     Gold     Total In thousands except per ounce amounts Palmarejo   Rochester   San Bartolomé   Endeavor   Total Kensington   Wharf   Total Costs applicable to sales, including amortization (U.S. GAAP) $ 42,710   $ 32,167   $ 21,009   $ 1,384   $ 97,270 $ 33,472 $ 23,419 $ 56,891 $ 154,161 Amortization 8,617   6,731   3,526   909   19,783   8,499   5,642   14,141   33,924   Costs applicable to sales $ 34,093 $ 25,436 $ 17,483 $ 475 $ 77,487 $ 24,973 $ 17,777 $ 42,750 $ 120,237 Silver equivalent ounces sold 2,924,947 2,116,353 1,201,959 95,260 6,338,519 9,512,459 Gold equivalent ounces sold           28,084   24,815   52,899     Costs applicable to sales per ounce $ 11.66 $ 12.02 $ 14.55 $ 4.99 $ 12.22 $ 889 $ 716 $ 808 $ 12.64 Inventory adjustments (0.26 ) (0.01 ) (0.14 ) —   (0.15 ) (47 ) —   (25 ) (0.24 ) Adjusted costs applicable to sales per ounce $ 11.40 $ 12.01 $ 14.41 $ 4.99 $ 12.07   $ 842 $ 716 $ 783 $ 12.40     Costs applicable to sales per realized ounce $ 10.25 $ 10.90 $ 11.14 $ 10.95 Inventory adjustments (0.24 ) (0.01 ) (0.14 ) (0.21 ) Adjusted costs applicable to sales per realized ounce $ 10.01 $ 10.89 $ 11.00   $ 10.74     Costs applicable to sales $ 120,237 Treatment and refining costs 820 Sustaining capital 8,565 General and administrative 6,694 Exploration 2,112 Reclamation 4,493 Project/pre-development costs 3,648   All-in sustaining costs $ 146,569 Silver equivalent ounces sold 6,338,519 Kensington and Wharf silver equivalent ounces sold 3,173,940   Consolidated silver equivalent ounces sold 9,512,459   All-in sustaining costs per silver equivalent ounce $ 15.41   Inventory adjustments $ (0.24 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 15.17     All-in sustaining costs per realized silver equivalent ounce $ 13.35   Inventory adjustments $ (0.21 ) Adjusted all-in sustaining costs per realized silver equivalent ounce $ 13.14     Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended June 30, 2015       Silver     Gold         San     Total     Total Total In thousands except per ounce amounts Palmarejo   Rochester   Bartolomé   Endeavor   Silver Kensington Wharf Gold Combined Costs applicable to sales, including amortization (U.S. GAAP) $ 39,158 $ 29,779 $ 24,428 $ 3,204 $ 96,569 $ 40,136 $ 20,123 $ 60,259 $ 156,828 Amortization 9,046   5,387   5,271   1,852   21,556   12,684   3,491   16,175   37,731   Costs applicable to sales $ 30,112 $ 24,392 $ 19,157 $ 1,352 $ 75,013 $ 27,452 $ 16,632 $ 44,084 $ 119,097 Silver equivalent ounces sold 2,169,960 2,024,856 1,439,388 209,130 5,843,334 9,067,614 Gold equivalent ounces sold           36,607   17,131   53,738     Costs applicable to sales per ounce $ 13.88 $ 12.05 $ 13.31 $ 6.46 $ 12.84 $ 750 $ 971 $ 820 $ 13.13 Inventory adjustments (0.67 ) (0.04 ) (0.05 ) —   (0.28 ) (5 ) (1 ) (4 ) (0.20 ) Adjusted costs applicable to sales per ounce $ 13.21 $ 12.01 $ 13.26 $ 6.46 $ 12.56   $ 745 $ 970 $ 816   $ 12.93     Costs applicable to sales per realized ounce $ 12.68 10.98 12.01 $ 11.72 Inventory adjustments (0.61 ) (0.04 ) (0.26 ) (0.18 ) Adjusted costs applicable to sales per realized ounce $ 12.07 $ 10.94 $ 11.75   $ 11.54     Costs applicable to sales $ 119,097 Treatment and refining costs 1,526 Sustaining capital 13,625 General and administrative 8,451 Exploration 3,579 Reclamation 4,036 Project/pre-development costs 2,030   All-in sustaining costs $ 152,344 Silver equivalent ounces sold 5,843,334 Kensington and Wharf silver equivalent ounces sold 3,224,280   Consolidated silver equivalent ounces sold 9,067,614   All-in sustaining costs per silver equivalent ounce $ 16.80   Inventory adjustments $ (0.20 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 16.60     All-in sustaining costs per realized silver equivalent ounce $ 14.99   Inventory adjustments $ (0.18 ) Adjusted all-in sustaining costs per realized silver equivalent ounce $ 14.81     Reconciliation of All-in Sustaining Costs per Silver Equivalent Ounce for Three Months Ended March 31, 2015       Silver     Gold         San     In thousands except per ounce amounts Palmarejo   Rochester   Bartolomé   Endeavor   Total Kensington Total Costs applicable to sales, including amortization (U.S. GAAP) $ 41,824 $ 38,235 $ 23,818 $ 1,892 $ 105,769 $ 40,973 $ 146,742 Amortization 7,333   6,843   4,691   1,259   20,126   11,554   31,680   Costs applicable to sales $ 34,491 $ 31,392 $ 19,127 $ 633 $ 85,643 $ 29,419 $ 115,062 Silver equivalent ounces sold 2,157,612 2,416,103 1,289,867 117,863 5,981,445 8,193,825 Gold ounces sold           36,873     Costs applicable to sales per ounce $ 15.99 $ 12.99 $ 14.83 $ 5.37 $ 14.32 $ 798 $ 14.04 Inventory adjustments (1.43 ) (0.04 ) (0.36 ) —   (0.61 ) (1 ) (0.45 ) Adjusted costs applicable to sales per ounce $ 14.56 $ 12.95 $ 14.47 $ 5.37 $ 13.71   $ 797   $ 13.59     Costs applicable to sales per realized ounce $ 14.85 $ 11.94 $ 13.47 $ 12.76 Inventory adjustments (1.33 ) (0.03 ) (0.57 ) (0.41 ) Adjusted costs applicable to sales per realized ounce $ 13.52 $ 11.91 $ 12.90   $ 12.35     Costs applicable to sales $ 115,062 Treatment and refining costs 1,490 Sustaining capital 10,909 General and administrative 8,834 Exploration 4,266 Reclamation 2,924 Project/pre-development costs 4,873   All-in sustaining costs $ 148,358 Silver equivalent ounces sold 5,981,445 Kensington silver equivalent ounces sold 2,212,380   Consolidated silver equivalent ounces sold 8,193,825   All-in sustaining costs per silver equivalent ounce $ 18.11   Inventory adjustments $ (0.45 ) Adjusted all-in sustaining costs per silver equivalent ounce $ 17.66     All-in sustaining costs per realized silver equivalent ounce $ 16.46   Inventory adjustments $ (0.41 ) Adjusted all-in sustaining costs per realized silver equivalent ounce $ 16.05    

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Coeur Mining, Inc.Rebecca Hussey, Manager, Investor Relations(312) 489-5827www.coeur.com