Coeur d'Alene Mines Corporation (NYSE:CDE)(TSX:CDM) realized
all-time record full-year production, metal sales and operating
cash flow1 in 2011.
2011 Highlights:
- Net metal sales nearly doubled compared
to 2010 to a record $1.0 billion.
- Operating cash flow1 increased 147%
compared to 2010 to a record $454.4 million.
- Adjusted earnings1 reached a record
$232.5 million, or $2.60 per share, nearly a five-fold increase
compared to 2010 adjusted earnings of $41.5 million, or $0.48 per
share.
- Net income totaled a record $93.5
million, or $1.05 per share, compared to a net loss of ($91.3)
million, or ($1.05) per share in 2010.
- Average realized silver and gold prices
were $35.15 per ounce and $1,588 per ounce, 67% and 26%
respectively, higher than 2010.
- Record silver production topped 19.1
million ounces, a 14% increase over 2010, at cash operating costs
of $6.31 per ounce1, a 3% decrease from 2010.
- Record gold production reached 220,382
ounces in 2011, a 40% increase over 2010. Kensington's cash
operating costs were $1,088 per gold ounce, a 10% increase from
2010.
- Proven and probable silver reserves
totaled 216.3 million ounces at year-end, while proven and probable
gold reserves totaled 2.3 million ounces.
- Working capital was $212.8 million at
year-end compared to negative working capital at year-end
2010.
- Cash and equivalents increased to
$175.0 million at December 31, 2011, up 165% from year-end
2010.
Fourth Quarter Highlights:
- Silver production of 5.3 million
ounces.
- Cash operating costs1 of $6.19 per
silver ounce.
- Gold production of 49,544 ounces.
- Metal sales totaled $246.9
million.
- Adjusted earnings1 were $43.2 million,
or $0.50 per share.
- Operating cash flow1 totaled $97.5
million.
2012 Outlook:
- Estimated silver production of 18.5
million - 20.0 million ounces and gold production of 210,000 -
230,000 ounces.
- Estimated cash operating costs1 of
$6.50 to $7.50 per ounce of silver (assuming $1,500 per ounce gold
for the by-product credit).
- Estimated $40.0 million exploration
program, a 53% increase compared to 2011 levels, targeting
resource-to-reserve conversions, and reserve and resource
expansions by year-end 2012.
Mitchell J. Krebs, Coeur's President and Chief Executive
Officer, said, “Our successful year was driven by record production
levels at our two largest operations, Palmarejo and San Bartolomé,
supported by higher silver and gold prices.”
He continued, “2011 was a transformational year for the Company.
It marked the first full year that all three of our newer mines
were in production together. The resulting cash flow was put to
good use. We aggressively paid down nearly $50 million of debt,
invested $120 million in capital expenditures intended to benefit
shareholders over the long-term, invested $25 million in five
silver exploration and development companies, and funded a robust
$26 million exploration program. We also transformed the Company's
management team at all levels, which better positions us to achieve
our objectives of operating more efficiently and consistently,
growing the business in value-creating ways, containing operating
and non-operating costs, and re-dedicating ourselves to the highest
level of worker safety, environmental stewardship, and effective
community relationships where we operate.”
Looking to 2012, Mr. Krebs added, “We expect 2012 to be a year
of important decisions and catalysts for the Company. We are
focused on resuming full production at Kensington in Alaska in the
second half of the year and operating more efficiently and
effectively. Our increased exploration program is expected to
generate new targets and ounces around our existing operations,
particularly at Palmarejo. At Rochester in Nevada, where we
invested $27 million last year to construct a new leach pad, mining
is now underway and forecasted to add seven more years of mine
life. At the Joaquin project in southern Argentina, we expect to
provide an updated resource estimate by mid-2012 and continue to
advance work on a feasibility study. We are passionate about
materially reducing non-operating costs during 2012 and containing
operating costs at our mines. We also expect to continue to develop
and bolster our team. Solid execution of our objectives depends on
attracting and retaining highly motivated and highly skilled
professionals, something on which we are keenly focused.”
Table 1:
Financial Highlights:
US$ in millions (except price of silver
and gold)
4Q 2011 4Q 2010
FY 2011
FY 2010
Sales of Metal
$ 246.9 $ 207.6
$
1,021.2 $ 515.5 Production Costs
$ 109.1 $
87.6
$ 420.0 $ 257.6 EBITDA (1)
$ 119.7
$ 109.5
$ 531.3 $ 216.5 Adjusted Earnings (1)
$ 43.2 $ 53.2
$ 232.5 $ 41.5 Adjusted
Earnings Per Share
$ 0.48 $ 0.60
$ 2.60
$ 0.48 Net Income/(Loss)
$ 11.4 $ (5.1 )
$
93.5 $ (91.3 ) EPS
$ 0.13 $ (0.06 )
$
1.05 $ (1.05 ) Operating Cash Flow (1)
$ 97.5
$ 99.4
$ 454.4 $ 183.9 Capital Expenditures
$
40.2 $ 26.6
$ 120.0 $ 156.0 Cash and
Equivalents
$ 175.0 $ 66.1
$ 175.0 $
66.1 Total Debt
$ 121.5 $
171.1
$ 121.5 $
171.1
Shares Issued & Outstanding
89.7 89.3
89.7 89.3
Avg. Realized Price - Silver
$30.87 $26.83
$35.15
$20.99 Avg. Realized Price - Gold
$1,674 $1,357
$1,558 $1,237
Table reflects continuing operations
Sales of metal increased by $505.7 million, or 98.1%, to $1.0
billion from 2010 to 2011, due to higher silver production from
Palmarejo and San Bartolomé, the first full year of gold production
from the Kensington mine, and substantially higher silver and gold
prices.
Sales of silver contributed 65% of the Company's total metal
sales, with gold sales contributing the remainder. In 2011, the
Company sold 19.1 million ounces of silver and 238,551 ounces of
gold, compared to 17.2 million ounces of silver and 130,142 ounces
of gold in 2010. During the fourth quarter of 2011, sales were 5.1
million ounces of silver and 55,308 ounces of gold.
Coeur reports a non-U.S. GAAP metric of adjusted earnings1 as a
measure of operating income, which excludes non-cash fair value
adjustments, other non-cash adjustments, deferred taxes and
discontinued operations. Full year and fourth quarter adjusted
earnings1 were $232.5 million, or $2.60 per share, and $43.2
million, or $0.50 per share, respectively, compared with adjusted
earnings1 of $41.5 million, or $0.50 per share, and $53.2 million
or $0.60 per share, for 2010 and the fourth quarter of 2010,
respectively.
In 2011, the Company realized net income of $93.5 million, or
$1.05 per share, including net income of $11.4 million, or $0.13
per share, for the fourth quarter of 2011. The earnings reflected
an income tax provision of $114.3 million compared to an income tax
benefit of $9.5 million in 2010. In addition, earnings were
impacted by fair value adjustments that decreased net income by
$52.1 million for the year ended December 31, 2011 and increased
income by $19.0 million in the fourth quarter of 2011. These fair
value adjustments are driven primarily by the change in gold prices
which increases or decreases the estimated future liability related
to a gold royalty obligation at Palmarejo and a small gold collar
option position related to a term credit facility secured by the
Company's Alaskan subsidiary. Net income for 2011 was also affected
by a $5.5 million non-cash loss from early retirement of Senior
Term Notes.
During 2010, the Company reported a net loss of ($91.3 million)
or ($1.05) per share, which included fair value adjustments of
$117.1 million and a $20.3 million loss from debt extinguishments.
In the fourth quarter of 2010, the net loss was ($5.1 million) or
($0.06) per share.
Coeur generated operating cash flow1 of $454.4 million during
2011, including $97.5 million in the fourth quarter. This is
compared with operating cash flow of $183.9 million and $99.4
million in 2010 and the fourth quarter of 2010, respectively.
Capital expenditures totaled $120.0 million in 2011, a 23%
reduction from 2010. Most of the capital expenditures were at
Palmarejo for activities at the tailings facility, at Kensington
for the construction of the underground paste backfill plant and
for underground development, and at Rochester for construction of
the new leach pad. Capital expenditures in 2012 are expected to
total approximately $90.0 million-$120.0 million, with
approximately $20.0 million of this total representing capital that
was budgeted to be spent in 2011.
Cash and cash equivalents totaled $175.0 million at December 31,
2011, an increase of approximately 165% from 2010. Total shares
outstanding remained flat at 89.7 million at year-end 2011 compared
to the year-end 2010.
Table
2: Operational Highlights - Production
(ounces; silver in thousands)
4Q
2011 4Q 2010
TwelveMonths
EndedDecember 31,2011
TwelveMonths EndedDecember 31,2010
Silver Gold Silver Gold
Silver Gold
Silver Gold Palmarejo
2,690 34,108 2,010 30,089
9,042 125,071 5,888 102,440 San Bartolomé
1,997 — 2,011 —
7,501 — 6,709 —
Rochester
373 1,993 549 2,400
1,392
6,276 2,023 9,641 Martha
130 144 150 163
530 615 1,576 1,838 Endeavor
112 — 120
—
613 — 566 — Kensington
—
13,299 — 27,988
—
88,420 — 43,143 Total
5,303 49,544 4,840 60,640
19,078 220,382
16,762 157,062
Table reflects continuing operations. Additional operating
statistics are in the tables in the appendix.
Table
3: Operational Highlights - Cash Operating
Costs 1
($/ounce)
4Q 2011 4Q 2010
TwelveMonths
EndedDecember 31,2011
TwelveMonths EndedDecember 31,2010
Silver Gold Silver Gold
Silver Gold
Silver Gold Palmarejo
(2.13 ) — 2.67 —
(0.97 ) — 4.10 — San Bartolomé
9.18
— 7.60 —
9.10 — 7.87 — Rochester
37.99
— 2.94 —
22.97 — 2.93 — Martha
33.75
— 33.39 —
32.79 — 13.16 — Endeavor
14.74 — 16.03 —
18.87 — 10.15 —
Kensington
— 1,807 — 875
— 1,088 —
989 Total
6.19 1,807 6.06
875
6.31 1,088
6.53 989
Table reflects continuing operations. Additional operating
statistics are in the tables in the appendix.
Palmarejo, Mexico - Flag Ship Mine Generates Strong Cash
Flow
- Palmarejo produced 9.0 million ounces
of silver and 125,071 ounces of gold at cash operating costs of
($0.97) per silver ounce in 2011. In 2010, Palmarejo produced 5.9
million ounces of silver and 102,440 ounces of gold at cash
operating costs of $4.10 per silver ounce.
- This increased production resulted from
significantly higher silver and gold grades and higher silver
recovery rates compared to 2010. Cash operating costs per silver
ounce were lower than 2010 due mostly to the gold by-product
credit.
- Palmarejo is the Company's largest
contributor of sales and operating cash flow1, reaching $454.4
million and $298.8 million, respectively, in 2011. Capital
expenditures were $37.0 million. In 2010, sales at Palmarejo
totaled $230.0 million, operating cash flow1 was $86.6 million and
capital expenditures totaled $54.2 million.
San Bartolomé, Bolivia - Consistent in 2011
- San Bartolomé produced 7.5 million
ounces of silver at cash operating costs1 of $9.10 per silver ounce
in 2011, compared to production of 6.7 million ounces of silver at
cash operating costs1 of $7.87 per silver ounce in 2010. This
increased production was driven by higher mill throughput and
higher ore grade while costs were higher due to higher
production-related taxes as a result of the increased production
levels.
- In December 2011, the Bolivian
government granted the Company an exemption to mine the Huacajchi
Sur deposit located above the 4,400-meter mining restriction level
mandated by the federal government. Continued mining over the next
two years of the higher-grade Huacajchi Sur ore should enable Coeur
to realize higher margins to help offset expected higher labor and
consumable costs in 2012.
- San Bartolomé contributed $267.5
million in sales and $127.6 million in operating cash flow1 in
2011. Capital expenditures were $17.7 million. In 2010, sales at
San Bartolomé totaled $143.0 million while operating cash flow1 was
$54.4 million and capital expenditures were $6.2 million.
Kensington, Alaska - First Half Reduction Expected to Drive
to Long-Term Consistency
- As previously announced, production
levels at Kensington have been curtailed during the first half of
2012 to complete several key projects designed to improve
operational efficiency and consistency. Highlights of the progress
at Kensington include:
- Underground development activities,
which we expect to provide operational flexibility and facilitate
in-fill drilling and exploration work, are on schedule.
- Construction of the paste backfill
plant is nearly complete with electrical and piping work
underway.
- New surface facilities including a
miners' dormitory, kitchen and dining facilities are completed and
in use. An expanded warehouse and administrative offices are
currently under construction.
- Coeur announced the promotion of Wayne
Zigarlick to General Manager at Kensington, effective January 23,
2012. Mr. Zigarlick previously served as the Assistant General
Manager. Prior to joining Coeur at the Kensington Mine in March
2011, he served as Operations Manager at Kinross' Kettle
River-Buckhorn operation in Washington State. He has over 20 years
of mining and metallurgical experience with past positions at
Kinross and the former Echo Bay Mines in the United States and
Canada.
- The mine contributed $151.2 million in
sales and $36.1 million in operating cash flow1 in 2011. Capital
expenditures were $34.0 million. In 2010, Kensington's sales were
$23.6 million, operating cash flow1 totaled $7.4 million and
capital expenditures totaled $92.7 million.
Rochester, Nevada - Commencing Full Production from Heap
Leach Expansion
- 2011 was a transitional year at
Rochester as residual leaching of older pads continued to trail off
as planned, while construction of a new heap leach pad was
completed in the fourth quarter. As a result, 2011 production of
1.4 million ounces of silver and 6,276 ounces of gold was lower
than 2010 production levels. Commercial production from the new
leach pad commenced in November. Production is expected to
accelerate each quarter for a full year estimated production of 2.6
million to 2.9 million ounces of silver and 30,000 to 35,000 ounces
of gold. The conveyor system and crushing plant are now operating
at full capacity and leach recovery rates have been improving in
February 2012 as the flow rates of solution have increased.
- As expected, cash operating costs1 per
silver ounce were significantly higher in 2011 compared to 2010.
Pre-strip and ore haulage costs associated with the development of
the new leach pad and related mining activities were expensed
during 2011, while ounces produced were lower as described above.
As a result, costs per silver ounce were higher. In 2012 and over
the estimated seven year mine life from the new leach pad, cash
operating costs are expected to average approximately $12 per
silver ounce.
- Coeur has appointed Carl Waggoner as
General Manager at Rochester. With over 30 years of industry
experience, Mr. Waggoner previously served as Manager of
Construction and Engineering of Barrick's Turquoise Ridge joint
venture operation in Nevada and worked at BHP Copper, Asarco and
Fluor.
- Based on the year-end 2011 reserves and
resources estimate, the ongoing legal dispute related to certain
disputed unpatented claims has no effect on Rochester's 2011
mineral reserves estimate and may have some impact to Rochester's
2011 mineral resources estimate, depending on the legal outcome of
the November 2012 court case.
- The mine contributed $57.3 million in
sales and $3.1 million in operating cash flow1 in 2011, with 84% of
sales derived from silver and the remainder from gold. Capital
expenditures were $27.2 million. In 2010, sales from Rochester
totaled $54.3 million, operating cash flow1 was $24.9 million and
capital expenditures were $2.3 million.
Reserves and Resources
The Company realized steady levels of silver and gold reserves
and increased silver and gold resources, which did not reflect the
Company's aggressive exploration drilling completed in the second
half of 2011.
Table
4: 2011 Reserves and Resources Summary (For further
details, please see page 23 of the Appendix.)
(silver in millions)
Silver Ounces(1) Gold
Ounces(1) Proven & Probable Reserves as of December 31,
2010 227.1 2,528,100 Contained ounces depleted from mining during
2011(2) (23.2 ) (242,800 ) Net changes 12.4 (9,600 ) Reserves as of
December 31, 2011
216.3 2,275,700 Measured &
Indicated Resources as of December 31, 2010 206.2 1,379,080
Measured & Indicated Resources as of December 31, 2011
223.9 1,677,440 Inferred Resources as of December 31,
2010 53.9 816,195 Inferred Resources as of December 31, 2011
82.0 780,960
- Ounces shown as contained
- Reflects mill feed
Exploration Highlights
Exploration and reserve development expenditures were $26.2
million in 2011, 51% greater than 2010. In 2012, the Company plans
to continue accelerated exploration, especially in the first half
of the year, with a $40.0 million exploration program, a 53%
increase over 2011. The Company expects to increase contained
silver and gold reserves and resources year-over-year in 2012.
The exploration program for 2012 will focus on advancing the
Guadalupe and La Patria deposits at Palmarejo, the Kensington gold
mine in Alaska, and the Joaquin silver-gold project in Argentina in
which Coeur has a 51% managing joint venture interest.
During 2011, exploration highlights included:
- Completion of the first Canadian
National Instrument 43-101-compliant mineral resource estimate on
the Joaquin property in Argentina containing 19.7 million silver
ounces of Indicated Resources and 48.0 million ounces of silver in
Inferred Resources, all in two deposits, La Negra and La Morocha;
both remain open for expansion. Coeur's current share of this
initial mineral resource is 51%. Drilling in the fourth quarter of
2011 focused on expansion and definition of the two deposits and
this work will continue into 2012, followed by exploration of the
greater property. An updated mineral resource estimate is expected
to be completed in mid-2012. With completion of a feasibility
study, Coeur will earn a 61% interest.
- Over 12,800 meters of drilling were
completed on the La Patria deposit at Palmarejo. This drilling was
the first drilling by Coeur on this nearly 2 kilometer-long
mineralized structure, which is located about six kilometers south
of the current Palmarejo mining operations. Gold and silver
mineralization at La Patria has been exposed in new surface
trenches as zone veins and stockwork, from 4 to 28 meters wide, and
extends over 350 meters deep. Much of the new drilling cut multiple
intersections of mineralization. At this time, the program's focus
is on completing a new mineral resource model and defining the
extent of higher-grade shoots, or “clavos” that have been defined
with our drilling.
- At Guadalupe, also in the Palmarejo
area, over 20,500 meters of drilling was completed; mostly in the
second half of 2011. Mineralization at Guadalupe, in wide veins and
associated stockwork, has been defined over a strike length of +2.5
kilometers and remains open along strike and at depth. Further
drilling is planned to define and expand the zone, especially on
the northern half where initial mining is scheduled to commence in
2013.
- In addition, drilling at the main
Palmarejo open pit and underground deposits focused on the
Tucson-Chapotillo surface zones with underground drilling at the
Rosario and 76 zones. Rosario drilling results have been
encouraging and follow up drilling is underway.
- One hole was completed on a new target
at Palmarejo, called Independencia, in December 2011. This hole cut
three zones of mineralization ranging from 1.1 meters to 3.7 meters
true width grading from 2.2 to 6.8 grams per tonne of gold and 192
to 452 grams per tonne of silver. Follow-up drilling on this new
structure is underway.
- At Kensington, underground drilling was
conducted on the Raven zone, located approximately 2,000 feet (600
meters) west of the main Kensington mine area and on a new target,
Kensington South, located about 1,000 feet (300 meters) south of
the know southern limit of the Kensington mine. Work on a new model
of Raven mineral resources is scheduled to commence following
drilling planned for the first half of 2012.
2012 Outlook
Coeur expects to produce between 18.5 million and 20.0 million
ounces of silver and 210,000 and 230,000 ounces of gold in 2012.
Cash operating costs1 are expected to be between $6.50 and $7.50
per ounce of silver (assuming $1,500 per ounce of gold for the
by-product credit). Kensington's cash operating costs1 are expected
to be between $1,150 and $1,250 per ounce of gold in 2012.
Kensington's cash operating costs1 are anticipated to be
approximately $1,750 per ounce in the first half of 2012 while
production remains temporarily scaled back, and then improve to
$800 to $1,000 per ounce in the fourth quarter. Approximately 30%
of Kensington's full-year production is expected to take place
during the first half of 2012 with the remaining 70% expected in
the second half.1
Table 5: 2012
Production Outlook
(Ounces; silver in thousands)
Country
Silver Gold Palmarejo Mexico 8,500-9,000
98,000-108,000 San Bartolomé Bolivia 6,300-6,700 — Rochester
Nevada, USA 2,600-2,900 30,000-35,000 Martha Argentina 700-900
400-500 Endeavor Australia 400-500 — Kensington Alaska, USA
— 82,600-86,500
Total
18,500-20,000 210,000-230,000
Table 6: 2012
Financial Guidance
Description Expenses ($M) General &
Administrative* ~$26 DD&A $235-$245 Exploration Expense ~$40
Capital Expenditures $90-$120
*G&A includes $6 million of non-cash net stock
compensation.
Conference Call InformationCoeur's fourth quarter and
year-end 2011 financial results conference call will be held at
1:00 p.m. Eastern Time today, Thursday, February 23, 2012.Dial-in
number: (877) 464-2820International dial-in number: (660)
422-4718Conference ID: 48487351Webcast: www.coeur.com
A replay of the conference call will be available through March
2, 2012.Replay number: (855) 859-2056International replay number:
(404) 537-3406Replay code: 48487351
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 operating results. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside the control of Coeur. Operating,
exploration and financial data, and other statements in this
release are based on information that Coeur believes is reasonable,
but involve significant uncertainties affecting the business of
Coeur, including, but not limited to, future gold and silver
prices, costs, ore grades, estimation of gold and silver reserves,
mining and processing conditions, construction delays and related
disruptions in production, disputed mineral claims, currency
exchange rates, costs of capital expenditures and the completion
and/or updating of mining feasibility studies, changes that could
result from future acquisitions of new mining properties or
businesses, risks and hazards inherent in the mining business
(including environmental hazards, industrial accidents, weather and
geologically related conditions), permitting and regulatory matters
(including penalties, fines, sanctions, and shutdowns), risks
inherent in the ownership and operation of, or investment in,
mining properties or businesses in foreign countries, 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 reports on Form 10-K and Form 10-Q.
Current mineralized material estimates were inclusive of disputed
and undisputed claims at Rochester. While the Company believes it
holds a superior position in the ongoing claim dispute, the Company
believes an adverse legal outcome would cause it to modify
mineralized material estimates. 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.
Donald J. Birak, Coeur's Senior Vice President of Exploration
and a qualified person under Canadian NI 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, please see the Technical Reports for each of
Coeur's properties as filed on SEDAR at www.sedar.com.
Cautionary Note to U.S. Investors - The United States Securities
and Exchange Commission permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that
a company can economically and legally extract or produce. We use
certain terms in this presentation, such as “measured,”
“indicated,” and “inferred resources,” that are recognized by
Canadian regulations, but that SEC guidelines generally prohibit
U.S. registered companies from including in their filings with the
SEC. U.S. investors are urged to consider closely the disclosure in
our Form 10-K which may be secured from us, or from the SEC's
website at http://www.sec.gov.
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 cash operating costs, operating cash flow,
adjusted earnings, and EBITDA. 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 analysing trends in our underlying
businesses. We believe cash operating costs, operating cash flow,
adjusted earnings and EBITDA are important measures in assessing
the Company's overall financial performance.
About Coeur
Coeur d'Alene Mines Corporation is the largest U.S.-based
primary silver producer and a growing gold producer. The Company
built and commenced production from three wholly-owned, long-lived
mines between 2008 and 2010: the San Bartolomé silver mine in
Bolivia, the Palmarejo silver-gold mine in Mexico and the
Kensington gold mine in Alaska. Further production has commenced
from a new heap leach pad at Coeur's long-time Rochester
silver-gold mine in Nevada. The Company also owns and operates the
Martha silver-gold mine in Argentina and owns a non-operating
interest in a silver-base metal mine in Australia. Coeur conducts
ongoing exploration activities near and within its operating
properties in Argentina, Mexico, Alaska, Nevada and Bolivia. In
addition, Coeur owns strategic minority shareholdings in five
silver development companies in North and South America.
APPENDIX:
Table 7: Operating
Statistics from Continuing Operations
2011 2010 2009 PRIMARY
SILVER OPERATIONS: Palmarejo(1) Tons milled 1,723,056
1,835,408 1,065,508 Ore grade/Ag oz 6.87 4.60 4.31 Ore grade/Au oz
0.08 0.06 0.06 Recovery/Ag oz (1) 76.4 % 69.8 % 66.3 % Recovery/Au
oz (1) 92.2 % 91.1 % 88.2 % Silver production ounces(3) 9,041,488
5,887,576 3,047,843 Gold production ounces(3) 125,071 102,440
54,740 Cash operating costs/oz (4) $ (0.97 ) $ 4.10 $ 9.80 Cash
cost/oz (4) $ (0.97 ) $ 4.10 $ 9.80 Total production cost/oz $
16.80 $ 19.66 $ 26.80
San Bartolomé Tons milled 1,567,269
1,504,779 1,518,671 Ore grade/Ag oz 5.38 5.03 5.49 Recovery/Ag oz
88.9 % 88.6 % 89.6 % Silver production ounces(3) 7,501,367
6,708,775 7,469,222 Cash operating costs/oz (4) $ 9.10 $ 7.87 $
7.80 Cash cost/oz (4) $ 10.64 $ 8.67 $ 10.48 Total production
cost/oz $ 13.75 $ 11.72 $ 12.96
Rochester(2) Tons Mined
2,028,889 — — Ore grade/Ag oz 0.47 — — Ore grade/Au oz 0.005 — —
Recovery/Ag oz(2) 165.1 % — — Recovery/Au oz(2) 75.6 % — — Silver
production ounces(3) 1,392,433 2,023,423 2,181,788 Gold production
ounces(3) 6,276 9,641 12,663 Cash operating costs/oz (4) 22.97 2.93
1.95 Cash cost/oz (4) 24.82 3.78 2.58 Total production cost/oz
27.21 4.82 3.51
2011 2010 2009
Martha Tons milled 101,167 56,401 109,974 Ore grade/Ag oz
6.29 31.63 36.03 Ore grade/Au oz 0.01 0.04 0.05 Recovery/Ag oz 83.2
% 88.3 % 93.6 % Recovery/Au oz 74.0 % 84.1 % 87.6 % Silver
production ounces 529,602 1,575,827 3,707,544 Gold production
ounces 615 1,838 4,709 Cash operating costs/oz(4) $ 32.79 $ 13.16 $
6.19 Cash cost/oz(4) $ 34.08 $ 14.14 $ 6.68 Total production
cost/oz $ 36.19 $ 20.02 $ 8.62
Endeavor Tons milled 743,936
653,550 552,799 Ore grade/Ag oz 1.83 1.96 1.67 Recovery/Ag oz 45.0
% 44.3 % 49.9 % Silver production ounces 613,361 566,134 461,800
Cash operating costs/oz(4) $ 18.87 $ 10.15 $ 6.80 Cash cost/oz(4) $
18.87 $ 10.15 $ 6.80 Total production cost/oz $ 24.00 $ 13.66 $
9.55
GOLD OPERATIONS: Kensington Tons milled 415,340
174,028 — Ore grade/Au oz 0.23 0.28 — Recovery/Au oz 92.7 % 89.9 %
— Gold production ounces(3) 88,420 43,143 — Cash operating costs/oz
(4) $ 1,088 $ 989 $ — Cash cost/oz (4) $ 1,088 $ 989 $ — Total
production cost/oz $ 1,494 $ 1,394 $ —
CONSOLIDATED PRODUCTION
TOTALS Silver ounces(3) 19,078,251 16,761,735 16,868,197 Gold
ounces(3) 220,382 157,062 72,112 Cash operating costs/oz(4) $ 6.31
$ 6.53 $ 7.03 Cash cost per oz/silver(4) $ 7.09 $ 7.05 $ 8.40 Total
production cost/oz $ 17.14 $ 14.52 $ 13.19
CONSOLIDATED SALES
TOTALS Silver ounces sold(3) 19,057,503 17,221,335 16,310,225
Gold ounces sold(3) 238,551 130,142 65,607 Realized price per
silver ounce $ 35.15 $ 20.99 $ 14.83 Realized price per gold ounce
$ 1,558 $ 1,236.8 $ 1,002.87
(1) Palmarejo commenced commercial production on April 20,
2009. Mine statistics do not represent normal operating
results.
(2) The leach cycle at Rochester requires 5 to 10 years to
recover gold and silver contained in the ore. The Company estimates
the metallurgical recovery to be approximately 61% for silver and
92% for gold. Current recovery may vary significantly from ultimate
recovery. See Critical Accounting Policies and Estimates — Ore
on Leach Pad.
(3) Current production ounces and recoveries reflect final metal
settlements of previously reported production ounces.
(4) See "Reconciliation of Non-GAAP Cash Costs to GAAP
Production Costs."
Table 8: Coeur d'Alene Mines Corporation and
Subsidiaries Consolidated Balance Sheets
December 31, 2011 2010
(In thousands,except share
data)
ASSETS CURRENT ASSETS Cash and cash equivalents $ 175,012 $
66,118 Short-term investments 20,254 — Receivables 83,497 58,880
Ore on leach pads 27,252 7,959 Metal and other inventory 132,781
118,340 Deferred tax assets 1,869 — Restricted assets 60 25 Prepaid
expenses and other 24,218 14,889 464,943 266,211
NON-CURRENT ASSETS Property, plant and equipment 687,676 668,101
Mining properties 2,001,027 2,122,216 Ore on leach pads,
non-current portion 6,679 10,005 Restricted assets 28,911 29,028
Receivables, non current 40,314 42,866 Marketable securities 19,844
— Debt issuance costs, net 1,889 4,333 Deferred tax assets 263 804
Other 12,895 13,963 TOTAL ASSETS $ 3,264,441 $
3,157,527
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES Accounts payable $ 78,590 $ 88,321 Accrued
liabilities and other 13,179 18,608 Accrued income taxes 47,803
28,397 Accrued payroll and related benefits 16,240 17,953 Accrued
interest payable 559 834 Current portion of capital leases and
other debt obligations 32,602 63,317 Current portion of royalty
obligation 61,721 51,981 Current portion of reclamation and mine
closure 1,387 1,306 252,081 270,717 NON-CURRENT
LIABILITIES Long-term debt 115,861 130,067 Non-current portion of
royalty obligation 169,788 190,334 Reclamation and mine closure
32,371 27,779 Deferred income taxes 527,573 474,264 Other long-term
liabilities 30,046 23,599 875,639 846,043 COMMITMENTS
AND CONTINGENCIES SHAREHOLDERS’ EQUITY Common Stock, par value
$0.01 per share; authorized 150,000,000 shares, 89,655,124 issued
at December 31, 2011 and 89,315,767 shares issued and outstanding
at December 31, 2010 897 893 Additional paid-in capital 2,585,632
2,578,206 Accumulated deficit (444,833 ) (538,332 ) Accumulated
other comprehensive loss (4,975 ) — 2,136,721
2,040,767 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $
3,264,441 $ 3,157,527
Table 9: Coeur
d'Alene Mines Corporation and Subsidiaries Consolidated
Statement of Operations and Comprehensive Income (Loss)
Years Ended December 31, 2011 2010
2009 (In thousands, except share data) Sales
of metal $ 1,021,200 $ 515,457 $ 300,361 Production costs
applicable to sales (419,956 ) (257,636 ) (191,311 ) Depreciation
and depletion (224,500 ) (141,619 ) (81,376 ) Gross profit 376,744
116,202 27,674 COSTS AND EXPENSES Administrative and general 31,379
24,176 22,070 Exploration 19,128 14,249 13,056 Pre-development,
care, maintenance and other 19,441 2,877
1,468 Total costs and expenses 69,948 41,302
36,594 OPERATING INCOME (LOSS) 306,796 74,900 (8,920
) OTHER INCOME AND EXPENSE Gain (loss) on debt extinguishments
(5,526 ) (20,300 ) 31,528 Fair value adjustments, net (52,050 )
(117,094 ) (82,227 ) Interest and other income (expense) (6,610 )
771 1,648 Interest expense, net of capitalized interest (34,774 )
(30,942 ) (18,102 ) Total other income and expense (98,960 )
(167,565 ) (67,153 ) Income (loss) from continuing operations
before income taxes 207,836 (92,665 ) (76,073 ) Income tax benefit
(expense) (114,337 ) 9,481 33,071 Income (loss) from
continuing operations 93,499 (83,184 ) (43,002 ) Income (loss) from
discontinued operations, net of income taxes — (6,029 ) (9,601 )
Income (loss) on sale of net assets of discontinued operations, net
of taxes $0.0 million for 2010 and $0.0 million for 2009 —
(2,095 ) 25,537 NET INCOME (LOSS) 93,499 (91,308 ) (27,066 )
Other comprehensive loss (4,975 ) (5 ) — COMPREHENSIVE
INCOME (LOSS) $ 88,524 $ (91,313 ) $ (27,066 ) BASIC AND
DILUTED INCOME (LOSS) PER SHARE Basic income (loss) per share:
Income (loss) from continuing operations $ 1.05 $ (0.95 ) $ (0.60 )
Income (loss) from discontinued operations — (0.10 ) 0.22
Net income (loss) $ 1.05 $ (1.05 ) $ (0.38 ) Diluted
income (loss) per share: Income (loss) from continuing operations $
1.04 $ (0.95 ) $ (0.60 ) Income (loss) from discontinued operations
— (0.10 ) 0.22 Net income (loss) $ 1.04 $
(1.05 ) $ (0.38 ) Weighted average number of shares of common
stock: Basic 89,383 87,185 71,565 Diluted 89,725 87,185 71,565
Table 10: Coeur d'Alene Mines Corporation and
Subsidiaries Consolidated Statements of Cash Flows
Years Ended December 31, 2011 2010
2009 (In thousands) CASH FLOWS FROM OPERATING
ACTIVITIES: Net income (loss) $ 93,499 $ (91,308 ) $ (27,066 ) Add
(deduct) non-cash items: Depreciation, depletion, and amortization
224,500 143,813 87,140 Amortization of debt discount and debt
issuance costs 4,041 3,374 504 Accretion of royalty obligation
21,550 19,018 14,209 Deferred income taxes 51,792 (37,628 ) (43,061
) Loss (gain) on debt extinguishment 5,526 20,300 (31,528 ) Fair
value adjustments 46,450 115,458 81,035 Loss on foreign currency
transactions 380 3,867 546 Share-based compensation 8,122 7,217
4,876 Loss on sale of asset backed securities — — 600 Loss (gain)
on asset retirement obligation (335 ) (167 ) 1,181 Gain on sales of
assets (1,145 ) (25 ) (31,988 ) Environmental remediation — — 5,040
Changes in operating assets and liabilities: Receivables and other
current assets (21,950 ) (6,228 ) (10,592 ) Prepaid expenses and
other (8,839 ) 5,871 (3,728 ) Inventories (30,408 ) (47,887 )
(26,804 ) Accounts payable and accrued liabilities 22,990
29,888 39,783 CASH PROVIDED BY OPERATING ACTIVITIES
416,173 165,563 60,147 CASH FLOWS FROM
INVESTING ACTIVITIES: Purchases of investments (49,501 ) (5,872 )
(24,012 ) Proceeds from maturities of investments 6,246 24,244
38,531 Capital expenditures (119,988 ) (155,994 ) (218,235 )
Proceeds from sales of assets 2,531 6,211 57,364 Other (249 ) (284
) (494 ) CASH USED IN INVESTING ACTIVITIES (160,961 ) (131,695 )
(146,846 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale
of gold production royalty — — 75,000 Additions to restricted
assets associated with Kensington Term Facility (1,326 ) (2,353 )
(966 ) Payments on gold production royalty (73,191 ) (43,125 )
(15,762 ) Proceeds from issuance of notes and bank borrowings
27,500 176,166 40,804 Payments on notes, long-term debt, capital
leases, credit facility, and associated costs (85,519 ) (104,595 )
(26,226 ) Proceeds from gold lease facility — 18,445 5,108 Payments
of gold lease facility (13,800 ) (37,977 ) (1,627 ) Proceeds from
sale-leaseback transactions — 4,853 12,511 Payments of common stock
and debt issuance costs — (2,232 ) (121 ) Other 18 286
— CASH PROVIDED (USED) BY FINANCING ACTIVITIES
(146,318 ) 9,468 88,721 INCREASE IN CASH AND CASH
EQUIVALENTS 108,894 43,336 2,022 Cash and cash equivalents at
beginning of year 66,118 22,782 20,760 Cash
and cash equivalents at end of year $ 175,012 $ 66,118
$ 22,782
Table 11: Operating Cash Flow
Reconciliation
Operating cash flow is a non-U.S. GAAP measure defined as net
income plus depreciation, depletion and amortization and other
non-cash items prior to changes in operating assets and
liabilities. On a U.S. GAAP basis, the Company generated cash flow
from operations of $97.5 million in the fourth quarter of 2011 and
$454.4 million in the year ended December 31, 2011. See the
reconciliation from non-U.S. GAAP to U.S. GAAP at the end of this
news release.
4Q 2011 3Q 2011 2Q 2011
1Q 2011 4Q 2010 Cash provided by
operating activities $ 87,412 $ 181,911 $ 111,065 $ 35,785 $
129,397 Changes in operating assets and liabilities: Receivables
and other current assets $ (8,904 ) $ 10,513 $ 8,138 $ 4,841 $
(5,908 ) Prepaid expenses and other $ 8,839 $ 8,697 $ (1,354 ) $ 19
$ (5,871 ) Inventories $ 17,574 $ (23,234 ) $ 23,575 $ 12,493 $
19,999 Accounts payable and accrued liabilities $ (7,452 )
$ (26,930 ) $ (25,585 ) $ 36,977
$ (38,186 )
OPERATING CASH FLOW $
97,469 $ 150,957
$ 115,839 $ 90,115
$ 99,431 FY 2011
FY 2010 Cash provided by operating activities $
416,173 $ 165,563 Changes in operating assets and liabilities:
Receivables and other current assets $ 14,588 $ 6,228
Prepaid expenses and other
$ 16,201 $ (5,871 ) Inventories $ 30,408 $ 47,887 Accounts payable
and accrued liabilities $ (22,990 ) $ (29,888 )
OPERATING CASH FLOW $ 454,380
$ 183,919
Table 12: EBITDA
Reconciliation
EBITDA is a non-U.S. GAAP measure defined as earnings before
interest, taxes, depreciation and amortization. A reconciliation of
this measure to U.S. GAAP is provided at the end of this news
release.
4Q 2011 3Q 2011 2Q 2011
1Q 2011 4Q 2010 Net income (loss) $
11,364 $ 31,060 $ 38,611 $ 12,464 $ (5,078 ) (Gain) loss on sale of
net assets of discontinued operations, net of income taxes $ — $ —
$ — $ — $ 1 Loss from discontinued operations, net of income taxes
$ — $ — $ — $ — $ — Income tax provision (benefit) $ 52,390 $
27,606 $ 21,402 $ 12,939 $ 3,655 Interest expense, net of
capitalized interest $ 8,222 $ 7,980 $ 9,268 $ 9,304 $ 9,539
Interest and other income $ 4,697 $ 6,610 $ (2,763 ) $ (1,934 ) $
(3,495 ) Fair value adjustments, net $ (19,035 ) $ 53,351 $ 12,432
$ 5,302 $ 51,213 Loss on debt extinguishments $ 3,886 $ 784 $ 389 $
467 $ 7,586 Depreciation and depletion $ 58,166
$ 58,652 $ 57,641 $ 50,041
$ 46,116
EBITDA $
119,690 $ 186,043
$ 136,980 $ 88,583
$ 109,537 FY 2011
FY 2010 Net income (loss) $ 93,499 $ (91,308 ) (Gain)
loss on sale of net assets of discontinued operations, net of
income taxes $ — $ 2,095 Loss from discontinued operations, net of
income taxes $ — $ 6,029 Income tax provision (benefit) $ 114,337 $
(9,481 ) Interest expense, net of capitalized interest $ 34,774 $
30,942 Interest and other income $ 6,610 $ (771 ) Fair value
adjustments, net $ 52,050 $ 117,094 Loss on debt extinguishments $
5,526 $ 20,300 Depreciation and depletion $ 224,500
$ 141,619
EBITDA $
531,296 $ 216,519
Table 13: Adjusted Earnings
Reconciliation
Adjusted earnings is a non-U.S. GAAP measure defined as
operating income plus interest and other income less interest
expense and current taxes. Adjusted earnings exclude non-cash fair
value adjustments, other non-cash adjustments, deferred taxes and
discontinued operations. The Company realized net income of $11.4
million in the fourth quarter of 2011 and $93.5 million during the
year ended December 31, 2011. See reconciliation between non-U.S.
GAAP adjusted earnings and U.S. GAAP at the end of this news
release. Adjusted earnings per share represent the adjusted
earnings divided by the number of shares outstanding at the end of
the quarter.
4Q 2011 3Q 2011 2Q 2011
1Q 2011 4Q 2010 Net income (loss) $
11,364 $ 31,060 $ 38,611 $ 12,464 $ (5,078 ) Loss on sale of net
assets of discontinued operations, net of income taxes $ — $ — $ —
$ — $ 1 Share Based Compensation $ 2,861 $ 457 $ (3,351 ) $ 8,155 $
3,248 Loss from discontinued operations, net of income taxes $ — $
— $ — $ — $ — Deferred income tax provision $ 38,614 $ 3,110 $
4,198 $ 5,870 $ (8,386 ) Interest expense, accretion of royalty
obligation $ 5,523 $ 4,990 $ 5,770 $ 5,267 $ 4,611 Fair value
adjustments, net $ (19,035 ) $ 53,351 $ 12,432 $ 5,302 $ 51,213
Loss on debt extinguishments $ 3,886 $ 784 $ 389 $ 467 $ 7,586
ADJUSTED EARNINGS (LOSS) $ 43,213 $ 93,752 $ 58,049 $ 37,525 $
53,195
FY 2011 FY 2010 Net income
(loss) $ 93,499 $ (91,308 ) Loss on sale of net assets of
discontinued operations, net of income taxes $ — $ 2,095 Share
Based Compensation $ 8,122 $ 7,217 Loss from discontinued
operations, net of income taxes $ — $ 6,029 Deferred income tax
provision $ 51,792 $ (38,901 ) Interest expense, accretion of
royalty obligation $ 21,550 $ 19,018 Fair value adjustments, net $
52,050 $ 117,094 Loss on debt extinguishments $ 5,526 $ 20,300
ADJUSTED EARNINGS (LOSS) $ 232,539 $ 41,544
Table 14: Results of
Operations by Mine - Palmarejo
in millions of US$
FY 2011 4Q 2011 3Q 2011
2Q 2011 1Q 2011 4Q 2010 Sales of
Metal $ 513.1 $ 134.3 $ 166.9 $ 123.7 $ 88.2 $ 78.1 Production
Costs 186.2 47.0 64.1 37.7 37.4 35.6 EBITDA 319.0 83.7 100.4 84.6
50.2 41.0 Operating Income/(Loss) 159.8 38.7 61.6 43.0 16.5 13.0
Operating Cash Flow 298.8 77.4 91.2 81.8 48.4 38.7 Capital
Expenditures 37.0 12.1 9.5 10.3 5.1 11.1 Gross Profit $ 326.9 $
87.3 $ 102.8 $ 86.0 $ 50.8 $ 42.5 Gross Margin 63.7 % 65 % 61.6 %
69.5 % 57.6 % 54.4 %
Ounces unless
otherwise noted
FY 2011 4Q 2011
3Q 2011 2Q 2011 1Q 2011
4Q 2010 Underground Operations: Tons Mined 623,421 191,966
143,010 144,614 143,831 151,032 Average Silver Grade (oz/t) 8.87
8.04 9.36 10.08 8.30 6.30 Average Gold Grade (oz/t) 0.13 0.11 0.13
0.14 0.14 0.10 Surface Operations: Tons Mined 1,106,077 321,881
260,618 276,699 246,879 281,177 Average Silver Grade (oz/t) 5.75
5.88 6.56 5.85 4.60 7.33 Average Gold Grade (oz/t) 0.05 0.05 0.05
0.06 0.05 0.07 Processing: Total Tons Milled 1,723,056 505,619
403,978 414,719 398,740 514,391 Average Recovery Rate – Ag 76.4 %
77.9 % 75.9 % 78.3 % 72.7 % 66.72 % Average Recovery Rate – Au 92.2
% 92.4 % 93.6 % 95.2 % 87.4 % 90.32 % Silver Production - oz 9,042
2,690 2,251 2,371 1,730 2,010 Gold Production - oz 125 34 30 33 28
30 Cash Operating Costs/Ag Oz $ (0.97 ) $ (2.13 ) $ (1.16 ) $ (3.68
) $ 4.80 $ 2.68
Table 15: Reconciliation of
EBITDA for Palmarejo
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Sales of metal $ 513.1 $ 134.3 $
166.9 $ 123.7 $ 88.2 $ 78.1 Production costs
applicable to sales $ (186.2 ) $ (47 ) $ (64.1 ) $ (37.8 ) $ (37.4
) $ (35.6 ) Administrative and general — — — — — — Exploration (6.9
) (2.8 ) $ (2.2 ) $ (1.3 ) $ (0.6 ) $ (1.5 ) Care and maintenance
and other (1 ) (0.8 ) $ (0.2 ) — — — Pre-development —
— — — —
—
EBITDA $ 319.0
$ 83.7 $
100.4 $ 84.6
$ 50.2 $ 41.0
Table 16: Operating Cash
Flow for Palmarejo
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Cash provided by operating activities $ 248.6
$ 70.9 $ 104.7 $ 62.9 $ 10.1 $
63.5 Changes in operating assets and liabilities: Receivables and
other current assets 13.4 5.7 (0.8 ) 8.9 (0.4 ) (14.5 ) Prepaid
expenses and other 0.8 (3.2 ) 3.4 (0.4 ) 1.0 (1.7 ) Inventories
21.8 9.9 (16.2 ) 12.0 16.1 16.4 Accounts payable and accrued
liabilities 14.2 (5.9 ) 0.1
(1.6 ) 21.6 (25 )
OPERATING CASH
FLOW $ 298.8 $
77.4 $ 91.2
$ 81.8 $ 48.4
$ 38.7
Table 17: Results of
Operations by Mine - San Bartolomé
in millions of US$
FY 2011 4Q 2011 3Q 2011
2Q 2011 1Q 2011 4Q 2010 Sales of
Metal $ 267.5 $ 62.8 $ 102.8 $ 55.6 $ 46.3 $ 67.1 Production Costs
79.7 21.4 30.1 14.1 14.1 22.4 EBITDA 187.2 41.2 72.5 41.4 32.1 44.7
Operating Income/(Loss) 164.8 34.9 66.7 36.2 27.0 39.2 Operating
Cash Flow 127.6 28.7 49.6 25.7 23.6 23.3 Capital Expenditures 17.7
6.5 4.4 3.3 3.5 3.5 Gross Profit $ 187.8 $ 41.4 $ 72.7 $ 41.5 $
32.2 $ 44.7 Gross Margin 70.2 % 65.9 % 70.7 % 74.6 % 69.5 % 66.6 %
Ounces unless otherwise noted
FY 2011 4Q 2011 3Q 2011
2Q 2011 1Q 2011 4Q 2010 Tons
Milled 1,567,269 371,983 428,978 378,640 387,668 404,160 Average
Silver Grade (oz/t) 5.4 5.4 5.4 5.2 5.6 5.4 Average Recovery Rate
88.9 % 90.5 % 88.6 % 87.7 % 88.6 % 92 % Silver Production 7,501
1,997 2,051 1,742 1,711 2,011 Gold Production — — — — — — Cash
Operating Costs/Ag Oz $ 9.10 $ 9.18 $ 9.32 $ 8.73 $ 9.13 $ 7.53
Table 18: Reconciliation of
EBITDA for San Bartolomé
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Sales of metal $ 267.5 $ 62.8 $ 102.8
$ 55.6 $ 46.3 $ 67.1 Production costs
applicable to sales $ (79.7 ) $ (21.4 ) $ (30.1 ) $ (14.1 ) $ (14.1
) $ (22.4 ) Administrative and general — — — — — Exploration (0.3 )
— $ (0.1 ) $ (0.1 ) $ (0.1 ) — Care and maintenance and other (0.3
) (0.2 ) $ (0.1 ) — — Pre-development — —
— — —
EBITDA $ 187.2
$ 41.2 $ 72.5
$ 41.4 $ 32.1
$ 44.7
Table 19: Operating Cash
Flow for San Bartolomé
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Cash provided by operating activities $ 149.1
$ 22.3 $ 78.1 $ 38.2 $ 10.5 $
28.8 Changes in operating assets and liabilities: Receivables and
other current assets 8.4 0.2 5.0 1.5 1.7 1.3 Prepaid expenses and
other 3.7 4.6 0.2 (0.6 ) (0.5 ) (0.6 ) Inventories 4.6 2.9 (7.2 )
4.0 4.9 4.2 Accounts payable and accrued liabilities (38.2 )
(1.3 ) (26.5 ) (17.4 ) 7.0
(10.4 )
OPERATING CASH FLOW $
127.6 $ 28.7
$ 49.6 $ 25.7
$ 23.6 $ 23.3
Table 20: Results of
Operations by Mine - Rochester
in millions of US$
FY
2011 4Q 2011 3Q 2011 2Q 2011 1Q
2011 4Q 2010 Sales of Metal $ 57.3 $ 11.1 $ 17.5 $ 14.4
$ 14.3 $ 25.3 Production Costs 28.3 4.2 11.4 5.3 7.4 10.6 EBITDA
7.1 3.2 2.7 (2.2 ) 3.4 14.1 Operating Income/(Loss) 6.7 4.6 2.1
(2.9 ) 2.9 15.2 Operating Cash Flow 3.1 3.4 2.7 (3.9 ) 0.9 9.0
Capital Expenditures 27.2 7.7 13.6 4.2 1.7 2.1 Gross Profit $ 29.0
$ 6.9 $ 6.1 $ 9.1 $ 6.9 $ 14.7 Gross Margin 50.6 % 62.2 % 34.9 %
63.2 % 48.3 % 58.1 % Ounces unless otherwise noted
FY
2011 4Q 2011 3Q 2011 2Q 2011 1Q
2011 4Q 2010 Silver Production 1,392 373 352 333 334 549
Gold Production 6 2 1 1 2 2 Cash Operating Costs/Ag Oz $ 22.97 $
37.99 $ 36.71 $ 4.34 $ 10.28 $ 2.94
Table 21: Reconciliation of
EBITDA for Rochester
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Sales of metal $ 57.3 $ 11.1 $ 17.5
$ 14.4 $ 14.3 $ 25.3 Production costs
applicable to sales $ (28.3 ) $ (4.2 ) $ (11.4 ) $ (5.3 ) $ (7.4 )
$ (10.6 ) Administrative and general — — — — — — Exploration (2 )
(1.5 ) $ (0.2 ) $ (0.3 ) — — Care and maintenance and other (19.9 )
(2.2 ) $ (3.2 ) $ (11 ) $ (3.5 ) $ (0.6 ) Pre-development —
— — — —
—
EBITDA $ 7.1
$ 3.2 $ 2.7
$ (2.2 ) $
3.4 $ 14.1
Table 22: Operating Cash
Flow for Rochester
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Cash provided by operating activities $ (11.2 )
$ (11.4 ) $ 0.9 $ (2.1 ) $ 1.4 $
11.8 Changes in operating assets and liabilities: Receivables and
other current assets (0.3 ) (0.2 ) 0.2 — (0.3 ) 0.3 Prepaid
expenses and other 1.7 0.7 0.7 0.4 (0.1 ) 0.1 Inventories 21.7 14.2
5.9 0.6 1.0 (1.8 ) Accounts payable and accrued liabilities
(8.8 ) 0.1 (5 ) (2.8 ) (1.1 )
(1.4 )
OPERATING CASH FLOW $ 3.1
$ 3.4 $ 2.7
$ (3.9 ) $
0.9 $ 9.0
Table 23: Results of
Operations by Mine - Kensington
in millions of US$
FY 2011 4Q 2011 3Q 2011
2Q 2011 1Q 2011 4Q 2010 Sales of
Metal $ 151.2 $ 32.9 $ 44.2 $ 26.0 $ 48.1 $ 15.1 Production Costs
101.7 31.7 24.3 12.8 32.9 6.6 EBITDA 48.1 0.5 19.6 12.8 15.2 8.5
Operating Income/(Loss) 12.3 (6.6 ) 10.3 2.8 5.8 (1.8 ) Operating
Cash Flow 36.1 (4.1 ) 14.5 11.7 14.0 8.0 Capital Expenditures 34.0
12.0 9.2 7.4 5.4 9.6 Gross Profit $ 49.5 $ 1.2 $ 19.9 $ 13.2 $ 15.2
$ 8.5 Gross Margin 32.7 % 3.6 % 45 % 50.8 % 31.6 % 56.3 %
Ounces unless otherwise noted
FY
2011 4Q 2011 3Q 2011 2Q
2011 1Q 2011 4Q 2010 Tons Milled
415,340 71,700 116,255 121,565 105,820 83,774 Average Gold Grade
(oz/t) 0.2 0.2 0.2 0.2 0.2 0.4 Average Recovery Rate 92.9 % 96.5 %
91.7 % 93 % 92.4 % 91 % Gold Production 89 13 25 26 24 28 Cash
Operating Costs/Ag Oz $ 1,088.37 $ 1,807.25 $ 973.28 $ 923.56 $
988.75 $ 874.60
Table 24: Reconciliation of
EBITDA for Kensington
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Sales of metal $ 151.2 $ 32.9 $ 44.2
$ 26.0 $ 48.1 $ 15.1 Production costs
applicable to sales $ (101.7 ) $ (31.7 ) $ (24.3 ) $ (12.8 ) $
(32.9 ) $ (6.6 ) Administrative and general — — — — — — Exploration
(1.1 ) (0.5 ) $ (0.3 ) $ (0.3 ) — — Care and maintenance and other
(0.3 ) (0.2 ) $ (0.1 ) — — Pre-development — —
— — — —
EBITDA $ 48.1
$ 0.5 $ 19.6
$ 12.8 $ 15.2
$ 8.5
Table 25: Operating Cash
Flow for Kensington
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Cash provided by operating activities $ 42.5
$ 9.3 $ 8.6 $ 7.6 $ 17.0 $ (5.6 )
Changes in operating assets and liabilities: Receivables and other
current assets 7.3 (5.1 ) 5.0 (1 ) 8.4 (2.2 ) Prepaid expenses and
other 1.9 0.5 1.3 0.2 (0.1 ) 0.1 Inventories (15.6 ) (10.1 ) (1.3 )
8.0 (12.2 ) 15.3 Accounts payable and accrued liabilities —
1.3 0.9 (3.1 ) 0.9
0.4
OPERATING CASH FLOW $
36.1 $ (4.1 )
$ 14.5 $ 11.7
$ 14.0 $ 8.0
Table 26: Results of
Operations by Mine - Martha
in millions of US$
FY 2011 4Q 2011
3Q 2011 2Q 2011 1Q 2011
Sales of Metal $ 13.3 $ 2.8 $ 6.0 $ 4.8
$ (0.3 ) Production Costs 15.5 3.9 8.1 3.9 (0.4 ) EBITDA
(8.8 ) (3.3 ) (3.8 ) (0.5 ) (1.2 ) Operating Income/(Loss) (9.2 )
(3 ) (4 ) (0.4 ) (1.8 ) Operating Cash Flow (7.7 ) (5 ) (1.7 ) (0.9
) (0.1 ) Capital Expenditures 3.4 1.4 1.1 0.6 0.3 Gross Profit $
(2.2 ) $ (1.1 ) $ (2.1 ) $ 0.9 $ 0.1 Gross Margin (16.5 )% (39.6 )%
(34.9 )% 18.8 % na
Ounces unless otherwise noted
FY 2011 4Q 2011 3Q 2011
2Q 2011 1Q 2011 Total Tons Milled 101,167
37,141 24,086 22,122 17,818 Average Silver Grade (oz/t) 6.29 4.65
5.33 5.44 12.06 Average Gold Grade (oz/t) 0.01 0.01 0.01 0.01 0.02
Average Recovery Rate – Ag 83.2 % 75.2 % 92.3 % 84 % 83.7 % Average
Recovery Rate – Au 74 % 74.2 % 72.9 % 72.4 % 75.3 % Silver
Production 530 130 119 101 180 Gold Production 1 — — — — Cash
Operating Costs/Ag Oz $ 32.79 $ 33.75 $ 39.31 $ 38.79 $ 24.44
Table 27: Reconciliation of
EBITDA for Martha
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Sales of metal $ 13.3 $ 2.8 $ 6.0
$ 4.8 $ (0.3 ) $ 18.7 Production costs
applicable to sales $ (15.5 ) $ (3.9 ) $ (8.2 ) $ (3.8 ) $ 0.4 $
(10.3 ) Administrative and general — — — — — — Exploration (6.4 )
(2.1 ) $ (1.5 ) $ (1.5 ) $ (1.3 ) $ (1.9 ) Care and maintenance and
other (0.2 ) (0.1 ) $ (0.1 ) — — — Pre-development —
— — — —
—
EBITDA $ (8.8 )
$ (3.3 ) $ (3.8
) $ (0.5 ) $
(1.2 ) $ 6.5
Table 28: Operating Cash Flow
for Martha
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Cash provided by operating activities $ (9.3 )
$ (3.2 ) $ 0.2 $ (3.2 ) $ (3.1 )
$ 4.6 Changes in operating assets and liabilities: Receivables and
other current assets (4.2 ) (0.9 ) 2.3 0.2 (5.8 ) 5.4 Prepaid
expenses and other 0.2 (0.3 ) 0.4 0.1 — — Inventories 1.3 0.4 (3.3
) 0.1 4.1 (4.8 ) Accounts payable and accrued liabilities
4.3 (1 ) (1.3 ) 1.9 4.7
(1.4 )
OPERATING CASH FLOW $
(7.7 ) $ (5 )
$ (1.7 ) $ (0.9 )
$ (0.1 ) $ 3.8
Table 29: Results of Operations
by Mine - Endeavor
in millions of US$
FY 2011 4Q 2011 3Q 2011
2Q 2011 1Q 2011 4Q 2010 Sales of
Metal $ 18.7 $ 2.8 $ 6.2 $ 6.6 $ 3.1 $ 3.3 Production Costs 8.6 1.0
3.2 3.3 1.1 1.4 EBITDA 10.1 1.8 3.0 3.3 2.0 1.9 Operating
Income/(Loss) 7.0 1.1 2.1 2.4 1.4 1.3 Operating Cash Flow 9.0 2.1
1.3 3.6 2.0 1.8 Capital Expenditures — — — — — — Gross Profit $
10.1 $ 1.8 $ 3.0 $ 3.3 $ 2.0 $ 1.9 Gross Margin 54 % 64.3 % 48.4 %
50 % 64.5 % 57.6 %
Ounces unless otherwise
noted
FY 2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Silver Production 613 111 138 215 149 120 Gold Production
— — — — — — Cash Operating Costs/Ag Oz $ 18.87 $ 14.74 $ 22.26 $
20.04 $ 17.15 $ 16.03
Table 30: Reconciliation of
EBITDA for Endeavor
2011 4Q 2011 3Q
2011 2Q 2011 1Q 2011 4Q
2010 Sales of metal $ 18.7 $ 2.8 $ 6.2
$ 6.6 $ 3.1 $ 3.3 Production costs applicable
to sales $ (8.6 ) $ (1 ) $ (3.2 ) $ (3.3 ) $ (1.1 ) $ (1.4 )
Administrative and general — — — — — — Exploration — — — — — — Care
and maintenance and other — — — — — — Pre-development —
— — — —
—
EBITDA $ 10.1
$ 1.8 $ 3.0
$ 3.3 $ 2.0
$ 1.9
Table 31: Operating Cash Flow
for Endeavor
2011 4Q 2011 3Q 2011
2Q 2011 1Q 2011 4Q 2010
Cash provided by operating activities $ 9.1 $ 2.1
$ 2.4 $ 2.5 $ 2.1 $ 2.7 Changes in
operating assets and liabilities: Receivables and other current
assets (0.9 ) (1.2 ) (1.4 ) 2.7 (1 ) (0.4 ) Prepaid expenses and
other — — — — — — Inventories 0.1 0.1 (0.9 ) — 0.9 — Accounts
payable and accrued liabilities 0.7 1.1
1.2 (1.6 ) — (0.5 )
OPERATING CASH FLOW $ 9.0
$ 2.1 $ 1.3
$ 3.6 $ 2.0
$ 1.8
Table 32: Operating Cash Flow by
Mine for 2010
Palmarejo San
Bartolome Kensington Rochester Martha
Endeavor Cash provided by operating activities $ 72.2 $ 64.5
$ (19 ) $ 32.2 $ 14.9 $ 4.5 Changes in operating assets and
liabilities: Receivables and other current assets (8 ) 4.1 4.9 0.3
3.8 (3.1 ) Prepaid expenses and other (4.7 ) (1.5 ) 2.6 — — —
Inventories 32.1 8.3 25.6 (5.7 ) (6 ) — Accounts payable and
accrued liabilities (5 ) (21 ) (6.7 )
(1.9 ) (3.4 ) 5.1
OPERATING CASH FLOW
$ 86.6 $ 54.4
$ 7.4 $
24.9 $ 9.3
$ 6.5
Table 33: Reconciliation of Non-U.S. GAAP Cash Costs
to U.S. GAAP Production Costs (Three months ending Dec. 31,
2011)
Cash operating costs are a non-U.S. GAAP measure defined as cash
costs less production taxes and royalties if applicable. See the
reconciliation between non-U.S. GAAP at the end of this news
release. Consolidated cash operating costs per silver ounce are net
of gold by-product and represent the consolidation of all Coeur's
mines except for Kensington, which is a primary gold mine and
reports cash operating costs per gold ounce.
(In thousands except ounces and per ounce costs)
Palmarejo San Bartolomé
Kensington Rochester Martha
Endeavor Total Total Cash Operating
Cost (Non-U.S. GAAP) (5,730 ) 18,332 24,035 14,191 4,386 1,647
56,861 Royalties — 3,279 — — 98 — 3,377 Production taxes — —
— 124 — — 124 Total Cash
Costs (Non-U.S. GAAP) (5,730 ) 21,611 96,234 14,315
4,484 1,647 60,362 Add/Subtract: Third
party smelting costs — — (1,881 ) — (516 ) (483 ) (2,880 )
By-product credit 57,501 — — 3,344 242 — 61,087 Other adjustments
233 608 — 266 97 — 1,204 Change in inventory (5,054 ) (869 ) 9,407
(13,722 ) (296 ) (112 ) (10,646 ) Depreciation, depletion and
amortization 42,646 6,021 7,016 1,152
474 750 58,059 Production costs applicable to
sales, including depreciation, depletion and amortization (U.S.
GAAP) $ 89,596 $ 27,370 $ 38,577 $ 5,356
$ 4,486 $ 1,802 $ 167,187 Production of
silver (ounces) 2,690,368 1,997,416 — 373,589 129,972 111,723
5,303,068 Cash operating cost per silver ounce $ (2.13 ) $ 9.18 $ —
$ 37.99 $ 33.75 $ 14.74 $ 6.19 Cash costs per silver ounce $ (2.13
) $ 10.82 $ — $ 38.32 $ 34.50 $ 14.74 $ 6.85 Production of gold
(ounces) $ — $ — $ 13,299.00 $ — $ — $ — $ 13,299.00 Cash operating
cost per gold ounce $ — $ — $ 1,807.25 $ — $ — $ — $ 1,807.25 Cash
cost per gold ounce $ — $ — $ 1,807.25 $ — $ — $ — $ 1,807.25
Table 34: Reconciliation of Non-U.S. GAAP Cash Costs
to U.S. GAAP Production Costs (Twelve months ending Dec. 31,
2011) Cash operating costs are a non-U.S. GAAP measure defined
as cash costs less production taxes and royalties if applicable.
See the reconciliation between non-U.S. GAAP at the end of this
news release. Consolidated cash operating costs per silver ounce
are net of gold by-product and represent the consolidation of all
Coeur's mines except for Kensington, which is a primary gold mine
and reports cash operating costs per gold ounce.
(In thousands except ounces and per ounce costs)
Palmarejo San Bartolomé
Kensington Rochester Martha
Endeavor Total Total Cash Operating
Cost (Non-U.S. GAAP) (8,743 ) 68,277 96,234 31,978 17,367 11,573
216,686 Royalties — 11,561 — 2,177 685 — 14,423 Production taxes —
— — 409 — — 409
Total Cash Costs (Non-U.S. GAAP) (8,743 ) 79,838 96,234
34,564 18,052 11,573 231,518
Add/Subtract: Third party smelting costs — — (11,003 ) — (2,882 )
(2,872 ) (16,757 ) By-product credit 197,342 — — 9,898 949 —
208,189 Other adjustments 1,441 906 19 522 559 — 3,447 Change in
inventory (3,839 ) (1,065 ) 16,422 (16,727 ) (1,165 ) (67 ) (6,441
) Depreciation, depletion and amortization 159,231 22,408
35,839 2,807 554 3,148 223,987
Production costs applicable to sales, including
depreciation, depletion and amortization (U.S. GAAP) $ 345,432
$ 102,087 $ 137,511 $ 31,064 $ 16,067
$ 11,782 $ 643,943 Production of silver
(ounces) 9,041,488 7,501,367 — 1,392,433 529,602 613,361 19,078,251
Cash operating cost per silver ounce $ (0.97 ) $ 9.10 $ — $ 22.97 $
32.79 $ 18.87 $ 6.31 Cash costs per silver ounce $ (0.97 ) $ 10.64
$ — $ 24.82 $ 34.08 $ 18.87 $ 7.09 Production of gold (ounces) $ —
$ — $ 88,420.00 $ — $ — $ — $ 88,420.00 Cash operating cost per
gold ounce $ — $ — $ 1,088.37 $ — $ — $ — $ 1,088.37 Cash cost per
gold ounce $ — $ — $ 1,088.37 $ — $ — $ — $ 1,088.37
Table 35: Mineral Reserves at Year End 2011
Effective December 31, 2011 except
Endeavor effective June 31, 2011.
SHORT TONS GRADE (Oz/Ton)
OUNCES YEAR END 2011 LOCATION
SILVER GOLD SILVER
GOLD PROVEN RESERVES Rochester
Nevada, USA 31,532,400 0.59 0.006 18,680,600 178,800 Martha
Argentina — — — — — San Bartolome Bolivia 959,000 3.01 — 2,888,250
— Kensington Alaska, USA 1,164,100 — 0.280 — 325,920 Endeavor
Australia 2,634,500 1.39 — 3,673,870 — Palmarejo Mexico 4,915,900
5.31 0.067 26,090,800 329,950 Joaquin Argentina —
— — — —
Total 41,205,900
51,333,520
834,670 PROBABLE RESERVES Rochester Nevada, USA
15,747,300 0.69 0.004 10,892,300 68,200 Mina Martha Argentina
52,500 12.79 0.011 671,400 580 San Bartolome Bolivia 43,555,500
2.64 — 115,191,460 — Kensington Alaska, USA 4,842,300 — 0.209 —
1,014,090 Endeavor Australia 2,998,300 2.50 — 7,500,770 — Palmarejo
Mexico 7,581,300 4.05 0.047 30,727,260 358,170 Joaquin
Argentina — — — —
—
Total 74,777,200
164,983,190
1,441,040 PROVEN AND PROBABLE RESERVES
Rochester Nevada, USA 47,279,700 0.63 0.005 29,572,900 247,000
Martha Argentina 52,500 12.79 0.011 671,400 580 San Bartolome
Bolivia 44,514,500 2.65 — 118,079,710 — Kensington Alaska, USA
6,006,400 — 0.223 — 1,340,010 Endeavor Australia 5,632,800 1.98 —
11,174,640 — Palmarejo Mexico 12,497,200 4.55 0.055 56,818,060
688,120 Joaquin Argentina — —
— — —
Total Proven and
Probable 115,983,100
216,316,710
2,275,710
- Effective December 31, 2011 except
Endeavor effective June 31, 2011.
- Metal prices used for mineral reserves
were $23 US per ounce of silver and $1,220 US per ounce of gold
except Endeavor at $2,200 per metric ton of lead, $2,200 per metric
ton of zinc and $25 per ounce of silver and Martha at $1,250 US per
ounce of gold and $24 US per ounce of silver.
- Palmarejo Mineral Reserves are the
addition of Palmarejo and Guadalupe (Proven and Probable).
- Rounding of tons as required by
reporting guidelines may result in apparent differences between
tons, grade and contained metal content.
- For details on the estimation of
mineral resources and reserves for each property, please refer to
the Technical Report on file at www.sedar.com.
Table 36: Mineral Resources
(Exclusive of Reserves) at Year End 2011
SHORT TONS GRADE (Oz/Ton)
OUNCES YEAR END 2011 LOCATION
SILVER GOLD SILVER
GOLD MEASURED RESOURCES
Rochester Nevada, USA 131,085,400 0.46 0.004 60,586,200 500,500
Martha Argentina — — — — — San Bartolome Bolivia — — — — —
Kensington Alaska, USA 495,200 — 0.234 — 115,910 Endeavor Australia
10,923,900 2.67 — 29,148,830 — Palmarejo Mexico 1,792,900 4.24
0.052 7,593,880 93,250 Joaquin Argentina —
— — — —
Total 144,297,400
97,328,910
709,660 INDICATED RESOURCES Rochester Nevada, USA
120,387,000 0.43 0.003 51,762,400 366,300 Martha Argentina 35,100
12.15 0.013 426,450 440 San Bartolome Bolivia 21,263,600 2.59 —
54,968,370 — Kensington Alaska, USA 2,544,200 — 0.185 — 471,410
Endeavor Australia 123,500 0.01 — 1,830 — Palmarejo Mexico
3,268,700 2.88 0.034 9,398,900 111,270 Joaquin Argentina
4,049,900 2.48 0.005
10,043,430 18,360
Total
151,672,000
126,601,380 967,780 MEASURED AND
INDICATED RESOURCES Rochester Nevada, USA 251,472,400 0.45
0.003 112,348,600 866,800 Martha Argentina 35,100 12.15 0.013
426,450 440 San Bartolome Bolivia 21,263,600 2.59 — 54,968,370 —
Kensington Alaska, USA 3,039,400 — 0.193 — 587,320 Endeavor
Australia 11,047,400 2.64 — 29,150,660 — Palmarejo Mexico 5,061,600
3.36 0.040 16,992,780 204,520 Joaquin Argentina
4,049,900 2.48 0.005
10,043,430 18,360
Total Measured and Indicated
295,969,400
223,930,290 1,677,440
INFERRED RESOURCES Rochester Nevada, USA 40,542,600 0.58
0.003 23,618,600 122,400 Martha Argentina 259,400 4.32 0.005
1,121,270 1,210 San Bartolome Bolivia 3,384,800 1.07 — 3,617,040 —
Kensington Alaska, USA 730,700 — 0.232 — 169,680 Endeavor Australia
3,527,400 1.09 — 3,835,584 — Palmarejo Mexico 11,653,000 2.40 0.052
27,928,190 611,650 Joaquin Argentina 7,755,300
3.15 0.003 24,455,520
21,420
Total 67,853,200
84,576,204
926,360
- Effective December 31, 2011 except
Endeavor effective June 31, 2011, Joaquin effective May 26,
2011.
- Metal prices used for mineral resources
were $30.00 US per ounce of silver and $1,500 US per ounce of gold
except Endeavor at $2,200 per metric ton of lead, $2,200 per metric
ton of zinc and $25 per ounce of silver, Martha at $1,250 US per
ounce of gold and $24 US per ounce of silver, and Joaquin at $20 US
per ounce of silver and $1,300 US per ounce of gold.
- Palmarejo Mineral Resources are the
addition of Palmarejo, Guadalupe and La Patria (Measured, Indicated
and Inferred).
- Coeur is the operator of the Joaquin
Project and holds a 51% project interest as of November, 2011.
- Mineral Resources are in addition to
mineral reserves and have not demonstrated economic viability.
- Rounding of tons as required by
reporting guidelines may result in apparent differences between
tons, grade and contained metal content.
- For details on the estimation is
mineral resources and reserves for each property, please refer to
the Technical Report on file at www.sedar.com.
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