Coeur Mining, Inc. Q4 FY2024 earnings call

• 2024 was consequential, with full-year adjusted EBITDA doubling to $339M. - 2025 expected to be record year with production from 5 North American ops: over 400k oz gold and over 18M oz silver, up 20% and 62% Y/Y. - Invested $285M in exploration over 5 years, leading to 26% gold reserves increase, 30% silver reserves increase. - Rochester expansion ramp-up, Las Chispas acquisition, and steady performance of other ops are drivers. - 2025 CapEx includes sustaining spending, tailings dam raise at Kensington, modifications at Rochester, and modest increase for Wharf mine life extension.

Rochester: Newly expanded operation saw 34% increase in silver production and 63% in gold production compared to Q3, contributing over $12M free cash flow in Q4. Palmarejo: Gold and silver production increased 8% and 3% Y/Y, leading to $108M free cash flow. Kensington: Gold production grew 13% Y/Y in 2024, with 2025 guidance for 5% increase in production. Wharf: Fourth-quarter production moderated but annual gold production grew 5%, full-year free cash flow $95M. Las Chispas: New acquisition, added 12% boost to overall reserve grade.

• 2025 production: over 400k oz gold and over 18M oz silver from 5 North American ops, 20% and 62% higher than 2024. - Anticipate record EBITDA, earnings, and free cash flow, to be used for debt reduction. - 2025 exploration investment ~$85M, weighted towards scout and expansion drilling. - Q1 2025 to be messy due to one-time outflows like large tax payments, annual incentive plan payments, etc., but absent these, Q1 free cash flow would be positive.

• Q1 2025 will be impacted by one-time outflows including large tax payments, annual incentive plan payments, etc. - Rochester had crush size issues in Q4 affecting production, though progress towards five-eighths goal is being made. - Kensington had higher costs due to increased activity and grade sensitivity.

Q: Give update on Las Chispas acquisition cash and bullion at closing?

A: Silvercrest had $153M cash and $40M bullion at end, closer to $100M at closing, with Q1 to be messy due to transaction costs and big tax bill.

Q: Kensington cost per ounce increase and Rochester crush size issue?

A: Kensington costs up due to increased activity and grade sensitivity; Rochester had DTP material and crusher downtime in Q4 impacting production, but progress towards five-eighths goal is ongoing.

Q: Rochester winter impact on production and grind size?

A: Partly due to thermal load and grade tons under leach, still work to do on grind size, but tests showed ability to hit five-eighths with right ore blend