Coeur Reports Second Quarter 2019 Results

Full-Year Production and Cost Guidance Reaffirmed

CHICAGO–(BUSINESS WIRE)–Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported second quarter 2019 financial results, including revenue of $162.1 million, adjusted EBITDA1 of $30.6 million and cash flow from operating activities of $26.4 million. Including a non-cash write down of $11.9 million taken in the quarter, the Company reported GAAP net loss from continuing operations of $36.8 million, or $0.18 per share. On an adjusted basis1, the Company reported a net loss of $23.0 million, or $0.11 per share.

The Company is reaffirming full-year 2019 production guidance of 334,000 – 372,000 ounces of gold, 12.2 – 14.7 million ounces of silver, 25 – 40 million pounds of zinc and 20 – 35 million pounds of lead. In addition, full-year cost guidance is being reaffirmed.


Key Highlights

  • Solid operational and financial performance at Palmarejo – Palmarejo’s gold and silver production increased 22% and 36% quarter-over-quarter, respectively. Higher production was driven by increased mill throughput and improved recovery rates. Second quarter adjusted costs applicable to sales (“CAS”)1 for gold and silver on a co-product basis were $741 and $9.17 per ounce, respectively, and remained within full-year guidance ranges of $650 – $750 per ounce of gold and $9.00 – $10.00 per ounce of silver
  • Rochester now processing ore through high-pressure grinding roll (“HPGR”) unit – Coeur has successfully commissioned the enhanced crushing circuit, including the HPGR unit, and has recommenced full mining and processing activities. Preliminary metallurgical test work from newly crushed and placed material indicate results in-line with expectations. The new crushing circuit is expected to improve silver recoveries and help reduce operating costs during the remainder of the year
  • Kensington benefiting from the high-grade Jualin deposit – Kensington’s gold production in the second quarter increased by 14% compared to the prior period. Jualin accounted for approximately 17% of Kensington’s production during the quarter, helping to reduce adjusted CAS1 15% quarter-over-quarter to $842 per ounce. Increased production from Jualin is expected to contribute to higher production levels and lower unit costs for the remainder of 2019
  • Strongest quarter of operational performance at Silvertip – Second quarter results at Silvertip represented the best period of operational performance since acquisition. Despite lower mill throughput, silver, zinc and lead production increased 44%, 43% and 62%, respectively, compared to the prior quarter, driven by significantly higher feed grades and improved recovery rates. The Company continues to execute key projects targeting mill availability, which are anticipated to drive improved results during the remainder of 2019
  • 19% reduction in total debt2 in the second quarter – Coeur repaid $82.0 million of outstanding indebtedness, leading to a 19% quarter-over-quarter reduction in total debt2. At June 30, 2019, the Company had $53.0 million drawn under its $250.0 million senior secured revolving credit facility, approximately 61% lower compared to the prior period
  • Strategic option agreement with subsidiaries of Barrick Gold Corporation (“Barrick”) – In June 2019, Coeur entered into a purchase option agreement (the “Option Agreement”) with Barrick for the Richmond Hill Project (the “Project”), which is located adjacent to Coeur’s Wharf mine in South Dakota. The option to acquire the Project provides a potential opportunity for Coeur to leverage existing infrastructure to further expand Wharf’s footprint and extend its mine life

We made solid operational and financial progress on multiple fronts during the second quarter and are well positioned to deliver on our key initiatives in the second half of 2019,” said Mitchell J. Krebs, President and Chief Executive Officer. “In addition to prudent cost management, improved operational results helped drive adjusted EBITDA1 17% higher and general and administrative expenses 18% lower quarter-over-quarter. We continued to make solid progress on our top two 2019 initiatives by beginning to feed material through the HPGR unit at Rochester and demonstrating meaningful progress at Silvertip. We also successfully repaid $82.0 million of outstanding indebtedness under our revolving credit facility and continued to invest in our success-based exploration program, with encouraging near-mine resource expansion drill results at Kensington and Silvertip.”

Financial and Operating Highlights (Unaudited)

(Amounts in millions, except per share amounts, gold ounces

produced & sold, and per-ounce/pound metrics)

2Q 2019

1Q 2019

4Q 2018

3Q 2018

2Q 2018

Gold Sales

$

110.3

 

$

106.8

 

$

96.3

 

$

103.0

 

$

117.2

 

Silver Sales

$

45.0

 

$

40.1

 

$

44.6

 

$

43.0

 

$

52.8

 

Zinc Sales

$

2.6

 

$

5.6

 

$

1.9

 

$

1.7

 

$

 

Lead Sales

$

4.2

 

$

2.4

 

$

1.0

 

$

1.0

 

$

 

Consolidated Revenue

$

162.1

 

$

154.9

 

$

143.8

 

$

148.8

 

$

170.0

 

Costs Applicable to Sales

$

131.9

 

$

131.7

 

$

116.6

 

$

116.9

 

$

108.2

 

General and Administrative Expenses

$

7.8

 

$

9.5

 

$

7.1

 

$

7.7

 

$

7.7

 

Net Income (Loss)

$

(36.8

)

$

(24.9

)

$

0.4

 

$

(53.0

)

$

2.9

 

Net Income (Loss) Per Share

$

(0.18

)

$

(0.12

)

$

0.00

 

$

(0.29

)

$

0.02

 

Adjusted Net Income (Loss)1

$

(23.0

)

$

(23.0

)

$

16.1

 

$

(19.7

)

$

1.1

 

Adjusted Net Income (Loss)1 Per Share

$

(0.11

)

$

(0.11

)

$

0.08

 

$

(0.11

)

$

0.01

 

Weighted Average Shares Outstanding

207.8

 

202.4

 

199.5

 

185.2

 

187.5

 

EBITDA1

$

7.7

 

$

14.8

 

$

7.9

 

$

(12.3

)

$

42.1

 

Adjusted EBITDA1

$

30.6

 

$

26.1

 

$

36.2

 

$

24.7

 

$

48.4

 

Cash Flow from Operating Activities

$

26.4

 

$

(15.8

)

$

0.1

 

$

5.8

 

$

(1.3

)

Capital Expenditures

$

20.7

 

$

27.4

 

$

17.8

 

$

39.5

 

$

41.2

 

Free Cash Flow1

$

5.7

 

$

(43.3

)

$

(17.7

)

$

(33.7

)

$

(42.5

)

Cash, Equivalents & Short-Term Investments

$

37.9

 

$

69.0

 

$

115.1

 

$

104.7

 

$

123.5

 

Total Debt2

$

370.0

 

$

456.8

 

$

458.8

 

$

429.2

 

$

419.7

 

Average Realized Price Per Ounce – Gold

$

1,277

 

$

1,251

 

$

1,214

 

$

1,150

 

$

1,241

 

Average Realized Price Per Ounce – Silver

$

14.75

 

$

15.22

 

$

14.59

 

$

14.68

 

$

16.48

 

Average Realized Price Per Pound – Zinc

$

0.49

 

$

1.19

 

$

0.83

 

$

0.93

 

$

 

Average Realized Price Per Pound – Lead

$

0.82

 

$

0.86

 

$

0.80

 

$

0.90

 

$

 

Gold Ounces Produced

86,584

 

78,336

 

92,546

 

87,539

 

94,052

 

Silver Ounces Produced

3.1

 

2.5

 

3.5

 

2.9

 

3.2

 

Zinc Pounds Produced

5.3

 

3.7

 

3.1

 

1.1

 

 

Lead Pounds Produced

5.0

 

3.1

 

1.7

 

0.4

 

 

Gold Ounces Sold

86,385

 

85,326

 

79,291

 

89,609

 

94,455

 

Silver Ounces Sold

3.0

 

2.6

 

3.1

 

2.9

 

3.2

 

Zinc Pounds Sold

5.3

 

4.7

 

2.6

 

1.8

 

 

Lead Pounds Sold

5.2

 

2.7

 

1.4

 

1.2

 

 

Financial Results

Second quarter revenue increased 5% to $162.1 million compared to $154.9 million in the first quarter of 2019. The Company sold 86,385 ounces of gold and 3.0 million ounces of silver during the quarter, representing increases of 1% and 16%, respectively, compared to the prior period. Zinc and lead sales totaled 5.3 million and 5.2 million pounds during the second quarter, 13% and 93% increases, respectively, quarter-over-quarter.

Average realized gold price increased 2% quarter-over-quarter to $1,277 per ounce, while average realized silver price decreased 3% over the same period to $14.75 per ounce. The average realized gold price during the quarter reflects the sale of 6,190 ounces of gold at a price of $800 per ounce pursuant to Palmarejo’s gold stream agreement. Average realized zinc price, net of treatment and refining charges, during the quarter was $0.49 per pound or 59% lower compared to the prior quarter largely driven by provisional pricing adjustments on spot zinc sales. Average realized lead price, net of treatment and refining charges, during the quarter was $0.82 per pound or 5% lower compared to the prior period.

Gold and silver sales accounted for 68% and 28% of second quarter revenue, respectively, while zinc and lead sales contributed approximately 2% each. The Company’s U.S. operations accounted for approximately 56% of second quarter revenue, down from approximately 59% in the first quarter primarily due to increased sales from Palmarejo, which totaled $59.3 million.

Costs applicable to sales were relatively flat quarter-over-quarter, totaling $131.9 million during the second quarter. Second quarter general and administrative expenses of $7.8 million were 18% lower quarter-over-quarter, reflecting the Company’s proactive cost management.

Quarterly exploration expense was $5.7 million, or 54% higher quarter-over-quarter, reflecting Coeur’s continued commitment to its success-based exploration program. During the quarter, exploration activities were focused on resource expansion and infill drilling at Palmarejo and Kensington as well as resource expansion drilling at Silvertip and the Sterling and Crown exploration properties in southern Nevada. See page 12 for further details.

During the second quarter, the Company recorded an income tax benefit of $5.5 million, largely attributable to lower taxable earnings during the quarter. Cash income and mining taxes paid during the quarter totaled $17.2 million, partially offset by $6.1 million of value-added tax refunds and includes $9.3 million of previously disclosed cash taxes incurred in connection with Coeur’s acquisition of Northern Empire Resources Corp. which allows the Company to utilize its U.S. net operating loss carryforwards against future income generated from the Sterling and Crown exploration properties.

Operating cash flow of $26.4 million in the second quarter reflects improved profitability from Palmarejo, Rochester and Kensington as well as proceeds from a $25.0 million prepayment, which more than offset unfavorable changes in other working capital items during the quarter.

Second quarter capital expenditures totaled $20.7 million, compared to $27.4 million in the first quarter. Lower capital expenditures were driven primarily by reduced expenditures at Kensington, Rochester and Palmarejo, partially offset by higher investment at Silvertip. Sustaining and development capital expenditures accounted for approximately 75% and 25%, respectively, of the Company’s total capital expenditures in the second quarter.

Second Quarter Debt Reduction Initiatives

During the second quarter, Coeur completed its previously announced $50.0 million at-the-market common stock offering program, raising net proceeds (after sales commissions) of $48.9 million.

The Company also amended an existing sales arrangement with a metal sales counterparty covering a portion of its gold concentrate from the Kensington mine in consideration for a $25.0 million prepayment. Pursuant to U.S. GAAP, Coeur recorded the $25.0 million as deferred revenue which is presented in accrued liabilities on the Company’s balance sheet. Under the terms of the prepayment, Coeur maintains its exposure to the price of gold and expects to recognize the full value of the accrued liability by the end of 2019.

Together with cash and cash equivalents, proceeds from these transactions were used to help repay $82.0 million of outstanding indebtedness under the Company’s $250.0 million senior secured revolving credit facility during the second quarter.

On August 6, 2019, the Company amended its credit agreement with respect to its senior secured revolving credit facility to provide the Company with additional financial flexibility under its consolidated interest coverage ratio as of June 30, 2019.

Richmond Hill Project Option Agreement

In June 2019, Coeur entered into the Option Agreement with Barrick that provides the Company an exclusive option to acquire the Richmond Hill Project, which is located approximately four miles from its Wharf mine in South Dakota. The Project is a past producing gold operation with a total land package of approximately 2,340 acres.

Under the terms of the Option Agreement, Coeur may acquire 100% of the Project in consideration for:

  • 2% – 3% net smelter returns royalty to Barrick on encumbered and unencumbered land, respectively, at the Project
  • Assumption of the Project’s reclamation obligation, currently understood to have a value of approximately $21 million

There are no minimum spending requirements under the terms of the Option Agreement, and Coeur’s exclusive option to acquire 100% of the Project expires in September 2021.

Operations

Second quarter 2019 highlights for each of the Company’s operations are provided below.

Palmarejo, Mexico

(Dollars in millions, except per ounce amounts)

2Q 2019

1Q 2019

4Q 2018

3Q 2018

2Q 2018

Tons milled

447,727

378,987

378,389

300,116

344,073

Average gold grade (oz/t)

0.07

0.07

0.08

0.10

0.11

Average silver grade (oz/t)

4.74

4.64

5.96

6.26

6.86

Average recovery rate – Au

87.7%

83.4%

97.6%

88.8%

89.9%

Average recovery rate – Ag

81.8%

72.8%

84.0%

82.2%

87.5%

Gold ounces produced

28,246

23,205

31,239

27,885

33,702

Silver ounces produced (000’s)

1,735

1,278

1,893

1,544

2,066

Gold ounces sold

28,027

27,394

23,667

29,830

31,207

Silver ounces sold (000’s)

1,709

1,405

1,534

1,572

2,092

Average realized price per gold ounce

$1,210

$1,154

$1,148

$1,082

$1,162

Average realized price per silver ounce

$14.86

$15.39

$14.57

$14.75

$16.49

Metal sales

$59.3

$53.2

$49.6

$55.5

$70.7

Costs applicable to sales

$36.5

$33.2

$27.1

$31.6

$30.3

Adjusted CAS per AuOz1

$741

$713

$624

$615

$497

Adjusted CAS per AgOz1

$9.17

$9.66

$7.92

$8.39

$7.05

Exploration expense

$1.1

$1.0

$0.1

$3.2

$3.2

Cash flow from operating activities

$15.6

$5.9

$13.3

$8.6

$1.3

Sustaining capital expenditures (excludes capital lease payments)

$5.0

$6.0

$3.6

$2.0

$9.5

Development capital expenditures

$2.6

$2.7

$2.3

$2.7

$—

Total capital expenditures

$7.6

$8.7

$5.9

$4.7

$9.5

Free cash flow1

$8.0

$(2.8)

$7.4

$3.9

$(8.2)

  • Second quarter gold and silver production increased 22% and 36%, respectively, to 28,246 and 1.7 million ounces compared to the prior quarter. Year-over-year, gold and silver production decreased approximately 16%
  • Higher production during the quarter was primarily driven by an 18% increase in mill throughput as well as improved access to higher-grade secondary stopes with better recoveries due to the maintenance and expansion of the cemented rockfill plant, which was completed in the prior quarter
  • Second quarter adjusted CAS1 for gold on a co-product basis increased 4% to $741 per ounce, while adjusted CAS1 for silver on a co-product basis decreased 5% to $9.17 per ounce compared to the first quarter. Adjusted CAS1 reflect comparatively higher silver sales quarter-over-quarter and remained within full-year guidance ranges
  • Free cash flow1 of $8.0 million during the second quarter was driven by higher operating cash flow from increased metal sales as well as slightly lower capital expenditures. Capital expenditures during the quarter were focused on mine development and infrastructure projects
  • Production began at the La Nación deposit, located between the Independencia and Guadalupe underground mines, shortly after the end of the second quarter. Production at La Nación is anticipated to continue ramping up during the third quarter as infrastructure projects are completed, adding approximately 400 tons per day of additional mill feed
  • Commissioning of a new thickener was completed on budget and on schedule earlier this month. The project is expected to increase metallurgical recoveries for both gold and silver by approximately 2% and has an estimated one-year payback
  • Full-year 2019 production guidance remains unchanged at 95,000 – 105,000 ounces of gold and 6.5 – 7.2 million ounces of silver
  • Guidance for CAS and capital expenditures also remains unchanged. CAS are expected to be $650 – $750 per gold ounce and $9.00 – $10.00 per silver ounce. Capital expenditures are expected to be approximately $40 – $45 million

Rochester, Nevada

(Dollars in millions, except per ounce amounts)

2Q 2019

 

1Q 2019

 

4Q 2018

 

3Q 2018

 

2Q 2018

Ore tons placed

2,786,287

 

2,667,559

 

3,674,566

 

4,061,082

 

4,083,028

Average silver grade (oz/t)

0.45

 

0.46

 

0.46

 

0.52

 

0.53

Average gold grade (oz/t)

0.003

 

0.003

 

0.004

 

0.004

 

0.004

Silver ounces produced (000’s)

971

 

960

 

1,466

 

1,290

 

1,125

Gold ounces produced

8,609

 

8,256

 

15,926

 

14,702

 

12,273

Silver ounces sold (000’s)

962

 

1,000

 

1,391

 

1,248

 

1,097

Gold ounces sold

8,642

 

8,511

 

15,339

 

14,257

 

12,030

Average realized price per silver ounce

$14.83

 

$15.31

 

$14.53

 

$14.70

 

$16.47

Average realized price per gold ounce

$1,295

 

$1,299

 

$1,234

 

$1,204

 

$1,297

Metal sales

$25.5

 

$26.4

 

$39.1

 

$35.5

 

$33.7

Costs applicable to sales

$24.7

 

$22.5

 

$29.4

 

$27.5

 

$24.5

Adjusted CAS per AgOz1

$13.19

 

$12.83

 

$10.79

 

$11.35

 

$11.89

Adjusted CAS per AuOz1

$1,153

 

$1,092

 

$917

 

$929

 

$936

Exploration expense

$0.1

 

$0.1

 

$—

 

$0.1

 

$0.2

Cash flow from operating activities

$1.6

 

$(1.0)

 

$17.9

 

$5.7

 

$6.0

Sustaining capital expenditures (excludes capital lease payments)

$0.4

 

$1.8

 

$7.1

 

$2.7

 

$0.4

Development capital expenditures

$2.4

 

$2.8

 

$(4.1)

 

$0.9

 

$0.3

Total capital expenditures

$2.8

 

$4.6

 

$3.0

 

$3.6

 

$0.7

Free cash flow1

$(1.2)

 

$(5.6)

 

$14.9

 

$2.1

 

$5.3

  • Silver production remained relatively flat quarter-over-quarter at approximately 1.0 million ounces, while gold production increased 4% to 8,609 ounces. Year-over-year, silver and gold production decreased 14% and 30%, respectively
  • Higher gold production was driven by the timing of leach pad recoveries as well as improved weather conditions. Tons placed also increased in the second quarter due to the stacking of additional run-of-mine material, despite the idling of the X-Pit crusher during May and June for commissioning of the new crusher configuration
  • Second quarter adjusted CAS1 for silver and gold on a co-product basis increased 3% and 6% to $13.19 and $1,153 per ounce, respectively, quarter-over-quarter. These increases were primarily related to the stacking of additional run-of-mine material and maintenance on the process plant during the quarter
  • Ore is currently being processed by the new three-stage crushing circuit, including the HPGR unit, despite a three week setback related to a failed crusher at the end of the second quarter. Expectations for crushing rates, silver recoveries and capital requirements for the new crushing circuit remain in-line with prior estimates. Results during the second half of the year are expected to continue improving with the integration of the new crushing circuit and the placement of additional run-of-mine material on the Stage IV leach pad
  • Free cash flow1 of $(1.2) million was driven by capital expenditures exceeding operating cash flow. Capital expenditures during the quarter were focused on the new crushing circuit as well as further development of the Stage IV leach pad
  • The Company is maintaining full-year 2019 production guidance of 4.2 – 5.0 million ounces of silver and 40,000 – 50,000 ounces of gold. CAS in 2019 are also unchanged and expected to be $12.50 – $13.50 per silver ounce and $1,000 – $1,100 per gold ounce
  • The Company is maintaining its guidance for capital expenditures, which are expected to be approximately $17 – $20 million, including approximately $12 – $15 million associated with the new crushing circuit

Kensington, Alaska

(Dollars in millions, except per ounce amounts)

2Q 2019

1Q 2019

4Q 2018

3Q 2018

2Q 2018

Tons milled

160,510

164,332

149,998

163,603

168,751

Average gold grade (oz/t)

0.23

0.20

0.21

0.17

0.16

Average recovery rate

93.0%

90.2%

91.1%

90.4%

92.6%

Gold ounces produced

34,049

29,973

28,421

25,515

25,570

Gold ounces sold

34,415

31,335

24,979

25,648

28,165

Average realized price per gold ounce, gross

$1,332

$1,301

$1,267

$1,195

$1,305

Treatment and refining charges per gold ounce

$20

$15

$21

$34

$36

Average realized price per gold ounce, net

$1,312

$1,286

$1,246

$1,161

$1,269

Metal sales

$45.2

$40.3

$31.1

$29.8

$35.7

Costs applicable to sales

$29.1

$32.2

$21.4

$28.2

$34.2

Adjusted CAS per AuOz1

$842

$990

$843

$1,091

$1,196

Exploration expense

$2.0

$0.5

$1.3

$1.6

$1.4

Cash flow from operating activities

$41.4

$6.2

$7.9

$(0.4)

$3.2

Sustaining capital expenditures (excludes capital lease payments)

$4.9

$9.4

$9.8

$9.7

$9.2

Development capital expenditures

$—

$—

$0.8

$2.3

$1.5

Total capital expenditures

$4.9

$9.4

$10.6

$12.0

$10.7

Free cash flow1

$36.5

$(3.2)

$(2.7)

$(12.4)

$(7.5)

  • Commercial production at Jualin was declared on December 1, 2018. The figures shown in the table above exclude pre-commercial production. Additionally, second quarter operating cash flow and free cash flow1 figures in the table above include the proceeds from the $25.0 million prepayment. Excluding the prepayment, second quarter operating cash flow and free cash flow1 were $16.4 million and $11.5 million, respectively
  • Gold production during the second quarter increased 14% to 34,049 ounces compared to the prior quarter. Year-over-year gold production increased 33%. Average gold grade was approximately 15% higher quarter-over-quarter and 44% higher year-over-year driven by additional ore feed from the high-grade Jualin deposit
  • Adjusted CAS1 decreased 15% quarter-over-quarter to $842 per ounce. The strong cost performance was driven by the processing of higher-grade ore
  • Jualin accounted for approximately 17% of Kensington’s second quarter production, compared to approximately 10% in the prior quarter. For the full year, Jualin is expected to account for approximately 20% of Kensington’s total production
  • Capital expenditures during the quarter were largely focused on ongoing underground development
  • Full-year 2019 production guidance is unchanged at 117,000 – 130,000 ounces of gold
  • Full-year CAS and capital expenditures are also unchanged. CAS are expected to be $950 – $1,050 per ounce; capital expenditures are expected to be $20 – $25 million

Wharf, South Dakota

(Dollars in millions, except per ounce amounts)

2Q 2019

 

1Q 2019

 

4Q 2018

 

3Q 2018

 

2Q 2018

Ore tons placed

919,435

 

1,090,510

 

1,644,168

 

1,127,391

 

1,075,820

Average gold grade (oz/t)

0.023

 

0.020

 

0.020

 

0.023

 

0.023

Gold ounces produced

15,680

 

16,902

 

16,960

 

19,437

 

22,507

Silver ounces produced (000’s)

12

 

13

 

13

 

13

 

13

Gold ounces sold

15,301

 

18,086

 

15,306

 

19,874

 

23,053

Silver ounces sold (000’s)

12

 

14

 

11

 

12

 

14

Average realized price per gold ounce

$1,311

 

$1,317

 

$1,247

 

$1,198

 

$1,285

Metal sales

$20.2

 

$24.0

 

$19.3

 

$24.0

 

$29.8

Costs applicable to sales

$15.5

 

$17.4

 

$14.6

 

$18.0

 

$19.3

Adjusted CAS per AuOz1

$1,002

 

$949

 

$939

 

$895

 

$822

Exploration expense

$—

 

$—

 

$—

 

$0.1

 

$—

Cash flow from operating activities

$0.5

 

$4.2

 

$(1.9)

 

$3.7

 

$11.5

Sustaining capital expenditures (excludes capital lease payments)

$0.2

 

$0.4

 

$0.7

 

$1.2

 

$1.2

Development capital expenditures

$—

 

$—

 

$—

 

$—

 

$—

Total capital expenditures

$0.2

 

$0.4

 

$0.7

 

$1.2

 

$1.2

Free cash flow1

$0.3

 

$3.8

 

$(2.6)

 

$2.5

 

$10.3

  • Gold production in the second quarter declined 7% quarter-over-quarter and 30% year-over-year to 15,680 ounces
  • Lower production was largely driven by inclement weather, which diluted leach pad solutions, as well as lower crusher throughput during the quarter. The Company has engaged a third-party contractor to crush an additional 300,000 tons of ore primarily during the third quarter to supplement operating activities
  • Adjusted CAS1 on a by-product basis increased 6% quarter-over-quarter to $1,002 per ounce, primarily as a result of lower production during the second quarter
  • Free cash flow1 of $0.3 million was primarily driven by lower operating cash flow and partially offset by lower capital expenditures
  • Production is anticipated to increase for the remainder of 2019 due to the placement of higher-grade ore late in the second quarter, wh

Contacts

Coeur Mining, Inc.

104 S. Michigan Avenue, Suite 900

Chicago, IL 60603

Attention: Paul DePartout, Director, Investor Relations

Phone: (312) 489-5800

www.coeur.com

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