SilverCrest transaction completed creating leading global silver company; second consecutive quarter of strong net income, adjusted EBITDA and free cash flow; provides full-year 2025 guidance

Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE:CDE) today reported fourth quarter 2024 financial results, including revenue of $305 million and cash flow from operating activities of $64 million. The Company reported GAAP net income from continuing operations of $38 million, or $0.08 per share. On an adjusted basis¹, Coeur reported EBITDA of $116 million, cash flow from operating activities before changes in working capital of $79 million and net income from continuing operations of $45 million, or $0.11 per share.

For the full year, Coeur reported revenue of $1.1 billion, cash flow from operating activities of $174 million and GAAP net income from continuing operations of $59 million, or $0.15 per share. On an adjusted basis¹, the Company reported EBITDA of $339 million, cash flow from operating activities before changes in working capital of $162 million and net income from continuing operations of $70 million, or $0.18 per share.

Key Highlights

Strong full-year 2024 production and cost results – 2024 full-year production of 341,582 ounces of gold and 11.4 million ounces of silver represented year-over-year increases of 8% and 11%, respectively, and fell solidly within the 2024 guidance ranges. Full-year 2024 costs applicable to sales per ounce declined year-over-year by 11% for gold and 9% for silver
Second consecutive quarter of positive free cash flow and further EBITDA growth – Fourth quarter free cash flow of $16 million brought total second half free cash flow to $85 million. Fourth quarter adjusted EBITDA of $116 million resulted in full-year 2024 adjusted EBITDA¹ of $339 million compared to $142 million in 2023
Strong fourth quarter results from Rochester – Rochester's silver and gold production increased by 34% and 63%, respectively, quarter-over-quarter to 1.6 million ounces of silver and 15,752 ounces of gold, bringing the full-year totals to 4.4 million silver ounces and 39,203 gold ounces. Tons placed in the fourth quarter totaled 8.2 million tons, exceeding the 7.0 - 8.0 million tons target. Fourth quarter free cash flow of $12 million represented the first positive free cash flow quarter since the fourth quarter of 2019
Further debt reductions – Coeur repaid an additional $30 million of the revolving credit facility ("RCF")² during the quarter, reducing the outstanding balance by 29%, or $80 million since mid-year to $195 million. The Company's net debt to adjusted EBITDA ratio declined to 1.6x at year-end compared to 3.4x at year-end 2023
SilverCrest transaction now closed – Coeur's $1.58 billion acquisition of SilverCrest Metals Inc. ("SilverCrest") closed on February 14, 2025, which adds the high-grade, low-cost Las Chispas silver and gold operation in Sonora, Mexico to the Company's portfolio of North American assets and creates a leading global silver company
Robust expected 2025 production growth positions Coeur for record results – 2025 production guidance ranges of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver represent expected year-over-year increases of 20% and 62%, respectively³. These ranges reflect the expected benefit of the recently acquired Las Chispas operation and the first full-year of production from the newly expanded Rochester operation totaling 7.0 - 8.3 million silver ounces and 60,000 - 75,000 gold ounces, representing year-over-year expected increases of 75% and 72%, respectively³

"Thanks to the team's dedication and incredible effort, we finished 2024 with a second consecutive quarter of strong earnings and positive free cash flow, leaving us well-positioned to deliver record operational and financial results in 2025," said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. "As expected, 2024 represented an inflection point for the Company. While completing the Rochester expansion, announcing the proposed acquisition of SilverCrest, transitioning to positive free cash flow, and beginning to pay down debt were key drivers to a successful year, our other operations delivered strong results worth highlighting. Wharf generated the highest free cash flow in its 42-year history, Palmarejo delivered its highest free cash flow in seven years, and Kensington increased its gold production by 13% while decreasing its unit costs by 8% year-over-year and is targeting a return to positive free cash flow in 2025. Together with the first full year of contribution from the Rochester expansion and the addition of the newly acquired high-grade, low-cost Las Chispas operation, we anticipate delivering sharp increases in production, EBITDA and free cash flow, which will allow us to continue aggressively deleveraging the balance sheet.

"As highlighted in our reserves and resources update yesterday, we continue to see positive results from our sustained commitment to brownfield exploration over the past several years. At Kensington, we achieved our stated goal of establishing a five-year proven and probable reserve mine life. We also significantly expanded the inferred resource pipelines at Palmarejo and Wharf, which bode well for future meaningful mine life extensions. In 2025, we will continue our commitment to generating returns through the drill bit with another year of robust exploration investment.

"With the closing of the SilverCrest transaction last week, we're delighted to welcome the Las Chispas team to the Company, and to have Eric Fier and Pierre Beaudoin join our Board of Directors. Although the first quarter will reflect several one-time transaction costs, seasonally lower production levels, and only six weeks of contribution from Las Chispas, we look forward to delivering the best year in Coeur Mining's history in 2025 at a time when the outlook for silver and gold remains incredibly positive."

Financial and Operating Highlights (Unaudited)

*(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)*		2024		4Q 2024		3Q 2024		2Q 2024			1Q 2024			2023			4Q 2023
Gold Sales	$	734.9		$	205.2	$	223.8	$	154.1		$	151.8		$	575.7		$	187.7
Silver Sales	$	319.1		$	100.2	$	89.7	$	67.9		$	61.3		$	245.5		$	74.3
Consolidated Revenue	$	1,054.0		$	305.4	$	313.5	$	222.0		$	213.1		$	821.2		$	262.1
Costs Applicable to Sales⁴	$	606.2		$	158.8	$	156.7	$	144.7		$	146.0		$	632.9		$	192.3
General and Administrative Expenses	$	47.7		$	11.1	$	11.0	$	11.2		$	14.4		$	41.6		$	10.2
Net Income (Loss)	$	58.9		$	37.9	$	48.7	$	1.4		$	(29.1	)	$	(103.6	)	$	(25.5	)
Net Income (Loss) Per Share	$	0.15		$	0.08	$	0.12	$	0.00		$	(0.08	)	$	(0.30	)	$	(0.07	)
Adjusted Net Income (Loss)¹	$	70.1		$	45.3	$	47.2	$	(3.4	)	$	(19.0	)	$	(78.0	)	$	(6.2	)
Adjusted Net Income (Loss)¹Per Share	$	0.18		$	0.11	$	0.12	$	(0.01	)	$	(0.05	)	$	(0.23	)	$	(0.02	)
Weighted Average Shares Outstanding		397.4			401.0		400.8		399.9			385.0			343.1			380.5
EBITDA¹	$	302.6		$	104.6	$	121.1	$	49.7		$	27.2		$	60.5		$	25.0
Adjusted EBITDA¹	$	339.2		$	116.4	$	126.0	$	52.4		$	44.3		$	142.3		$	64.3
Cash Flow from Operating Activities	$	174.2		$	63.8	$	111.1	$	15.2		$	(15.9	)	$	67.3		$	65.3
Capital Expenditures	$	183.2		$	47.7	$	42.0	$	51.4		$	42.1		$	364.6		$	92.7
Free Cash Flow¹	$	(9.0	)	$	16.1	$	69.1	$	(36.2	)	$	(58.0	)	$	(297.3	)	$	(27.4	)
Cash, Equivalents & Short-Term Investments	$	55.1		$	55.1	$	76.9	$	74.1		$	67.5		$	61.6		$	61.6
Total Debt⁵	$	590.1		$	590.1	$	605.2	$	629.3		$	585.6		$	545.3		$	545.3
Average Realized Price Per Ounce – Gold	$	2,156		$	2,399	$	2,309	$	2,003		$	1,864		$	1,825		$	1,886
Average Realized Price Per Ounce – Silver	$	27.95		$	31.11	$	29.86	$	26.20		$	23.57		$	24.21		$	24.79
Gold Ounces Produced		341,582			87,149		94,993		78,696			80,744			317,671			101,609
Silver Ounces Produced		11.4			3.2		3.0		2.6			2.6			10.3			3.1
Gold Ounces Sold		340,816			85,555		96,913		76,932			81,416			315,511			99,540
Silver Ounces Sold		11.4			3.2		3.0		2.6			2.6			10.1			3.0
Adjusted CAS per AuOz¹	$	1,203		$	1,192	$	1,113	$	1,264		$	1,267		$	1,355		$	1,225
Adjusted CAS per AgOz¹	$	16.55		$	16.93	$	15.67	$	17.71		$	14.63		$	18.10		$	17.03

Financial Results

Fourth quarter 2024 revenue totaled $305 million compared to $314 million in the prior period and $262 million in the fourth quarter of 2023. The Company produced 87,149 and 3.2 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 85,555 ounces of gold and 3.2 million ounces of silver. Average realized gold and silver prices for the quarter were $2,399 and $31.11 per ounce, respectively, compared to $2,309 and $29.86 per ounce in the prior period and $1,886 and $24.79 per ounce in the fourth quarter of 2023.

Coeur generated $1.1 billion in revenue in 2024, compared to $821 million in 2023. Full-year gold and silver production totaled 341,582 and 11.4 million ounces, respectively, compared to 317,671 ounces of gold and 10.3 million ounces of silver in 2023. Metal sales in 2024 included 340,816 and 11.4 million ounces of gold and silver, respectively. Average realized gold and silver prices for the year were $2,156 and $27.95 per ounce, respectively, compared to $1,825 and $24.21 per ounce in 2023.

Gold and silver sales represented 67% and 33% of quarterly revenue, respectively. For the full year, gold and silver sales accounted for 70% and 30% of revenue, respectively. The Company's U.S. operations accounted for approximately 71% and 64% in the fourth quarter and full-year revenue, respectively.

Adjusted costs applicable to sales per ounce¹ of gold and silver increased 7% and 8% quarter-over-quarter, respectively, largely due to lower gold production in the period as well as lower silver production at Palmarejo, partially offset by higher production at Rochester. General and administrative expenses remained consistent quarter-over-quarter at $11 million.

Coeur invested approximately $20 million ($17 million expensed and $4 million capitalized) in exploration during the quarter, compared to approximately $25 million ($20 million expensed and $5 million capitalized) in the prior period. For the full year, the Company invested approximately $77 million ($60 million expensed and $17 million capitalized) compared to roughly $41 million ($31 million expensed and $10 million capitalized) in 2023. See the "Operations" and "Exploration" sections for additional detail on the Company's exploration activities.

The Company recorded income tax expense of approximately $18 million and $67 million during the fourth quarter and for the full year, respectively. Cash income and mining taxes paid during the period totaled approximately $12 million, bringing the full-year total to $45 million. Cash taxes paid in 2024 primarily reflect income and mining tax payments in Mexico. Coeur expects to pay approximately $75 - $85 million in cash taxes during the first quarter of 2025 primarily as a result of the strong operational performance at Palmarejo and the newly acquired Las Chispas operation.

Quarterly operating cash flow totaled $64 million compared to $111 million in the prior period. For the full year, operating cash flow nearly tripled to $174 million mainly driven by strong operational performance in the second half of 2024.

Fourth quarter capital expenditures were $48 million compared to $42 million in the prior period, bringing the full-year total to $183 million and within Coeur's 2024 guidance range of $160 - $200 million. Sustaining and development capital expenditures accounted for approximately $41 million and $7 million, or 85% and 15%, respectively, of Coeur's total capital investment during the quarter.

The Company expects to generate negative free cash flow during the first quarter due to one-time outflows, including the previously mentioned $75 - $85 million in cash taxes, annual incentive plan payments, semi-annual interest on the Company's 5.125% Senior Notes due 2029, Rochester property taxes and SilverCrest transaction-related costs.

SilverCrest Acquisition Transaction

On February 14, 2025, Coeur closed on the acquisition of SilverCrest in an all-equity transaction. The acquisition positions Coeur as a leading global silver company by adding the high-grade, low-cost Las Chispas silver and gold operation in Sonora, Mexico to Coeur's portfolio. Based upon the closing stock price of Coeur's stock on February 14, 2025, the issuance of approximately 239 million shares in the transaction implied an acquisition value of $1.58 billion.

The Company expects prorated production reflecting 10.5 months of the year for Las Chispas to be 42,500 - 52,500 ounces of gold and 4.25 - 5.25 million ounces of silver.

Coeur intends to apply SilverCrest's cash and proceeds from the monetization of its bullion and finished goods inventory, net of accounts payable balances, to outstanding RCF and prepay balances.

Operations

Fourth quarter and full-year 2024 highlights for each of the Company's operations are provided below.

Palmarejo, Mexico

*(Dollars in millions, except per ounce amounts)*		2024		4Q 2024			3Q 2024			2Q 2024			1Q 2024			2023			4Q 2023
Tons milled		1,762,779			419,008			413,463			429,561			500,747			2,008,459			500,509
Average gold grade (oz/t)		0.070			0.059			0.070			0.066			0.070			0.050			0.060
Average silver grade (oz/t)		4.52			4.17			5.15			4.49			4.34			3.97			4.08
Average recovery rate – Au		93.0	%		91.2	%		94.8	%		89.9	%		95.2	%		91.1	%		89.4	%
Average recovery rate – Ag		85.0	%		88.3	%		85.6	%		82.8	%		83.7	%		82.7	%		79.4	%
Gold ounces produced		108,666			22,490			27,549			25,467			33,160			100,605			25,401
Silver ounces produced (000's)		6,780			1,543			1,823			1,596			1,818			6,592			1,622
Gold ounces sold		108,783			22,353			28,655			24,313			33,462			99,043			24,848
Silver ounces sold (000's)		6,797			1,598			1,861			1,542			1,796			6,534			1,644
Average realized price per gold ounce	$	1,751		$	1,750		$	1,922		$	1,744		$	1,611		$	1,565		$	1,615
Average realized price per silver ounce	$	27.74		$	31.27		$	29.71		$	26.48		$	23.64		$	24.21		$	24.78
Metal sales	$	379.1		$	89.1		$	110.4		$	83.2		$	96.4		$	313.2		$	80.9
Costs applicable to sales⁴	$	195.5		$	45.5		$	47.5		$	48.2		$	54.3		$	194.3		$	50.3
Adjusted CASper AuOz¹	$	892		$	894		$	818		$	1,006		$	901		$	957		$	1,010
Adjusted CASper AgOz¹	$	14.28		$	15.92		$	12.60		$	15.24		$	13.18		$	15.09		$	15.26
Exploration expense	$	13.2		$	3.8		$	4.3		$	2.6		$	2.5		$	7.8		$	2.7
Cash flow from operating activities	$	138.1		$	33.2		$	55.6		$	23.7		$	25.6		$	76.8		$	24.1
Sustaining capital expenditures (excludes capital lease payments)	$	18.3		$	6.5		$	4.0		$	3.1		$	4.7		$	34.6		$	6.9
Development capital expenditures	$	12.3		$	3.4		$	4.0		$	2.8		$	2.1		$	7.2		$	2.0
Total capital expenditures	$	30.6		$	9.9		$	8.0		$	5.9		$	6.8		$	41.8		$	8.9
Free cash flow¹	$	107.5		$	23.3		$	47.6		$	17.8		$	18.8		$	35.0		$	15.2

Operational

Fourth quarter gold and silver production totaled 22,490 and 1.5 million ounces, respectively, compared to 27,549 and 1.8 million ounces in the prior period and 25,401 and 1.6 million ounces in the fourth quarter of 2023. For the full year, gold and silver production totaled 10

Coeur Reports Fourth Quarter and Full-Year 2024 Results