The following Management's Discussion and Analysis ("MD&A") provides information
that management believes is relevant to an assessment and understanding of the
consolidated financial condition and results of operations of Coeur Mining, Inc.
and its subsidiaries (collectively the "Company", "our", or "we"). We use
certain non-GAAP financial performance measures in our MD&A. For a detailed
description of these measures, please see "Non-GAAP Financial Performance
Measures" at the end of this Item. We provide Costs applicable to sales ("CAS")
allocation, referred to as the co-product method, based on revenue contribution
for Palmarejo and Rochester and based on the primary metal, referred to as the
by-product method, for Wharf. Revenue from secondary metal, such as silver at
Wharf, is treated as a cost credit.

Overview

We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada.

2022 Highlights



For the full year 2022, Coeur reported revenue of $785.6 million and cash
provided by operating activities of $25.6 million. We reported GAAP net loss of
$78.1 million, or $(0.28) per diluted share. On a non-GAAP adjusted basis1, the
Company reported EBITDA of $139.0 million and net loss of $89.1 million or
$(0.32) per diluted share.

•Solid fourth quarter production growth led to full-year production within
guidance ranges - Gold and silver production increased 5% and 4%
quarter-over-quarter, respectively, to 87,727 ounces and 2.5 million ounces.
Full-year gold and silver production totaled 330,346 ounces and 9.8 million
ounces, respectively, within the Company's consolidated production guidance
ranges

•Rochester delivered strong quarterly performance - Fourth quarter production at Rochester totaled 973,000 ounces and 11,589 ounces of silver and gold, respectively, representing quarter-over-quarter increases of 31% and 32%.



•POA 11 expansion nearing scheduled mid-year construction completion and remains
on-track - Construction at Rochester is scheduled to be completed mid-year 2023.
At the end of 2022, the project was 74% complete. The new Stage VI leach pad is
now operational, with first ore placed on February 1, 2023. As of December 31,
2022, approximately $605 million of the estimated capital had been committed, of
which $494 million of the estimated capital cost had been incurred. Total
estimated project capital remains unchanged at $650 - $670 million

•Exploration investment drives approximately 12% and 3% year-over-year increases
in gold and silver reserves, respectively - Gold reserves at Kensington grew
roughly 56% year-over-year, adding approximately a year and a half to its mine
life. Successful exploration at Silvertip contributed to year-over-year
increases in measured and indicated resources of 73%, 69% and 81% in silver,
zinc and lead, respectively, excluding reclassified ounces. Over the last five
years, the Company has invested approximately $245 million in exploration,
leading to increases of approximately 21% and 49% in Company-wide gold and
silver reserves, respectively over the five-year period

•Liquidity further bolstered to support remaining elevated levels of growth
investments - The sale of the Crown Sterling holdings was completed on November
4, 2022 for upfront cash consideration of $150 million. On January 17, 2023,
Coeur announced the sale of its remaining shares of Victoria Gold Corporation
("Victoria Gold") for net cash proceeds of approximately $40 million. Coeur
ended the quarter with total liquidity of approximately $342 million, including
$62 million of cash and $280 million of available capacity under its $390
million revolving credit facility ("RCF") and is further supported by robust
hedges covering approximately 52% and 29% of 2023 estimated gold and silver
production, respectively. As adjusted to reflect the receipt of proceeds from
Victoria Gold, Coeur's total liquidity stood at $382 million at December 31,
2022

•2023 guidance ranges consistent with 2022 investor day outlook - The Company
expects 2023 gold and silver production of 320,000 - 370,000 ounces and 10.0 -
12.0 million ounces, respectively, driven by strong expected second half silver
and gold production increases consistent with the planned ramp-up at Rochester
following completion of the POA 11 expansion project and by higher expected
production from the Wharf gold operation

                                       35
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Selected Financial and Operating Results



                                                                                            Year Ended December 31,
In thousands                                                                    2022                 2021                  2020

Financial Results (In thousands):
Gold sales                                                                 $   572,877          $    578,911          $   584,633
Silver sales                                                               $   212,759          $    253,917          $   200,175
Zinc sales                                                                 $         -          $          -          $      (662)
Lead sales                                                                 $         -          $          -          $     1,315
Consolidated Revenue                                                       $   785,636          $    832,828          $   785,461
Net income (loss)                                                         

$ (78,107) $ (31,322) $ 25,627 Net income (loss) per share, diluted

$ (0.28) $ (0.13) $ 0.11 Adjusted net income (loss)(1)

$ (89,059) $ (1,393) $ 59,013 Adjusted net income (loss) per share, diluted(1)

$     (0.32)         $      (0.01)         $      0.24
EBITDA(1)                                                                  $    72,038          $    148,402          $   214,767
Adjusted EBITDA(1)                                                         $   138,954          $    216,112          $   263,565
Total debt(2)                                                              $   515,933          $    487,501          $   275,501
Operating Results:
Gold ounces produced                                                           330,346               348,529              355,678
Silver ounces produced                                                     

 9,816,680            10,068,112            9,698,236
Zinc pounds produced                                                                 -                     -            2,459,756
Lead pounds produced                                                                 -                     -            2,176,847
Gold ounces sold                                                               329,968               350,347              356,251
Silver ounces sold                                                           9,771,724            10,133,837            9,628,429
Zinc pounds sold                                                                     -                     -            3,203,446
Lead pounds sold                                                                     -                     -            2,453,485
Average realized price per gold ounce                                      

$ 1,736 $ 1,652 $ 1,641 Average realized price per silver ounce

$ 21.77 $ 25.06 $ 20.79 Average realized price per zinc pound, gross(3)

                            $         -          $          -                   NM(3)
Average realized price per lead pound, gross(3)                            $         -          $          -                   NM(3)


(1)See "Non-GAAP Financial Performance Measures."
(2)Includes finance leases. Net of debt issuance costs and premium received.
(3)Due to the suspension of mining and processing activities at Silvertip these
amounts are not meaningful.

Consolidated Financial Results

Year Ended December 31, 2022 compared to Year Ended December 31, 2021

Revenue



We sold 329,968 gold ounces and 9.8 million silver ounces, compared to 350,347
gold ounces and 10.1 million silver ounces. Revenue decreased by $47.2 million,
or 6%, as a result of a 6% and 4% decrease in gold and silver ounces sold,
respectively, and a 13% decrease in average realized silver prices, partially
offset by a 5% increase in average realized gold prices driven by the favorable
impact of realized gains from gold hedges. The decrease in gold and silver
ounces sold was primarily due to lower grades at Palmarejo, Kensington and
Wharf. Gold and silver represented 73% and 27% of 2022 sales revenue,
respectively. This compares to gold and silver representing 70% and 30% of 2021
sales revenue, respectively.
                                       36
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The following table summarizes consolidated metal sales:



                                                    Year Ended December 31,          Increase             Percentage
In thousands                                         2022         2021              (Decrease)              Change
Gold sales                                                    $  572,877          $    578,911          $    (6,034)                  (1) %
Silver sales                                                     212,759               253,917              (41,158)                 (16) %
Metal sales                                                   $  785,636          $    832,828          $   (47,192)                  (6) %


Costs Applicable to Sales

Costs applicable to sales increased $95.0 million, or 19%, primarily due to
higher operating costs partially impacted by continued inflationary pressures
relating to consumable costs, most notably higher diesel prices, and increased
lower of cost or net realizable value ("LCM") adjustments at Rochester. For a
complete discussion of costs applicable to sales, see Results of Operations
below.

Amortization

Amortization decreased $16.7 million primarily due to lower gold and silver ounces sold and longer assumed mine lives at Palmarejo, Kensington and Wharf.

Expenses

General and administrative expenses decreased $0.9 million, or 2%, primarily due to lower stock-based compensation expense.

Exploration expense decreased $24.5 million, or 48% driven by lower planned investment across the portfolio.



Pre-development, reclamation, and other expenses decreased $7.4 million, or 15%,
stemming from lower costs incurred in connection with the Company's COVID-19
health and safety protocols and lower ongoing carrying costs at Silvertip,
partially offset by higher asset retirement accretion. The following table
summarizes pre-development, reclamation, and other expenses:

                                                              Year Ended December 31,                                         Percentage
In thousands                                                   2022         2021        Increase (Decrease)                     Change
COVID-19                                                                $    1,739                            $    6,618    $     (4,879)                 (74) %
Silvertip ongoing carrying costs                                            20,963                                24,928          (3,965)                 (16) %

Asset retirement accretion                                                  14,232                                11,988           2,244                   19  %
Other                                                                        4,353                                 5,144            (791)                 (15) %
Pre-development, reclamation and other
expense                                                                 $   41,287                            $   48,678    $     (7,391)                 (15) %


Other Income and Expenses

During the first quarter of 2021, the Company incurred a $9.2 million loss in
connection with the tender and redemption of the 5.875% Senior Notes due 2024
(the "2024 Senior Notes") concurrent with the offering of the 2029 Senior Notes.

Fair value adjustments, net, decreased to a loss of $66.7 million compared to a
$0.5 million loss as a result of a reduction in value of the Company's equity
investments. For additional details on the Company's equity investments see Note
6 -- Investments.

Interest expense (net of capitalized interest of $11.2 million) increased to $23.9 million from $16.5 million due to higher interest paid under the RCF, partially offset by higher capitalized interest.



Other, net increased to a gain of $67.0 million compared to a loss of $22.9
million in 2021, as a result of the $62.2 million gain recognized in connection
with the sale of the Sterling/Crown exploration properties and a write-down of a
$26.0 million Mexican VAT receivable in 2021 due to uncertain collectability.
For additional details on the VAT receivable write-down see Note 19 --
Commitments and Contingencies.
                                       37
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Income and Mining Taxes

The Company's Income and mining tax (expense) benefit consisted of:



                                                                         Year Ended December 31,
In thousands                                                           2022                      2021

Income and mining tax (expense) benefit at statutory rate $ 13,249

$        (764)
State tax provision from continuing operations                          2,871                      2,009
Change in valuation allowance                                         (36,670)                   (28,615)

Percentage depletion                                                    3,538                      4,968
Uncertain tax positions                                                   655                        920
U.S. and foreign permanent differences                                    365                      4,105

Foreign exchange rates                                                   (145)                      (384)
Foreign inflation and indexing                                          2,897                     (1,087)
Foreign tax rate differences                                           (4,994)                    (4,901)
Mining, foreign withholding, and other taxes                          (11,070)                   (12,599)
Sale of non-core assets                                                15,447                          -
Other, net                                                               (801)                     1,390
Income and mining tax (expense) benefit                        $      (14,658)             $     (34,958)


Income and mining tax expense of approximately $14.7 million resulted in an
effective tax rate of 23.1% for 2022. This compares to income tax expense of
$35.0 million for an effective tax rate of 961.4% for 2021.The comparability of
the Company's income and mining tax (expense) benefit and effective tax rate for
the reported periods was impacted by multiple factors, primarily: (i) variations
in our income before income taxes; (ii) geographic distribution of that income;
(iii) the sale of non-core assets; (iv) mining taxes; (v) percentage depletion;
(vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and
(viii) the non-recognition of tax assets. Therefore, the effective tax rate will
fluctuate, sometimes significantly, period to period.

The following table summarizes the components of the Company's income (loss) before tax and income and mining tax (expense) benefit:


                                                                        Year ended December 31,
                                                             2022                                    2021
                                                Income (loss)    Tax (expense)          Income (loss)    Tax (expense)
In thousands                                      before tax        benefit               before tax        benefit
United States                                  $    (107,477)   $       2,516          $     (34,196)   $      (6,142)
Canada                                               (32,249)             (51)               (52,299)           1,224
Mexico                                                77,316          (17,123)                87,233          (30,040)
Other jurisdictions                                   (1,039)               -                  2,898                -
                                               $     (63,449)   $     (14,658)         $       3,636    $     (34,958)


A valuation allowance is provided for deferred tax assets for which it is more
likely than not that the related tax benefits will not be realized. The Company
analyzes its deferred tax assets and, if it is determined that the Company will
not realize all or a portion of its deferred tax assets, it will record or
increase a valuation allowance. Conversely, if it is determined that the Company
will ultimately be more likely than not able to realize all or a portion of the
related benefits for which a valuation allowance has been provided, all or a
portion of the related valuation allowance will be reduced. There are a number
of factors that impact the Company's ability to realize its deferred tax assets.
For additional information, please see "Item 1A - Risk Factors".

Net Loss



Net loss was $78.1 million, or $0.28 per diluted share, compared to $31.3
million, or $0.13 per diluted share. The increase in net loss was driven by a 6%
and 4% decrease in gold and silver ounces sold, respectively, a 13% decrease in
average realized silver prices, higher operating costs, including increased LCM
adjustments at Rochester, unfavorable changes in the fair value of the Company's
equity investments, and a realized loss of $15.6 million in connection with the
sale of Victoria Gold common shares. This was partially offset by a 5% increase
in average realized gold prices driven by realized gains from gold hedging, a
$62.2 million gain on the sale of the Sterling/Crown exploration properties,
lower exploration costs and income and mining taxes, absence of a $9.2 million
loss on debt extinguishment and the VAT write-down of $26.0 million in 2021.
                                       38
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Adjusted net loss was $89.1 million, or $0.32 per diluted share, compared to
$1.4 million, or $0.01 per diluted share (see "Non-GAAP Financial Performance
Measures").

Year Ended December 31, 2021 compared to Year Ended December 31, 2020

Revenue



We sold 350,347 gold ounces and 10.1 million silver ounces, compared to 356,251
gold ounces, 9.6 million silver ounces, 3.2 million zinc pounds and 2.5 million
lead pounds in the prior year. Revenue increased by $47.4 million, or 6%, as a
result of a 1% and 21% increase in average realized gold and silver prices,
respectively, and higher silver ounces sold (5%), partially offset by lower gold
ounces sold (2%). The increase in silver ounces sold was primarily due to higher
mill throughput at Palmarejo. Gold and silver accounted for 70% and 30% of 2021
sales revenue, respectively. This compares to gold and silver accounting for 74%
and 25% of 2020 sales revenue, respectively, with zinc and lead accounting for
the remaining 2020 sales revenue.

The following table summarizes consolidated metal sales:



                       Year ended December 31,
  In thousands           2021               2020         Increase (Decrease)       Percentage Change
  Gold sales     $     578,911           $ 584,633      $             (5,722)                   (1) %
  Silver sales         253,917             200,175                    53,742                    27  %
  Zinc sales                 -                (662)                      662                  (100) %
  Lead sales                 -               1,315                    (1,315)                 (100) %
  Metal sales    $     832,828           $ 785,461      $             47,367                     6  %


Costs Applicable to Sales

Costs applicable to sales increased $71.2 million, or 16%, primarily due to
inflationary pressures related to employee-related, maintenance and consumable
costs at all operating sites, higher silver ounces sold primarily at Palmarejo,
the Rochester fourth quarter LCM adjustment of $7.3 million, partially offset by
a $13.8 million favorable impact from foreign currency hedges.

Amortization



Amortization decreased $3.1 million, or 2%, primarily due to longer assumed mine
life based on year-end 2020 mineral reserve growth, partially offset by higher
silver ounces sold.

Expenses

General and administrative expenses increased $6.7 million, or 20%, primarily due to higher compensation, travel and outside service costs.

Exploration expense increased $8.5 million, or 20%, as the Company maintained its commitment to a higher-level of exploration investment in 2021.



Pre-development, reclamation, and other expenses decreased $7.0 million, or 13%,
stemming from lower costs incurred in connection with the Company's COVID-19
health and safety protocols, partially offset by full-year ongoing carrying
costs and absence of one-time 2020 costs associated with the suspension of
mining and processing activities at Silvertip.

The following table summarizes pre-development, reclamation, and other expenses:


                                       39
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                                              Year ended December 31,                 Increase
In thousands                                  2021                 2020              (Decrease)            Percentage Change
COVID-19                                $       6,618          $   15,555          $     (8,937)                        (57) %
Silvertip ongoing carrying costs               24,928              16,384                 8,544                          52  %
Silvertip suspension costs                          -              11,199               (11,199)                       (100) %
Gain on modification of right of use
lease                                               -              (4,051)                4,051                        (100) %
Asset retirement accretion                     11,988              11,754                   234                           2  %
Other                                           5,144               4,813                   331                           7  %
Pre-development, reclamation and other
expense                                 $      48,678          $   55,654          $     (6,976)                        (13) %


Other Income and Expenses

During the first quarter of 2021, the Company incurred a $9.2 million loss in
connection with the tender and redemption of the 2024 Senior Notes concurrent
with the completed offering of the 2029 Senior Notes.

Fair value adjustments, net, decreased to a loss of $0.5 million compared to a
gain of $7.6 million as a result of a reduction in value of the Company's equity
investments. The estimated fair values of the Company's equity investments in
Victoria Gold and Integra Resources Corp. ("Integra Resources") were $124.2
million and $8.0 million, respectively, at December 31, 2021.

Interest expense (net of capitalized interest of $11.1 million) decreased to
$16.5 million from $20.7 million due to higher capitalized interest associated
with the POA 11 project at Rochester, and lower interest paid under the RCF,
partially offset by higher interest paid under the 2029 Senior Notes compared to
the 2024 Senior Notes and higher interest paid under finance lease obligations.

Other, net increased to a loss of $22.9 million compared to a loss of $5.9
million due to a write-down of the $26.0 million VAT receivable, partially
offset by an increase in gains on the sale of assets in 2021 and a one-time fee
of $3.8 million related to the novation of certain of the Company's gold zero
cost collars incurred in 2020.
                                       40
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Income and Mining Taxes

The Company's Income and mining tax (expense) benefit consisted of:



                                                                             Year Ended December 31,
In thousands                                                                2021                    2020
Income and mining tax (expense) benefit at statutory rate           $        (764)             $   (13,161)
State tax provision from continuing operations                              2,009                     (152)
Change in valuation allowance                                             (28,615)                 (17,522)

Percentage depletion                                                        4,968                    5,056
Uncertain tax positions                                                       920                    2,321
U.S. and foreign permanent differences                                      4,105                    3,844

Foreign exchange rates                                                       (384)                   1,390
Foreign inflation and indexing                                             (1,087)                     684
Foreign tax rate differences                                               (4,901)                  (3,971)
Mining, foreign withholding, and other taxes                              (12,599)                 (17,457)
Other, net                                                                  1,390                    1,923

Income and mining tax (expense) benefit                             $     (34,958)             $   (37,045)


Income and mining tax expense of approximately $35.0 million resulted in an
effective tax rate of 961.4% for 2021. This compares to income tax expense of
$37.0 million or effective tax rate of 59.1% for 2020. The comparability of the
Company's income and mining tax (expense) benefit and effective tax rate for the
reported periods was impacted by multiple factors, primarily: (i) variations in
our income before income taxes; (ii) geographic distribution of that income;
(iii) mining taxes; (iv) foreign exchange rates; (v) percentage depletion (vi)
the impact of uncertain tax positions; and (vii) the non-recognition of tax
assets. Therefore, the effective tax rate will fluctuate, sometimes
significantly, period to period.

The following table summarizes the components of the Company's income (loss) before tax and income and mining tax (expense) benefit:


                                               Year ended December 31,
                                                  2021                               2020
                                                            Income (loss)     Tax (expense)           Income (loss)     Tax (expense)
In thousands                                                 before tax          benefit               before tax          benefit
United States                                             $      (34,196)   $       (6,142)         $       40,891    $       (9,361)
Canada                                                           (52,299)            1,224                 (68,730)              232
Mexico                                                            87,233           (30,040)                 90,116           (27,949)
Other jurisdictions                                                2,898                 -                     395                33
                                                          $        3,636    $      (34,958)         $       62,672    $      (37,045)



                                       41

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Net Loss



Net loss was $31.3 million, or $0.13 per diluted share, compared to net income
of $25.6 million, or $0.11 per diluted share. The decrease in net income was
driven by higher operating costs, the $26.0 million VAT write-down , higher
exploration expense, a $9.2 million loss on debt extinguishment and higher
income and mining taxes. This was partially offset by a 1% and 21% increase in
average realized gold and silver prices, respectively and higher silver ounces
sold (5%). Adjusted net loss was $1.4 million, or $0.01 per diluted share,
compared to an adjusted net income of $59.0 million, or $0.24 per diluted share
(see "Non-GAAP Financial Performance Measures").

2023 Guidance Framework



Gold and silver production is expected to increase compared to 2022, driven by
the planned construction completion of POA 11 at Rochester mid-year as well as
higher expected grades at Wharf due to mine sequencing and resource model
enhancements. Overall cost guidance has increased compared to 2022 primarily
driven by expected continued inflationary pressures on operating costs.

Additionally, with the completion of the POA 11 expansion construction expected
in mid-2023, Coeur has elected to defer providing cost guidance at Rochester
until mid-year, following the transitional period anticipated in the first half
of 2023. The Company expects to have an LCM adjustment at Rochester of roughly
$10 - $15 million each quarter in 2023.

2023 Production Guidance

                                             Gold                 Silver
                                             (oz)                 (K oz)
                  Palmarejo           100,000 - 112,500        6,500 - 7,500
                  Rochester            35,000 - 50,000         3,500 - 4,500
                  Kensington          100,000 - 112,500              -
                  Wharf                85,000 - 95,000               -

                  Total               320,000 - 370,000       10,000 - 12,000


2023 Costs Applicable to Sales Guidance



                                                       Gold             Silver
                                                      ($/oz)            ($/oz)
             Palmarejo (co-product)                $900 - $1,050    $14.25 - $15.25
             Rochester (co-product)                      -                 -
             Kensington                           $1,500 - $1,700          -
             Wharf (by-product)                   $1,200 - $1,350          -


2023 Capital, Exploration and G&A Guidance



                                                                      ($M)
                 Capital Expenditures, Sustaining                 $120 - $145
                 Capital Expenditures, Development                $200 - $235
                 Exploration, Expensed                             $30 - $35
                 Exploration, Capitalized                          $10 - $15
                 General & Administrative Expenses                 $36 - $40



Note: The Company's guidance figures assume estimated prices of $1,800/oz gold
and $23.00/oz silver as well as CAD of 1.25 and MXN of 20.00. Guidance figures
exclude the impact of any metal sales or foreign exchange hedges.


                                       42
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Results of Operations

Palmarejo

                                                Year Ended December 31,
                                                                       2022              2021              2020
Tons milled                                                         2,197,808         2,106,741         1,751,525
Average gold grade (oz/t)                                                0.05              0.06              0.07
Average silver grade (oz/t)                                              3.63              3.93              4.45
Average recovery rate - Au                                               92.1  %           92.8  %           89.9  %
Average recovery rate - Ag                                               84.2  %           82.4  %           80.4  %
Gold ounces produced                                                  106,782           109,202           110,608
Silver ounces produced                                              6,708,689         6,820,589         6,269,206
Gold ounces sold                                                      107,157           108,806           110,822
Silver ounces sold                                                  6,695,454         6,805,816         6,301,516
CAS per gold ounce(1)                                             $       886       $       664       $       610
CAS per silver ounce(1)                                           $     13.09       $     11.97       $      9.14

(1)See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2022 compared to Year Ended December 31, 2021



Gold and silver production decreased 2% as a result of 12% and 8% lower gold and
silver grades, respectively, partially offset by 4% higher mill throughput.
Metal sales were $303.4 million, or 38% of Coeur's metal sales, compared with
$320.3 million, or 38% of Coeur's metal sales. Revenue decreased by $16.8
million or 5%, of which $12.0 million was due to lower average realized silver
prices and $4.8 million resulting from lower gold and silver production. Costs
applicable to sales per gold and silver ounce increased 33% and 9%,
respectively, due to the mix of gold and silver sales, lower production, higher
employee-related and consumable costs primarily due to inflationary pressures,
and the absence of the favorable impact of foreign currency hedges ($13.8
million) included in the prior year. Amortization decreased by $0.7 million to
$35.4 million due to lower sales and longer assumed mine life. Capital
expenditures increased to $42.6 million from $36.5 million due to higher
underground development, infill drilling activities and flotation and thickener
equipment purchases.

Year Ended December 31, 2021 compared to Year Ended December 31, 2020



Gold production decreased 1% as a result of lower gold grade, partially offset
by higher mill throughput and recoveries. Silver production increased 9% as a
result of higher mill throughput and recoveries, partially offset by lower
silver grade. Metal sales were $320.3 million, or 38% of Coeur's metal sales,
compared with $286.6 million, or 36% of Coeur's metal sales. Revenue increased
by $33.7 million, or 12%, of which $23.9 million was due to higher average
realized silver prices and $9.8 million was the result of a higher volume of
silver sales. Costs applicable to sales per gold and silver ounce increased 9%
and 31%, respectively, due to the mix of gold and silver sales, and higher
employee-related, maintenance and consumable costs largely due to inflationary
pressures, partially offset by the favorable impact of foreign currency hedges
($13.8 million). Amortization decreased to $36.1 million due to longer assumed
mine life based on year-end 2020 mineral reserve growth. Capital expenditures
increased to $36.5 million from $25.0 million due to higher underground
development and infill drilling activities.



                                       43
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Rochester

                                                Year ended December 31,
                                                                        2022              2021              2020
Tons placed                                                          14,919,803        13,687,536        15,696,565
Average gold grade (oz/t)                                                 0.003             0.002             0.002
Average silver grade (oz/t)                                                0.41              0.42              0.52
Gold ounces produced                                                     34,735            27,051            27,147
Silver ounces produced                                                3,061,924         3,158,017         3,174,529
Gold ounces sold                                                         34,370            27,697            26,257
Silver ounces sold                                                    3,028,986         3,241,624         3,054,139
CAS per gold ounce(1)                                              $      2,403      $      1,801      $      1,377
CAS per silver ounce(1)                                            $      27.26      $      25.10      $      16.35

(1)See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2022 compared to Year Ended December 31, 2021



Gold production increased 28% primarily due to increased tons placed and higher
gold grades, while silver production decreased 3%, as a result of lower silver
grades and timing of recoveries. Metal sales were $129.7 million, or 17% of
Coeur's metal sales, compared with $130.8 million, or 16% of Coeur's metal
sales. Revenue decreased by $1.2 million, or 1%, of which $9.1 million was
primarily due to lower average realized silver prices, partially offset by an
increase of $7.9 million primarily due to higher gold production. Costs
applicable to sales per gold and silver ounce increased 33% and 9%,
respectively, due to the mix of gold and silver sales and higher LCM adjustments
of $46.0 million compared to $12.6 million in the prior year, driven by lower
silver metal prices, higher employee-related, maintenance, diesel and other
consumable costs primarily due to inflationary pressures. Amortization increased
to $22.6 million due to higher equipment depreciation from recent equipment
purchases and the impact of LCM adjustments. Capital expenditures increased to
$246.4 million from $166.5 million due to planned payments related to the POA 11
expansion project and equipment purchases.

As of December 31, 2022, the Company had committed approximately $605 million of
capital since inception of the POA 11 expansion project and approximately $494
million of the estimated project cost had been incurred. Total estimated project
capital remains between $650 - $670 million. At the end of 2022, the project was
74% complete.

Progress on the Merrill-Crowe plant remained on schedule, including (i)
completion of mechanical equipment setting, (ii) completion of process plant
building cladding, (iii) commencement of electrical cable installation and
continuation of piping installation, and (iv) successful completion of control
systems programming and factory testing.

Further work on the crusher corridor also advanced, including (i) completion of
the first lift of the primary crusher vertical concrete, (ii) continuation of
steel erection and equipment installation above the secondary cone crushers in
the secondary crusher area, (iii) continuation of steel erection and equipment
installation above the tertiary HPGR crushers in the tertiary crusher area, and
(iv) commencement of control systems programming.

Coeur made solid progress on the final major high-voltage electrical
distribution and substation construction, while also advancing pre-commissioning
planning and system development. Mechanical completion remains on target for
mid-2023 with ramp-up and commissioning expected to take place during the second
half of the year.

Year Ended December 31, 2021 compared to Year Ended December 31, 2020



Gold and silver production remained comparable year over year. Metal sales were
$130.8 million, or 16% of Coeur's metal sales, compared with $110.3 million, or
14% of Coeur's metal sales. Revenue increased by $20.6 million, or 19%, of which
$13.3 million was the result of higher average realized gold and silver prices
and $7.3 million was the result of a higher volume of gold and silver sales.
Costs applicable to sales per gold and silver ounce increased 31% and 54%,
respectively, due to the mix of gold and silver sales, higher employee-related,
maintenance and consumable costs partially due to inflationary pressures, and a
LCM adjustment of $7.3 million. Amortization increased to $20.2 million due to
higher equipment depreciation from recently placed-in service assets and an LCM
adjustment of $1.1 million in the fourth quarter. Capital expenditures increased
to $166.5 million from $37.5 million due to the commencement of construction
activities related to POA 11 in August 2020.
                                       44
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Kensington

                                              Year ended December 31,
                                                                     2022           2021            2020
Tons milled                                                        700,346        667,560         675,731
Average gold grade (oz/t)                                             0.17           0.19            0.20
Average recovery rate                                                 92.5  %        93.2  %         93.0  %
Gold ounces produced                                               109,061        121,140         124,867
Gold ounces sold                                                   108,972        122,181         124,793
CAS per gold ounce(1)                                             $  1,423       $  1,086       $     975

(1)See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2022 compared to Year Ended December 31, 2021



Gold production decreased 10% as a result of 10% lower grades and lower
recoveries, partially offset by 5% higher mill throughput. Metal sales were
$202.5 million, or 26% of Coeur's metal sales, compared to $215.0 million, or
26% of Coeur's metal sales. Revenue decreased by $12.5 million, or 6%, of which
$24.2 million resulted from lower gold production, partially offset by an
increase of $11.7 million due to higher average realized gold prices. Costs
applicable to sales per gold ounce increased 31% due to lower production and
higher employee-related, maintenance, diesel and other consumable costs
primarily due to inflationary pressures. Amortization decreased to $39.0 million
primarily due to lower ounces sold and longer assumed mine life. Capital
expenditures increased to $31.5 million from $27.5 million due to higher infill
drilling and underground development.

Year Ended December 31, 2021 compared to Year Ended December 31, 2020



Gold production decreased 3% as a result of lower grade and lower mill
throughput. Metal sales were $215.0 million, or 26% of Coeur's metal sales,
compared to $216.5 million, or 28% of Coeur's metal sales. Revenue decreased by
$1.5 million, or 1%, of which $4.6 million resulted from lower volume of gold
sales, partially offset by an increase of $3.1 million due to higher average
realized gold prices. Costs applicable to sales per gold ounce increased 11% due
to lower production and higher employee-related, maintenance and consumable
costs, partially due to inflationary pressures. Amortization increased to $54.9
million primarily due to higher Jualin production, partially offset by lower
ounces sold. Capital expenditures increased to $27.5 million from $19.8 million
due to higher infill drilling and underground development.

Wharf

                                                Year ended December 31,
                                                                       2022             2021            2020
Tons placed                                                          4,506,849       4,702,882       4,710,875
Average gold grade (oz/t)                                                0.021           0.027           0.027
Gold ounces produced                                                    79,768          91,136          93,056
Silver ounces produced                                                  46,067          89,506         115,214
Gold ounces sold                                                        79,469          91,663          94,379
Silver ounces sold                                                      47,284          86,397         113,790
CAS per gold ounce(1)                                              $     1,283      $      997      $      923

(1)See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2022 compared to Year Ended December 31, 2021



Gold production decreased 12% driven by lower grades. Metal sales were $150.0
million, or 19% of Coeur's metal sales, compared to $166.7 million, or 20% of
Coeur's metal sales. Revenue decreased by $16.7 million, or 10%, of which $23.8
million was due to a lower gold production, partially offset by an increase of
$7.1 million due to higher average realized gold prices. Costs applicable to
sales per gold ounce increased 29% due to lower production and higher diesel and
other consumable costs primarily due to inflationary pressures. Amortization
decreased to $8.2 million due to lower ounces sold. Capital expenditures were
$3.1 million.
                                       45
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Year Ended December 31, 2021 compared to Year Ended December 31, 2020



Gold production decreased 2% driven by the timing of recoveries. Metal sales
were $166.7 million, or 20% of Coeur's metal sales, compared to $170.2 million,
or 22% of Coeur's metal sales. Revenue decreased by $3.5 million, or 2%, of
which $5.6 million resulted from a lower volume of gold sales, partially offset
by an increase of $2.1 million due to higher average realized gold and silver
prices. Costs applicable to sales per gold ounce increased 8% due to higher
equipment rental, diesel and employee-related costs partially due to
inflationary pressures. Amortization decreased to $11.0 million due to lower
ounces sold. Capital expenditures were $8.1 million reflecting $4.0 million of
infill drilling.

Silvertip

                                                         Year Ended December 31,
                                                                           2022                 2021                  2020

Silver ounces produced                                                          -                    -                 139,287
Zinc pounds produced                                                            -                    -               2,459,756
Lead pounds produced                                                            -                    -               2,176,847
Silver ounces sold                                                              -                    -                 158,984
Zinc pounds sold                                                                -                    -               3,203,446
Lead pounds sold                                                                -                    -               2,453,485
Costs applicable to sales per silver ounce(2)                         $         -          $         -                     NM (1)
Costs applicable to sales per zinc pound(2)                           $         -          $         -                     NM (1)
Costs applicable to sales per lead ounce(2)                           $         -          $         -                     NM (1)


(1) Due to the suspension of mining and processing activities these amounts are
not meaningful.
(2) See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2022

Silvertip suspended mining and processing activities, unrelated to COVID-19, in February 2020. Ongoing carrying and suspension costs are included in Pre-development, reclamation, and other.



Coeur conducted an order of magnitude assessment on multiple throughput
scenarios to narrow the range of options for a preferred path forward for
Silvertip. Continued resource growth as well as optimization of operating and
capital costs are expected to further enhance project economics. Near-term, the
Company is focused on exploration and managing care and maintenance costs as the
Company continues to develop plans for a potential expansion and restart of the
Silvertip.

Ongoing carrying costs at Silvertip totaled $21.0 million in 2022, compared to $24.9 million in the prior year. Capital expenditures in 2022 totaled $24.8 million compared to $70.1 million in the prior year due to continued infill drilling and underground development.

Liquidity and Capital Resources



At December 31, 2022, the Company had $63.2 million of cash, cash equivalents
and restricted cash and $280.4 million available under the RCF. Future borrowing
under the RCF may be subject to certain financial covenants. Cash and cash
equivalents increased $4.8 million in the year ended December 31, 2022, due to
$150.2 million from the sale of the Sterling/Crown exploration properties in the
fourth quarter of 2022, net proceeds of $147.4 million from the sale of 36.8
million shares of its common stock under two "at the market" equity offering
programs completed in 2022 described below, $40.5 million received in July 2022
from the sale of a portion of the Victoria Gold common shares, $15.3 million
received from the sale of the La Preciosa project and $25.6 million of net cash
flows provided from operations impacted by a 4% and 10% decrease in gold and
silver ounces sold, respectively and a 16% decrease in average realized silver
prices and higher operating costs primarily due to inflationary pressures
partially offset by $352.4 million of capital expenditures primarily related to
the POA 11 expansion project at Rochester.

In March 2022, the Company completed a $100.0 million "at the market" offering
of its common stock, par value $0.01 per share (the "March Equity Offering").
The Company sold a total of 22.1 million shares of common stock in the March
Equity Offering at an average price of $4.53 per share, raising net proceeds
(after sales commissions) of $98.0 million.

On May 2, 2022, the Company entered into an amendment (the "Amendment") to the
RCF to, among other things, increase the maximum principal amount of the RCF by
$90.0 million in incremental loans and commitments to an aggregate of
$390.0 million. On November 9, 2022, the Company entered into an amendment (the
"November Amendment") to the RCF. The November Amendment, among other things,
(1) modified the financial covenants to provide greater flexibility under the
                                       46
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consolidated net leverage ratio requirement through the December 31, 2023 test
date, with the ratio returning to the original level as outlined in the RCF
starting with the March 31, 2024 test date (the "Amendment Period"), (2) allowed
up to $50 million for integration costs or costs associated with establishing
new facilities and certain costs associated with LCM adjustments at Rochester to
be excluded from the calculation of Consolidated EBITDA for purposes of the RCF,
(3) increased the interest rate on certain borrowings through early 2023, (4)
required the Company to repay outstanding amounts under the RCF if cash-on-hand
exceeds $60 million during the Amendment Period, and (5) restricted certain
payments and the incurrence of certain liens during the Amendment Period. At
December 31, 2022, the Company had $80.0 million drawn and $29.6 million in
outstanding letters of credit under the RCF.

On June 28, 2022, the Company entered into an agreement to sell 5.0 million
shares of common stock of Victoria Gold at a price of $8.34 per Victoria Gold
Common Share, for net proceeds of $40.5 million received in July 2022. At
December 31, 2022, the Company held $44.2 million of equity securities including
a 9.4% interest in Victoria Gold. In January 2023, the Company sold its
remaining 6.0 million Victoria Gold common shares, at a price of $6.70 per
share, for net proceeds of $39.8 million.

On September 18, 2022, the Company entered into a Stock Purchase Agreement
("Crown Sterling Agreement") with AngloGold Ashanti (U.S.A.) Holdings Inc. and
its affiliate ("Buyer") for the sale of 100% of the issued and outstanding
shares of Coeur Sterling, Inc., a subsidiary of Coeur that holds the
Sterling/Crown exploration properties near Beatty, Nevada, in exchange for: (A)
a cash payment of $150.2 million at the closing of the transaction, subject to a
customary purchase price adjustment and (B) the right to an additional payment
of $50.0 million should Buyer, its affiliates or its successors report gold
resources in the Sterling/Crown exploration properties (including any in-situ
ounces mined after the closing of the Transaction) equal to or greater than
3,500,000 gold ounces, subject to certain additional terms and conditions
detailed in the Crown Sterling Agreement. The transaction was consummated on
November 4, 2022.

In December 2022, the Company completed a $50.0 million "at the market" offering
of its common stock, par value $0.01 per share (the "December Equity Offering").
The Company sold a total of 14.8 million shares of common stock in the December
Equity Offering at an average price of $3.39 per share, raising net proceeds
(after sales commissions) of $49.2 million.

As of December 31, 2022, the Company had outstanding forward contracts on
130,500 ounces of gold at December 31, 2022 that settle monthly through December
2023. The Company is targeting to hedge up to 70% of expected gold production
and 50% of expected silver production for 2023 in order to protect cash flow
during a period of elevated capital expenditures, and may in the future layer on
additional hedges as circumstances warrant. In early 2023, the Company added
49,998 ounces of gold forward contracts and 3.2 million ounces of silver forward
contracts that settle monthly through December 2023. Taking into account the
additional gold and silver hedges added in early 2023 the weighted average fixed
price on the forward contracts is $1,961 per ounce of gold and $24.55 per ounce
of silver.

We currently believe we have sufficient sources of funding to meet our business
requirements for the next 12 months and longer-term. We expect to use a
combination of cash provided by operating activities under-pinned by our gold
and silver hedging programs, sale of non-core investments, borrowings under our
RCF and additional equity financings depending on future commodity prices to
fund near term capital requirements, including those described in this Report
for the POA 11 expansion project at Rochester and in our 2023 capital
expenditure guidance. Our longer-term plans contemplate the expansion and
restart of Silvertip, as well as the continued exploration and potential
development of our other projects, such as the Lincoln Hill area adjacent to
Rochester.

As of December 31, 2022, the Company committed approximately $605 million of
capital since inception of the project and approximately $494 million of the
estimated project cost had been incurred. Total estimated project capital
remains $650 - $670 million. At the end of 2022, the project was 74% complete.

We also have additional obligations as part of our ordinary course of business,
beyond those committed for capital expenditures and other purchase obligations
and commitments for purchases of goods and services.

If and to the extent liquidity resources are insufficient to support short- and
long-term expenditures, we may need to incur additional indebtedness or issue
additional equity securities, among other financing options, which may not be
available on acceptable terms or at all. This could have a material adverse
impact on the Company, as discussed in more detail under Item 1A - Risk Factors.

Cash Provided by Operating Activities



Net cash provided by operating activities for the year ended December 31, 2022
was $25.6 million, compared to $110.5 million for the year ended December 31,
2021. Adjusted EBITDA for the year ended December 31, 2022 was $139.0 million,
compared to $216.1 million for the year ended December 31, 2021 (see "Non-GAAP
Financial Performance Measures"). Net cash provided by operating activities was
impacted by the following key factors for the applicable periods:
                                       47
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                                                                 Year Ended December 31,
In thousands                                                       2022                2021                2020
Cash flow before changes in operating assets and               $   71,862          $  145,615          $  162,434
liabilities
Changes in operating assets and liabilities:
Receivables                                                         4,452                (983)             (9,463)
Prepaid expenses and other                                            240                 489              (2,621)
Inventories                                                       (51,448)            (27,628)            (34,538)
Accounts payable and accrued liabilities                              510              (7,011)             32,897
Cash provided by (used in) operating activities                $   25,616

$ 110,482 $ 148,709




Net cash provided by operating activities decreased $84.9 million for the year
ended December 31, 2022 compared to the year ended December 31, 2021, primarily
due to a 6% and 4% decrease in lower gold and silver ounces sold, respectively,
a 13% decrease in average realized silver prices, and higher operating costs,
partially offset by a 5% increase in average realized gold prices driven by the
favorable impact of realized gains from gold hedges, lower exploration costs,
timing of VAT collections at Palmarejo, and lower Silvertip ongoing carrying
costs. Revenue for the year ended December 31, 2022 compared to the year ended
December 31, 2021 decreased by $47.2 million, of which $43.3 million was due to
a lower volume of gold and silver sales and $3.9 million was due to lower
average realized silver prices.

Net cash provided by operating activities decreased $38.2 million for the year
ended December 31, 2021, primarily due to lower gold ounces sold (2%), higher
operating costs, exploration costs, and mining and income taxes at Palmarejo,
partially offset by a 1% and 21% increase in average realized gold and silver
prices, respectively, and higher silver ounces sold (5%). Revenue for the year
ended December 31, 2021 increased by $47.4 million, of which $44.5 million was
the result of higher average realized gold and silver prices and $2.9 million
was due to the higher volume of silver sales.

Cash Used in Investing Activities



Net cash used in investing activities in the year ended December 31, 2022 was
$146.2 million compared to $304.1 million in the year ended December 31, 2021.
Cash used in investing activities decreased primarily due to receipt of net
proceeds of $150.2 million and $15.3 million from the sale of the Sterling/Crown
exploration properties and La Preciosa project, respectively, and net proceeds
of $40.5 million in July 2022 from the sale of a portion of the Victoria Gold
common shares, partially offset by an increase in capital expenditures. The
Company incurred capital expenditures of $352.4 million in the year ended
December 31, 2022 compared with $309.8 million in the year ended December 31,
2021. Capital expenditures in the year ended December 31, 2022 were primarily
related to POA 11 construction activities at Rochester and underground
development at Palmarejo and Kensington. Capital expenditures in the year ended
December 31, 2021 were primarily related to POA 11 construction activities at
Rochester, potential expansion expenditures at Silvertip and underground
development at Palmarejo and Kensington.

The Company is experiencing inflationary pressures, specifically with respect to
building materials and fuel as well as overall tightness in the construction
market related to capital projects, most notably at the POA 11 project at
Rochester, and to operating costs company-wide.

Net cash used in investing activities in the year ended December 31, 2021 was
$304.1 million compared to $65.7 million in the year ended December 31, 2020.
Cash used in investing activities increased primarily due to construction
activities related to POA 11 at Rochester and the potential expansion at
Silvertip in the current period and the impact of the net proceeds of $19.4
million from the sale of Metalla Royalty & Streaming Ltd. common shares in the
comparable period of 2020. The Company incurred capital expenditures of $309.8
million in the year ended December 31, 2021 compared with $99.3 million in the
year ended December 31, 2020. Capital expenditures in the year ended December
31, 2021 were primarily related to POA 11 construction activities at Rochester,
potential expansion expenditures at Silvertip and underground development at
Palmarejo and Kensington. Capital expenditures in the year ended December 31,
2020 were primarily related to POA 11 at Rochester, which commenced construction
activities during the third quarter, and underground development at Palmarejo
and Kensington.

Cash Provided by (Used in) Financing Activities



Net cash provided by financing activities in the year ended December 31, 2022
was $125.0 million compared to $158.1 million in the year ended December 31,
2021. During the year ended December 31, 2022, the Company drew $15.0 million,
net, from the RCF and received net proceeds of $147.4 million from the sale of
36,820,110 shares of its common stock in the March Equity Offering and the
December Equity Offering. During the year ended December 31, 2021, the Company
received net proceeds of $367.5 million from the issuance of the 2029 Senior
Notes, and drew $65.0 million, net, from the RCF, partially offset by the tender
and redemption of the 2024 Senior Notes for $238.3 million, including premiums.
                                       48
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Net cash provided by financing activities in the year ended December 31, 2021
was $158.1 million compared to net cash used in financing activities of $46.5
million in the year ended December 31, 2020. During the year ended December 31,
2021, the Company received net proceeds of $367.5 million from the issuance of
the 2029 Senior Notes, and drew $65.0 million, net, from the RCF, partially
offset by the tender and redemption of the 2024 Senior Notes for $238.3 million,
including premiums. As of December 31, 2021, there was $65.0 million drawn under
the RCF. During the year ended December 31, 2020, the Company fully repaid the
$150.0 million drawn from the RCF during 2020, and paid contingent cash
consideration of $18.8 million associated with the Silvertip acquisition.

The Company secured a finance lease package for nearly $60.0 million during the
year ended December 31, 2021, of which $55.7 million has been funded. The
package is earmarked for planned equipment purchases for the POA 11 project in
2021, 2022, and 2023 and has an interest rate of 5.2%.


Critical Accounting Policies and Accounting Developments



Listed below are the accounting policies that we believe are critical to our
financial statements due to the degree of uncertainty regarding the estimates
and assumptions involved and the magnitude of the asset, liability, revenue, and
expense being reported. For a discussion of recent accounting pronouncements,
see Note 2 -- Summary of Significant Accounting Policies in the notes to the
Consolidated Financial Statements.

Revenue Recognition



The Company produces doré and concentrate that is shipped to third-party
refiners and smelters, respectively, for processing. The Company enters into
contracts to sell its metal to various third-party customers which may include
the refiners and smelters that process the doré and concentrate. The Company's
performance obligation in these transactions is generally the transfer of metal
to the customer.

In the case of doré shipments, the Company generally sells refined metal at
market prices agreed upon by both parties. The Company also has the right, but
not the obligation, to sell a portion of the anticipated refined metal in
advance of being fully refined. When the Company sells refined metal or advanced
metal, the performance obligation is satisfied when the metal is delivered to
the customer. Revenue and Costs Applicable to Sales are recorded on a gross
basis under these contracts at the time the performance obligation is satisfied.

Under the Company's concentrate sales contracts with third-party smelters, metal
prices are set on a specified future quotational period, typically one to three
months, after the shipment date based on market prices. When the Company sells
gold concentrate to the third-party smelters, the performance obligation is
satisfied when risk of loss is transferred to the customer. The contracts, in
general, provide for provisional payment based upon provisional assays and
historical metal prices. Final settlement is based on the applicable price for
the specified future quotational period and generally occurs three to six months
after shipment. The Company's provisionally priced sales contain an embedded
derivative that is required to be separated from the host contract for
accounting purposes. The host contract is the receivable from the sale of
concentrates measured at the forward price at the time of sale. The embedded
derivative does not qualify for hedge accounting and is adjusted to fair value
through revenue each period until the date of final metal settlement.

The Company also sells concentrate under off-take agreements to third-party
customers that are responsible for arranging the smelting of the concentrate.
Prices can either be fixed or based on a quotational period. The quotational
period varies by contract, but is generally a one-month period following the
shipment of the concentrate. The performance obligation is satisfied when risk
of loss is transferred to the customer.

The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer.



For doré and off-take sales, the Company may incur a finance charge related to
advance sales that is not considered significant and, as such, is not considered
a separate performance obligation. In addition, the Company has elected to treat
freight costs as a fulfillment cost under ASC 606 and not as a separate
performance obligation.

The Company's gold stream agreement with Franco-Nevada provided for a $20.0
million deposit paid by Franco-Nevada in exchange for the right and obligation,
commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at
the lesser of $800 or market price per ounce. Because there is no minimum
obligation associated with the deposit, it is not considered financing, and each
shipment is considered to be a separate performance obligation. The stream
agreement represents a contract liability under ASC 606, which requires the
Company to ratably recognize a portion of the deposit as revenue for each gold
ounce delivered to Franco-Nevada.
                                       49
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Estimates



The preparation of the Company's consolidated financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities, disclosure of contingent assets
and liabilities at the date of its financial statements, the reported amounts of
revenue and expenses during the reporting period, and mined reserves. There can
be no assurance that actual results will not differ from those estimates. There
are a number of uncertainties inherent in estimating quantities of reserves,
including many factors beyond the Company's control. Mineral reserve estimates
are based upon engineering evaluations of samplings of drill holes and other
openings. These estimates involve assumptions regarding future silver and gold
prices, mine geology, mining methods and the related costs to develop and mine
the reserves. Changes in these assumptions could result in material adjustments
to the Company's reserve estimates. The Company uses reserve estimates in
determining the units-of-production amortization and evaluating mine assets for
potential impairment. For a discussion of estimates and assumptions used by
management that affect the reported amount of assets and liabilities, disclosure
of contingent assets and liabilities at the date of its financial statements,
the reported amounts of revenue and expenses during the reporting period, and
mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the
notes to the Consolidated Financial Statements.

Amortization



The Company amortizes its property, plant, and equipment, mining properties, and
mine development using the units-of-production method over the estimated life of
the ore body generally based on its proven and probable reserves or the
straight-line method over the useful life, whichever is shorter. The accounting
estimates related to amortization are critical accounting estimates because (1)
the determination of reserves involves uncertainties with respect to the
ultimate geology of its reserves and the assumptions used in determining the
economic feasibility of mining those reserves and (2) changes in estimated
proven and probable reserves and asset useful lives can have a material impact
on net income.

Impairment of Long-lived Assets



We review and evaluate our long-lived assets for impairment whenever events or
changes in circumstances indicate that the related carrying amounts may not be
recoverable. Asset impairment is considered to exist if the total estimated
undiscounted pretax future cash flows are less than the carrying amount of the
asset. In estimating future cash flows, assets are grouped at the lowest level
for which there is identifiable cash flows that are largely independent of
future cash flows from other asset groups. An impairment loss is measured by
discounted estimated future cash flows, and recorded by reducing the asset's
carrying amount to fair value. Future cash flows are estimated based on
estimated quantities of recoverable minerals, expected gold and silver prices
(considering current and historical prices, trends and related factors),
production levels, operating costs, capital requirements and reclamation costs,
all based on life-of-mine plans.

Existing proven and probable reserves and value beyond proven and probable
reserves, including mineralization other than proven and probable reserves are
included when determining the fair value of mine site asset groups at
acquisition and, subsequently, in determining whether the assets are impaired.
The term "recoverable minerals" refers to the estimated amount of gold and
silver that will be obtained after taking into account losses during ore
processing and treatment. Estimates of recoverable minerals from exploration
stage mineral interests are risk adjusted based on management's relative
confidence in such materials. The ability to achieve the estimated quantities of
recoverable minerals from exploration stage mineral interests involves further
risks in addition to those risk factors applicable to mineral interests where
proven and probable reserves have been identified, due to the lower level of
confidence that the identified mineral reserves and resources could ultimately
be mined economically. Assets classified as exploration potential have the
highest level of risk that the carrying value of the asset can be ultimately
realized, due to the still lower level of geological confidence and economic
modeling.

Gold and silver prices are volatile and affected by many factors beyond the
Company's control, including prevailing interest rates and returns on other
asset classes, expectations regarding inflation, speculation, currency values,
governmental decisions regarding precious metals stockpiles, global and regional
demand and production, political and economic conditions and other factors may
affect the key assumptions used in the Company's impairment testing. Various
factors could impact our ability to achieve forecasted production levels from
proven and probable reserves. Additionally, production, capital and reclamation
costs could differ from the assumptions used in the cash flow models used to
assess impairment. Actual results may vary from the Company's estimates and
result in additional Impairment of Long-lived Assets.

Ore on Leach Pads

The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes.



The Company uses several integrated steps to scientifically measure the metal
content of ore placed on the leach pads. As the ore body is drilled in
preparation for the blasting process, samples are taken of the drill residue
which are assayed to determine estimated quantities of contained metal. The
Company then processes the ore through crushing facilities where the
                                       50
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output is again weighed and sampled for assaying. A metallurgical reconciliation
with the data collected from the mining operation is completed with appropriate
adjustments made to previous estimates. The crushed ore is then transported to
the leach pad for application of the leaching solution. As the leach solution is
collected from the leach pads, it is continuously sampled for assaying. The
quantity of leach solution is measured by flow meters throughout the leaching
and precipitation process. After precipitation, the product is converted to doré
at the Rochester mine and a form of gold concentrate at the Wharf mine,
representing the final product produced by each mine. The inventory is stated at
lower of cost or net realizable value, with cost being determined using a
weighted average cost method.

The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.



The estimate of both the ultimate recovery expected over time and the quantity
of metal that may be extracted relative to the time the leach process occurs
requires the use of estimates, which are inherently inaccurate due to the nature
of the leaching process. The quantities of metal contained in the ore are based
upon actual weights and assay analysis. The rate at which the leach process
extracts gold and silver from the crushed ore is based upon laboratory testing
and actual experience of more than 20 years of leach pad operations at the
Rochester mine and 30 years of leach pad operations at the Wharf mine. The
assumptions used by the Company to measure metal content during each stage of
the inventory conversion process includes estimated recovery rates based on
laboratory testing and assaying. The Company periodically reviews its estimates
compared to actual experience and revises its estimates when appropriate. The
ultimate recovery will not be known until leaching operations cease. Variations
between actual and estimated quantities resulting from changes in assumptions
and estimates that do not result in write-downs to net realizable value are
accounted for on a prospective basis. As of December 31, 2022, the Company's
estimated recoverable ounces of gold and silver on the leach pads were 40,083
and 4.7 million, respectively.

Reclamation



The Company recognizes obligations associated with the retirement of tangible
long-lived assets and the associated asset retirement costs. The fair value of a
liability for an asset retirement obligation will be recognized in the period in
which it is incurred if a reasonable estimate of fair value can be made. The
fair value of the liability is added to the carrying amount of the associated
asset and this additional carrying amount is depreciated over the life of the
asset. An accretion cost, representing the increase over time in the present
value of the liability, is recorded each period in Pre-development, Reclamation,
and Other. As reclamation work is performed or liabilities are otherwise
settled, the recorded amount of the liability is reduced. Future remediation
costs for inactive mines are accrued based on management's best estimate at the
end of each period of the discounted costs expected to be incurred at the site.
Such cost estimates include, where applicable, ongoing care and maintenance and
monitoring costs. Changes in estimates are reflected in earnings in the period
an estimate is revised. See Note 11 -- Reclamation in the notes to the
Consolidated Financial Statements for additional information.

Derivatives



The Company is exposed to various market risks, including the effect of changes
in metal prices and interest rates, and uses derivatives to manage financial
exposures that occur in the normal course of business. The Company may elect to
designate certain derivatives as hedging instruments under U.S. GAAP.

The Company, from time to time, uses derivative contracts to protect the
Company's exposure to fluctuations in metal prices. The Company has elected to
designate these instruments as cash flow hedges of forecasted transactions at
their inception. Assuming normal market conditions, the change in the market
value of such derivative contracts has historically been, and is expected to
continue to be, highly effective at offsetting changes in price movements of the
hedged item. For derivatives not designated as hedging instruments, the Company
recognizes derivatives as either assets or liabilities on the balance sheet and
measures those instruments at fair value. Changes in the value of derivative
instruments not designated as hedging instruments are recorded each period in
the Consolidated Statement of Comprehensive Income (Loss) in Fair value
adjustments, net or Revenue. Management applies judgment in estimating the fair
value of instruments that are highly sensitive to assumptions regarding
commodity prices, market volatilities, and foreign currency exchange rates.

Income and Mining Taxes



The Company accounts for income taxes in accordance with the guidance of ASC
740. The Company's annual tax rate
is based on income, statutory tax rates in effect and tax planning opportunities
available to us in the various jurisdictions in which the Company operates.
Significant judgment is required in determining the annual tax expense, current
tax assets and liabilities, deferred tax assets and liabilities, and our future
taxable income, both as a whole and in various tax jurisdictions, for purposes
of assessing our ability to realize future benefit from our deferred tax assets.
Actual income taxes could vary from
                                       51
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these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate or unpredicted results from the final determination of each year's liability by taxing authorities.



The Company's deferred income taxes reflect the impact of temporary differences
between the reported amounts of assets and liabilities for financial reporting
purposes and such amounts measured by tax laws and regulations. In evaluating
the realizability of the deferred tax assets, management considers both positive
and negative evidence that may exist, such as earnings history, reversal of
taxable temporary differences, forecasted operating earnings and available tax
planning strategies in each tax jurisdiction. A valuation allowance may be
established to reduce our deferred tax assets to the amount that is considered
more likely than not to be realized through the generation of future taxable
income and other tax planning strategies.

The Company has asserted indefinite reinvestment of earnings from its Mexican
operations as determined by management's judgment about and intentions
concerning the future operations of the Company. The Company does not record a
U.S. deferred tax liability for foreign earnings that meet the indefinite
reversal criteria. Refer to Note 12 -- Income and Mining Taxes for further
discussion on our assertion.

The Company's operations may involve dealing with uncertainties and judgments in
the application of complex tax regulations in multiple jurisdictions. The final
taxes paid are dependent upon many factors, including negotiations with taxing
authorities in various jurisdictions and resolution of disputes arising from
federal, state, and international tax audits. The Company recognizes potential
liabilities and records tax liabilities for anticipated tax audit issues in the
United States and other tax jurisdictions based on its estimate of whether, and
the extent to which, additional taxes will be due. The Company adjusts these
reserves in light of changing facts and circumstances, such as the progress of a
tax audit; however, due to the complexity of some of these uncertainties, the
ultimate resolution could result in a payment that is materially different from
our current estimate of the tax liabilities. These differences will be reflected
as increases or decreases to income tax expense in the period which they are
determined. The Company recognizes interest and penalties, if any, related to
unrecognized tax benefits in income tax expense.

Other Liquidity Matters



We believe that our liquidity and capital resources in the U.S. are adequate to
fund our U.S. operations and corporate activities. The Company has asserted
indefinite reinvestment of earnings from its Mexican operations as determined by
management's judgment about and intentions concerning the future operations of
the Company. The Company does not believe that the amounts reinvested will have
a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or
amounts due at maturity or upon redemption and for general working capital
purposes, from time-to-time we may (1) issue equity securities for cash in
public or private offerings or (2) repurchase certain of our debt securities for
cash or in exchange for other securities, which may include secured or unsecured
notes or equity, in each case in open market or privately negotiated
transactions. We evaluate any such transactions in light of prevailing market
conditions, liquidity requirements, contractual restrictions, and other factors.
The amounts involved may be significant and any debt repurchase transactions may
occur at a substantial discount to the debt securities' face amount.

Non-GAAP Financial Performance Measures



Non-GAAP financial measures are intended to provide additional information only
and do not have any standard meaning prescribed by generally accepted accounting
principles ("GAAP"). Unless otherwise noted, we present the Non-GAAP financial
measures in the tables below. These measures should not be considered in
isolation or as a substitute for performance measures prepared in accordance
with GAAP.

Adjusted Net Income (Loss)

Management uses Adjusted net income (loss) to evaluate the Company's operating
performance, and to plan and forecast its operations. The Company believes the
use of Adjusted net income (loss) reflects the underlying operating performance
of our core mining business and allows investors and analysts to compare results
of the Company to similar results of other mining companies. Management's
determination of the components of Adjusted net income (loss) are evaluated
periodically and is based, in part, on a review of non-GAAP financial measures
used by mining industry analysts. The tax effect of adjustments are based on
statutory tax rates and the Company's tax attributes, including the impact
through the Company's valuation allowance. The combined effective rate of tax
adjustments may not be consistent with the statutory tax rates or the Company's
effective tax rate due to jurisdictional tax attributes and related valuation
allowance impacts which may minimize the tax effect of certain adjustments and
may not apply to gains and losses equally. Adjusted net income (loss) is
reconciled to Net income (loss) in the following table:
                                       52
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                                                                 Year Ended December 31,
In thousands except per share amounts                                           2022                2021                2020
Net income (loss)                                                           

(78,107) $ (31,322) $ 25,627 Fair value adjustments, net

                                                     66,668                 543              (7,601)
Foreign exchange loss (gain)                                                     1,648               1,994                 (69)
(Gain) loss on sale of assets and securities                                   (64,429)             (4,111)              2,484
RMC bankruptcy distribution                                                     (1,651)                  -                   -
VAT litigation                                                                   1,142                   -                   -
VAT write-off                                                                        -              25,982                   -
Loss on debt extinguishment                                                          -               9,173                   -
Silvertip inventory write-down                                                       -                   -              13,717
Wharf inventory write-down                                                           -                   -               3,323
Silvertip suspension costs                                                           -                   -               7,164
Silvertip lease modification                                                         -                   -              (4,051)
Silvertip gain on contingent consideration                                           -                   -                (955)
Novation                                                                             -                   -               3,819
COVID-19 costs                                                                   1,739               6,618              15,555
Interest income on notes receivables                                              (720)                  -                   -
Tax effect of adjustments(1)                                                   (15,349)            (10,270)                  -
Adjusted net income (loss)                                                  

$ (89,059) $ (1,393) $ 59,013



Adjusted net income (loss) per share, Basic                                 

$ (0.32) $ (0.01) $ 0.25 Adjusted net income (loss) per share, Diluted

$ (0.32) $ (0.01) $ 0.24




(1) For the year ended December 31, 2022, tax effect of adjustments of $15.3
million (-558%) is primarily related to the to the fair value adjustments on the
Company's equity investments and the derecognition of deferred tax liabilities
related to the sale of La Preciosa and the Sterling /Crown exploration
properties . For the year ended December 31, 2021, tax effect of adjustments of
$10.3 million (-27%) is primarily related to the VAT write-off.


EBITDA and Adjusted EBITDA



Management uses EBITDA to evaluate the Company's operating performance, to plan
and forecast its operations, and assess leverage levels and liquidity measures.
The Company believes the use of EBITDA reflects the underlying operating
performance of our core mining business and allows investors and analysts to
compare results of the Company to similar results of other mining companies.
Adjusted EBITDA is a measure used in the indenture governing the 2029 Senior
Notes and the RCF to determine our ability to make certain payments and incur
additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should
not be considered an alternative to, Net income (Loss) or Cash Flow from
Operations as determined under GAAP. Other companies may calculate Adjusted
EBITDA differently and those calculations may not be comparable to our
presentation. Adjusted EBITDA is reconciled to Net income (loss) in the
following table:
                                       53
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                                                                 Year Ended December 31,
In thousands except per share amounts                                           2022                2021                2020
Net income (loss)                                                           

$ (78,107) $ (31,322) $ 25,627



Interest expense, net of capitalized interest                                   23,861              16,451              20,708
Income tax provision (benefit)                                                  14,658              34,958              37,045
Amortization                                                                   111,626             128,315             131,387
EBITDA                                                                          72,038             148,402             214,767
Fair value adjustments, net                                                     66,668                 543              (7,601)
Foreign exchange (gain) loss                                                       850               2,779               2,445
Asset retirement obligation accretion                                           14,232              11,988              11,754
Inventory adjustments and write-downs                                           49,085              14,738               1,144
(Gain) loss on sale of assets and securities                                   (64,429)             (4,111)              2,484
RMC bankruptcy distribution                                                     (1,651)                  -                   -
VAT litigation                                                                   1,142                   -                   -
VAT write-off                                                                        -              25,982                   -
Loss on debt extinguishment                                                          -               9,173                   -
Silvertip inventory write-down                                                       -                   -              13,717
Silvertip suspension costs                                                           -                   -               7,164
Silvertip lease modification                                                         -                   -              (4,051)
Silvertip gain on contingent consideration                                           -                   -                (955)
COVID-19 costs                                                                   1,739               6,618              15,555
Novation                                                                             -                   -               3,819
Wharf inventory write-down                                                           -                   -               3,323
Interest income on notes receivables                                              (720)                  -                   -
Adjusted EBITDA(1)                                                          $  138,954          $  216,112          $  263,565


(1) At September 30, 2022, the Company modified its method of calculating
Adjusted EBITDA to include the cumulative impact of the LCM adjustments, if
applicable, year over year. Previously, annual Adjusted EBITDA only included the
current quarter LCM adjustment. For the years ended December 31, 2022 and 2021,
the modification increased the Adjusted EBITDA measure by $38.0 million and $5.3
million, respectively. This modification to the Adjusted EBITDA measure was made
to be consistent with the treatment of LCM adjustments in the Company's amended
RCF facility, which was completed on November 9, 2022.

Free Cash Flow



Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows
generated from operations. Free Cash Flow is Cash Provided By (used in)
Operating Activities less Capital expenditures as presented on the Consolidated
Statements of Cash Flows. The Company believes Free Cash Flow is also useful as
one of the bases for comparing the Company's performance with its competitors.
Although Free Cash Flow and similar measures are frequently used as measures of
cash flows generated from operations by other companies, the Company's
calculation of Free Cash Flow is not necessarily comparable to such other
similarly titled captions of other companies.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP
financial measure, to Cash Provided By (used in) Operating Activities, which the
Company believes to be the GAAP financial measure most directly comparable to
Free Cash Flow.

                                                     Year Ended December 31,
      (Dollars in thousands)                                               2022            2021           2020

      Cash flow from operations                                        $  

25,616      $  110,482      $ 148,709
      Capital expenditures                                                352,354         309,781         99,279
      Free cash flow                                                   $ (326,738)     $ (199,299)     $  49,430



                                       54

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Operating Cash Flow Before Changes in Working Capital



Management uses Operating Cash Flow Before Changes in Working Capital as a
non-GAAP measure to analyze cash flows generated from operations. Operating Cash
Flow Before Changes in Working Capital is Cash Provided By (used in) Operating
Activities excluding the change in Receivables, Prepaid expenses and other,
Inventories and Accounts payable and accrued liabilities as presented on the
Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow
Before Changes in Working Capital is also useful as one of the bases for
comparing the Company's performance with its competitors. Although Operating
Cash Flow Before Changes in Working Capital and similar measures are frequently
used as measures of cash flows generated from operations by other companies, the
Company's calculation of Operating Cash Flow Before Changes in Working Capital
is not necessarily comparable to such other similarly titled captions of other
companies.

The following table sets forth a reconciliation of Operating Cash Flow Before
Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By
(used in) Operating Activities, which the Company believes to be the GAAP
financial measure most directly comparable to Operating Cash Flow Before Changes
in Working Capital.

                                                             Year Ended December 31,
(Dollars in thousands)                                                      2022                2021                2019
Cash provided by (used in) operating activities                         $   25,616          $  110,482          $  148,709
Changes in operating assets and liabilities:
Receivables                                                                 (4,452)                983               9,463
Prepaid expenses and other                                                    (240)               (489)              2,621
Inventories                                                                 51,448              27,628              34,538
Accounts payable and accrued liabilities                                      (510)              7,011             (32,897)
Operating cash flow before changes in working                           $   71,862          $  145,615          $  162,434
capital



Costs Applicable to Sales

Management uses CAS to evaluate the Company's current operating performance and
life of mine performance from discovery through reclamation. We believe these
measures assist analysts, investors and other stakeholders in understanding the
costs associated with producing gold, silver, zinc and lead, assessing our
operating performance and ability to generate free cash flow from operations and
sustaining production. These measures may not be indicative of operating profit
or cash flow from operations as determined under GAAP. Management believes that
allocating CAS to gold, silver, zinc and lead based on gold, silver, zinc and
lead metal sales relative to total metal sales best allows management, analysts,
investors and other stakeholders to evaluate the operating performance of the
Company. Other companies may calculate CAS differently as a result of reflecting
the benefit from selling non-silver metals as a by-product credit, converting to
silver equivalent ounces, and differences in underlying accounting principles
and accounting frameworks such as in International Financial Reporting
Standards.

Year Ended December 31, 2022



In thousands (except metal sales,
per ounce and per pound amounts)      Palmarejo           Rochester          Kensington            Wharf             Silvertip             Total

Costs applicable to sales, including amortization (U.S. GAAP) $ 218,008 $ 187,792 $ 194,757 $ 111,310 $ 4,912 $ 716,779 Amortization

                           (35,432)            (22,626)            (39,032)            (8,247)             (4,912)           (110,249)
Costs applicable to sales           $  182,576          $  165,166          $  155,725          $ 103,063          $        -          $  606,530

Metal Sales
Gold ounces                            107,157              34,370             108,972             79,469                                 329,968
Silver ounces                        6,695,454           3,028,986                   -             47,284                   -           9,771,724
Zinc pounds                                                                                                                 -                   -
Lead pounds                                                                                                                 -                   -

Costs applicable to sales
Gold ($/oz)                         $      886          $    2,403          $    1,423          $   1,283
Silver ($/oz)                       $    13.09          $    27.26                                                 $        -
Zinc ($/lb)                                                                                                        $        -
Lead ($/lb)                                                                                                        $        -


                                       55

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Year Ended December 31, 2021



In thousands (except metal sales,
per ounce and per pound amounts)      Palmarejo           Rochester          Kensington            Wharf             Silvertip              Total

Costs applicable to sales, including amortization (U.S. GAAP) $ 189,717 $ 151,427 $ 187,998 $ 104,617 $ 4,797 $ 638,556 Amortization

                           (36,062)            (20,187)            (54,933)           (11,038)             (4,797)             (127,017)
Costs applicable to sales           $  153,655          $  131,240          $  133,065          $  93,579          $        -          $    511,539

Metal Sales
Gold ounces                            108,806              27,697             122,181             91,663                                   350,347
Silver ounces                        6,805,816           3,241,624                   -             86,397                   -            10,133,837
Zinc pounds                                                                                                                 -                     -
Lead pounds                                                                                                                 -                     -

Costs applicable to sales
Gold ($/oz)                         $      664          $    1,801          $    1,086          $     997
Silver ($/oz)                       $    11.97          $    25.10                                                 $        -
Zinc ($/lb)                                                                                                        $        -
Lead ($/lb)                                                                                                        $        -



Year Ended December 31, 2020
In thousands (except metal sales,
per ounce and per pound amounts)      Palmarejo           Rochester          Kensington            Wharf             Silvertip             Total

Costs applicable to sales, including amortization (U.S. GAAP) $ 170,077 $ 100,418 $ 171,204 $ 102,108 $ 26,580 $ 570,387 Amortization

                           (44,873)            (14,306)            (49,477)           (12,473)             (8,923)           (130,052)
Costs applicable to sales           $  125,204          $   86,112          $  121,727          $  89,635          $   17,657          $  440,335

Metal Sales
Gold ounces                            110,822              26,257             124,793             94,379                                 356,251
Silver ounces                        6,301,516           3,054,139                                113,790             158,984           9,628,429
Zinc pounds                                                                                                         3,203,446           3,203,446
Lead pounds                                                                                                         2,453,485           2,453,485

Costs applicable to sales
Gold ($/oz)                         $      610          $    1,377          $      975          $     923
Silver ($/oz)                       $     9.14          $    16.35                                                        NM (1)
Zinc ($/lb)                                                                                                               NM (1)
Lead ($/lb)                                                                                                               NM (1)

(1) Due to the suspension of mining and processing activities these amounts are not meaningful.


                                       56
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       Reconciliation of Costs Applicable to Sales for 2023 Guidance (1)

In thousands (except metal sales, per ounce or
per pound amounts)                                    Palmarejo                      Kensington                  Wharf
Costs applicable to sales, including amortization
(U.S. GAAP)                                       $       240,135                $       198,827          $        115,365
Amortization                                              (39,570)                       (39,229)                   (5,803)
Costs applicable to sales                         $       200,565                $       159,598          $        109,562
By-product credit                                               -                              -                      (759)
Adjusted costs applicable to sales                $       200,565                $       159,598          $        108,803

Metal Sales
Gold ounces                                               106,452                        106,863                    87,388
Silver ounces                                           6,802,113                              -                    32,346

Revenue Split
Gold                                                     51%                            100%                     100%
Silver                                                   49%

Adjusted costs applicable to sales
Gold ($/oz)                                         $900 - $1,050                 $1,500 - $1,700           $1,200 - $1,350
Silver ($/oz)                                      $14.25 - $15.25

(1) With the completion of the POA 11 expansion construction expected in mid-2023, Coeur has elected to defer providing cost guidance at Rochester until mid-year 2023.

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