Coeur Mining : 2021 Second Quarter Earnings

2021 Second Quarter Earnings

11:00 a.m. ET, July 29, 2021

NYSE: CDE

NYSE: CDE

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Cautionary Statements

This presentation contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements involving strategic priorities and company strategies, expectations regarding environmental, social and governance ("ESG") initiatives, goals and targets, anticipated production, costs and expenses, exploration and development efforts, health and safety protocols, COVID-19 planning and response measures, operations, expectations and initiatives at the Palmarejo, Rochester, Kensington, Wharf and Silvertip mines, capital allocation, growth, results and hedging strategies. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause Coeur's actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the strategies, initiatives and expectations described in this presentation are not achieved on a timely basis or at all, the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather, or geologically related conditions), changes in the market prices of gold, silver, zinc, and lead, and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur's production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade variability, any future labor disputes, or work stoppages, the uncertainties inherent in the estimation of mineral reserves and resources, changes that could result from Coeur's future acquisition of new mining properties or businesses, the loss or insolvency of any third-party smelter to which Coeur markets its production, the potential effects of the COVID-19 pandemic, including impacts to the availability of our workforce, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and the communities where the Company operates, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur's ability to raise additional financing necessary to conduct its business, make payments or refinance its debt as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur's most recent reports on Forms 10-K and 10-Q. Actual results, developments, and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of Coeur, its financial or operating results or its securities.

Christopher Pascoe, Coeur's Director, Technical Services and a qualified person under Canadian National Instrument 43-101, reviewed and approved the scientific and technical information concerning Coeur's mineral projects in this presentation. Mineral resources are in addition to mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for estimation of mineral reserves, and there is no certainty that the inferred mineral resources will be realized. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant factors, Canadian investors should see the Technical Reports for each of Coeur's properties as filed on SEDAR at www.sedar.com.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in public disclosures, such as "measured," "indicated," "inferred" and "resources," that are recognized by Canadian regulations, but that SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov.

Non-U.S. GAAP Measures - We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including adjusted net income (loss), operating cash flow before changes in working capital, adjusted EBITDA, adjusted EBITDA margin, total leverage, net leverage, free cash flow and adjusted costs applicable to sales per ounce/pound. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, total leverage, net leverage, free cash flow and adjusted costs applicable to sales per ounce/pound are important measures in assessing the Company's overall financial performance. This presentation does not represent an offer of any securities for sale.

NYSE: CDE

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Second Quarter 2021 Highlights

• Quarterly revenue and cash flow growth

• Solid production results (+27% gold at Wharf and +15% silver at Rochester) with stronger expected 2H

• Achieved new quarterly drilling record

• Rochester expansion progressing on schedule

• Accelerating investment at Silvertip based on positive results

• Acquired 17.8% ownership interest in Victoria Gold Corp.

• Reaffirmed production guidance; updated cost and capex guidance

NYSE: CDE

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Improvement in Year-Over-Year Financial Results

LTM Adjusted EBITDA1/Margin1	LTM Free Cash Flow1,2
($M)												($M)
+ 4 1 %								$283				$293						+ $ 1 0M	$49
$263
																		$38
$239
							35%
			34%							34%
$209
			32%
																																						$16
			29%																																			$2
																							($7)
		2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021				2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021
Cash & Cash Equivalents					Net Leverage Ratio1
($M)												(Net Debt3/LTM EBITDA1)
+ 7 5 %								$154
																										1.3x												( 0 . 3 x )
$93								$124											0.9x	0.9x	1.0x
$77
$71																															0.7x
		2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021			2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021

1. See non-GAAP reconciliation tables in the appendix to this presentation.
2. Free cash flow is defined as cash flow from operating activities less capital expenditures.
3. Net debt equals total debt less cash and cash equivalents.

Increased Production

+

Lower Costs

+

Higher Prices

• Stronger Adj. EBITDA1

• Free Cash Flow1,2 Growth • Higher Cash Balances

• Lower Leverage Levels

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Financial Summary

	($M, except metal sales, adj. EBITDA margin and per share amounts)	2Q 2021	1Q 2021	QoQ ∆	2Q 2020	YoY ∆
	Metal Sales
	Gold ounces sold (oz)	88,501	83,112		6%	77,933	14%
	Silver ounces sold (M oz)	2.6	2.4		6%	1.6	59%
	Key Financials
	Revenue	$214.9	$202.1		6%	$154.2	39%
	Exploration investment1	$18.6	$14.9		25%	$13.0	43%
	Net income (loss)	$32.1	$2.1		1,429%	($1.2)	NM
	Cash flow from operating activities	$58.1	($4.4)	NM	$9.9	484%
	Capital expenditures	$78.2	$59.4		32%	$16.7	369%
	Free cash flow2,3	($20.2)	($63.8)	NM	($6.7)	NM
	Adjusted Financials
	Adjusted net income (loss)2	($0.8)	$13.9		NM	$2.6	NM
	Adjusted EBITDA2	$52.7	$65.9		(20%)	$42.2	25%
	Adjusted EBITDA margin2	25%	33%		(8%)	27%	(3%)
	LTM Adjusted EBITDA2	$293.4	$282.8		4%	$208.5	41%
	LTM Adjusted EBITDA margin2	34%	35%		(1%)	29%	5%
	Cash flow from operating activities (before changes in working capital)2	$31.4	$41.6		(24%)	$16.4	92%
	Per Share Financials
	Net income (loss) per share	$0.13	$0.01		1,311%	($0.01)	NM
	Adjusted net income (loss) per share	$0.00	$0.06		NM	$0.01	NM

Note: "NM" means not meaningful. Percentages may differ due to rounding.

1. Exploration investment includes expensed and capitalized exploration.
2. See non-GAAP reconciliation tables in the appendix to this presentation.
3. Free cash flow is defined as cash flow from operating activities less capital expenditures. See reconciliation tables in the appendix to this presentation.

NYSE: CDE

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