Discontinuing Research Coverage

First Quarter Results Mostly In Line with Expectations

Lowering 2023 Expectations

No Big Surprises

Mark Reichman

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Basic Materials

Metals & Mining

Coeur Mining Inc.

Rochester Expansion&nbsp;Expected to Be a Key Value Driver&nbsp;
Recall that the Rochester complex is comprised of the Rochester and Packard open pit mines located near Lovelock, Nevada that produce silver and gold although production leans toward silver. Rochester has undergone periodic mine plan amendments to support mine development projects and continued operations. Rochester&#8217;s most recent expansion will facilitate a mine life extension operating at full production until at least 2033. At the end of the third quarter 2021, the expansion was 42% complete. Management has identified&nbsp; an opportunity to enhance operating flexibility by incorporating pre-screens into the crushing circuit. If pursued, which we think it will, the commissioning and ramp-up of the new crushing circuit could be extended by three to six months. Therefore, we currently anticipate completion mid-year 2023.&nbsp;&nbsp; 
The Lincoln Hill properties, acquired in late 2018, are adjacent to Coeur&#8217;s Rochester open-pit, heap leach mine, providing opportunities for operational synergies. Lincoln Hill&#8217;s average gold resource grade is more than four times higher than Rochester&#8217;s current grade. Over time, Coeur expects to integrate Lincoln Hill with its Rochester mine. Lincoln Hill could become a source of higher-grade, low-cost production that could enhance cash flow growth and extend Rochester&#8217;s mine life.
The company&#8217;s exploration activities have been productive in identifying near-mine opportunities and new discoveries. Beyond the Rochester expansion and potential expansion and restart of Silvertip, we think long-term development opportunities in Nevada, including the Crown Block, hold significant promise.&nbsp;&nbsp;
Capital Structure and Liquidity
As of September 30, 2021, Coeur reported cash and cash equivalents amounting to $85.0 million and debt amounting to $442.5 million. Available liquidity amounted to $330 million, including $245 million of revolving credit facility availability. Assets held for sale amounted to $54.5 million, while holdings of equity securities amounted to $139.7 million. As of October 25, 2021, there were 256.9 million shares outstanding.

Coeur Mining Inc. (CDE)

Pullback Presents More Attractive Entry Point

Fundamental Analysis:

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Discontinuing Research Coverage (CDE)

First Quarter Results Mostly In Line with Expectations (CDE)

Lowering 2023 Expectations (CDE)

No Big Surprises (CDE)

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