What changed in this filing

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Item 1. Business

2021-02-17 compared with 2020-02-19 · 146 added, 193 removed, 29 unchanged (92% of the section changed)

Coeur Mining, Inc.

(“Coeur”, “the Company”, or “we”) is a gold and silver producer, as well as a zinc and lead producer through operations at Silvertip (as defined below), with mines located in the United States, Canada, Mexico, and exploration projects in North America.

Coeur was incorporated as an Idaho corporation in 1928 under the name Coeur d’Alene Mines Corporation.

On May 16, 2013, Coeur changed its state of incorporation from the State of Idaho to the State of Delaware and changed its name to Coeur Mining, Inc.

OVERVIEW OF MINING PROPERTIES AND INTERESTS

The Company’s operating properties and interests are described below:

Coeur owns 100% of Coeur Mexicana S.A.

(“Coeur Mexicana”), which has operated the Palmarejo complex in the State of Chihuahua in Northern Mexico since 2009.

The processing facility at the Palmarejo complex is fed by the Guadalupe, Independencia and La Nacion underground mines.

The Company also has several exploration targets at the Palmarejo complex.

The Palmarejo complex produced 111,932 ounces of gold and 6.8 million ounces of silver in 2019.

Proven and probable reserves at the Palmarejo complex totaled 693,000 ounces of gold and 50.5 million ounces of silver as of December 31, 2019.

Coeur owns 100% of Coeur Rochester, Inc.

(“Coeur Rochester”), which has operated the Rochester mine, an open-pit silver and gold mine located in northwestern Nevada, since 1986.

Coeur Rochester also owns the Lincoln Hill and related assets adjacent to its Rochester mine.

The Rochester mine produced 35,400 ounces of gold and 3.8 million ounces of silver in 2019.

Proven and probable reserves at the Rochester mine totaled 737,000 ounces of gold and 117.5 million ounces of silver as of December 31, 2019.

Coeur owns 100% of Coeur Alaska, Inc.

(“Coeur Alaska”), which has operated the Kensington mine, an underground gold mine located north of Juneau, Alaska since 2010.

The Kensington mine produced a total of 127,914 ounces of gold in 2019.

Proven and probable reserves at the Kensington mine totaled 366,000 ounces of gold as of December 31, 2019.

Coeur owns 100% of Wharf Resources (U.S.A.), Inc.

(“Wharf”), which operates the Wharf mine, an open-pit gold mine located in the Black Hills mining district of South Dakota near Lead, South Dakota.

Coeur acquired Wharf in February 2015.

The Wharf mine produced 84,172 ounces of gold in 2019.

Proven and probable reserves at the Wharf mine totaled 768,000 ounces of gold as of December 31, 2019.

Coeur owns 100% of Coeur Silvertip Holdings Ltd.

(“Silvertip”), which operates the underground Silvertip silver-zinc-lead mine located in northern British Columbia, Canada.

Coeur acquired Silvertip in October 2017 and commenced commercial production in September 2018.

In 2019, the Silvertip mine produced a total of 1.2 million ounces of silver, 17.1 million pounds of zinc and 16.6 million pounds of lead.

Proven and probable reserves at the Silvertip mine totaled 15.0 million ounces of silver, 295.4 million pounds of zinc and 196.5 million pounds of lead as of December 31, 2019.

Subsequent to the end of the period covered by this Report, the Company made the decision to temporarily suspend mining and processing activities as a result of further deterioration in zinc and lead market conditions as well as processing facility-related challenges.

The Company plans to (i) double its exploration investment in 2020 to potentially further expand the mineralized material and extend the mine life, and (ii) pursue a mill expansion to improve the asset’s cost structure and its ability to deliver sustainable cash flow

Coeur owns 100% of Coeur Sterling, Inc.

whose principal asset is the Sterling gold project and the Crown Block of deposits consisting of the Daisy, Secret Pass and SNA historic mineralized material located in the Walker Lane trend in Nevada (the “Sterling Project”).

Coeur owns 100% of Coeur La Preciosa Silver Corp.

which owns the mining concessions of the La Preciosa project, which is a silver-gold exploration project in the State of Durango, Mexico (“La Preciosa”).

Coeur has made strategic equity investments in other early-stage precious metals companies.

GOLD, SILVER, ZINC, AND LEAD PRICES

The Company’s operating results are substantially dependent upon the market prices of gold and silver, and zinc and lead following the Silvertip acquisition, which fluctuate widely.

The volatility of such prices is illustrated in the following table, which sets forth the high, low and average prices of each metal published by the London Bullion Market Association (“LBMA”) for silver and gold and the London Metal Exchange (“LME”) for zinc and lead:

Year Ended December 31,

Gold (per oz.)

Silver (per oz.)

Zinc (per lb.)

Lead (per lb.)

The Company’s mining operations produce gold and/or silver doré, and gold, zinc and lead concentrate.

The Company uses a geographically diverse group of third-party refiners, smelters in the United States, Switzerland and Japan and third-party customers who may use various smelters in Asia and Europe for Silvertip and Kensington’s concentrate.

The Company's doré, as well as the concentrate product produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the LBMA, which regulates the acceptable requirements for bullion traded in the London precious metals markets.

The Company then sells its gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe.

The Company had eight trading counterparties at December 31, 2019.

The Company's sales of doré or concentrate product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 68% , 77%, and 78% of total metal sales for the years ended December 31, 2019, 2018, and 2017, respectively.

In November 2018, one of the refiners of the Company’s doré, Republic Metals Corp.

(“RMC”), a U.S.-based precious metals refiner, filed for protection under Chapter 11 of the United States Bankruptcy Code.

See Note 3 -- Segments and Note 5 -- Receivables in the notes to the Consolidated Financial Statements for additional detail.

The Company's gold concentrate product from the Kensington mine and the zinc and lead concentrates from the Silvertip mine are sold under a variety of agreements with smelters and traders, and the smelters and traders pay the Company for the metals recovered from the concentrates.

The Company’s sales of concentrate produced by the Kensington and Silvertip mines amounted to approximately 32% , 23%, and 22% of total metal sales for the years ended December 31, 2019, 2018, and 2017, respectively.

The Company believes that the loss of any one smelter, refiner, trader or third-party customer would not materially adversely affect the Company due to the liquidity of the markets and current availability of alternative trading counterparties.

HEDGING ACTIVITIES

The Company’s strategy is to provide stockholders with exposure to gold, silver, zinc and lead prices by selling gold, silver, zinc and lead production at market prices.

The Company may enter into short-term derivative contracts to protect the selling price for certain anticipated gold, silver, zinc and lead production and to manage risks associated with interest rates and foreign currencies.

For additional information see “Item 7A.

(“Coeur”, “the Company”, or “we”), founded in 1928, is a precious metals producer with mines located in the United States, Canada and Mexico, and exploration projects in North America.

Our common stock is listed on The New York Stock Exchange under the symbol “CDE”.

Coeur’s strategy is to maximize cash flow by building and maintaining a balanced portfolio of high-quality precious metals assets in low risk jurisdictions through exploration, operational execution and selective acquisitions.

Our strategy is guided by our purpose statement, We Pursue a Higher Standard , and three key principles:

Protect our People, Places and Planet;

Develop Quality Resources, Growth and Plans;

and Deliver Impactful Results .

We strive to integrate sustainable operations and development into our business decisions and strategic goals.

We proactively conduct our business with a focus on positively impacting the environment, as well as the health and safety, and socioeconomics of our people and the communities in which we operate

Impacts of the COVID-19 Pandemic on our business

The COVID-19 pandemic has caused and continues to cause global economic disruption and uncertainty.

We are closely monitoring the COVID-19 pandemic and related developments and remain focused on safeguarding the health of our employees, families and the communities where we operate while minimizing business interruption.

For a further discussion of the risks, uncertainties and actions taken in response to COVID-19, refer to Item 1A "Risk Factors" and Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations".

Operating Segments

We produce and sell precious metals from the following operating segments:

• The Palmarejo gold-silver complex, located in the State of Chihuahua in Northern Mexico, which has been in operation since 2009.

The processing facility at the Palmarejo complex is fed by the Guadalupe, Independencia and La Nación underground mines.

The Company also has several exploration targets at the Palmarejo property package.

• The Rochester open pit silver-gold mine located in northwestern Nevada, in operation since 1986.

Coeur Rochester commenced a significant expansion project in 2020 (Plan of Operations Amendment No.

11, or “POA 11”) which contemplates construction of a new leach pad, crushing facility, process plant and related infrastructure expected to support an extended mine life.

Coeur Rochester also acquired the Lincoln Hill and related exploration assets adjacent to its Rochester mine in 2019.

• The Kensington underground gold mine located north of Juneau, Alaska, which began operations in 2010.

Coeur Alaska is in the process of amending its Plan of Operations (“POA 1”) to increase tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, improved metal prices, and ongoing operational efficiencies.

• The Wharf open pit gold mine near Lead, South Dakota, acquired by Coeur in 2015.

• The Silvertip underground silver-zinc-lead mine in northern British Columbia, Canada, acquired by Coeur in 2017.

The Silvertip mine commenced commercial production in 2018.

In February 2020, we announced a temporary suspension of mining and processing activities at Silvertip.

While mining activities are suspended, the Company (i) is investing in exploration to potentially further expand the mineralized material and extend the mine life, and (ii) continues to work to pursue a mill expansion to improve the asset’s cost structure and its ability to deliver sustainable cash flow.

In addition, the Company has interests in several precious metals exploration projects throughout North America, including the wholly-owned Crown and Sterling projects in southern Nevada and the La Preciosa project in Mexico, other mineral interests, strategic equity investments, among other items, which are included in “Other” for segment reporting purposes.

For additional information see Note 3 - Segment Reporting in the notes to the Consolidated Financial Statements.

Metals Prices and Hedging Activities

The results of the Company and its operating segments are substantially dependent upon the market prices of gold and silver, which fluctuate widely.

The Company has in the past and may in the future enter into derivative contracts to protect the selling price for certain anticipated gold and silver production and to manage risks associated with foreign currencies.

For additional information see “Item 1A – Risk Factors”, “Item 7A.

Quantitative and Qualitative Disclosures About Market Risk” and Note 17 – Derivative Financial Instruments in the notes to the Consolidated Financial Statements for additional detail.

Metal Processing, Marketing and Sales

We produce gold and silver doré, as well as gold concentrate.

The doré produced at the Palmarejo complex and Rochester mine, as well as the concentrate product produced by the Wharf mine, is refined by a geographically diverse group of third-party refiners into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets.

We then sell gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe.

Our gold concentrate product from the Kensington mine is sold under a variety of agreements with a geographically diverse group of third-party smelters and traders, and the smelters and traders pay us for the metals recovered from the concentrates.

We believe that the loss of any one smelter, refiner, trader or third-party customer would not materially adversely affect us due to the liquidity of the markets and current availability of alternative trading counterparties.

We purchase materials and supplies from third parties to conduct our business, including electricity, fuel, chemical reagents, explosives, steel and concrete.

Prices for these commodities are volatile and can fluctuate due to conditions that are difficult to predict, including global competition for resources, currency fluctuations, consumer or industrial demand and other factors .

For most of these commodities, we have existing alternate sources of supply or alternate sources of supply are readily available.

We continuously monitor supply and cost trends for these items.

GOVERNMENT REGULATION

The Company’s activities are subject to extensive federal, state and local laws governing the protection of the environment, prospecting, development, production, closure, taxes, labor standards, occupational health, mine safety, toxic substances, protection of endangered, protected or other specified species and other matters.

The costs to comply with such regulatory requirements are substantial and possible future legislation and regulations could cause additional expense, capital expenditures, restrictions and delays in the development and continued operation of the Company’s properties, the extent of which cannot be predicted.

In the context of environmental permitting, including the approval of reclamation plans, the Company must comply with known standards and regulations which may entail significant costs and delays.

Although the Company has been recognized for its commitment to environmental responsibility and believes it is in substantial compliance with applicable laws and regulations, amendments to current laws and regulations, more stringent application or interpretation of these laws and regulations through judicial review, or administrative action or the adoption of new laws could have a material adverse effect upon the Company and its results of operations.

Environmental Laws

Our mining operations are subject to extensive federal, state, local and foreign laws and regulations governing environmental protection, natural resources, development, production and post-closure reclamation.

Environmental regulations mandate, among other things, the maintenance of air and water quality standards, land development and land reclamation, and set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste.

With respect to our operations in the United States, the Company is subject to federal and state laws and regulations, including the Clean Water Act, Clean Air Act, the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), the U.S.

Resource Conservation and Recovery Act (“RCRA”), the Emergency Planning and Community Right-to-Know Act, the Endangered Species Act, the Federal Land Policy and Management Act, the National Environmental Policy Act and related regulations and state law equivalents.

Our operations in Canada and Mexico are subject to similar laws for the protection of the environment, including the Environmental Management Act, the Mines Act and the Greenhouse Gas Industrial Reporting and Control Act in Canada, and regulations promulgated by the Secretaría del Medio Ambiente y Recursos Naturales (Ministry of Environment and Natural Resources) and the Comisión Nacional del Agua and the National Water Commission in Mexico.

Future changes in U.S., Mexican or Canadian federal, state or provincial laws or regulations could have a material adverse effect upon the Company and its results of operations.

Certain mining wastes from extraction and beneficiation of minerals would be considered hazardous waste under RCRA and state law equivalents, but are currently exempt from the extensive set of Environmental Protection Agency (“EPA”) regulations governing hazardous waste.

If the Company’s mine wastes were treated as hazardous waste under RCRA or such wastes resulted in operations being designated as “Superfund” sites under CERCLA or state law equivalents for cleanup, material expenditures could be required for the construction of additional waste disposal facilities, for other remediation expenditures, or for natural resource damages.

Under CERCLA, any present or past owners or operators of a Superfund site generally may be held liable and may be forced to undertake remedial cleanup action or to pay for the government’s cleanup efforts.

Such owners or operators may also be liable to governmental entities for the cost of damages to natural resources, which may be substantial.

The Company has reviewed and considered current federal legislation relating to climate change and does not believe it to have a material effect on its operations.

Future changes in U.S., Mexican or Canadian federal, state or provincial laws or regulations could have a material adverse effect upon the Company and its results of operations.

Estimated future reclamation costs are based primarily on legal and regulatory requirements.

At December 31, 2019, $134.4 million was accrued for reclamation costs relating to currently developed and producing properties.

The Company is also involved in several matters concerning environmental obligations associated with former mining activities.

Based upon the Company’s best estimate of its liabilities for these items, $1.9 million was accrued as of December 31, 2019.

These amounts are included in Reclamation on the Consolidated Balance Sheet.

As of December 31, 2019 and 2018, we had surety bonds totaling $215.6 million and $216.3 million in place as financial support for future reclamation and closure costs, respectively.

See Note 21 -- Commitments and Contingencies in the notes to the Consolidated Financial Statements for additional detail.

Environmental Permitting

The Rochester, Kensington and Wharf mines and Sterling Project are subject to extensive U.S.

Our business is subject to extensive federal, state, local and foreign laws governing the protection of the environment, prospecting, development, production, closure, taxes, labor standards, occupational health, mine safety, toxic substances, protection of endangered, protected or other specified species and other matters.

The costs to comply with such regulatory requirements are substantial and possible future legislation and regulations could cause additional expense, capital expenditures, restrictions and delays in the development and continued operation of our properties, the extent of which cannot be predicted.

Capital expenditures for environmental compliance in 2021 are currently expected to range from $8.2 million to $9.2 million.

We have reviewed and considered current federal legislation relating to climate change and do not believe the legislation to have a material effect on our operations.

Future changes in U.S., Mexican or Canadian federal, state or provincial laws or regulations could have a material adverse effect upon us and our results of operations.

For additional information regarding key regulatory risks, please see the section titled “Risk Factors” included in Item 1A.

The Rochester, Kensington and Wharf mines and Crown and Sterling projects are subject to extensive U.S.

federal and state permitting laws and regulations.

Mexico, where the Palmarejo complex and the La Preciosa exploration project are located, and Canada, where the Silvertip mine is located, have all adopted laws and guidelines for environmental permitting that are similar to those in effect in the United States.

Mexico, where the Palmarejo complex and the La Preciosa project are located, and Canada, where the Silvertip mine is located, have all adopted laws and guidelines for environmental permitting that are similar to those in effect in the United States.

The permitting process in each jurisdiction requires, among other things, a thorough study to determine the baseline condition of the mining site and surrounding area, an environmental impact analysis, and proposed mitigation measures to minimize and offset the environmental impact of mining operations.

The Company has received all permits required to operate and carry out the current scope of activities at the Palmarejo complex, Rochester, Kensington, Wharf and Silvertip mines, and has received all permits necessary for the exploration activities currently being conducted at its other properties.

The Company is in the process of amending existing permits at its Rochester and Kensington mines and the Sterling Project to support future planned activities.

For additional information regarding permitting risks, please see the section titled “Risk Factors” included in Item 1A.

Maintenance of Claims

United States

A portion of the Company’s U.S.

mining properties consists of unpatented mining claims on federal lands, which the Company holds pursuant to the Mining Law of 1872, as amended (the “Mining Law”).

Legislation has been introduced regularly in the U.S.

Congress over the last decade to change the Mining Law and it is possible that the Mining Law may be amended or replaced by less favorable legislation in the future.

Previously proposed legislation contained a production royalty obligation, new environmental standards and conditions, additional reclamation requirements and extensive new procedural steps which would likely result in delays in permitting.

The ultimate content of future proposed legislation, if enacted, is uncertain.

In addition, the U.S.

Forest Service and the U.S.

Bureau of Land Management (“BLM”) have considered revising regulations governing operations under the Mining Law on federal lands they administer, which, if implemented, may result in additional procedures and environmental conditions and standards on those lands.

The majority of the Company’s operations, which are either outside of the United States or on private patented lands would be unaffected by potential legislation.

Any such reform of the Mining Law or BLM and U.S.

Forest Service regulations thereunder could increase the costs of mining activities on unpatented mining claims, or could materially impair the ability of the Company to develop or continue operations which derive ore from federal lands, and as a result, could have an adverse effect on the Company and its results of operations.

Until such time, if any, as new reform legislation or regulations are enacted, the ultimate effects and costs of compliance on the Company cannot be estimated.

At mining properties in the United States, including the Rochester, Kensington, Wharf mines and the Sterling Project, operations are conducted upon both patented and unpatented mining claims.

Pursuant to applicable federal law, it is necessary to pay to the Secretary of the Interior, on or before September 1st of each year, a claim maintenance fee of $165 per unpatented federal claim.

This claim maintenance fee is in lieu of the assessment work requirement contained in applicable mining laws.

In addition, Nevada and South Dakota holders of unpatented federal mining claims are required to pay the county recorder of the county in which the claim is situated a de minimis annual fee per claim.

In Alaska, the Company is required to pay a variable, annual rental fee for State claims and a State upland mining lease based on the age of the claim or claims converted to the upland mining lease.

Annual labor must also be performed on the claim or an annual payment in lieu of annual labor must be paid to the State of Alaska for State claims and upland mining leases.

No maintenance fees are payable for federal patented claims.

Patented claims are similar to land held by an owner who is entitled to the entire interest in the property with unconditional power of disposition and are subject to local ad valorem property taxes.

In order to carry out mining activities in Mexico, the Company is required to obtain a mining concession from the General Bureau of Mining, a part of the Ministry of Economy of the Mexican Federal Government, or be assigned previously granted concession rights, and both must be recorded with the Public Registry of Mining.

In addition, mining works may have to be authorized by other authorities when performed in certain areas, including ejidos (communal owners of land recognized by the federal laws in Mexico), villages, dams, channels, general communications ways, submarine shelves of islands, islets and reefs, marine beds and subsoil and federal maritime-terrestrial zones.

Reports have to be filed with the General Bureau of Mining in May of each year, evidencing previous calendar year mining investment and works.

Annual reports, detailing technical and statistical information and production results, must be submitted during the first 30 business days of the following year for each concession or group of concessions bearing production and all concessions over six years of age.

Bi-annual mining duties are payable in January and July of each year and, based on amount of surface of each mining concession, holders of mining concessions must also pay annually and no later than the last business day of March a special mining fee based on 7.5% of the income before interest and certain other permitted deductions derived from the transfer or sale of minerals, plus 0.5% of gross revenues from sales of gold, silver and platinum.

Failure to pay any of these duties and submit the required reports could lead to cancellation of the concessions.

Upon expiration or cancellation of the concession, certain obligations remain, such as filing technical reports and ground support.

Canada (British Columbia)

Mineral claims and mining leases in British Columbia are regulated by the provincial government under the Mineral Tenure Act.

Mineral claims are initially valid for one year after recording.

To maintain a claim, the recorded holder must, on or before the expiry date of the claim, either perform exploration and development work on that claim (or contiguous block of claims) and register such work, or register a payment instead of exploration and development work.

Only work prescribed by regulation is acceptable for registration.

The value of exploration and development work required to maintain a mineral claim for one year is CAD5/hectare (“ha”) for each of the first and second years, CAD10/ha for each of the third and fourth years, CAD15/ha for each of the fifth and sixth years, and CAD20/ha for each subsequent year.

If a payment is made instead of performing exploration and development work, the payment must be double the value of the required work.

The recorded holder of a mineral claim is

allowed to produce a very limited amount of mineralized material.

For production in excess of these limits, a mining lease is required.

Mining leases in British Columbia are generally issued for a term of 30 years, and renewal terms are available.

An annual rental payment of CAD20/ha is required to maintain a mining lease.

There are no annual work requirements for mining leases.

Before any mechanical disturbance of the surface of the ground is performed by, or on behalf of, the recorded holder, the necessary approvals and permits under the Mineral Tenure Act must be obtained.

Mines in production are subject to taxation by the provincial government.

The Silvertip mine is subject to a British Columbia mining royalty tax of 13% of net revenues subject to certain permitted deductions.

The number of full-time employees of the Company at December 31, 2019 was:

Palmarejo Complex

Rochester Mine

Kensington Mine

Silvertip Mine

Sterling Project

Corporate and Other

BUSINESS STRATEGY AND COMPETITIVE STRENGTHS

The Company’s business strategy is to discover, develop and operate a balanced portfolio of high-quality precious metals assets currently in North America.

The Company strives to Protect its People, Places and Planet;

Develop Quality Resources, Growth and Plans;

and Deliver Impactful Results through Teamwork.

Key components of the Company’s strategy include;

Geographical focus on North America;

Concentrate on discovering, developing, and operating a balanced portfolio of precious metal assets;

Disciplined capital allocation including portfolio optimization and prioritizing near mine growth opportunities;

Bolstering a high-performing, healthy organization and culture;

Achieving an investable level of scale and relevance through its unique portfolio of operating and growth assets;

Delivering low cost production;

Maintaining balance sheet flexibility to provide financial flexibility through cycles and inherent volatility;

Engaging in leading Environmental, Social and Governance (“ESG”) programs, priorities and initiatives;

Maintaining peer leading levels of trading liquidity;

Promoting the highest level of employee health and safety.

Management believes the following strengths provide the Company with significant competitive advantages:

Strong track record of developing and operating mines

The Company has successfully acquired, developed, and operated a portfolio of operating mines since its founding in 1928.

In 2019 , we had production from continuing operations of 359,418 ounces of gold, 11.7 million ounces of silver, 17.1 million pounds of zinc and 16.6 million pounds of lead,

Gold Production Silver Production

(Continuing Operations) (Continuing Operations)

Operating and commodity diversity

The Company’s gold, silver, zinc and lead production comes from five operating mines.

The Company operates the Palmarejo gold and silver complex in Mexico, the Rochester silver and gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the Silvertip silver-zinc-lead mine in Canada.

The Company’s metal sales breakdown by operating mine in continuing operations and metal is set out below:

2019 Gold Sales by Mine (ounces) 2019 Silver Sales by Mine (millions of ounces)

The Company also sold 18.2 million pounds of zinc and 16.5 million pounds of lead produced at Silvertip in 2019.

Experienced management team and Board of Directors

The Company has built a high-caliber management team of devoted professionals with extensive mining industry expertise.

President and Chief Executive Officer, Mitchell Krebs, Senior Vice President and Chief Financial Officer, Thomas Whelan, Senior Vice President, Exploration, Hans Rasmussen and Senior Vice President, Operations, Terry Smith, each has significant experience in the mining industry.

Senior Vice President, General Counsel and Secretary, Casey Nault helps drive leading ESG practices.

Senior Vice President, Human Resources, Emilie Schouten, working closely with the Chief Executive Officer, helps drive the strategy of having a high performing organization and culture.

The board of directors also brings diverse industry backgrounds and a depth of professional experience to the Company.

Reserve replenishment and resource growth

The Company has spent significant capital in developing or expanding its five 100%-owned operating mines that are considered continuing operations.

The Company has been able to successfully maintain the proven and probable reserves at its mines through its exploration efforts.

We have received all permits required to operate and carry out the current scope of activities at the Palmarejo complex, Rochester, Kensington, Wharf and Silvertip mines, and have received all permits necessary for the exploration activities currently being conducted at our other properties.

We are in the process of amending existing permits at our Kensington mine, and the Crown and Sterling projects to support future planned activities.

If we pursue an expansion at Silvertip, it will require new or amended permits.

Maintenance of Mining Claims

All of the jurisdictions where we operate impose federal, state and/or provincial requirements for maintaining mining claims (United States), mining concessions (Mexico) and mineral claims and mining leases (British Columbia), including fees, reporting, and/or evidence of work, among other requirements.

Our failure to comply with any of these requirements could result in the loss of our ability to conduct mining activities in a particular location, which could have a material adverse impact on our business.

HUMAN CAPITAL MANAGEMENT

Effective human capital management at Coeur is critical to achieving our strategic goals.

We seek to recruit and retain employees at all levels who embody our purpose statement, We Pursue a Higher Standard, through safe and ethical conduct.

At December 31, 2020, we had approximately 1,959 employees (1,016 in the U.S., 93 in Canada and 850 in Mexico), none of whom were represented by a collective bargaining agreement.

Succession Planning

From our operations to the boardroom, we conduct robust succession planning throughout the organization annually, by employing specific talent diagnostics and skill development needs.

High potential performers and diversity discussions along with action plans are reviewed with leadership on a quarterly basis.

Our Board of Directors (the “Board”) oversees the recruitment, development, and retention of our senior executives.

Significant focus is placed on succession planning both for key executive roles and also deeper into the organization.

In-depth discussions occur multiple times per year in meetings of the Board, Compensation and Leadership Development Committee and Nominating and Corporate Governance Committee, including in executive sessions to foster candid conversations.

Directors have regular and direct exposure to senior leadership and high-potential employees during Board and committee meetings and through other informal meetings and events held during the year.

Culture Assessment

We are focused on regular evaluation of our culture.

In 2019, we invited all employees to participate in a culture assessment by completing an anonymous survey, and we plan to conduct another assessment in 2021.

Employee participation in 2019 exceeded industry benchmarks and feedback was reviewed by the management team and our Board of Directors.

The management team also reviewed the results with employees at each of our operations through facilitated discussions to gain additional insight into the feedback.

We developed site-specific action plans to address feedback and monitor progress in the future.

The results of the assessment confirmed our belief that we have an ethical, safe and proud workforce and also highlighted areas for improvement.

We have developed strategies to address these areas for improvement.

Employee Development

We periodically solicit feedback on each member of our executive team through 360 assessments, which measure inclusivity amongst other leadership principles.

We believe this feedback is important to maintaining a strong culture by effectively assessing leadership performance and development, increasing accountability, facilitating succession planning and identifying areas for improvement and change.

We provide opportunities for employees to participate in IMPACT Training, an intensive 18-month-long training program we created for front-line supervisors throughout our organizational structure to focus on leadership development and mining as a business.

Through IMPACT training, we have invested over 15,250 cumulative hours of leadership training and personal development in almost 100 employees.

Diversity & Inclusion

Our President & CEO, Mitchell Krebs, is the first and only precious metals mining CEO to sign the CEO ACTION for Diversity & Inclusion pledge.

This pledge highlights Coeur’s continuing commitment to fostering a diverse and inclusive workforce, evidenced by programs such as Coeur Heroes , which has provided over 87 career opportunities to current and former U.S.

Military personnel.

Fifty percent of our independent Board members have indicated that they are diverse.

While we continue to increase our overall female population, 66% of our females are in manager or higher level positions.

Partnerships with organizations like the National Society of Black Engineers and Women in Mining at their U.S.

university chapters are providing further avenues for recruiting diverse talent.

Investing in local communities extends beyond financial support.

Since 2018, we have hired an average of 60% of our new hires from local communities.

During 2020, we provided over 45 apprenticeships, over 140 scholarships and worked with organizations such as By the Hand Club in Chicago and The Lowry Foundation in Winnemucca, NV to educate youth in our communities about career opportunities in mining.

Providing career opportunities to local community members and participating in community initiatives creates a closer connection between our operations and local stakeholders and communities.

Rewards & Wellness

As part of our fundamental need to attract and retain talent, we regularly evaluate our compensation, benefits and employee wellness offerings.

We have determined that our average employee earns over 40% more than the average employee in their local markets according to industry benchmarking.

Over 93% of U.S.

employees are enrolled in our medical benefit

plan, and over 90% of U.S.

employees contribute to our 401(k) plan.

Supplemental healthcare is provided above government requirements in both Canada and Mexico.

We were a leader in the mining industry by providing domestic partner benefits in 2017 and participation has increased 125% since introduction.

RESPONSIBILITY

At Coeur, we strive for best-in-class environmental performance.

We work to protect our environment through an approach of sustainable production and a focus on best practices.

On an ongoing basis, we conduct site-specific environmental risk reviews and utilize a set of key performance indicators (KPIs) to evaluate performance results by mine.

We believe that this systematic approach leads to awareness, risk mitigation and a pursuit of continuous improvement.

Comprehensive environmental management plans in conjunction with topic-specific plans, such as waste management and storm water protection, at each site provide guidance on how to implement our environmental initiatives and meet or exceed regulatory standards.

We recognize that the climate is changing, which may adversely affect our business and the communities where we operate over the long-term.

To that end, we continually assess the extent of these risks and search for opportunities within our business to reduce or offset risk.

As part of our commitment to responsible business, we are taking action to manage our climate-related risks as well as the potential impact we have on climate.

For example, we are:

• developing plans to reduce energy use and emissions, which we plan to implement starting in 2021;

• increasing recycling and beneficial reuse of water at our operations and using water-efficient processes to reduce use and maintain robust monitoring programs to protect existing water resources;

• assessing overall risk including a planned scenario analysis to be conducted in 2021;

• enhancing our climate-related reporting and disclosures.

AVAILABLE INFORMATION

We make available on our website (http://www.coeur.com) our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements, as well as Forms 3, 4 and 5 with respect to our common stock, including any amendments to any of the foregoing, as soon as reasonably practicable after such reports are electronically filed with the SEC.

These filings are also available at http://www.sec.gov.

Copies of our Corporate Governance Guidelines, charters of the key committees of the Board of Directors (Audit, Compensation and Leadership Development, Executive, Nominating and Corporate Governance, and Environmental, Health, Safety, and Corporate Responsibility Committees) and our Code of Business Conduct and Ethics, applicable to the Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, among others, are also available on our website.

Information contained on our website is not a part of this report.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold, silver, zinc and lead mining business, including anticipated mineral reserve and mineralized material estimates, exploration efforts and expenditures, drilling, development, expansion initiatives at the Rochester, Kensington and Silvertip mines, development of the Sterling and Lincoln Hill projects, expectations for receiving permits, mill expansion and exploration plans and expectations for Silvertip, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, environmental compliance expenditures, risk management strategies, operational excellence, cost reduction initiatives, capital discipline and business strategies.

Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words and 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.

The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth below under Item 1A and in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Item 7, (ii) the risk that anticipated production, cost and expense levels are not attained, (iii) 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), (iv) changes in the market prices of gold, silver, zinc and lead and treatment and refining charges of gold, silver, zinc and lead, and a sustained lower price or higher treatment and refining charge environment or the impact to , (v) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions and grade variability, (vi) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vii) the uncertainties inherent in the estimation of gold, silver, zinc and lead mineral reserves and mineralized material, (viii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (ix) the loss of access to or insolvency of any third-party smelter to whom the Company markets its production, (x) the effects of environmental and other governmental regulations and government shut-downs, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, and (xii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt.

This report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to our gold, silver, zinc and lead mining business, including anticipated mineral reserve and mineralized material estimates, exploration efforts and expenditures, drilling, development, expansion initiatives at the Rochester, Kensington and Silvertip mines, development of the Sterling/Crown and Lincoln Hill projects, expectations about timing of deliveries against the Kensington prepayment, permitting, mill expansion and exploration plans and expectations for Silvertip, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, environmental compliance expenditures, environmental, social and governance (ESG) initiatives, risk management strategies, including hedging, capital discipline, cash flow maximization, mine life and other strategic initiatives.

Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words and involve known and unknown risks, uncertainties and other factors which may cause Our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

Factors that could cause actual results to differ materially from those projected in the forward-looking statements include:

(i) the risk factors set forth below under Item 1A and in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Item 7;

(ii) the risk that anticipated production, cost, expenditure and expense levels are not attained;

(iii) 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);

(iv) changes in the market prices of gold, silver, zinc and lead and treatment and refining charges of gold, silver, zinc and lead, and a sustained lower price or higher treatment and refining charge environment;

(v) the impact of the COVID-19 pandemic, including disruptions to operations, the need for heightened health and safety protocols to minimize exposure and transmission risk, and disruptions to our vendors, suppliers and the communities where we operate;

(vi) the uncertainties inherent in our production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions and grade variability;

(vii) any future labor disputes or work stoppages (involving us or our subsidiaries or third parties);

(viii) the uncertainties inherent in the estimation of gold, silver, zinc and lead mineral reserves and mineralized material;

(ix) changes that could result from any future acquisition of new mining properties or businesses;

(x) the loss of access to or insolvency of any third-party smelter to whom we market our production;

(xi) the effects of environmental and other governmental regulations and government shut-downs;

(xii) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries;

and (xiii) our ability to raise additional financing necessary to conduct our business, make payments or refinance our debt.

Readers are cautioned not to put undue reliance on forward-looking statements.

The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

CAUTIONARY NOTE REGARDING DISCLOSURE OF MINERAL PROPERTIES

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In this Form 10-K and in our other filings with the SEC, we modify our estimates made in compliance with NI 43-101 to conform to Guide 7 for reporting in the United States.

In this Form 10-K, we use the term “mineralized material” to describe mineralization in mineral deposits that do not constitute “reserves” under U.S.

“Mineralized material” is substantially

equivalent to measured and indicated mineral resources (exclusive of reserves) as disclosed for reporting purposes in Canada, except that the SEC only permits issuers to report “mineralized material” in tonnage and average grade without reference to contained ounces.

In this Form 10-K, we use the term “mineralized material” to describe

mineralization in mineral deposits that do not constitute “reserves” under U.S.

“Mineralized material” is substantially equivalent to measured and indicated mineral resources (exclusive of reserves) as disclosed for reporting purposes in Canada, except that the SEC only permits issuers to report “mineralized material” in tonnage and average grade without reference to contained ounces.

We provide disclosure of mineralized material to allow a means of comparing our projects to those of other companies in the mining industry, many of which are Canadian and report pursuant to NI 43-101, and to comply with applicable disclosure requirements.

We caution you not to assume that all or any part of mineralized material will ever be converted into Guide 7 compliant reserves.

Beginning with our Annual Report on Form 10-K for the fiscal year ending December 31, 2021, we will need to comply with Subpart 1300 of Regulation S-K under the Securities Act of 1933, as amended (the “Securities Act”) in lieu of disclosure under Industry Guide 7.

These new rules are more closely aligned to NI 43-101 requirements, including the required disclosure of mineral resource and exploration results, as well as requiring technical reports be filed with the SEC for material properties, among other requirements.

Technical Reports and Qualified Persons

As required by Canadian securities laws, we hereby notify Canadian investors that the scientific and technical information concerning our mineral projects in this Form 10-K have been reviewed and approved by a “qualified person” under NI 43-101, namely our Director, Technical Services, Christopher Pascoe.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves included in this Form 10-K, 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 may view technical reports prepared for each of our properties as filed on SEDAR at http://www.sedar.com.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves included in this Form 10-K, 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, sociopolitical, marketing or other relevant factors, Canadian investors may view technical reports prepared for each of our properties as filed on SEDAR at http://www.sedar.com.

Neither the technical reports nor the statements of any qualified person filed with the Canadian securities regulatory authorities are included in, incorporated by reference in or made a part of this Form 10-K.

Because the definitions and standards of NI 43-101 differ from those of Guide 7, investors are cautioned that information contained in reports prepared pursuant to NI 43-101, like the technical reports, may not be comparable to similar information that we disclose in this Form 10-K or the other reports we file with the SEC.

AVAILABLE INFORMATION

Coeur makes available, on its website (http://www.coeur.com), its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements, as well as Forms 3, 4 and 5 with respect to its common stock, including any amendments to any of the foregoing, as soon as reasonably practicable after such reports are electronically filed with the SEC (and which are also available at http://www.sec.gov).

Copies of Coeur’s Corporate Governance Guidelines, charters of the key committees of the Board of Directors (Audit, Compensation and Leadership Development, Executive, Nominating and Corporate Governance, and Environmental, Health, Safety, and Corporate Responsibility Committees) and its Code of Business Conduct and Ethics, applicable to the Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, among others, are also available on the Company’s website.

Information contained on the Company’s website is not a part of this report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business