What changed in this filing

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Item 2. Properties

2021-02-17 compared with 2020-02-19 · 166 added, 131 removed, 207 unchanged (59% of the section changed)

3 unchanged sentences

Mexico — Palmarejo

The Palmarejo complex consists of (1) the Palmarejo processing facility;

The Palmarejo complex operated by our wholly-owned subsidiary, Coeur Mexicana, S.A.

(“Coeur Mexicana”) consists of (1) the Palmarejo processing facility;

(2) the Guadalupe underground mine, located about eight kilometers southeast of the Palmarejo mine;

(3) the Independencia underground mine, located approximately 800 meters northeast of the Guadalupe underground mine, (4) the La Nacion underground mine, located adjacent to the Independencia underground mine;

(3) the Independencia underground mine, located approximately 800 meters northeast of the Guadalupe underground mine, (4) the La Nación underground mine, located adjacent to the Independencia underground mine;

and (5) other nearby deposits and exploration targets.

12 unchanged sentences

In the mineralized portions of the structures, gold and silver are zoned from top to bottom with higher silver values occurring in the upper parts of the deposit and higher gold values in the lower parts, sometimes accompanied by base metal mineralization, though local variations are common.

The Palmarejo complex contains a number of mineralized zones or areas of interest.

The most important of these to date is the Palmarejo zone in the north of the mining concessions,

which covers the old Palmarejo gold-silver mine formed at the intersection of the northwest-southeast trending La Prieta and La Blanca gold-and-silver bearing structures.

The Palmarejo complex contains a number of

mineralized zones or areas of interest.

The most important of these to date is the Palmarejo zone in the north of the mining concessions, which covers the old Palmarejo gold-silver mine formed at the intersection of the northwest-southeast trending La Prieta and La Blanca gold-and-silver bearing structures.

In addition to the Palmarejo zone, other mineralized vein and alteration systems in the district area have been identified all roughly sub-parallel to the Palmarejo zone.

2 unchanged sentences

USA (Nevada) — Rochester

The Rochester mine, and associated heap leach facilities, is an open pit silver and gold mine located in Pershing County, Nevada, approximately 13 miles northeast of the city of Lovelock.

The Company owns 100% of the Rochester mine through Coeur Rochester.

The Rochester mine, and associated heap leach facilities operated by our wholly-owned subsidiary, Coeur Rochester, Inc.

(“Coeur Rochester”), is an open pit silver and gold mine located in Pershing County, Nevada, approximately 13 miles northeast of the city of Lovelock.

The mine consists of the main Rochester deposit and the adjacent Nevada Packard deposit, southwest of the Rochester mine.

2 unchanged sentences

Ore is mined using conventional open pit methods, with gold and silver recovered by heap leaching of crushed open-pit ore placed on pads located within the Rochester mining area.

Based upon actual operating experience and metallurgical testing, the Company estimates ultimate recovery rates from the crushed ore of 70.0% for silver, depending on the ore being leached, and 92.5% for gold.

Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 43,541 net acres, which encompasses 1,478 Federal unpatented lode claims, appropriating approximately 30,038 net acres of Public Land, 23 patented lode claims, consisting of approximately 392 acres, interests owned in approximately 6,929 gross acres of additional real property and certain rights in and to approximately 6,182 acres, held either through lease, letter agreement or license.

Based upon actual operating experience and metallurgical testing, the Company estimates 20 year recovery rates for crushed ore between 57.3% and 68.9% for silver and 87.9% and 94.9% for gold, depending on the ore being leached and pad placement.

Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 43,541 net acres, which encompasses 1,465 owned and 337 leased Federal unpatented lode claims, appropriating approximately 30,038 net acres of Public Land, 23 patented lode claims, consisting of approximately 392 acres, interests owned in approximately 6,929 gross acres of additional real property and certain rights in and to approximately 6,182 acres, held either through lease, letter agreement or license.

The Federal unpatented lode claims are maintained via annual filings and timely payment of claim maintenance fees to the BLM, which acts as administrator of the claims.

1 unchanged sentence

Silver and gold, consisting of silver sulfosalt minerals, argentite, silver-bearing tetrahedrite and minor native gold, are contained in zones of multiple quartz veins and veinlets (vein, vein swarms and stockworks) with variable amounts of pyrite.

Coeur Rochester is obligated to pay a net smelter returns royalty to the prior owner when the average quarterly market price of silver equals or exceeds $23.60 per ounce, indexed for inflation up to a maximum rate of 5%, on the condition that the Rochester mine achieves positive cash flow for the applicable year.

If cash flow is negative in any calendar year, the maximum royalty payable is $250,000.

A security interest in the Rochester mine has been granted in favor of the lenders under the Company’s revolving credit facility.

USA (Alaska) — Kensington

The Kensington underground gold mine and associated milling facilities are located on the east side of the Lynn Canal about 45 miles north-northwest of Juneau, Alaska.

The Company controls 100% of the mine through Coeur Alaska.

The Kensington underground gold mine and associated milling facilities operated by our wholly-owned subsidiary, Coeur Alaska, Inc.

(“Coeur Alaska”) are located on the east side of the Lynn Canal about 45 miles north-northwest of Juneau, Alaska.

The mine is accessed by a horizontal tunnel and utilizes conventional and mechanized underground mining methods.

6 unchanged sentences

The Kensington Group, totaling approximately 4,002 net acres, consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres, 291 Federal unpatented lode claims covering approximately 3,141 net acres, and 13 State of Alaska mining claims covering approximately 95 net acres.

The Jualin Group, totaling approximately 8,366 net acres, is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres, 471 Federal unpatented lode claims and one Federal unpatented mill site claim appropriating approximately 7,916 net acres, a State of Alaska upland mining lease comprising approximately 682 acres, one State of Alaska mining claim comprising approximately three acres and four State-selected mining claims covering approximately 70 acres.

14 of the 23 patented lode claims cover private surface estate only.

The Jualin Group, totaling approximately 8,366 net acres, is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres, 444 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,729 net acres, a State of Alaska upland mining lease comprising approximately 682 acres, one State of Alaska mining claim comprising approximately three acres and four State-selected mining claims covering approximately 70 acres.

14 of the 23 patented lode claims cover private surface estate

The mineral estate to these 14 patented lode claims is owned by the State of Alaska, the mineral rights to which are secured by a State of Alaska upland mining lease.

10 unchanged sentences

Access is established by paved road with power supplied by a local power company.

Coeur acquired the Wharf mine in 2015 and owns all of the issued and outstanding equity interests in Wharf and its wholly-owned subsidiary, Golden Reward Mining Limited Partnership (“Golden Reward”), the owners of the Wharf mine.

Coeur acquired the Wharf mine in 2015 and owns all of the issued and outstanding equity interests in Wharf Resources (U.S.A.) Inc.

(“Wharf”) and its wholly-owned subsidiary, Golden Reward Mining Limited Partnership (“Golden Reward”), the owners of the Wharf mine.

There are two contiguous property groups located at the Wharf mine;

the Wharf Group and the Golden Reward Group, owned or controlled by wholly-owned subsidiaries of Coeur and Wharf Resources.

the Wharf Group and the Golden Reward Group, owned or controlled by Wharf and Golden Reward.

The Wharf Group is generally described as the northern and western portions of the project, while the Golden Reward Group is generally described as the southern and eastern portion of the project.

The Wharf Group comprises 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.

The Wharf Group is comprised of approximately 3,591 net acres of surface, 652 net mineral acres where both the Precambrian and younger formations are owned or controlled, 3,243 net mineral acres of non-Precambrian mineral estate, and 1,603 net mineral acres of Precambrian mineral estate and 287 net acres of federal unpatented lode claims.

The Wharf Group is comprised of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.

These interests cover approximately 3,585 net surface acres, 652 net mineral acres where both the Precambrian and younger formations are owned or controlled, 3,243 net mineral acres of non-Precambrian mineral estate, 1,603 net mineral acres of Precambrian mineral estate and 287 net acres of federal unpatented lode claims.

The Golden Reward Group encompasses 218 patented lode claims, 14 government lots, 19 subdivided lots and 34 federal unpatented lode claims.

11 unchanged sentences

Wharf and Golden Reward are also obligated to pay a 1.6125% non-participating royalty to Donald D.

Valentine, et al, on gold that is produced from ores mined and delivered to heap leach pads or recovered from tailings.

Valentine, et al, and a 1.00% non-participating royalty to Metalla America, Ltd.

on gold that is produced from ores mined and delivered to heap leach pads or recovered from tailings.

This royalty encumbers the mineral estate, including the Precambrian Mineral Estate, of much of the lands comprising the Wharf Group, together with a small portion of the lands encompassing the Golden Reward Group.

2 unchanged sentences

Canada (British Columbia) — Silvertip

The Silvertip mine is located in British Columbia, Canada and consists of sixty-four (64) contiguous mineral claims containing approximately 39,375 hectares (97,298 acres) and two mining leases containing approximately 1,528 hectares (3,777 acres).

The Silvertip mine, operated by our wholly-owned subsidiary Coeur Silvertip Holdings Ltd.

(“Coeur Silvertip”) is located in British Columbia, Canada and consists of sixty-six (66) contiguous mineral claims containing approximately 39,375 hectares (97,298 acres) and two mining leases containing approximately 1,528 hectares (3,777 acres).

In total, the Silvertip mine covers an area of approximately 40,904 hectares (101,076 acres).

16 unchanged sentences

Coeur Silvertip is also obligated to pay to Silvertip Resources Investment Cayman Ltd.

a net smelter returns royalty of 1.429% on the first 1,434,000 tons of mineralized material mined, and 1.00% thereafter, on all mineral leases that underlie the Silvertip mine and that were in existence at April 11, 2016.

The Company is party to a formal agreement with the Kaska Nation dated December 12, 2013, under which the Company is obligated to make an annual payment to the Kaska Nation that is calculated based on financial performance of the Silvertip mine and can increase or decrease based on the average price of silver for the relevant calendar year.

a net smelter returns royalty of 1.429% on the first 1,434,000 metric tonnes of mineralized material mined, and 1.00% thereafter, on all mineral leases that underlie the Silvertip mine and that were in existence at April 11, 2016.

Coeur Silvertip has entered into formal agreements with the Kaska Nation and the Tahltan Nation, pursuant to which the Company provides various types of benefits to these First Nations, including financial payments, employment opportunities and business development opportunities, in consideration of their ongoing support for the Silvertip mine.

NEAR-MINE EXPLORATION

4 unchanged sentences

In 2020, exploration expense of $7.0 million was incurred, related to mapping, sampling, drill target generation, and drilling new silver and gold mineralization (131,100 feet or 39,950 meters).

Expensed expansion drilling focused primarily on extensions of the Guadalupe and Independencia underground deposits, including La Bavisa and Hidalgo zones in the Independencia deposit, and the northern extension of Independencia deposit.

Capitalized drilling of $4.0 million related to conversion drilling in the Guadalupe deposit, including Las Animas, Zapata and La Patria zones, and in the Independencia deposit, including La Bavisa zone, for a total of 94,900 feet or 28,900 meters.

In 2019, exploration expense of $5.6 million was incurred, related to mapping, sampling, drill target generation, and drilling new silver and gold mineralization (100,700 feet or 30,675 meters).

Expensed expansion drilling focused primarily on extensions of the Guadalupe and Independencia mines, including La Nación, Zapata, Colorado Sur, La Bavisa, Hidalgo and Barrera veins.

Capitalized drilling of $4.5 million related to conversion drilling in the Guadalupe and Independencia (99,800 feet or 30,400 meters).

In 2018 , exploration expense of $7.4 million was incurred, related to mapping, sampling, drill target generation, and drilling new silver and gold mineralization (142,441 feet or 43,416 meters).

Expensed expansion drilling focused primarily on Guadalupe, Independencia, La Nación underground mines, and several new discoveries including the Zapata, Madero, Hidalgo and Reforma veins.

Capitalized conversion drilling of $4.1 million related to the Guadalupe, Independencia and La Nación ore bodies (110,655 feet or 33,728 meters).

In 2020, the Company expects to incur $8.7 million million of expansion drilling expense focused on discovery and expansion of mineralization at the northwestern portion of the Guadalupe mine;

on the Hidalgo and Barrera Veins located north of the Independencia Mine Complex;

on the La Bavisa vein located at approximately 1,500 feet (500 meters) east of the Independencia Mine;

and, on the La Aurelia vein, located southwest of the Guadalupe mine.

Additionally, the Company is planning for $4.1 million of conversion drilling in the Guadalupe and Independencia ore bodies.

In 2021, the Company expects to incur between $8.5 million to $9.5 million of expansion drilling expense focused on discovery and expansion of mineralization three zones that are portions of the Independencia deposit;

the Hidalgo zone located northwest of the Independencia deposit;

the La Bavisa vein located at approximately 2000 feet (600 meters) east-northeast of the Independencia deposit;

and, several new targets that have been identified by our geologic team north of La Prieta/La Blanca deposits.

Additionally, the Company is planning between $4.6 million to $5.6 million of infill resource conversion drilling in various zones of the Guadalupe and Independencia deposits.

USA (Nevada) - Rochester

In 2020, expensed expansion drilling was $3.3 million and capitalized conversion drilling was $1.8 million.

Expansion drilling consisted of 25,600 feet (7,800 meters) of reverse circulation and core drilling, including directional core technology implemented to test the East Rochester mineralization under the Stage I and Stage II leach pads.

Capitalized conversion drilling consisted of 26,000 feet (7,925 meters) ) of reverse circulation drilling, focused on infill mainly within the Rochester Pit.

In 2019, expensed expansion drilling was $0.7 million and capitalized conversion drilling was $1.2 million.

Expansion drilling consisted of 9,300 feet (2,825 meters) of reverse circulation drilling testing the Lincoln Hill mineralization.

Capitalized conversion drilling consisted of 7,100 feet (2,175 meters) of core drilling, focused on infill within the Rochester Pit and within the East Rochester mineralization.

In 2018 , expensed expansion drilling was $0.3 million and capitalized conversion drilling was $1.3 million.

Expansion drilling consisted of 4,070 feet (1,241 meters) testing areas in the Packard and South Charlie target areas, while conversion drilling consisted of 37,330 feet (11,378 meters) mainly within the Sunflower mineralization and the main Rochester Pit.

In 2020, the Company expects to incur $1.1 million of expansion drilling expense testing several targets around Rochester, including condemnation drilling in support of the next planned leach pads.

Additionally, $3.0 million in conversion drilling is planned to infill the East Rochester and Sunflower-Southwest Rochester areas.

In 2021, the Company expects to incur between $5.9 million and $6.9 million of expansion drilling expense testing several targets, including East Rochester, East Packard, Lincoln Hill, Independencia Hill and Gold Ridge.

Additionally, between $2.6 million and $3.6 million in conversion drilling is planned to infill the main pit at Rochester and portions of East Rochester.

USA (Alaska) - Kensington

In 2019 , exploration expense of $5.6 million, which consisted of 91,041 feet (27,749 meters), was focused on the expansion and discovery of the underground Raven, Elmira, Johnson, Eureka, Bear, Ophir, Jualin #2 and Jualin #5 veins, and Comet-Seward

veins from surface drill platforms, as well as limited expansion drilling of the Raven vein and Kensington Main.

In 2020, exploration expense of $8.6 million, which consisted of 124,300 feet (37,875 meters), was focused on the expansion and discovery of the underground Elmira, Johnson, Cookhouse, Jualin, Eureka, upper Kensington Zone 30 and Northern Belle veins, as well as upper Raven, Jennifer, Big Lake and upper Johnson veins, during the summer surface drilling program.

A total of $1.6 million of conversion drilling, which consisted of 31,800 feet (9,700 meters), was focused on Elmira and Eureka, with limited drilling within the Kensington Main ore body.

In 2019, exploration expense of $5.6 million, which consisted of 91,000 feet (27,750 meters), was focused on the expansion and discovery of the underground Raven, Elmira, Johnson, Eureka, Bear, Ophir, Jualin #2 and Jualin #5 veins, and Comet-Seward veins from surface drill platforms, as well as limited expansion drilling of the Raven vein and Kensington Main.

A total of $2.0 million of conversion drilling, which consisted of 36,600 feet (11,175 meters), was focused on Elmira, Raven and Kensington Main Zone 30.

In 2018 , expensed expansion drilling of $5.9 million consisted of 57,942 feet (17,661 meters), while $4.4 million of conversion drilling completed 35,294 feet (10,758 meters) to expand and define mineralization in the main Kensington and Raven deposits.

Expansion drilling focused on testing new Ophir and Seward veins in the district, as well as expansion of Raven and main Kensington.

In 2020, the Company expects to incur $9.5 million of expansion drilling expense related to the discovery or expansion of mineralized material at Comet-Seward, upper and lower Elmira, upper Raven and the new Johnson Vein, and $0.9 million of conversion drilling at Elmira, Raven, lower and upper Kensington.

In 2021, the Company expects to incur between $8.7 million and $9.7 million of expansion drilling expense related to continued expansion of at upper Elmira, upper Raven and the new Johnson Vein, and between $1.6 million and $2.6 million of conversion drilling at Elmira, Raven, Jennifer, Northern Belle, Eureka and upper Kensington Zone 30.

USA (South Dakota) - Wharf

In 2019 , 3,190 feet (972 meters) of expansion drilling at the new Richmond Hill project was completed due to the late season start to the program.

In 2018 , conversion drilling of $0.8 million completed 23,310 feet (7,105 meters) of drilling primarily within the Portland Ridge Main deposit with only a limited amount of exploration discovery drilling (3,750 feet or 1,143 meters) at Bald Mountain.

In 2020, the Company expects to incur $1.3 million of expansion drilling at Richmond Hill.

In 2020, exploration expense of $0.9 million was incurred, consisting of 24,700 feet (7,525 meters) all focused on expansion drilling/diligence at the Richmond Hill project/purchase option.

In 2019, 3,200 feet (975 meters) of expansion drilling at the Richmond Hill project was completed due to the late season start to the program.

In 2021, the Company expects to incur between $4.3 million and $5.3 million of infill conversion drilling in the Portland Ridge and Flossie zones of the Wharf deposit.

Canada (British Columbia) - Silvertip

In 2020, expansion drilling expense was $12.2 million consisting of 200,800 feet (61,225 meters), focused on near-mine resource expansion and larger step-out drilling to test the edges of the mineralized system, specifically north, east and south of the Discovery zone.

The drilling led to discovery at the new Keda, Tour Ridge and Camp Creek zones.

In 2019, expansion drilling expense was $2.5 million consisting of 50,700 feet (15,475 meters), focused on Discovery North, East and South zones, east of the Silvertip Underground Mine.

Limited conversion drilling was completed, consisting of 7,800 feet (2,375 meters).

In 2018 , expensed expansion drilling of $2.4 million consisted of 48,118 feet (14,666 meters) and capitalized conversion drilling consisting of $8.0 million consisted of 143,094 feet (43,615 meters).

In 2020, the Company expects to incur $8.0 million of expansion drilling expense around the current mineralization at the Silver Creek, Discovery North, East and South zones, and the 28 Zone, with large step out drill tests at a variety of targets in the district.

In 2021, the Company expects to incur between $10.1 million and $11.1 million of expansion drilling expense around the current mineralization at the Discovery North, East and South zones, the 65 Zone, as well as the new Keda, Tour Ridge and Camp Creek zones.

Larger step out scout drill tests will be completed at Tiger Terrace while the Company expands its search for a variety of new targets in the district.

The Company also expects to incur between $3.1 million and $4.1 million of capitalized infill resource conversion drilling in various portions of the Discovery zone, 65 zone and the new Camp Creek zone later in the year.

ADVANCED-STAGE EXPLORATION PROPERTIES

1 unchanged sentence

In 2020, expansion drilling expense was $8.9 million and capitalized conversion drilling was $0.5 million.

Expensed expansion drilling consisted of 78,435 feet (23,907 meters) testing areas around the Sterling Project mineralization at Daisy, Secret Pass and SNA.

Expensed expansion drilling consisted of 111,000 feet (33,850 meters) testing areas around the Sterling/Crown Project mineralization at Crown Block, including Daisy, Secret Pass and SNA, and discovery of the new C-Horst zone.

Capitalized conversion drilling consisted of 13,000 feet (3,950 meters) within the Sterling Mine area.

During 2019, the Company continued drilling the Sterling Mine area, expending $0.9 million and completing 20,760 feet (6,328 meters) of expansion drilling, focused near the historic Sterling Mine and on areas considered for future mine infrastructure.

In 2020, the Company plans to spend $6.5 million on expansion drilling around the Sterling Mine and on a variety of new targets in the Crown area, as well as $1.0 million on conversion drilling in the Sterling Mine area.

In 2019, expansion drilling expense was $4.8 million and capitalized conversion drilling was $0.8 million.

Expensed expansion drilling consisted of 78,400 feet (23,900 meters) testing areas around the Sterling/Crown Project mineralization at Daisy, Secret Pass and SNA.

Capitalized conversion drilling consisted of 30,300 feet (9,225 meters) within the Sterling Mine area.

In 2021, the Company plans to spend between $9.9 million and $10.9 million on expansion drilling in the Crown Block, including expansion at C-Horst, SNA and Daisy zones, and several new scout targets identified in 2020 that are located south of the new C-Horst zone.

EARLY-STAGE EXPLORATION PROPERTIES

In 2019, the Company invested $1.8 million in greenfields exploration, completing target analysis and regional exploration with a focus on projects in the USA, Mexico and Canada.

A total of 9,240 feet (2,816 meters) were drilled at the El Sarape earn-in/JV, Sonora, Mexico.

In 2018, the Company invested $6.6 million in greenfields exploration, completing target analysis and regional exploration with a focus on projects in Wyoming, South Dakota and Nevada, USA and Sonora and Chihuahua, Mexico.

A total of 17,330 feet (5,282 meters) of drilling was completed on two projects in Nevada:

Tonopah and Crow Springs.

A total of 47,686 feet (14,535 meters) were drilled at the La Morita Project, located in Chihuahua, Mexico.

In 2020, the Company has no plans for a greenfields, early-stage exploration program apart from review of potential advanced-stage projects that might fit the Company’s criteria for a strategic investment.

In 2020, the Company invested $0.5 million in greenfields exploration, completing project submittal analysis and regional exploration compilations with a focus on projects in the USA, Mexico and Canada compared to $1.8 million in 2019.

In 2021, the Company plans to spend between $0.9 million and $1.9 million on greenfields, early-stage exploration projects near Kensington, Alaska and Silvertip, BC with a focus on future mill-feed projects.

Included in this budget will be funds for submittal analysis and regional exploration compilations.

OPERATING STATISTICS

Palmarejo Rochester

2020 2019 2018 2020 2019 2018

Ore tons milled/placed 1,751,525 1,755,957 1,382,471 15,696,565 10,582,518 16,169,807

2 unchanged sentences

Recovery/Au oz.

(%) 89.9 % 84.3 % 88.9 % — — —

Recovery/Ag oz.

(%) 80.4 % 79.3 % 83.8 % — — —

Gold produced (oz.) 110,608 111,932 122,722 27,147 35,400 54,388

1 unchanged sentence

Costs applicable to sales per gold ounce (1)

$ 610 $ 685 $ 561 $ 1,377 $ 1,251 $ 941

Costs applicable to sales per silver ounce (1)

$ 9.14 $ 9.13 $ 7.64 $ 16.35 $ 14.34 $ 11.54

Kensington Wharf

2020 2019 2018 2020 2019 2018

Ore tons milled/placed 675,731 658,378 641,058 4,710,875 4,613,359 4,923,774

1 unchanged sentence

Recovery/Au oz.

(%) 93.0 % 91.0 % 92.3 % — — —

Gold produced (oz.) (2)

124,867 127,914 105,570 93,056 84,172 76,840

Costs applicable to sales per gold ounce (1)

Ore tons milled

Ore grade silver (oz./ton)

Ore grade zinc

Ore grade lead

Recovery/Ag oz.

Recovery/Zn lb.

Recovery/Pb lb.

$ 975 $ 917 $ 1,055 $ 923 $ 937 $ 879

2020 2019 2018

Silver produced (oz.) (3)

139,287 1,161,926 182,254

Zinc produced (lb.) (3)

2,459,756 17,103,427 4,181,033

Lead produced (lb.) (3)

2,176,847 16,555,622 2,072,013

Costs applicable to sales per silver ounce (1)

$ 31.92 $ 55.91

Costs applicable to sales per zinc pound (1)

$ 2.34 $ 3.34

Costs applicable to sales per lead ounce (1)

$ 1.76 $ 3.23

(1) See Non-GAAP Financial Performance Measures

(2) Excludes 8,208 ounces of gold which are excluded form the production numbers presented for 2018, unless otherwise noted.

(3) Excludes 0.2 million ounces of silver, 2.6 million pounds of zinc, 1.8 million pounds of lead which are excluded form the production numbers presented for 2018, unless otherwise noted.

(4) In 2017, the Company sold the Endeavor Silver Stream and remaining non-core royalties to Metalla Royalty & Streaming Ltd (“Metalla”).

(2) Excludes 8,208 ounces of gold which are excluded from the production numbers presented for 2018, unless otherwise noted.

(3) Excludes 0.2 million ounces of silver, 2.6 million pounds of zinc, 1.8 million pounds of lead which are excluded from the production numbers presented for 2018, unless otherwise noted.

(4) Due to the temporary suspension of mining and processing activities at Silvertip these amounts are not meaningful.

OPERATING STATISTICS OF DISCONTINUED OPERATIONS

San Bartolomé

2020 2019 2018

Ore tons milled — — 221,171

3 unchanged sentences

Costs applicable to sales per silver ounce (1)

$ — $ — $ 16.99

(1) See Non-GAAP Financial Performance Measures

1 unchanged sentence

Gold Reserves at December 31, 2020 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Grade (oz./ton)

Metallurgical Recovery

Kensington (7)

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (oz./ton) Ounces

(000s) Tons (000s) Grade (oz./ton) Ounces

(000s) Metallurgical Recovery

Palmarejo (4)

4,040 0.067 270 11,297 0.051 579 15,337 0.055 849 95%

Rochester (5)

396,867 0.003 1,047 62,554 0.003 172 459,421 0.003 1,219 92%

Kensington (6)

814 0.195 159 862 0.200 172 1,676 0.197 331 95%

19,181 0.024 462 9,186 0.028 258 28,367 0.025 720 79%

Total Gold 420,902 1,938 83,899 1,181 504,801 3,119

Silver Reserves at December 31, 2020 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Grade (oz./ton)

Ounces (000s)

Grade (oz./ton)

Ounces (000s)

Grade (oz./ton)

Ounces (000s)

Metallurgical Recovery

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery

Palmarejo (4)

4,040 4.29 17,344 11,297 3.72 42,057 15,337 3.87 59,401 84%

Rochester (5)

396,867 0.41 162,645 62,554 0.37 22,863 459,421 0.40 185,508 69%

Silvertip (8)

186 12.01 2,233 1,618 7.67 12,403 1,804 8.11 14,636 81%

Total Silver 401,093 182,222 75,469 77,323 476,562 259,545

Zinc Reserves at December 31, 2020 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Metallurgical Recovery

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (%) Pounds

(000s) Tons (000s) Grade (%) Pounds

(000s) Metallurgical Recovery

Silvertip (8)

186 10.14 37,647 1,618 7.98 258,418 1,804 8.21 296,065 82%

Lead Reserves at December 31, 2020 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Metallurgical Recovery

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (%) Pounds

(000s) Tons (000s) Grade (%) Pounds

(000s) Metallurgical Recovery

Silvertip (8)

186 8.53 31,656 1,618 4.99 161,569 1,804 5.36 193,225 88%

Gold Reserves at December 31, 2019 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Grade (oz./ton)

Metallurgical Recovery

Kensington (7)

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (oz./ton) Ounces

(000s) Tons (000s) Grade (oz./ton) Ounces

(000s) Metallurgical Recovery

Palmarejo (4)

1,093 0.093 102 10,576 0.056 591 11,669 0.059 693 90%

Rochester (5)

249,815 0.003 710 13,577 0.002 27 263,392 0.003 737 92%

Kensington (6)

898 0.200 180 779 0.239 186 1,677 0.218 366 95%

23,436 0.024 571 7,530 0.026 197 30,966 0.025 768 79%

Total Gold 275,242 1,563 32,462 1,001 307,704 2,564

Silver Reserves at December 31, 2019 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Grade (oz./ton)

Ounces (000s)

Grade (oz./ton)

Ounces (000s)

Grade (oz./ton)

Ounces (000s)

Metallurgical Recovery

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Metallurgical Recovery

Palmarejo (4)

1,093 5.17 5,649 10,576 4.24 44,843 11,669 4.33 50,492 84%

Rochester (5)

249,815 0.45 112,286 13,577 0.38 5,187 263,392 0.45 117,473 70%

Silvertip (8)

176 11.31 1,990 1,636 7.94 12,986 1,812 8.26 14,976 81%

Total Silver 251,084 119,925 25,789 63,016 276,873 182,941

Zinc Reserves at December 31, 2019 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Metallurgical Recovery

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (%) Pounds

(000s) Tons (000s) Grade (%) Pounds

(000s) Metallurgical Recovery

Silvertip (8)

176 9.84 34,577 1,636 7.97 260,847 1,812 8.15 295,424 82%

Lead Reserves at December 31, 2019 (1)(2)(3)

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Metallurgical Recovery

Proven Reserves Probable Reserves Proven and Probable Reserves

Tons (000s) Grade (%) Pounds

(000s) Tons (000s) Grade (%) Pounds

(000s) Metallurgical Recovery

Silvertip (8)

176 8.07 28,366 1,636 5.14 168,096 1,812 5.42 196,462 88%

(1) Certain definitions:

6 unchanged sentences

Cutoff grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the mineralized material to silver or gold extraction and type of milling or leaching facilities available.

(2) Assumed metal prices for 2020 Mineral Reserves were $17.00 per ounce of silver, $1,400 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead.

Assumed metal prices for 2019 Mineral Reserves were $17.00 per ounce of silver, $1,350 per ounce of gold, $1.15 per pound zinc, $0.95 per pound lead.

Assumed metal prices for 2018 Mineral Reserves were $17.00 per ounce of silver, $1,250 per ounce of gold, $1.25 per pound of zinc and $1.00 per pound of lead.

Mineral Reserves exclude the impact of the stream agreement at Palmarejo.

(3) Mineral reserve estimates were prepared by the Company’s technical staff.

The cutoff grade for mineral reserves is 1.97 to 2.00 g/tonne AuEq.

The cutoff grade for mineral reserves is 0.31 to 0.38 oz/ton AgEq.

(4) The cutoff grade for mineral reserves is 0.055 to 0.059 oz/ton Au.

(5) The cutoff grade for mineral reserves is $2.65 to $3.70 net smelter return.

1 unchanged sentence

(7) The cutoff grade for mineral reserves is 0.012 oz/ton Au.

(8) The cutoff grade for mineral reserves is $130 to $160 net smelter return.

MINERALIZED MATERIAL

Mineralized Material at December 31, 2020 (1)(2)(3)(4)

Gold Grade (oz./ton)

Silver Grade (oz./ton)

Lead Grade (percent)

Zinc Grade (percent)

Tons (000s) Gold Grade (oz./ton) Silver Grade (oz./ton) Lead Grade (percent) Zinc Grade (percent)

Palmarejo Mine, Mexico (5)

13,431 0.046 3.81 — —

Kensington Mine, USA (6)

3,594 0.231 — — —

Wharf Mine, USA (7)

25,710 0.024 — — —

Rochester Mine, USA (8)

298,020 0.002 0.24 — —

Silvertip Mine, Canada (9)

2,344 — 7.44 4.62 9.43

La Preciosa Project, Mexico (10)

28,677 0.006 3.67 — —

Lincoln Hill Project, USA (11)

32,310 0.011 0.32 — —

Total Mineralized Material 404,086

Mineralized Material at December 31, 2019 (1)(2)(3)(4)

Gold Grade (oz./ton)

Silver Grade (oz./ton)

Lead Grade (percent)

Zinc Grade (percent)

Tons (000s) Gold Grade (oz./ton) Silver Grade (oz./ton) Lead Grade (percent) Zinc Grade (percent)

Palmarejo Mine, Mexico (5)

8,764 0.048 3.94 — —

Kensington Mine, USA (6)

3,226 0.236 — — —

Wharf Mine, USA (7)

11,557 0.029 — — —

Rochester Mine, USA (8)

236,345 0.002 0.35 — —

Silvertip Mine, Canada (9)

1,716 — 6.75 4.19 8.89

La Preciosa Project, Mexico (10)

28,677 0.006 3.67 — —

Lincoln Hill Project, USA (11)

32,310 0.011 0.32 — —

Total Mineralized Material 322,595

(1) Assumed metal prices for 2020 estimated mineralized material were $20.00 per ounce of silver, $1,600 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, except Lincoln Hill and Wilco at $1,350 per ounce of gold and $22.00 per ounce of silver, and La Preciosa at $1,500 per ounce of gold and $20.00 per ounce of silver.

Assumed metal prices for 2019 estimated mineralized material were $20.00 per ounce of silver, $1,500 per ounce of gold, $1.30 per pound zinc, $1.05 per pound lead, except Lincoln Hill and Wilco at $1,350 per ounce gold and $22.00 per ounce silver, and Sterling at $1,200 per ounce of gold.

Assumed metal prices for 2018 estimated mineralized material was $20.00 per ounce of silver, $1,4000 per ounce of gold, $1.30 per pound of zinc, $1.05 per pound of lead, and Sterling at $1,200 per ounce of gold.

(2) Estimated with mining cost parameters and initial metallurgical test results.

4 unchanged sentences

There is no certainty that any part of the reported mineralized material will ever be confirmed or converted into Guide 7 compliant “reserves”.

Cutoff grades for mineralized material is 1.97 to 2.00 g/tonne AuEq.

(5) Cutoff grades for mineralized material is 3.00 to 3.50 oz/ton AuEq.

(6) The cutoff grade for mineralized material is 0.12 to 0.20 oz/ton Au.

(7) The cutoff grade for mineralized material is 0.010 oz/ton Au.

The cutoff grade for mineralized material is 0.27 to 0.32 oz/ton AgEq.

(8) The cutoff grade for mineralized material is 5.55 to 5.60 oz/ton AuEq.

(9) The cutoff grade for mineralized material is $100 to $120 net smelter return.

(10) The cutoff grade for mineralized material is $10 net smelter return

The cutoff grade for mineralized material is 121.71 g/ton AgEq for underground, and 71.86 g/t for surface mining.

The cutoff grade for mineralized material 0.10 g/t AuEq for oxide and 0.20 g/t AuEg for sulfide material.

(11) The cutoff grade for mineralized material is 0.15 to 0.20 oz/ton AuEq.

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 2. Properties