What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-16 compared with 2021-02-17 · 323 added, 272 removed, 101 unchanged (85% of the section changed)

MINING PROPERTIES

Coeur Mining’s significant production and development properties are described below.

Operating statistics are presented in the section entitled “Operating Statistics” below.

MINING OPERATIONS

The following description of the Company’s mining operations is qualified in its entirety by reference to the Technical Report Summary for each of the operations included as exhibits to this Report and incorporated by reference into this Item 2.

Operating statistics for mining operations are presented in the section entitled “Operating Statistics” below.

Mexico — Palmarejo

4 unchanged sentences

and (5) other nearby deposits and exploration targets.

The Palmarejo complex is located in the state of Chihuahua, Mexico.

Access to the property is provided by air, rail, and all-weather paved and gravel roads from the state capitol of Chihuahua.

The Palmarejo complex consists of 71 wholly-owned mining concessions, covering approximately 67,296 acres (27,233 hectares) of land.

In total, the Palmarejo complex covers over 105 square miles.

All mining concessions owned by Coeur Mexicana are valid until at least 2029.

The Palmarejo complex is located on the western flank of the Sierra Madre Occidental, a mountain range that comprises the central spine of northern Mexico.

The north-northwest trending Sierra Madre Occidental is composed of a relatively flat-lying sequence of Tertiary volcanic rocks that forms a volcanic plateau, cut by numerous igneous intrusive rocks.

This volcanic plateau is deeply incised in the Palmarejo mine area, forming steep-walled canyons.

The Sierra Madre Occidental gives way to the west to an extensional terrain that represents the southward continuation of the Basin and Range Province of the western United States, and then to the coastal plain of western Mexico.

The gold and silver deposits at the Palmarejo complex, typical of many of the other gold and silver deposits in the Sierra Madre, are classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures.

These geologic structures trend generally northwest to southeast and dip either southwest or northeast.

The dip on the structures ranges from about 45 degrees to 70 degrees.

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.

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.

The most significant of these additional targets are the Guadalupe (including Animas), Independencia, and La Patria vein systems in the southern part of the property, which are currently under development (Guadalupe and Independencia) and exploration (La Patria) by the Company.

A portion of the Palmarejo complex is subject to a gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) pursuant to which Coeur Mexicana sells 50% of applicable gold production for the lesser of $800 or spot price per ounce.

State of Chihuahua, Northern Mexico

Metals/Mineralization:

Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures

Land Position:

67,279 net acres

Mineral Tenure:

71 wholly-owned mining concessions

Key Permit Conditions:

Authorizations are in place that regulate typical life of mine functions, including production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, and reclamation.

Major authorizations were obtained through the completion of several MIAs (Manifestación de Impacto Ambiental), permits associated with forestry vegetation disturbance of change in soil use (Cambio de Uso de Suelo en Terrenos Forestales), and the required authorizations from the National Water Commission (Comisión Nacional del Agua or CONAGUA) for water use, effluent discharge, and to construct facilities in federal watersheds.

Operational standards and best management practices (BMPs) have been established to maintain compliance with applicable regulatory standards and permits.

A portion of the Palmarejo complex is subject to a gold stream agreement with a subsidiary of Franco Nevada Corporation and related property encumbrances

USA (Nevada) — Rochester

5 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 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.

At Rochester, silver and gold mineralization is hosted in folded and faulted volcanic rocks of the Rochester Formation and overlying Weaver Formation.

Rochester is currently undergoing an expansion under Plan of Operations Amendment 11.

The expansion project includes the construction of a new leach pad, a crushing facility equipped with two high-pressure grinding roll units and a prescreen, a Merrill-Crowe process plant, and related infrastructure to support the extension of Rochester’s mine life.

Near Lovelock, Nevada (West-Central Nevada, USA)

Open Pit Heap Leach

Metals/Mineralization:

Silver and Gold;

mineralization is hosted in folded and faulted volcanic rocks of the Rochester Formation and overlying Weaver Formation.

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.

Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 43,441 net acres

• 1,465 owned and 337 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 29,938 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;

• Certain rights in and to approximately 6,182 acres, held either through lease, letter agreement or license.

Key Permit Conditions:

The Rochester Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.

Operational standards and best management practices have been established to maintain compliance with applicable regulatory standards and permits.

Major permits or approvals are in place from the U.S.

Department of Interior Bureau of Land Management, Nevada Division of Water Resources, the Nevada Division of Environmental Protection, as well through other federal, state, and local entities.

The environmental effects of the operation were comprehensively evaluated through the National Environmental Policy Act (NEPA) through Environmental Impact Statements.

Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.

• A security interest in the Rochester mine has been granted in favor of the lenders under the RCF (as defined below)

• Certain royalty interests have been granted with respect to the Rochester property

USA (Alaska) — Kensington

1 unchanged sentence

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

The mine consists of the (i) Kensington Main deposit, (ii) Raven deposit, (iii) Jualin deposit, and (iv) other nearby deposits and exploration targets.

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

Ore is processed in a flotation mill that produces a concentrate that is sold to third-party smelters.

Waste material is deposited in an impoundment facility on the property.

Power is supplied by on-site diesel generators.

Access to the mine is by either a combination of road vehicles, boat, helicopter, floatplane, or by boat direct from Juneau.

Coeur Alaska controls two contiguous property groups:

the Kensington Group and Jualin Group.

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.

Kensington is currently undertaking a planned expansion under Plan of Operations Amendment 1, which would 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.

Juneau, Alaska (Southeast Alaska, USA)

Metals/Mineralization:

gold-bearing mesothermal, quartz, carbonate and pyrite vein swarms and discrete quartz-pyrite veins hosted in Cretaceous-aged Jualin diorite.

Most of the gold is contained in calaverite (AuTe2) that occurs in association with native gold as inclusions in and interstitial to pyrite grains and in microfractures in pyrite.

Gold Concentrate

Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 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, 444 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,814 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 60 acres.

14 of the 23 patented lode claims cover private surface estate

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

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

• The Company controls properties comprising the Jualin Group, under a lease agreement with Hyak Mining Company, which is valid until August 5, 2035 and thereafter, provided mining and production are actively occurring within and from the leased premises.

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

State of Alaska mining claims and upland mining leases are maintained via fees and filings to the Alaska Department of Natural Resources, Division of Mining, Land and Water and the Juneau Recorder’s Office.

Real property taxes are paid annually to the City and Borough of Juneau for the patented lode claims.

Private lease payments are paid annually and all leases are in good standing.

The Kensington ore deposit consists of multiple gold bearing mesothermal, quartz, carbonate and pyrite vein swarms and discrete quartz-pyrite veins hosted in Cretaceous-aged Jualin diorite.

Most of the gold is contained in calaverite (AuTe 2 ) that occurs in association with native gold as inclusions in and interstitial to pyrite grains and in microfractures in pyrite.

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

Key Permit Conditions:

The Kensington Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving mine operations and production/processing facilities and infrastructure, tailings and waste rock storage, exploration, surface disturbance, air emissions, water use, marine transport, and reclamation.

Operational standards and best management practices have been established to maintain compliance with applicable regulatory standards and permits.

Major permits or approvals are in place from the U.S.

Department of Agriculture National Forest Service, U.S.

Army Corps of Engineers, U.S.

Fish and Wildlife Service, National Oceanic and Atmospheric Administration, State of Alaska, as well through other federal, state, and local entities.

The environmental effects of the operation were comprehensively evaluated through the National Environmental Policy Act (NEPA) through Environmental Impact Statements.

Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.

• A security interest in the Kensington mine has been granted in favor of the lenders under the RCF

• Certain royalty interests have been granted with respect to the Kensington property

USA (South Dakota) — Wharf

The Wharf mine is located in the northern Black Hills of western South Dakota, approximately four miles south and west of the city of Lead, South Dakota.

The Wharf mine operated by our wholly-owned subsidiaries, Wharf Resources (U.S.A.) Inc.

(“Wharf”) and Golden Reward Mining Limited Partnership (“Golden Reward”), is located in the northern Black Hills of western South Dakota, approximately four miles southwest of the city of Lead, South Dakota.

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

Lead, South Dakota, USA

Open Pit Heap Leach

Metals/Mineralization:

Gold and Silver by-product;

a structurally controlled disseminated gold deposit

Electrolytic Cathodic Sludge

Land Position & Mineral Tenure • 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.

1 unchanged sentence

The Golden Reward Group is comprised of approximately 1,564 net acres of surface estate, 2,988 net mineral acres of mineral estate where both the Precambrian and younger formations are owned or controlled, 357 net mineral acres of Non-Precambrian mineral estate, 153 net mineral acres of Precambrian mineral estate and 25 net acres of federal unpatented lode claims.

The federal unpatented lode claims are maintained by the timely annual payment of claim maintenance fees, payable to the BLM.

The patented lands are private land and therefore not subject to federal claim maintenance requirements.

However, as private land, they are subject to property taxes assessed by Lawrence County, South Dakota, which may be paid semi-annually.

The Wharf mine is a structurally controlled disseminated gold deposit, hosted by Paleozoic sedimentary rocks and Tertiary alkalic intrusive rocks.

Mining has occurred at Wharf for over 30 years as an open pit heap leach operation.

Host rocks are sandstones of the upper and lower members of the Cambrian Deadwood Formation and Tertiary alkalic intrusive sills.

Alteration styles as well as age dates in the deposit demonstrate both lithological and structural control, which are completely unrelated to the nearby gold deposits at the Homestake Gold Mine in Lead, South Dakota.

Wharf and Golden Reward are obligated to pay a sliding scale production royalty to Royal Gold, Inc.

The royalty encumbers the majority of the land comprising the Wharf Group, together with a small portion of the lands encompassing the Golden Reward Group, and wholly excludes the Precambrian Mineral Estate.

The sliding scale provides for a 2.0% royalty on the gross value less state severance taxes with a monthly average PM LBMA Gold Price of $500 or more per ounce.

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

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.

Wharf holds a right of first refusal to purchase this royalty upon any proposed transfer by the royalty holder.

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

Key Permit Conditions:

The Wharf Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.

Operational standards and best management practices have been established to maintain compliance with applicable state and federal regulatory standards and permits.

Major permits or approvals are in place from the South Dakota Department of Agriculture and Natural Resources, Lawrence County, as well through other federal, state, and local entities.

Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.

• A security interest in the Wharf mine has been granted in favor of the lenders under the RCF

• Certain royalty interests have been granted with respect to the Wharf property

MINING PROJECTS

Canada (British Columbia) — Silvertip

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).

The Silvertip silver-zinc-lead development property owned by our wholly-owned subsidiary, Coeur Silvertip Ltd.

(“Coeur Silvertip”), is an underground project located in northern British Columbia, Canada just south of the Yukon border.

The project is accessible via a 25-kilometer mine access road off the Alaska Highway.

Northern British Columbia, Canada (10 miles south of the Yukon Territory Border)

Metals/Mineralization:

Silver, Zinc and Lead;

carbonate-hosted massive sulfide deposit

Land Position & Mineral Tenure:

• 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)

All mineral claims are 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 online, or register a payment instead of exploration and development work.

Silvertip maintains two mining leases which are also subject to the Mineral Tenure Act regulations.

Coeur Silvertip’s mining leases cover 1,528.79 hectares (3,777.72 acres).

Mining leases are held by making an annual rental payment of CAD$20 per hectare.

The mining leases expire 30 years after the grant date, and all leases held by Coeur Silvertip are valid until 2045 or later.

The Silvertip mine is a carbonate-hosted massive sulfide deposit.

Economic mineralization occurs at the top of the McDame limestone, at or near the contact with the upper Earn Group sediments.

Mineable massive sulfides form gently plunging tubes or cape-shaped mantos up to about 20 meters thick and 30 meters wide, and in places extend for at least 200 meters.

Discordant, high-angle chimney feeders are also present and have been the target of recent underground exploration.

Geologic contact between the massive sulfide and the host limestone can be sharp and easy to see in both drill core and underground mining.

Mineralization consists of pyrite, pyrrhotite, sphalerite and argentiferous galena.

Additionally, silver-bearing phases can include pyrargyrite-proustite, boulangerite-jamesonite and tetrahedrite (freibergite).

The mineralizing event is assumed to be Late Cretaceous, which is consistent with other ore deposits in a belt that extends through the Yukon to southern Alaska.

Coeur Silvertip is obligated to pay a 2.5% net smelter returns royalty payable to Maverix Metals, Inc.

on all mineral products produced from the Silvertip mine.

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 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

Exploration expense from continuing operations was $42.6 million, $22.5 million, and $25.4 million in 2020, 2019 and 2018, respectively.

Capitalized drilling from continuing operations was $8.0 million in 2020 and $7.5 million in 2019.

Coeur’s exploration program completed over 783,200 feet (238,700 meters) of combined core and reverse circulation drilling in 2020.

Mexico - Palmarejo

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 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 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 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 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 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 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

USA (Nevada) — Sterling/Crown Project

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

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.

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 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.

• Suspended operating activities in February 2020;

ongoing exploration and technical work to evaluate and support a potential expansion and restart

• Certain royalty interests have been granted with respect to the Silvertip property

USA (Nevada) – Sterling and Crown

The Sterling and Crown exploration properties are owned by the Company’s wholly-owned subsidiary, Coeur Sterling, Inc.

(“Coeur Sterling”) and are located in southern Nevada, The Sterling gold project is a past-producing open-pit and underground heap leach gold mine located in the southern portion of the land package with major permits in place.

Block, which is located in the northern portion of the land package, includes four heap-leachable deposits, Daisy, Secret Pass, SNA and C-Horst.

Beatty, Nevada (approximately 115 miles north of Las Vegas, Nevada, USA)

Open Pit Heap Leach

Metals/Mineralization:

Electrolytic Cathodic Sludge

Land Position & Mineral Tenure • Approximately 37,254 net acres (15,076 hectares)

• Coeur Sterling lands consist of 1,909 owned federal unpatented lode claims appropriating approximately 36,904 net acres, and 30 leased federal unpatented lode claims, appropriating approximately 620 net acres.

• A security interest in the Sterling/Crown project has been granted in favor of the lenders under the Company’s revolving credit facility

Mexico (Durango) – La Preciosa

The La Preciosa silver exploration-stage project owned by our wholly-owned subsidiary, Coeur La Preciosa Silver Corp.

(“Coeur La Preciosa”), is situated approximately 85 kilometers northeast of the city of Durango, within Durango State, México.

The Company has entered into an agreement to sell Coeur La Preciosa, which is expected to close in the first quarter of 2022.

OTHER PROPERTIES

The Company has interests in several exploration-stage properties in North America, as well as leased or owned real property for office space.

OPERATING STATISTICS

1 unchanged sentence

2021 2020 2019 2021 2020 2019

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

Ore grade gold (oz./ton) 0.07 0.08 0.10 0.002 0.003 0.004

Ore grade silver (oz./ton) 4.45 4.85 6.49 0.52 0.46 0.52

Recovery/Au oz.

(%) 89.9 % 84.3 % 88.9 % — — —

Recovery/Ag oz.

(%) 80.4 % 79.3 % 83.8 % — — —

Gold produced (oz.) 109,202 110,608 111,932 27,051 27,147 35,400

Silver produced (oz.) 6,820,589 6,269,206 6,762,265 3,158,017 3,174,529 3,761,060

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

2021 2020 2019 2021 2020 2019

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

Ore grade gold (oz./ton) 0.20 0.21 0.18 0.027 0.023 0.022

Recovery/Au oz.

(%) 93.0 % 91.0 % 92.3 % — — —

Gold produced (oz.) 121,140 124,867 127,914 91,136 93,056 84,172

2021 2020 2019

Costs applicable to sales per gold ounce (1)

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

2020 2019 2018

Silver produced (oz.) — 139,287 1,161,926

139,287 1,161,926 182,254

Zinc produced (lb.) — 2,459,756 17,103,427

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

Lead produced (lb.) — 2,176,847 16,555,622

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 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

Ore grade silver (oz./ton) — — 3.36

Recovery/Ag oz.

Silver produced (oz.) — — 643,078

Costs applicable to sales per silver ounce (1)

$ — $ — $ 16.99

(1) See Non-GAAP Financial Performance Measures

PROVEN AND PROBABLE RESERVES

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

Proven Reserves Probable Reserves Proven and Probable Reserves

MINERAL RESERVES AND MINERAL RESOURCES

Internal Controls

The company’s internal controls are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results as well as mineral resource and reserve estimation are reasonable and in line with industry best practices.

These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection, analysis, verification, storage, reporting and use of drillhole, assay, metallurgical and other technical and scientific information, including the following:

• Third-party fully certified labs are used for assays used in public disclosure or resource models ;

• Drill programs include insertion of blank, duplicate, and certified reference materials;

• QA/QC program with sufficient results for the analytical programs;

• All core and reverse-circulation samples have been cataloged and stored in secure and designated areas on company property;

• Data is subject to validation, which includes checks on downhole surveys, collar coordinates, geological data, and assay data;

• Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation are downloaded from the database into a project file and reviewed for improbable entries and high values;

• Written procedures and guidelines are used to support estimation methods and approaches;

• Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons.

These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis;

• Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with Qualified Person involvement at the site and corporate levels;

Internal controls are discussed where required in the relevant chapters of the technical report summary.

The following sub-sections summarize the types of procedures, protocols, guidance and controls that Coeur has in place for its exploration and mineral resource and reserve estimation efforts, and the type of risk assessments that are undertaken.

Exploration and Drilling

Coeur has the following internal controls protocols in place for exploration data:

• Written procedures and guidelines to support preferred sampling methods and approaches;

periodic compliance reviews of adherence to such written procedures and guidelines;

• Maintenance of a complete chain-of-custody, ensuring the traceability and integrity of the samples at all handling stages from collection, transportation, sample preparation and analysis to long-term sample storage;

• Geological logs are checked and verified, and there is a physical sign-off to attest to the validation protocol required;

• Quality control checks on collar and downhole survey data for errors or significant deviations;

• Third-party fully certified labs are used for assays used in public disclosure or resource models

• Appropriate types of quality control samples are inserted into the sample stream at appropriate frequencies to assess analytical data quality;

• Regular inspection of analytical and sample preparation facilities by appropriately experienced Coeur personnel;

• QA/QC data are regularly verified to ensure that outliers sample mix-ups, contamination, or laboratory biases during the sample preparation and analysis steps are correctly identified, mitigated or remediated.

Changes to database entries are required be documented;

• Database upload and verification procedures to ensure the accuracy and integrity of the data being entered into the Project database(s).

These are typically performed using software data-checking routines.

Changes to database entries are required to be documented.

Data are subject to regular backups.

Mineral Resource and Mineral Reserve Estimates

Coeur has the following internal controls protocols in place for mineral resource and mineral reserve estimation:

• Written procedures and guidelines are used to support estimation methods and approaches;

• Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons.

These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis;

• Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with Qualified Person involvement at the site and corporate levels;

Development of our mineral resource and mineral reserve estimates use tools and processes such as mine design, scheduling and geostatistical tools that conform to industry best practices and are regularly reviewed and reconciled by internal and external parties.

There are internal and external audit processes for mineral resource and mineral reserve estimation.

Mineral resources and mineral reserves are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable.

See Risk Factors in Item 1A for additional information.

MINERAL RESERVES

Summary Gold Mineral Reserves at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)(9)

Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

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

1 unchanged sentence

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

(000s) Metallurgical Recovery

Palmarejo (4)

3,754 0.066 247 12,139 0.052 637 15,893 0.056 884

United States

Rochester (5)

3 unchanged sentences

27,976 0.022 621 8,306 0.028 231 36,282 0.023 852

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

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

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

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

Total Gold Reserves 418,394 0.005 1,991 52,904 0.021 1,086 471,298 0.007 3,077

Summary Silver Mineral Reserves at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)(9)

Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

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

1 unchanged sentence

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

(000s) Metallurgical Recovery

Palmarejo (4)

3,754 4.39 16,480 12,139 3.78 45,875 15,893 3.92 62,355

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

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%

United States

Rochester (5)

3 unchanged sentences

Total Silver 389,948 0.43 168,365 45,526 1.53 69,871 435,474 0.55 238,236

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

Proven Reserves Probable Reserves Proven and Probable Reserves

Summary Zinc Mineral Reserves at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)(9)

Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

Tons (000s) Grade (%) Pounds

1 unchanged sentence

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

(000s) Metallurgical Recovery

Silvertip (8)

186 10.1 % 37,647 1,618 8.0 % 258,418 1,804 8.2 % 296,065

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

Proven Reserves Probable Reserves Proven and Probable Reserves

Summary Lead Mineral Reserves at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)(9)

Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

Tons (000s) Grade (%) Pounds

1 unchanged sentence

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

(000s) Metallurgical Recovery

Silvertip (8)

9 unchanged sentences

(2) Assumed metal prices for 2021 Mineral Reserves were $20.00 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.

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

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

(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.

(6) The cutoff grade for mineral reserves is 0.137 to 0.207 oz/ton Au.

(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)

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

(3) The Mineral Reserve estimates are current as of December 31, 2021, and are reported using the definitions in SK 1300 and were prepared by the company’s technical staff.

(4) Mineral Reserve estimates use the following key input parameters:

Assumption of conventional longhole underground mining;

reported above a variable gold equivalent cut-off grade that ranges from 1.94–2.51 g/t AuEq and an incremental development cut-off grade of 1.08 g/t AuEq;

metallurgical recovery assumption of 93.1% for gold and 81.9% for silver;

mining dilution assumes 1 meter of hanging wall waste dilution;

mining loss of 5% was applied;

variable mining costs that range from US$36.01–US$41.75/tonne, surface haulage costs of US$3.52/t, process costs of US$27.29/tonne, general and administrative costs of US$11.00/tonne, and surface/auxiliary support costs of US$3.19/tonne.

Excludes the impact of the Franco-Nevada gold stream agreement at Palmarejo in calculation of Mineral Reserves.

(5) Mineral Reserve estimates are tabulated within a confining pit shell and use the following input parameters:

Rochester oxide recovery Au = 85% and Ag = 59%;

Nevada Packard oxide recovery Au = 95% and Ag = 61%;

with a net smelter return cutoff of $2.55/st oxide and US$2.65/st sulfide, where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz));

variable pit slope angles that approximately average 43º over the life-of-mine.

(6) Mineral Reserve estimates use the following key input parameters:

assumption of conventional underground mining;

gold price of $1400/oz;

reported above a gold cut-off grade of 0.143-0.201 oz/st Au;

metallurgical recovery assumption of 95%;

gold payability of 97.5%;

mining dilution varies from 15-23%;

mining loss of 5% was applied;

variable mining costs that range from US$90.91–150.73/ton mined;

process costs of US$46.93/ton processed;

general and administrative costs of US$38.83/ton processed;

and concentrate refining and shipping costs of US$60.00/oz sold.

(7) Mineral Reserve estimate uses the following key input parameters:

assumption of conventional open pit mining;

reported above a gold cut-off grade of 0.010 oz/ton Au;

metallurgical recovery assumption of 80%;

royalty burden of US$56/oz Au;

pit slope angles that vary from 34–50º;

mining costs of US$2.15/ton mined, rehandle costs of US$1.65/ton rehandled, process costs of US$10.34/ton processed (includes general and administrative costs).

(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cutoff of US$130-160/tonne.

Mineral Resources are reported insitu using the following assumptions:

The estimate use the following key input parameters:

lead recovery of 87-88%, zinc recovery of 81-82% and silver recovery of 88-89 %.

Lead concentrate grade of 51-53%;

zinc concentrate grade of 48-50%;

mining dilution varies from 5-25%;

mining loss of 5% was applied;

mining costs of US$68.77/tonne;

processing costs of US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine.

(9) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.

MINERAL RESOURCES

Summary Gold Mineral Resources at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)(13)

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

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

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

Palmarejo Mine, Mexico (4)

3,696 0.053 195 17,377 0.049 852 21,073 0.050 1,047 4,713 0.052 246

Kensington Mine, USA (6)

3,594 0.231 — — —

Wharf Mine, USA (7)

La Preciosa Project, Mexico (10)

9,536 0.005 45 19,141 0.006 118 28,677 0.006 163 1,761 0.003 6

United States

Rochester Mine, USA (7)

191,889 0.002 372 39,565 0.002 74 231,454 0.002 446 128,410 0.002 243

Silvertip Mine, Canada (9)

Kensington Mine, USA (5)

2,860 0.231 660 1,263 0.256 323 4,123 0.238 983 1,915 0.238 455

La Preciosa Project, Mexico (10)

Wharf Mine, USA (6)

13,947 0.020 273 6,379 0.022 139 20,326 0.020 412 3,724 0.024 90

1 unchanged sentence

4,642 0.012 58 27,668 0.011 306 32,310 0.011 364 22,952 0.011 255

Total Mineralized Material 404,086

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

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

Palmarejo Mine, Mexico (5)

Sterling Project, USA (9)

— — — — — — — — — 36,824 0.025 914

Kensington Mine, USA (6)

Wilco Project, USA (12)

— — — — — — — — — 25,736 0.021 531

Wharf Mine, USA (7)

Total Gold 226,570 0.007 1,603 111,393 0.016 1,812 337,963 0.010 3,415 226,035 0.012 2,740

Summary Silver Mineral Resources at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)13)

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

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

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

Palmarejo Mine, Mexico (4)

3,696 3.89 14,373 17,377 3.41 59,340 21,073 3.50 73,713 4,713 3.70 17,453

La Preciosa Project, Mexico (10)

9,536 3.04 29,001 19,141 3.98 76,185 28,677 3.67 105,186 1,761 3.31 5,835

United States

Rochester Mine, USA (7)

191,889 0.29 56,573 39,565 0.33 12,932 231,454 0.30 69,505 128,410 0.30 38,626

Lincoln Hill Project, USA (11)

4,642 0.34 1,592 27,668 0.31 8,655 32,310 0.32 10,247 22,952 0.36 8,163

Wilco Project, USA (12)

— — — — — — — — — 25,736 0.13 3,346

Silvertip Mine, Canada (8)

319 10.33 3,296 2,498 9.23 23,048 2,817 9.35 26,344 2,350 7.57 17,787

La Preciosa Project, Mexico (10)

Total Silver 210,082 0.46 104,835 106,249 1.58 180,160 316,331 0.84 284,995 185,922 0.40 91,210

Summary Zinc Mineral Resources at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)13)

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

Tons (000s) Grade (%) Pounds

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

Silvertip Mine, Canada (8)

319 9.4 % 60,029 2,498 10.6 % 529,353 2,817 10.5 % 589,382 2,350 9.0 % 422,335

Lincoln Hill Project, USA (11)

Summary Lead Mineral Resources at End of the Fiscal Year Ended December 31, 2021 (1)(2)(3)(13)

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

Tons (000s) Grade (%) Pounds

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

Silvertip Mine, Canada (8)

319 6.6 % 41,939 2,498 5.4 % 270,643 2,817 5.6 % 312,582 2,350 4.3 % 200,725

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.

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

(3) Mineralized material estimates were completed by the Company’s technical staff, except for La Preciosa, which was completed by an external consultant supervised by technical company staff.

(4) Estimated using 3-dimensional geologic modeling and geostatistical evaluation of the exploration drill data.

Mineralized material is reported exclusive of reserves.

“Mineralized material” as used in this Annual Report on Form 10-K, although permissible under Guide 7, does not indicate “reserves” by SEC standards.

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

(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.

(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

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

(1) Certain definitions:

The term “resource” means that it is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quantity that there are reasonable prospects for economic extraction.

Inferred, Indicated, and Measured resources are in order of increasing confidence based on level of underlying geological evidence.

The term ‘inferred resource’ is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.

The term “limited geological evidence” means evidence that is only sufficient to establish that geological and grade or quality continuity is more likely than not.

The level of geological uncertainty associated an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability and must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration.

(2) Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2021, and are reported using definitions in SK 1300 and were prepared by the company’s technical staff.

(3) Assumed metal prices for 2021 estimated Mineral Resources were $22.00 per ounce of silver, $1,700 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, unless otherwise noted.

(4) Mineral Resource estimates use the following key input parameters:

Assumption of conventional longhole underground mining;

reported above a variable gold equivalent cut-off grade that ranges from 1.59-2.21 g/t AuEq;

metallurgical recovery assumption of 93.1% for gold and 81.9% for silver;

variable mining costs that range from US$36.01–US$41.75/t, surface haulage costs of US$3.52/tonne, process costs of US$27.29/tonne, general and administrative costs of US$11.00/tonne, and surface/auxiliary support costs of US$3.19/tonne.

Excludes the impact of the Franco-Nevada gold stream agreement at Palmarejo in calculation of Mineral Resources.

(5) Mineral Resource estimates use the following key input parameters:

assumption of conventional longhole underground mining;

reported above a variable gold cut-off grade that ranges from 0.116–0.164 oz/ton Au;

metallurgical recovery assumption of 95%;

gold payability of 97.5%, variable mining costs that range from US$90.91–150.73/ton mined, process costs of US$46.93/ton processed, general and administrative costs of US$38.83/ton processed.

and concentrate refining and shipping costs of US$60.00/oz sold.

(6) Mineral Resource estimate uses the following key input parameters:

assumption of conventional open pit mining;

reported above a gold cut-off grade of 0.010 oz/ton Au;

metallurgical recovery assumption of 78.7% across all rock types;

royalty burden of US$56/oz Au;

pit slope angles that vary from 34–50º;

mining costs of $2.15/ton mined, rehandle costs of US$1.65/ton rehandled, process costs of US$10.34/ton processed (includes general and administrative costs)

(7) Mineral Resource estimates are tabulated within confining pit shells that uses the following input parameters:

oxide gold recovery of 77.7%-93.7% and silver recovery with range of 59%-61%;

sulfide gold recovery range of 15.2%-77.7% and silver recovery with range of 0.0%-59% with a net smelter return cutoff of US$2.55–US$3.70/ton oxide and US$2.65/ton sulfide, where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz));

and variable pit slope angles that approximately average 43º over the life-of-mine.

(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cutoff of US$130/tonne.

Mineral Resources are reported insitu using the following assumptions:

The estimate use the following key input parameters:

lead recovery of 87-88%, zinc recovery of 81-82% and silver recovery of 88-89 %.

Lead concentrate grade of 51-53%;

zinc concentrate grade of 48-50%;

mining costs of US$68.77/tonne;

processing costs of

US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine.

(9) Open Pit Mineral Resource estimates are reported in-situ and are contained within a confining pit shell and use the following key input parameters:

reported above a gold cutoff of 0.007 ounces per ton;

gold recoveries of 75-80%;

mining costs of US$2.16/ton;

process costs of US$2.70/ton;

G&A costs of $1.00/ton;

variable pit slope angles of 39-52º over the life-of-mine.

(10) Open Pit Mineral Resource estimate is reported using a net smelter return (“NSR”) cutoff of US$23/tonne and Underground Mineral Resources are reported using a NSR cut-off of $71/tonne.

Mineral Resources are reported in-situ and contained within a conceptual measured, indicated and inferred optimized pit shell or conceptual underground mining shapes using the following assumptions:

silver price of US$20/oz, gold price of US$1,400/oz.

Average silver and gold recovery are 82% and 69%, respectively.

Open pit mining cost is US$1.85/tonne, underground mining cost is US$47.96/tonne, processing cost is US$17.53/tonne and G&A cost is US$5.54/tonne.

Mineral resources include hanging and footwall dilution, and typical mining recovery is estimated to be 95%.

The technical and economic parameters are those that were used in the 2017 Resource Estimation.

Based on the QPs review of the estimate, there would be no material change to the mineral resources if a gold price of US$1,700/oz, a silver price of US$22/oz or economic parameters were updated.

Therefore the 2017 Mineral Resource report is considered current and is presented unchanged.

(11) Open Pit Mineral Resource estimate is reported in-situ and are contained within a confining pit shell and use the following key input parameters:

reported above an oxide gold equivalent cutoff of 0.15 ounces per ton and 0.20 oz ounces per ton assuming a silver to gold ratio of 60:1;

gold recoveries of 64%;

silver recoveries of 59%;

mining costs of US$3.10/ton;

process costs of US$3.60/ton;

general and administrative costs of $1.50/ton processed;

average pit slope angles of 45º over the life-of-mine.

The technical and economic parameters are those that were used in the 2018 Resource Estimation.

Based on the QPs review of the estimate, there would be no material change to the Mineral Resource if a gold price of US$1,700/oz, a silver price of US$22/oz or economic parameters were updated.

Therefore the 2018 Mineral Resource is considered current and is presented unchanged.

(12) Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1.

Resources are reported in-situ and contained withed a conceptual measured, indicated and inferred optimized pit shell.

Silver price of US$20/oz, gold price of US$1,400/oz.

Average oxide and sulfide gold recovery is 70%, average carbonaceous gold recovery is 50%.

Average oxide and sulfide gold recovery is 60%.

Average carbonaceous silver recovery is 50%.

Open pit mining cost is US$1.50/ton, processing and processing and G&A cost is US$5.46/ton;

average pit slope angles of 50º.

The technical and economic parameters are those that were used in the 2017 Resource Estimation.

Based on the QPs review of the estimate, there would be no material change to the mineral resources if a gold price of US$1,700/oz, a silver price of US$22/oz or economic parameters were updated.

Therefore the 2018 Mineral Resource report is considered current and is presented unchanged.

(13) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.

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