What changed in this filing

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Item 1. Business

2023-02-22 compared with 2022-02-16 · 64 added, 55 removed, 117 unchanged (50% of the section changed)

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

Coeur’s strategy is to be a well-diversified, growing precious metals producer with a focus on generating sustainable, high-quality cash flow and returns from a North American asset base.

Coeur’s strategy is to be a well-diversified, growing precious metals producer with a focus on generating sustainable, high-quality cash flow and returns from a balanced, prospective asset base in mining-friendly jurisdictions along with our commitment to exploration and expansions.

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

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

Impacts of the COVID-19 Pandemic on our Business

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

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

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

Operating Segments

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

The Company also carries out exploration activities the Palmarejo property package.

The Company also carries out exploration activities across the Palmarejo property package.

• The Rochester open pit heap leach silver-gold mine located in northwestern Nevada, which has been in operation since 1986.

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

The construction is expected to be completed during 2023.

Coeur Rochester also acquired the Lincoln Hill, Gold Ridge, and related exploration assets adjacent to its Rochester mine in 2018.

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

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

Coeur Alaska received a favorable final Record of Decision from the Forest Service for their Plan of Operations Amendment 1 (“POA 1”) on February 24, 2022.

POA 1 gives Coeur Alaska the ability to increase tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, current metal prices, and ongoing operational efficiencies.

Coeur Alaska is now working on supplemental permit requirements following this significant milestone.

• The Wharf open pit heap leach gold mine located near Lead, South Dakota, which was acquired by Coeur in 2015.

• The Silvertip underground silver-zinc-lead development project located in northern British Columbia, Canada, which was acquired by Coeur in 2017.

Silvertip commenced commercial production in 2018.

In addition, the Company operates the Silvertip underground silver-zinc-lead exploration project located in northern British Columbia, Canada, which was acquired by Coeur in 2017.

Silvertip commenced commercial production ramp up in 2018.

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

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

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

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

At December 31, 2021 the La Preciosa project is classified as held for sale.

For additional information see Note 3 - Segment Reporting and Note 22 - Assets and Liabilities Held for Sale in the notes to the Consolidated Financial Statements.

The Company has interests in other precious metals exploration projects throughout North America, other mineral interests, strategic equity investments, among other items, which are included in “Other” for segment reporting purposes.

The Company sold the La Preciosa project in the first quarter of 2022 and the Crown and Sterling projects in the fourth quarter of 2022.

Metals Prices and Hedging Activities

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

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

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

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

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

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

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

Expenditures for environmental compliance in 2023 are expected to range from $9.2 million to $10.2 million.

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

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

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

federal and state permitting laws and regulations.

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

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

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

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

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

We have received all permits required to operate and carry out the current scope of activities at the Palmarejo complex, Rochester, Kensington and Wharf mines, and the Silvertip exploration property.

We are in the process of amending existing permits at our Palmarejo complex and Wharf mine to support future planned activities.

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

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

Our failure to comply with any of these requirements could

result in the loss of our ability to conduct mining activities in a particular location, which could have a material adverse impact on our business.

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

HUMAN CAPITAL MANAGEMENT

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We aim to be an employer of choice by promoting safety first, proactively developing our people and fostering a diverse and inclusive culture.

At December 31, 2021, we had approximately 2,105 employees (1,081 in the U.S., 101 in Canada and 923 in Mexico).

In 2022, we were proudly named one of Crain’s Chicago’s ‘Best Places to Work.’ At December 31, 2022, we had approximately 2,107 employees (1,091 in the U.S., 74 in Canada and 942 in Mexico) and 1,072 people were working as contractors in support of

Coeur’s operations.

Approximately 65% of the employees of Coeur Mexicana are represented by a collective bargaining agreement.

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Employee participation in 2021 was over 93%, which exceeded industry benchmarks.

Feedback was reviewed by the management team and our Board of Directors.

Feedback was reviewed by the management team and our Board of Directors (our “Board”).

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

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

Specific action plans taken in 2022 included diversity, equity and inclusion (“DEI”) training forums with hourly employees, bolstered communications through written and in-person meetings, and implementation of a career progression ladder to provide guidelines for employees’ skill development.

The organization will be surveyed again in 2023.

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

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We have also created a series of partnership programs in local communities to provide internships, scholarships, and apprenticeships to build a pipeline of potential employees in the next generation.

We have maintained an average employee age of 40 years old since 2018 by focusing on building our bench strength and increasing our under 40 population to 34% of our workforce.

Diversity & Inclusion

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

This pledge highlights Coeur’s continuing commitment to fostering a diverse and inclusive workforce, evidenced by programs such as Coeur Heroes , which has provided approximately 100 career opportunities to current and former U.S.

Military personnel.

Fifty percent of our independent Board members have indicated that they are diverse, 12% of our employees are female, up from 10% in 2020.

While we continue to work to increase our overall female population, 66% of our female employees are supervisor or higher-level positions.

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

This pledge highlights Coeur’s continuing commitment to fostering a diverse, equitable and inclusive workforce, evidenced by programs such as Coeur Heroes , which provided over 80 career opportunities to current and former U.S.

Military personnel last year.

Fifty percent of our Board members have indicated that they are diverse, 12% of our employees are female, up from 10% in 2020.

While we continue to work to increase our overall female population, over 60% of our female employees are supervisor or higher-level positions.

In the US and Canada approximately 21% of our workforce is non-white, up from 18% in 2020, Partnerships with organizations like the National Society of Black Engineers and Women in Mining at their U.S.

university chapters are providing further avenues for recruiting diverse talent.

In order to emphasize the importance of DEI in the workplace, we provided training to our hourly workforce at every operation on topics such as bullying, bystander intervention and education on overall mental wellness to ensure each employee feels respected and included at work.

Employee Development

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Through IMPACT training, we have invested over 22,124 cumulative hours of leadership training and personal development in almost 200 employees.

In 2022, after many employees had graduated from IMPACT training over the last 4 years, we introduced our first Advanced IMPACT training for employees at manager and director levels in the organization.

Succession Planning

We conduct robust succession planning throughout the organization annually, by employing specific talent diagnostics and skills development.

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

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

High potential performers and diversity discussions, along with action plans, are reviewed starting from the front-line supervisors to the Chief Operating Officer.

Our Board oversees the recruitment, development, and retention of our senior executives.

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

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We were a leader in the mining industry by providing domestic partner benefits in 2017 and participation has increased 150% since introduction.

New in 2022, we have expanded paid parental and primary caregiver leave for US employees.

In addition, we have engaged a third-party mental health care provider for innovative care and counseling resources throughout our footprint.

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For example, we:

• published an initial greenhouse gas (“GHG”) emissions intensity reduction target in 2021;

• established a Climate Working Group in 2021 to lead climate strategy, including disclosure in-line with the Task Force on Climate-related Financial Disclosures (“TCFD”), overseeing scenario analysis and incorporating results in business planning and strategy;

• are planning to build on our initial scenario analysis completed in 2021 with site-specific analysis and financial modeling;

• are planning to tie a meaningful portion of the regular performance share grant in 2022 to achievement of the Company's GHG emissions net intensity reduction goal;

• are enhancing our climate-related reporting and disclosures.

• updated our initial greenhouse gas (“GHG”) emissions intensity reduction target in 2022 to 35% reduction in net intensity by the end of 2024 compared to base-year and tied 20% of the 2022 executive performance share award to achievement of that goal;

• enhanced our climate disclosure in-line with the Task Force on Climate-related Financial Disclosures (“TCFD”) recommendations;

• conducted site-specific scenario analysis workshops, energy and emissions diagnostics and financial modeling;

• completed an initial scope 3 quantification exercise;

• continue to incorporate climate risks and opportunities into our long-term business planning and strategy.

AVAILABLE INFORMATION

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

Securities and Exchange Commission (“SEC”).

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

Copies of our Corporate Governance Guidelines, charters of the key committees of the Board of Directors (Audit, Compensation and Leadership Development, Executive, Nominating and Corporate Governance, and Environmental, Health,

Safety, and Corporate Responsibility Committees) and our Code of Business Conduct and Ethics, applicable to the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer, among others, are also available on our website.

Copies of our Corporate Governance Guidelines, charters of the key committees of the Board (Audit, Compensation and Leadership Development, Executive, Nominating and Corporate Governance, and Environmental, Health, Safety, and Corporate Responsibility Committees) and our Code of Business Conduct and Ethics, applicable to the Chief Executive Officer,

Chief Financial Officer and Chief Accounting Officer, among others, are also available on our website.

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

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

This report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to our mining business, including anticipated mineral reserve and resource estimates, exploration efforts and expenditures, development, expansion initiatives at Rochester, Kensington and Silvertip, expectations about timing of deliveries against the Kensington prepayment, LCM adjustments at Rochester, permitting, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, environmental compliance expenditures, environmental, social and governance (“ESG”) and human capital management initiatives, risk management strategies, including hedging, capital resources and use, cash flow maximization, mine life and other strategic initiatives.

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

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

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

(iii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions);

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

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

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

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

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

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

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

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

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

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

(ii) the risk that the Rochester expansion project is not completed on a timely basis or requires more capital than currently anticipated for completion;

(iii) the risk that anticipated production, cost, expenditure and expense levels at at Palmarejo, Rochester, Wharf and Kensington are not attained;

(iv) the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions);

(v) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment;

(vi) the impact of geopolitical conditions, pandemics or epidemics, climate change, extreme weather events and other macro conditions, including disruptions to operations, the need for heightened health and safety protocols, inflation, and disruptions to our vendors, suppliers and the communities where we operate;

(vii) the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability;

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

(ix) the risk of adverse outcomes in litigation;

(x) the uncertainties inherent in the estimation of gold, silver, zinc and lead mineral reserves and resources;

(xi) impacts from Coeur’s future acquisition of new mining properties or businesses;

(xii) the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production;

(xiii) the continued effects of the COVID-19 pandemic, including impacts to workforce, materials and equipment availability;

(xiv) inflationary pressures;

(xv) continued access to financing sources;

(xvi) government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate;

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

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

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

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

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We are subject to the reporting requirements of the Exchange Act and applicable Canadian securities laws, and as a result we report our mineral reserves and mineral resources according to two different standards.

reporting requirements, are governed by Item 1300 of Regulation S-K (“S-K 1300”), as issued by the U.S.

Securities and Exchange Commission (“SEC”).

reporting requirements, are governed by Item 1300 of Regulation S-K (“S-K 1300”), as issued by the SEC.

Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as adopted from the definitions provided by the Canadian Institute of Mining, Metallurgy and Petroleum.

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The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category.

Therefore, investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.

investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.

Technical Report Summaries and Qualified Persons

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

What changed 10-K

Item 1. Business