What changed in this filing

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Item 1. Business

2024-02-21 compared with 2023-02-22 · 35 added, 39 removed, 142 unchanged (34% of the section changed)

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and Deliver Impactful Results Through Teamwork .

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.

We conduct our business with a proactive focus on responsible practices to positively impact the health, safety and socioeconomic status of our people and the communities in which we operate and be good stewards of the environment.

Operating Segments

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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.

The construction of POA11 was completed in the fourth quarter of 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 received a favorable final Record of Decision from the Forest Service for their Plan of Operations Amendment 1 (“POA 1”) on February 24, 2022.

Coeur Alaska received a favorable final Record of Decision from the Forest Service for its 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.

Coeur Alaska is now working on a multi-year exploration and underground development plan including obtaining 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.

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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.

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.

In February 2020, the Company 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) planning for an eventual mill expansion to improve the asset’s cost structure and its ability to deliver sustainable cash flow.

Metals Prices and Hedging Activities

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

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

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

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

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

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

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

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

Our gold concentrate product from the Kensington mine is sold under a long term offtake agreement and is shipped to geographically diverse third-party smelters.

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

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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.

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

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

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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.

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.

At December 31, 2023, we had approximately 2,074 employees (1,097 in the U.S., 68 in Canada and 909 in Mexico) and over 600 people were working as contractors in support of Coeur’s operations.

Culture Assessment

We are focused on regular evaluation of our culture.

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

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

In 2023, we invited all employees to participate in our culture assessment by completing an anonymous survey.

Employee participation in 2023 was 84%, which exceeded industry benchmarks.

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

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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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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.

In the US and Canada approximately 23% of our workforce is non-white, up from 18% in 2020.

Partnerships with organizations like the National Society of Black Engineers (NSBE) and Women in Mining (WiM) 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.

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 and bystander intervention, as well as education on overall mental wellness to ensure each employee feels respected and included at work.

Employee Development

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We were a leader in the mining industry by providing domestic partner benefits in 2017 and participation has increased 250% since introduction.

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

In 2022, we 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.

This resource leverages technology and clinical best practices to assist our employees and their families gain fast access to highly effective quality care when needed most.

We are also developing a Total Worker Health program, which is expected to be implemented by the end of 2023, that integrates protection from work-related safety and health hazards with promotion of injury and illness-prevention efforts to advance worker well-being both physically and mentally.

We also implemented a Total Worker Health program in 2023, that integrates protection from work-related safety and health hazards with promotion of injury and illness-prevention efforts to advance worker well-being both physically and mentally.

RESPONSIBILITY

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

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

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

To that end, we are assessing the extent of these risks and potential opportunities and are taking action to manage our climate-related risks as well as the potential impact we have on climate.

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

We recognize changes in stakeholder expectations related to various environmental, social and governance issues, including risks and opportunities related to climate change and greenhouse gas (“GHG”) emissions, biodiversity, and tailings.

To that end, We Pursue a Higher Standard by expanding our governance and associated management systems and programs against best practices for material topics.

For example, we:

• 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.

• further increased the amount of renewable energy in our purchased electricity through formal agreements with energy providers;

• actively manage GHG emissions and plan to achieve our 35% net intensity reduction target by the end of 2024 compared to base-year;

20% of the 2022 executive performance share award is tied to achievement of that goal;

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

• informed by the knowledge and systems developed as part of our first climate scenario analysis (see 2022 ESG report for details), we continue to incorporate climate-related risks and opportunities into our enterprise risk management and long-term business planning and strategy;

• developed and implementing a Biodiversity Management Standard;

• formalized a Tailings Management Policy and committed to adopting the Global Industry Standard on Tailings Management (“GISTM”).

AVAILABLE INFORMATION

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

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.

Copies of our Corporate Governance Guidelines, charters of the key committees of the Board (Audit, Compensation and Leadership Development, Executive, Finance and Technical, 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, 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.

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 and expansion initiatives at Rochester, Kensington and Silvertip, expectations about timing of deliveries against the Kensington, Rochester and Wharf prepayments, 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 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;

(ii) the risk that the Rochester expansion commissioning and ramp up is not completed on a timely basis or requires more capital than currently anticipated;

(iii) the risk that anticipated production, cost, expenditure and expense levels 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);

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and Canada and in certain other announcements not filed with the SEC, we disclose proven and probable reserves and measured, indicated and inferred resources, each as defined in S-K 1300.

The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves, and therefore investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into S-K 1300-compliant reserves.

The estimation of measured resources and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves, and therefore, investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into S-K 1300-compliant reserves.

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.

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

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

Technical Report Summaries and Qualified Persons

The scientific and technical information concerning our mineral projects in this Form 10-K have been reviewed and approved by “qualified persons” under S-K 1300, including our Director, Technical Services, Christopher Pascoe.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are included as exhibits to, and incorporated by reference into, this Report.

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

What changed 10-K

Item 1. Business