What changed in this filing

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Item 1. Business

2025-02-19 compared with 2024-02-21 · 48 added, 59 removed, 118 unchanged (48% of the section changed)

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

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

The Company also 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.

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

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 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 Rochester open pit heap leach silver-gold mine, located in northwestern Nevada, which has been in operation since 1986 and completed a significant expansion in 2024.

• 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 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 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.

• The newly acquired Las Chispas underground silver-gold mine, located in the State of Sonora in northern Mexico, which began operations in 2022.

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, 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

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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 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.

The doré produced at the Palmarejo complex, Rochester mine, and newly acquired Las Chispas 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.

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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 inflation, currency fluctuations, global competition for resources, consumer or industrial demand and other factors .

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

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

For additional information regarding key regulatory risks, please see “Item 1A - Risk Factors”.

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

federal and state permitting laws and regulations.

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.

Mexico, where the Palmarejo complex and Las Chispas mine are 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.

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, in addition to consultation requirements with local indigenous groups, in certain instances.

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 to support future planned activities.

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

We are in the process of amending existing permits at our Palmarejo complex, including a significant operating permit that is set to expire in October 2025, to support future planned activities.

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

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

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

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

At December 31, 2024, we had approximately 2,116 employees (1,176 in the U.S., 71 in Canada and 869 in Mexico) and over 700 people were working as contractors in support of Coeur’s operations.

The newly acquired Las Chispas mine has 314 employees and approximately 775 people working as contractors.

Culture Assessment

We are focused on regular evaluation of our culture.

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

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

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

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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.

We intend to conduct another culture assessment in 2025.

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.

Our strong culture of teamwork and our reputation as a responsible company and an engaged community member motivates new employee referrals.

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 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

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 33% of our workforce.

Diversity & Inclusion

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.

Our Chairman, 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 an 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.

Four of our Board members have indicated that they are diverse, and 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 23% of our workforce is non-white, up from 18% in 2020.

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

university chapters are providing further avenues for recruiting.

In order to emphasize the importance of inclusion 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 support each employee feeling respected and included at work.

Employee Development

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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 starting from the front-line supervisors to the Chief Operating Officer.

High potential talent within the organization is identified, and development plans are created starting from our front-line supervisors to our Chief Operating Officer.

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

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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.

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.

In 2022, we expanded paid parental and primary caregiver leave for U.S.

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

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.

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At Coeur, we strive for best-in-class environmental performance while meeting the needs of today and respecting the needs of future generations.

As a precious metals producer, we have the unique opportunity to supply the raw materials that play a key role in the clean energy transition.

As a precious metals producer, we have the unique opportunity to supply the raw materials that play a key role in numerous economic priorities, including clean energy and technology.

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

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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.

To that end, We Pursue a Higher Standard through our governance and associated management systems and programs for material topics.

For example, we:

• 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;

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

• 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;

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

• developed and are implementing a Biodiversity Management Standard;

• drive sound water stewardship whether treating and discharging water at sites where water is abundant or efficiently using water at sites where water is scarce;

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

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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 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.

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 Kensington and Silvertip, expectations about timing of deliveries against the Kensington, Rochester and Wharf prepayments, permitting, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, integration of acquisitions, 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 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);

(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.

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

(iii) 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);

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

(v) 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;

(vi) 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;

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

(viii) the risk of adverse outcomes in litigation;

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

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

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

(xii) inflationary pressures;

(xiii) continued access to financing sources;

(xiv) 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;

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

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

and (xvii) 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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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 Senior 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.

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