Expansion drilling success drove strong resource growth at all assets
CHICAGO–(BUSINESS WIRE)–Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported year-end 2023 proven and probable reserves of 3.2 million ounces of gold and 243.9 million ounces of silver, net of depletion.
Measured and indicated resources totaled 3.2 million ounces of gold, 196.3 million ounces of silver, 1,517 million pounds of zinc and 768.7 million pounds of lead, reflecting year-over-year increases for all metals driven by additions at Palmarejo, Rochester, Wharf and Silvertip.
Inferred resources were 2.0 million ounces of gold, 92.5 million ounces of silver, 481.8 million pounds of zinc and 199.8 million pounds of lead, signifying year-over-year increases of approximately 14%, 32%, 27% and 20%, respectively.
Key Highlights1
“In a year when completing Rochester’s expansion was our top priority, it’s fitting that it led the way with strong reserve and resource growth in 2023,” said Mitchell J. Krebs, President and Chief Executive Officer. “Coeur’s total exploration investment in 2023 was lower than in recent years and resource expansion was our primary goal for the year, which was achieved across all of our sites. Organic growth through elevated levels of exploration investment has been a defining characteristic of Coeur over the last several years, and our commitment to reserve and resource growth through the drill bit will continue in 2024.”
Coeur’s gold and silver price assumptions for year-end 2023 reserves remained unchanged year-over-year at $1,600 per ounce and $21.00 per ounce, respectively, except Kensington at $1,850 per gold ounce. The Company’s price assumptions for year-end 2023 resources also remained unchanged year-over-year at $1,800 per ounce of gold, $25.00 per ounce of silver, $1.30 per pound of zinc, and $1.00 per pound of lead, except Kensington at $2,000 per gold ounce.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip silver-zinc-lead exploration project in British Columbia and has interests in precious metals exploration projects throughout North America.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding mineral reserve and mineral resource estimated, exploration efforts and plans, growth, mine lives, mine expansion and development plans, and resource delineation, expansion, and upgrade or conversion. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated additions or upgrades to reserves and resources are not attained, the risk that planned exploration programs may be curtailed or canceled due to budget constraints or other reasons, 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), changes in the market prices of gold, silver, zinc and lead and a sustained lower price environment, the uncertainties inherent in Coeur’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground conditions, grade and recovery variability, any future labor disputes or work stoppages, the uncertainties inherent in the estimation of mineral reserves and mineral resources, the potential effects of pandemics or epidemics, including impacts to the availability of our workforce, continued access to financing sources, 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, changes that could result from Coeur’s future acquisition of new mining properties or businesses, the loss of any third-party smelter to which Coeur markets its production, the effects of environmental and other governmental regulations, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent reports on Forms 10-K and 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended (“SK 1300”), namely 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 for Coeur’s material properties included in this news release, 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 available at www.sec.gov.
Notes
The potential quantity and grade for the deposits described herein are conceptual in nature. There is insufficient exploratory work to define a mineral resource and it is uncertain if further exploration will result in the applicable target being delineated as a mineral resource.
2023 Year-End Proven and Probable Reserves
Grade | Contained | |||||
Gold | Silver | Gold | Silver | |||
Short tons | (oz/t) | (oz/t) | (oz) | (oz) | ||
PROVEN RESERVES | ||||||
Palmarejo | 4,203,000 | 0.060 | 4.21 | 252,000 | 17,698,000 | |
Rochester | 465,919,000 | 0.002 | 0.38 | 1,135,000 | 177,472,000 | |
Kensington | 1,009,000 | 0.186 | – | 188,000 | – | |
Wharf | 5,931,000 | 0.032 | – | 188,000 | – | |
Total | 477,062,000 | 0.004 | 0.41 | 1,763,000 | 195,170,000 | |
PROBABLE RESERVES | ||||||
Palmarejo | 8,580,000 | 0.060 | 3.88 | 517,000 | 33,283,000 | |
Rochester | 44,524,000 | 0.002 | 0.35 | 104,000 | 15,413,000 | |
Kensington | 1,109,000 | 0.201 | – | 223,000 | – | |
Wharf | 21,318,000 | 0.027 | – | 575,000 | – | |
Total | 75,531,000 | 0.019 | 0.64 | 1,418,000 | 48,695,000 | |
PROVEN AND PROBABLE RESERVES | ||||||
Palmarejo | 12,783,000 | 0.060 | 3.99 | 769,000 | 50,981,000 | |
Rochester | 510,443,000 | 0.002 | 0.38 | 1,238,000 | 192,885,000 | |
Kensington | 2,119,000 | 0.194 | – | 411,000 | – | |
Wharf | 27,249,000 | 0.028 | – | 764,000 | – | |
Total | 552,594,000 | 0.006 | 0.44 | 3,182,000 | 243,865,000 |
Notes to above Mineral Reserves:
2023 Year-End Measured and Indicated Resources
Grade | Contained | ||||||||
Gold | Silver | Zinc | Lead | Gold | Silver | Zinc | Lead | ||
Short tons | (oz/t) | (oz/t) | (%) | (%) | (oz) | (oz) | (lbs) | (lbs) | |
MEASURED RESOURCES | |||||||||
Palmarejo | 5,674,000 | 0.070 | 4.56 | – | – | 396,000 | 25,875,000 | – | – |
Rochester | 110,460,000 | 0.002 | 0.29 | – | – | 200,000 | 31,587,000 | – | – |
Kensington | 1,653,000 | 0.289 | – | – | – | 477,000 | – | – | – |
Wharf | 1,666,000 | 0.024 | – | – | – | 40,000 | – | – | – |
Silvertip | 734,000 | – | 10.56 | 9.93% | 7.88% | – | 7,749,000 | 145,703,000 | 115,648,000 |
Lincoln Hill | 4,642,000 | 0.012 | 0.34 | – | – | 58,000 | 1,592,000 | – | – |
Total | 124,828,000 | 0.009 | 0.54 | 1,171,000 | 66,803,000 | 145,703,000 | 115,648,000 | ||
INDICATED RESOURCES | |||||||||
Palmarejo | 15,500,000 | 0.060 | 3.85 | – | – | 926,000 | 59,701,000 | – | – |
Rochester | 27,170,000 | 0.002 | 0.41 | – | – | 47,000 | 11,237,000 | – | – |
Kensington | 1,278,000 | 0.268 | – | – | – | 342,000 | – | – | – |
Wharf | 22,150,000 | 0.021 | – | – | – | 458,000 | – | – | – |
Silvertip | 6,418,000 | – | 7.78 | 10.68% | 5.09% | – | 49,919,000 | 1,371,074,000 | 653,008,000 |
Lincoln Hill | 27,668,000 | 0.011 | 0.31 | – | – | 306,000 | 8,655,000 | – | – |
Total | 100,184,000 | 0.021 | 1.29 | 2,078,000 | 129,512,000 | 1,371,074,000 | 653,008,000 | ||
MEASURED AND INDICATED RESOURCES | |||||||||
Palmarejo | 21,174,000 | 0.062 | 4.04 | – | – | 1,321,000 | 85,576,000 | – | – |
Rochester | 137,630,000 | 0.002 | 0.31 | – | – | 247,000 | 42,824,000 | – | – |
Kensington | 2,931,000 | 0.279 | – | – | – | 819,000 | – | – | – |
Wharf | 23,816,000 | 0.021 | – | – | – | 498,000 | – | – | – |
Silvertip | 7,152,000 | – | 8.06 | 10.60% | 5.37% | – | 57,668,000 | 1,516,777,000 | 768,657,000 |
Lincoln Hill | 32,310,000 | 0.011 | 0.32 | – | – | 364,000 | 10,247,000 | – | – |
Total | 225,012,000 | 0.014 | 0.87 | 3,249,000 | 196,315,000 | 1,516,777,000 | 768,657,000 |
2023 Year-End Inferred Resources
Grade | Contained | ||||||||
Gold | Silver | Zinc | Lead | Gold | Silver | Zinc | Lead | ||
Short tons | (oz/t) | (oz/t) | (%) | (%) | (oz) | (oz) | (lbs) | (lbs) | |
INFERRED RESOURCES | |||||||||
Palmarejo | 4,207,000 | 0.091 | 4.50 | – | – | 381,000 | 18,933,000 | – | – |
Rochester | 135,104,000 | 0.002 | 0.34 | – | – | 267,000 | 45,959,000 | – | – |
Kensington | 1,567,000 | 0.248 | – | – | – | 388,000 | – | – | – |
Wharf | 7,125,000 | 0.021 | – | – | – | 149,000 | – | – | – |
Silvertip | 2,345,000 | – | 6.86 | 10.27% | 4.26% | – | 16,084,000 | 481,791,000 | 199,815,000 |
Lincoln Hill | 22,952,000 | 0.011 | 0.36 | – | – | 255,000 | 8,163,000 | – | – |
Wilco | 25,736,000 | 0.021 | 0.13 | – | – | 531,000 | 3,346,000 | – | – |
Total | 199,037,000 | 0.010 | 0.46 | 1,971,000 | 92,485,000 | 481,791,000 | 199,815,000 |
Notes to above Mineral Resources:
Contacts
Coeur Mining, Inc.
Jeff Wilhoit, Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com
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