Coeur Reports Record 2023 Fourth Quarter Production at its Newly Expanded Rochester Operation and Provides Update on First Half 2024 Crusher Commissioning and Ramp-Up Progress

Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today provided an update on expansion-related activities taking place at its Rochester silver and gold operation in Nevada.

Fourth quarter production reached record levels of approximately 1.3 million ounces of silver and 19,847 ounces of gold, which represented quarter-over-quarter increases of 120% and 345% and year-over-year increases of 38% and 71%, respectively. These materially higher production levels were driven by the initial surge of ounces produced from the new Stage 6 leach pad and new Merrill-Crowe process plant, which began delivering silver and gold ounces late in the third quarter of 2023.

Commissioning of the new three-stage crushing circuit is progressing after the successful feed of initial material through the primary crusher during the fourth quarter of last year and through the secondary crushers and truck loadout facility during January 2024. Commissioning of the pre-screen and tertiary crushers is expected to be completed in the current quarter. Ramp-up activities at Rochester are anticipated to be completed during the first half of 2024. Once operating at full capacity, throughput levels are expected to average 32 million tons per year, which is approximately 2.5 times higher than historical levels, making Rochester one of the world’s largest open pit heap leach operations.

In addition, work on dismantling the legacy X-Pit crushing system commenced in the fourth quarter of 2023 with the primary and secondary crushers now fully disassembled and the remainder of the system to be completed throughout the first half of 2024 to allow for access to higher-grade ore that is now being mined.

“Rochester’s fourth quarter production represents the first glimpse of its full potential as an engine of significantly higher cash flow generation and as a linchpin of Coeur’s near-term growth profile,” said Mitchell J. Krebs, President and Chief Executive Officer. “Just as importantly, Rochester now assumes a key position as America’s largest source of domestically produced and refined silver just as global demand is set to increase with the rapid proliferation of electrification technologies that require silver.”

The Company expects lower production levels at Rochester during the first quarter of 2024 as commissioning and ramp-up of the new crushing circuit takes place. Materially higher production levels at Rochester are anticipated to build throughout 2024 commensurate with the completion of the ramp-up and accessing the higher grades that were underneath the dismantled X-Pit crusher.