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     1134  0 Kommentare Coeur Reports First Quarter 2015 Results

                     

    NEWS RELEASE


    Coeur Reports First Quarter 2015 Results

    Adjusted All-in Sustaining Costs Declined 8% to $17.66 per Silver Equivalent Ounce

    Adjusted Costs Applicable to Sales of $13.71 per Silver Equivalent Ounce and $797 per Gold Ounce

    Chicago, Illinois - May 4, 2015 - Coeur Mining, Inc. (the "Company" or "Coeur") (NYSE: CDE) reported first quarter 2015 revenue of $153.0 million, adjusted EBITDA1 of $21.7 million, and adjusted net loss1 of $0.24 per share. Adjusted all-in sustaining costs declined 8% from the fourth quarter of 2014 to $17.66 per silver equivalent ounce1, the lowest level in the two years of reporting this metric. Adjusted costs applicable to sales per silver equivalent ounce1 of $13.71 declined 5% from the fourth quarter.

    "We are off to a strong start in 2015, tracking at or below our annual cost guidance in the first quarter. Falling oil prices and a weakening Mexican peso bode well for further cost improvement, as fuel represents approximately 7% of our total operating costs and about 50% of Palmarejo's costs are denominated in pesos," said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. "In the past three months we closed two acquisitions, released a high-grade, high-margin, re-scoped mine plan for Kensington reflecting a significant new discovery, and announced a near-doubling in silver equivalent reserves at Palmarejo, reflecting higher grades from our Paramount acquisition and last year's discovery at Independencia. These are all important steps in our strategy to reduce unit costs, produce higher-quality ounces, and generate free cash flow at current metal prices. With $180 million in cash and cash equivalents, maintaining sufficient liquidity and a flexible balance sheet remains a top priority."


    First Quarter 2015 Highlights

    • Silver production was 3.8 million ounces and gold production was 69,734 ounces, or 8.0 million silver equivalent1 ounces as previously announced on April 6, 2015
    • Adjusted all-in sustaining costs were $17.66 per silver equivalent ounce1, down 8% from the fourth quarter
    • Adjusted costs applicable to sales per silver equivalent ounce1 were $13.71, a 5% decrease from the fourth quarter and the lowest level in a year
    • Adjusted costs applicable to sales per gold ounce1 at Kensington were $797, almost unchanged from the fourth quarter
    • Adjusted costs applicable to sales per silver equivalent ounce1 at Palmarejo dropped 7% from the fourth quarter to $14.56
    • Adjusted costs applicable to sales per silver equivalent ounce1 at Rochester were $12.95, down 6% from the fourth quarter
    • Acquired the Wharf gold mine from a subsidiary of Goldcorp for $103 million in cash
    • Cash, cash equivalents, and short-term investments were $179.6 million at March 31, 2015
    • Shares issued and outstanding were 136.0 million as of May 1, 2015

    Full Year 2015 Outlook
    Coeur is maintaining its 2015 production guidance of 14.8 - 16.0 million silver ounces and 294,000 - 323,000 gold ounces and is also maintaining its guidance for all-in sustaining costs per silver equivalent ounce1 of $17.50 - $18.50 and costs applicable to sales as follows:

    • $16.25 - $17.75 per silver equivalent ounce1 at Palmarejo
    • $12.50 - $14.00 per silver equivalent ounce1 at Rochester
    • $13.50 - $15.00 per silver equivalent ounce1 at San Bartolomé
    • $900 - $975 per gold ounce at Kensington
    • $750 - $825 per gold equivalent ounce1 at Wharf

    To incorporate the acquisition of Paramount Gold and Silver Corp. which closed on April 17, 2015, Coeur is raising its capital expenditure guidance from $85 - $95 million to $95 - $105 million and its exploration guidance from $10 - $12 million to $13 - $16 million. General and administrative expense guidance is unchanged at $36 - $39 million.

    Financial Highlights (Unaudited)

    (Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014
    Revenue $ 153.0   $ 140.6   $ 170.9   $ 164.6   $ 159.6  
    Costs Applicable to Sales $ 115.1   $ 126.5   $ 125.9   $ 118.7   $ 106.9  
    General and Administrative Expenses $ 8.8   $ 9.0   $ 8.5   $ 9.4   $ 13.9  
    Adjusted EBITDA1 $ 21.7   $ 7.8   $ 25.7   $ 32.9   $ 31.1  
    Net Income (Loss) $ (33.3 ) $ (1,079.1 ) $ 3.5   $ (43.1 ) $ (37.2 )
    Earnings Per Share $ (0.32 ) $ (10.53 ) $ 0.03   $ (0.42 ) $ (0.36 )
    Adjusted Net Income (Loss)1 $ (24.4 ) $ (37.5 ) $ (18.5 ) $ (21.5 ) $ (18.8 )
    Adjusted Net Income (Loss)1 Per Share $ (0.24 ) $ (0.37 ) $ (0.18 ) $ (0.21 ) $ (0.18 )
    Weighted Average Shares 102.6   102.4   102.6   102.4   102.4  
    Cash Flow From Operating Activities $ (4.0 ) $ 0.7   $ 31.3   $ 30.5   $ (9.6 )
    Capital Expenditures $ 17.6   $ 20.1   $ 16.8   $ 15.4   $ 11.9  
    Cash, Equivalents & Short-Term Investments $ 179.6   $ 270.9   $ 295.4   $ 316.8   $ 318.6  
    Total Debt2 $ 513.5   $ 468.5   $ 469.5   $ 480.1   $ 464.2  
    Average Realized Price Per Ounce - Silver $ 16.77   $ 16.40   $ 19.46   $ 19.60   $ 20.28  
    Average Realized Price Per Ounce - Gold $ 1,204   $ 1,186   $ 1,260   $ 1,277   $ 1,279  
    Silver Ounces Produced 3.8   4.3   4.3   4.5   4.1  
    Gold Ounces Produced 69,734   64,534   64,989   61,025   58,836  
    Silver Equivalent Ounces Produced1 8.0   8.3   8.2   8.1   7.6  
    Silver Ounces Sold 4.1   4.6   4.3   4.6   3.9  
    Gold Ounces Sold 68,420   52,785   69,541   57,751   62,578  
    Silver Equivalent Ounces Sold1 8.2 7.9   8.4 8.1 7.6
    Adjusted Costs Applicable to Sales per AgEq Oz1 $ 13.71   $ 14.43   $ 14.19   $ 14.00   $ 13.09  
    Adj. Costs Applicable to Sales per Au Oz1 (Kensington) $ 797   $ 792   $ 889   $ 821   $ 879  
    Adjusted All-in Sustaining Costs per AgEq Oz1 $ 17.66   $ 19.25   $ 18.27   $ 19.10   $ 18.52  

    Financial Results

    First quarter 2015 revenue increased $12.4 million, or 9%, compared with the fourth quarter of 2014 to $153.0 million due to a 4% increase in silver equivalent ounces sold and slightly higher metal prices. Average realized silver and gold prices each increased 2% compared to the fourth quarter, at $16.77 per ounce for silver and $1,204 per ounce for gold. Silver contributed 45% of metal sales and gold contributed 55% during the first quarter.

    General and administrative expenses decreased 2% from the fourth quarter to $8.8 million in the first quarter, and were down 37% compared to the first quarter of 2014. Capital expenditures of $17.6 million in the first quarter declined 12% compared to the fourth quarter.

    Adjusted net loss1 was $24.4 million or $0.24 per share in the first quarter, improved from a loss of $37.5 million, or $0.37 per share, in the fourth quarter mainly due to lower unit operating costs. The first quarter adjusted net loss1 mainly excludes inventory adjustments to net realizable value, foreign exchange losses on deferred taxes, and fair value adjustments to royalty obligations and metal hedging contracts.

    Cash flow used in operating activities was $4.0 million in the first quarter, which included a $14.4 million increase in working capital, mainly due to accrued interest, payroll, and other benefits. Inventory was nearly unchanged during the quarter, with inventory reductions at Kensington and Rochester mostly offset by a $6.7 million increase at Wharf, as no sales were recorded in the first quarter due to the shipping schedule at the mine.

    Coeur entered into a short-term credit facility with The Bank of Nova Scotia for $50.0 million, which raised the total debt balance to $513.5 million as of March 31, 2015, including $437.5 million in senior unsecured notes due in 2021. Cash, cash equivalents, and short-term investments totaled $179.6 million at the end of the first quarter, yielding a net debt balance of $333.9 million.

    Operations

    Highlights of first quarter 2015 results for each of the Company's operating segments are provided below.

    Palmarejo, Mexico

    (Dollars in millions, except per ounce amounts) 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014
    Underground Operations:          
      Tons mined 149,150 187,730 169,656 177,359 209,854
      Average silver grade (oz/t) 4.34 4.49 4.88 6.15 5.95
      Average gold grade (oz/t) 0.07 0.06 0.10 0.11 0.11
    Surface Operations:          
      Tons mined 281,481 320,802 343,001 320,583 358,222
      Average silver grade (oz/t) 3.79 2.90 3.09 3.72 3.50
      Average gold grade (oz/t) 0.04 0.03 0.03 0.03 0.03
    Processing:          
      Total tons milled 451,918 510,813 518,212 534,718 571,345
      Average recovery rate - Ag 78.7% 80.2% 82.7% 75.6% 73.3%
      Average recovery rate - Au 73.9% 78.7% 86.9% 78.9% 78.0%
    Silver ounces produced (000's) 1,354 1,444 1,533 1,761 1,820
    Gold ounces produced 15,495 15,237 22,514 23,706 25,216
    Silver equivalent ounces produced1 (000's) 2,284 2,359 2,883 3,183 3,333
    Silver ounces sold (000's) 1,330 1,375 1,605 1,983 1,677
    Gold ounces sold 13,793 16,255 23,600 25,753 26,422
    Silver equivalent ounces sold1 (000's) 2,158 2,350 3,021 3,528 3,262
    Revenues $39.4 $42.2 $61.4 $72.4 $68.0
    Costs applicable to sales $34.5 $48.1 $46.0 $49.6 $43.6
    Adjusted costs applicable to sales per AgEq ounce1 $14.56 $15.70 $14.43 $13.48 $13.13
    Exploration expense $1.1 $1.5 $2.6 $1.6 $1.0
    Cash flow from operating activities $(0.2) $(3.2) $20.2 $27.4 $10.2
    Sustaining capital expenditures $3.1 $5.5 $1.9 $5.3 $3.7
    Development capital expenditures $6.1 $5.4 $4.0 $0.3 $-
    Total capital expenditures $9.2 $10.9 $5.9 $5.6 $3.7
    Free cash flow (before royalties) $(9.4) $(14.1) $14.3 $21.8 $6.5
    Royalties paid $10.4 $10.0 $11.4 $12.3 $14.7
    Free cash flow3 $(19.8) $(24.1) $2.9 $9.5 $(8.2)
    • Adjusted costs applicable to sales per silver equivalent ounce1 of $14.56 decreased 7% from the fourth quarter of 2014
    • Recovery rates for silver and gold declined in the first quarter due to test work completed in the processing plant during the quarter
    • Cash flow from operating activities of $(0.2) million included a $4.5 million increase in working capital
    • Palmarejo continues to transition to underground mining at the Guadalupe mine and the Independencia mine (beginning early 2016) while mining activities in the historic zones gradually decline
    • Open-pit operations are expected to end in the third quarter of 2015 and underground mining at the legacy zones is expected to end by January 2016
    • The acquisition of Paramount closed April 17, 2015. On April 27, 2015, Coeur announced an 89% increase in silver reserves and 76% increase in gold reserves at Palmarejo, mainly from the addition of certain Paramount assets. The increase contains an average silver reserve grade 31% higher than Palmarejo's reserves as of December 31, 2014
    • Palmarejo's reserves now total 54.0 million silver ounces and 876,000 gold ounces. Compared to just fifteen months ago, silver reserves have increased 30% and gold reserves have increased 54%. Most importantly, the average silver reserve grade has increased 32% and the average gold reserve grade has increased 55%
    • In 2015, Palmarejo is expected to produce 3.9 - 4.3 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $16.25 - $17.75

    Rochester, Nevada

    (Dollars in millions, except per ounce amounts) 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014
    Ore tons placed 4,013,879 3,876,944 3,892,421 3,329,582 3,640,861
    Average silver grade (oz/t) 0.74 0.60 0.51 0.58 0.59
    Average gold grade (oz/t) 0.004 0.004 0.005 0.003 0.003
    Silver ounces produced (000's) 1,144 1,170 1,156 1,112 750
    Gold ounces produced 13,721 15,764 11,702 9,230 8,192
    Silver equivalent ounces produced1 (000's) 1,967 2,116 1,858 1,666 1,242
    Silver ounces sold (000's) 1,351 1,154 1,067 1,006 695
    Gold ounces sold 17,754 14,131 8,932 8,970 7,770
    Silver equivalent ounces sold1 (000's) 2,416 2,002 1,603 1,544 1,161
    Revenues $44.0 $36.0 $32.4 $31.2 $24.2
    Costs applicable to sales $31.4 $28.7 $23.7 $24.4 $14.7
    Adjusted costs applicable to sales per silver equivalent ounce1 $12.95 $13.82 $14.78 $15.73 $12.63
    Exploration expense $0.7 $0.6 $0.1 $0.7 $1.2
    Cash flow from operating activities $16.4 $10.2 $8.2 $4.3 $(9.0)
    Sustaining capital expenditures $0.8 $2.7 $4.2 $4.0 $1.0
    Development capital expenditures $2.5 $- $- $- $-
    Total capital expenditures $3.3 $2.7 $4.2 $4.0 $1.0
    Free cash flow3 $13.1 $7.5 $4.0 $0.3 $(10.0)
    • First quarter adjusted costs applicable to sales per silver equivalent ounce1 were $12.95, down 6% from the fourth quarter due to lower crushing and leaching costs
    • The average silver grade increased 23% compared to the fourth quarter and silver equivalent ounces sold increased 21%
    • Free cash flow3 of $13.1 million in the first quarter was the highest since the fourth quarter of 2012, when realized silver and gold prices averaged $32.52 per ounce and $1,709 per ounce, respectively
    • Approval for POA 10 (expansion of Stage 4 leach pad and construction of new Stage 5 leach pad) is expected by early 2016
    • In 2015, Rochester is expected to produce 4.7 - 5.0 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $12.50 - $14.00

    Kensington, Alaska

    (Dollars in millions, except per ounce amounts) 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014
    Tons milled 147,969 167,417 145,097 163,749 159,697
    Average gold grade (oz/t) 0.24 0.21 0.23 0.18 0.17
    Average recovery rate 94.8% 94.2% 93.0% 94.5% 94.5%
    Gold ounces produced 33,909 33,533 30,773 28,089 25,428
    Gold ounces sold 36,873 22,399 37,009 23,028 28,386
    Revenues $44.0 $26.0 $45.9 $29.0 $36.1
    Costs applicable to sales $29.4 $18.9 $34.7 $23.2 $28.5
    Adjusted costs applicable to sales per gold ounce1 $797 $792 $889 $821 $879
    Exploration expense $1.7 $2.8 $2.6 $1.6 $1.0
    Cash flow from operating activities $12.3 $(3.7) $17.0 $(0.6) $13.9
    Sustaining capital expenditures $4.1 $3.3 $3.6 $4.0 $4.7
    Development capital expenditures $- $0.6 $- $- $-
    Total capital expenditures $4.1 $3.9 $3.6 $4.0 $4.7
    Free cash flow3 $8.2 $(7.6) $13.4 $(4.6) $9.2
    • Free cash flow3 at Kensington of $8.2 million increased from $(7.6) million in the fourth quarter of 2014 due to a 65% increase in gold ounces sold
    • A 14% increase in average gold grade enabled lower throughput in the first quarter, with adjusted costs applicable to sales per gold ounce1 below $800 for the second consecutive quarter
    • Coeur released a re-scoped mine plan at Kensington on April 14, 2015, reflecting the impact of the recently discovered high-grade Jualin zone. Mining rates at Jualin are expected to peak in 2018-2019 when annual production at Kensington is expected to average approximately 143,000 ounces at costs applicable to sales per gold ounce of approximately $760. Recent drilling results suggest the potential to grow the resource at Jualin and extend the 2017 -2019 production profile
    • In 2015, Kensington is expected to produce 110,000 - 115,000 ounces of gold at costs applicable to sales per gold ounce of $900 - $975

    San Bartolomé, Bolivia

    (Dollars in millions, except per ounce amounts) 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014
    Tons milled 406,951 454,135 471,938 437,975 385,375
    Average silver grade (oz/t) 3.65 3.77 3.70 3.87 3.88
    Average recovery rate 81.6% 88.0% 86.5% 87.5% 90.5%
    Silver ounces produced (000's) 1,213 1,507 1,509 1,481 1,355
    Silver ounces sold (000's) 1,290 1,987 1,438 1,494 1,357
    Revenues $21.5 $32.6 $28.4 $29.1 $27.6
    Costs applicable to sales $19.1 $29.6 $20.4 $20.7 $18.9
    Adjusted costs applicable to sales per silver equivalent ounce1 $14.47 $14.38 $13.67 $13.85 $13.93
    Exploration expense $- $- $- $0.1 $-
    Cash flow from operating activities $5.0 $2.3 $12.3 $18.9 $4.5
    Sustaining capital expenditures $0.9 $2.0 $2.8 $1.7 $1.4
    Development capital expenditures $- $- $- $- $-
    Total capital expenditures $0.9 $2.0 $2.8 $1.7 $1.4
    Free cash flow3 $4.1 $0.3 $9.5 $17.2 $3.1
    • Maintenance downtime and heavy rain resulted in processing a greater proportion of stockpiled ore in the first quarter, which negatively impacted the grade and recovery rates. Despite this, adjusted costs applicable to sales per silver equivalent ounce1 remained stable with the fourth quarter of 2014 at San Bartolomé
    • Free cash flow1 of $4.1 million in the first quarter increased from $0.3 million in the fourth quarter of 2014 due to lower working capital
    • In 2015, San Bartolomé is expected to produce 5.8 - 6.1 million ounces of silver at costs applicable to sales per silver equivalent ounce1 of $13.50 - $15.00

    Wharf, South Dakota

    (Dollars in millions, except per ounce amounts) 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014
    Ore tons placed 415,996 - - - -
    Average gold grade (oz/t) 0.020 - - - -
    Gold ounces produced 6,609 - - - -
    Revenues $- - - - -
    Cash flow from operating activities $(7.2) - - - -
    Sustaining capital expenditures $0.1 - - - -
    Development capital expenditures $- - - - -
    Total capital expenditures $0.1 - - - -
    Free cash flow3 $(7.3) - - - -
    • There were no metal sales at Wharf from the February 20, 2015 transaction closing date through the end of the first quarter, as the mine has historically maintained a monthly shipping schedule. The first ore shipment after the transaction closed was in mid-March and the corresponding metal sale occurred in April. Going forward, Coeur expects to increase the frequency of ore shipments at Wharf to more closely align the timing of metal sales with production
    • In 2015, Wharf is expected to produce 74,000 - 78,000 ounces of gold at costs applicable to sales per gold equivalent ounce1 of $750 - $825

    Coeur Capital

    (Dollars in millions, except per ounce amounts) 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014
    Tons milled 185,299 214,180 199,757 185,538 193,219
    Average silver grade (oz/t) 1.69 1.99 1.44 1.41 1.65
    Average recovery rate 42.4% 44.9% 49.1% 42.4% 45.9%
    Silver ounces produced (000's) 133 191 141 111 147
    Silver ounces sold (000's) 118 192 141 106 147
    Metal sales $1.9 $2.7 $2.4 $2.0 $2.9
    Royalty revenue $1.5 $0.7 $0.6 $0.9 $1.0
    Costs applicable to sales (Endeavor silver stream) $0.6 $1.1 $1.1 $0.8 $1.2
    Costs applicable to sales per silver equivalent ounce1 $5.37 $5.69 $7.71 $7.94 $8.05
    Cash flow from operating activities $2.2 $1.5 $2.4 $0.8 $1.8
    Free cash flow3 $2.2 $1.5 $2.4 $0.8 $1.8
    • There are five cash-flowing royalties and streams, four non-cash-flowing royalties, and ten investments in junior mining companies held in Coeur Capital or its affiliates
    • Coeur Capital's largest source of cash flow is the silver stream on the Endeavor mine in New South Wales, Australia in which the Company owns 100% of the silver up to a total of 20.0 million payable ounces. At March 31, 2015, the Company has received 5.6 million ounces, or 28.0% of the total

    Exploration

    Costs associated with exploration activities for the first quarter of 2015 were $4.3 million (expensed) for discovery of new silver and gold mineralization and $4.0 million (capitalized) for definition and expansion of mineralized material. These amounts compare to exploration costs of $5.7 million expensed and $2.9 million capitalized in the fourth quarter of 2014. Coeur's exploration program used 10 drill rigs during the first quarter: 4 drills at Palmarejo, 4 at Kensington, and 2 at Rochester. This work resulted in completion of over 86,931 feet (26,496 meters) of combined core and reverse circulation drilling. Coeur announced high-grade drill results at Kensington on April 14, 2015 and at Palmarejo on April 28, 2015, demonstrating Coeur's continued success finding high-grade mineralization near existing infrastructure. 

    Exploration expenses are expected to total $13 - $16 million in 2015, with additional capital allocated to resource conversion. Coeur will continue to use a success-based approach to evaluate exploration needs on an ongoing basis.

    2015 Outlook

    Coeur's 2015 total production and cost guidance is shown below. Coeur is raising its guidance for capital expenditures to $95 - $105 million compared to prior guidance of $85 - $95 million as well as its guidance for exploration expenses to $13 - $16 million from $10 - $12 million for 2015. Prior guidance did not include development capital and exploration expenses related to the acquisition of Paramount Gold and Silver Corp.

    2015 Production Outlook

    (silver and silver equivalent ounces in thousands) Silver Gold Silver Equivalent1
    Palmarejo 3,900 - 4,300 55,000 - 65,000 7,200 - 8,200
    San Bartolomé 5,800 - 6,100 - 5,800 - 6,100
    Rochester 4,700 - 5,000 55,000 - 65,000 8,000 - 8,900
    Endeavor 400 - 600 - 400 - 600
    Kensington - 110,000 - 115,000 6,600 - 6,900
    Wharf - 74,000 - 78,000 4,440 - 4,680
    Total 14,800 - 16,000 294,000 - 323,000 32,440 - 35,380

    2015 Cost Outlook

    (dollars in millions, except per ounce amounts) 2015 Guidance 2014 Result
    Costs Applicable to Sales per Silver Equivalent Ounce1 - Palmarejo $16.25 - $17.75 $15.40
    Costs Applicable to Sales per Silver Equivalent Ounce1 - San Bartolomé $13.50 - $15.00 $14.29
    Costs Applicable to Sales per Silver Equivalent Ounce1 - Rochester $12.50 - $14.00 $14.49
    Costs Applicable to Sales per Gold Ounce1 - Kensington $900 - 975 $951
    Costs Applicable to Sales per Gold Equivalent Ounce1 - Wharf $750 - $825 N/A
    Capital Expenditures $95 - $105 $64
    General and Administrative Expenses $36 - $39 $41
    Exploration Expense $13 - $16 $22
    All-in Sustaining Costs per Silver Equivalent Ounce1 $17.50 - $18.50 $19.72

    Downside Price Protection

    The Company's downside metal price protection program uses put spreads to protect a portion of expected future production against a sharp decrease in metal prices, while selling intra-quarter, out-of-the-money call options when appropriate to offset the net cost of the put spreads. Put spreads settled and calls sold during the first quarter of 2015 generated cash flow of $1.6 million. Put spreads for the second quarter of 2015 cover 900,000 ounces of expected silver production per month with strike prices of $17 per ounce on options purchased and $15.50 per ounce on options sold.


    Conference Call Information

    Coeur will conduct a conference call and webcast at www.coeur.com to discuss the Company's first quarter results on May 5, 2015 at 11:00 a.m. Eastern time.

                Dial-In Numbers:        (888) 317-6016 (US)
                                                    (855) 669-9657 (Canada)
                                                    (412) 317-6016 (International)

                Conference ID:            Coeur Mining, Inc.

    A replay of the call will be available on Coeur's website through May 19, 2015.

                Replay Numbers:        (877) 344-7529 (US)
                                                    (855) 669-9658 (Canada)
                                                    (412) 317-0088 (International)
               
                Conference ID:            100 63 549

    About Coeur
    Coeur Mining is the largest U.S.-based silver producer and a significant gold producer with four precious metals mines in the Americas employing approximately 2,100 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the San Bartolomé silver mine in Bolivia, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. The Company also has a non-operating interest in the Endeavor mine in Australia in addition to royalties on the Cerro Bayo mine in Chile, the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand. In addition, the Company has two silver-gold exploration projects - the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts ongoing exploration activities in Alaska, Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic investment positions in several silver and gold development companies with projects in North and South America.

    Cautionary Statement
    This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated production, costs, capital expenditures, expenses, mining rates, grades, POA 10 approval at Rochester, open-pit and underground mining operations at Palmarejo, the re-scoped mine plan at Kensington, the timing of metal sales, and initiatives to achieve lower unit costs, higher quality ounces, generate free cash flow, maintain sufficient liquidity and a flexible balance sheet, and minimize exposure to declining metal prices. 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 benefits of the Wharf and Paramount acquisitions are not realized, the risk that anticipated production and cost levels are not attained, 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 and silver 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 variability, any future labor disputes or work stoppages (including those involving third parties), the uncertainties inherent in the estimation of gold and silver reserves and resources, changes that could result from Coeur's future acquisition of new mining properties or businesses, the absence of control over and reliance on third parties to operate mining operations in which Coeur or its subsidiaries hold royalty or streaming interests and risks related to these mining operations including results of mining and exploration activities, environmental, economic and political risks of the jurisdiction in which the mining operations are located, the loss of access to any third-party smelter to which Coeur markets silver and gold, 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 Form 10-K and Form 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.

    W. David Tyler, Coeur's Vice President, Technical Services and a qualified person under Canadian National Instrument 43-101, supervised the preparation of the scientific and technical information concerning Coeur's mineral projects in this news release.  For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, 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, socio-political, marketing or other relevant factors, Canadian investors should refer to the Technical Reports for each of Coeur's properties as filed on SEDAR at www.sedar.com and the technical report for Palmarejo to be filed on www.sedar.com during the second quarter of 2015.

    Non-U.S. GAAP Measures

    We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce, all-in sustaining costs, and adjusted all-in sustaining costs. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce, all-in sustaining costs, and adjusted all-in sustaining costs are important measures in assessing the Company's overall financial performance.

    Notes

    1. Adjusted EBITDA, adjusted net income (loss), all-in sustaining costs, adjusted all-in sustaining costs, costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), and adjusted costs applicable to sales per silver equivalent ounce are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. For purposes of silver and gold equivalence, 60:1 silver to gold ratio.
    2. Includes capital leases. Net of debt discount.
    3. Free cash flow is defined as cash flow from operating activities less capital expenditures and royalty payments.

    For Additional Information:

    Bridget Freas, Director, Investor Relations
    (312) 489-5819

    Donna Mirandola, Director, Corporate Communications
    (312) 489-5842

    www.coeur.com

    Coeur Mining, Inc. and Subsidiaries
    Condensed Consolidated Statements of Comprehensive Income (Loss)

        Three months ended March 31,
        2015   2014
      In thousands, except share data
    Revenue   $ 152,956     $ 159,633  
    COSTS AND EXPENSES        
    Costs applicable to sales   115,062     106,896  
    Amortization   33,090     40,459  
    General and administrative   8,834     13,896  
    Exploration   4,266     4,217  
    Pre-development, reclamation, and other   6,763     6,984  
    Total costs and expenses   168,015     172,452  
    OTHER INCOME (EXPENSE), NET        
    Fair value adjustments, net   (4,884 )   (11,436 )
    Impairment of equity securities   (1,514 )   (2,588 )
    Interest income and other, net   (997 )   (1,983 )
    Interest expense, net of capitalized interest   (10,765 )   (13,054 )
    Total other income (expense), net   (18,160 )   (29,061 )
    Income (loss) before income and mining taxes   (33,219 )   (41,880 )
    Income and mining tax (expense) benefit   (68 )   4,689  
    NET INCOME (LOSS)   $ (33,287 )   $ (37,191 )
    OTHER COMPREHENSIVE INCOME (LOSS), net of tax:        
    Unrealized gain (loss) on equity securities, net of tax of $578 and $(234) for the three months ended March 31, 2015 and 2014, respectively   (915 )   371  
    Reclassification adjustments for impairment of equity securities, net of tax of $(586) and $(1,001) for the three months ended March 31, 2015 and 2014, respectively   928     1,587  
    Other comprehensive income (loss)   13     1,958  
    COMPREHENSIVE INCOME (LOSS)   $ (33,274 )   $ (35,233 )
             
    NET INCOME (LOSS) PER SHARE        
    Basic   $ (0.32 )   $ (0.36 )
             
    Diluted   $ (0.32 )   $ (0.36 )

    Coeur Mining, Inc. and Subsidiaries
    Condensed Consolidated Statements of Cash Flows 

      Three months ended March 31,
      2015   2014
      In thousands
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net income (loss) $ (33,287 )   (37,191 )
    Adjustments:      
    Amortization 33,090     40,459  
    Accretion 3,150     4,560  
    Deferred income taxes (2,184 )   (11,781 )
    Loss on termination of revolving credit facility -     3,035  
    Fair value adjustments, net 4,884     11,436  
    Stock-based compensation 2,150     2,565  
    Impairment of equity securities 1,514     2,588  
    Other 1,079     (817 )
    Changes in operating assets and liabilities:      
    Receivables 2,556     5,622  
    Prepaid expenses and other current assets (1,327 )   (8,109 )
    Inventory and ore on leach pads 684     (13,912 )
    Accounts payable and accrued liabilities (16,281 )   (8,082 )
    CASH USED IN OPERATING ACTIVITIES (3,972 )   (9,627 )
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Capital expenditures (17,620 )   (11,936 )
    Acquisitions, net of cash acquired (102,018 )   -  
    Other (1,730 )   (25 )
    Purchase of short-term investments and equity securities (278 )   (46,220 )
    Sales and maturities of short-term investments 229     90  
    CASH USED IN INVESTING ACTIVITIES (121,417 )   (58,091 )
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Issuance of notes and bank borrowings 53,500     153,000  
    Payments on long-term debt, capital leases, and associated costs (8,594 )   (4,111 )
    Gold production royalty payments (10,368 )   (14,683 )
    Other (423 )   (246 )
    CASH PROVIDED BY FINANCING ACTIVITIES 34,115     133,960  
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (91,274 )   66,242  
    Cash and cash equivalents at beginning of period 270,861     206,690  
    Cash and cash equivalents at end of period $ 179,587     $ 272,932  

    Coeur Mining, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets 

      March 31, 2015
    (Unaudited)
      December 31,
     2014
    ASSETS In thousands, except share data
    CURRENT ASSETS      
    Cash and cash equivalents $ 179,587     $ 270,861  
    Receivables 118,390     116,921  
    Inventory 115,337     114,931  
    Ore on leach pads 66,705     48,204  
    Deferred tax assets 7,255     7,364  
    Prepaid expenses and other 18,629     15,523  
      505,903     573,804  
    NON-CURRENT ASSETS      
    Property, plant and equipment, net 254,892     227,911  
    Mining properties, net 572,842     501,192  
    Ore on leach pads 34,425     37,889  
    Restricted assets 9,039     7,037  
    Equity securities 4,488     5,982  
    Receivables 18,933     21,686  
    Deferred tax assets 63,735     60,151  
    Other 11,561     9,915  
    TOTAL ASSETS $ 1,475,818     $ 1,445,567  
    LIABILITIES AND STOCKHOLDERS' EQUITY      
    CURRENT LIABILITIES      
    Accounts payable $ 45,387     $ 49,052  
    Accrued liabilities and other 40,568     51,513  
    Debt 65,719     17,498  
    Royalty obligations 44,442     43,678  
    Reclamation 3,888     3,871  
    Deferred tax liabilities 8,078     8,078  
      208,082     173,690  
    NON-CURRENT LIABILITIES      
    Debt 447,779     451,048  
    Royalty obligations 21,219     27,651  
    Reclamation 85,899     66,943  
    Deferred tax liabilities 121,799     111,006  
    Other long-term liabilities 37,476     29,911  
      714,172     686,559  
    STOCKHOLDERS' EQUITY      
    Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 1,033     1,034  
    Additional paid-in capital 2,791,216     2,789,695  
    Accumulated other comprehensive income (loss) (2,795 )   (2,808 )
    Accumulated deficit (2,235,890 )   (2,202,603 )
      553,564     585,318  
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,475,818     $ 1,445,567  

    Adjusted EBITDA Reconciliation

    (Dollars in thousands except per share amounts) 1Q 2015   4Q 2014   3Q 2014   2Q 2014   1Q 2014
    Net income (loss) $ (33,287 )   $ (1,079,038 )   $ 3,466     $ (43,121 )   $ (37,191 )
    Interest expense, net of capitalized interest 10,765     10,566     11,615     12,311     13,054  
    Interest income and other, net 997     (3,688 )   213     4,083     (1,983 )
    Income tax provision (benefit) 68     (440,594 )   (16,582 )   2,621     (4,689 )
    Amortization 33,090     38,570     41,985     41,422     40,459  
    EBITDA 11,633     (1,474,184 )   40,697     17,316     9,650  
    Fair value adjustments, net 4,884     (7,229 )   (16,106 )   8,281     11,436  
    Impairment of equity securities 1,514     1,979     1,092     934     2,588  
    Litigation settlements -     -     -     -     -  
    Loss on revolver termination -     -     -     -     3,035  
    Inventory adjustments 3,684     14,482     4,993     6,353     4,373  
    Write-downs -     1,472,721     -     -     -  
    Adjusted EBITDA $ 21,715     $ 7,769     $ 30,676     $ 32,884     $ 31,082  

      

    Adjusted Net Income (Loss) Reconciliation

    (Dollars in thousands except per share amounts) 1Q 2015   4Q 2014   3Q 2014   2Q 2014   1Q 2014
    Net income (loss) $ (33,287 )   $ (1,079,038 )   $ 3,466     $ (43,121 )   $ (37,191 )
    Fair value adjustments, net 4,339     (5,622 )   (13,026 )   6,498     7,827  
    Stock-based compensation 2,410     1,807     2,417     2,299     2,453  
    Impairment of equity securities 1,514     1,979     1,092     934     2,588  
    Accretion of royalty obligation 1,315     1,992     1,374     1,789     1,821  
    Write-downs -     1,021,756     -     -     -  
    Litigation settlements -     -     -     -     -  
    (Gain) loss on debt extinguishments -     (426 )   -     -     -  
    Loss on revolver termination -     -     -     -     3,035  
    Inventory adjustments 3,684     14,482     4,993     6,353     4,373  
    Deferred tax asset valuation allowance (3,464 )   -     -     -     -  
    Foreign exchange (gain) loss on deferred taxes (929 )   5,615     (18,801 )   3,711     (3,705 )
    Adjusted net income (loss) $ (24,418 )   $ (37,455 )   $ (18,485 )   $ (21,537 )   $ (18,799 )
                       
    Adjusted net income (loss) per share $ (0.24 )   $ (0.37 )   $ (0.18 )   $ (0.21 )   $ (0.18 )

    Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
    for Three Months Ended March 31, 2015

        Silver   Gold    
    In thousands except per ounce amounts   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
    Costs applicable to sales, including amortization (U.S. GAAP)   $ 41,824     $ 23,818     $ 38,235     $ 1,892     $ 105,769     $ 40,973     $ 146,742  
    Amortization   7,333     4,691     6,843     1,259     20,126     11,554     31,680  
    Costs applicable to sales   $ 34,491     $ 19,127     $ 31,392     $ 633     $ 85,643     $ 29,419     $ 115,062  
    Silver equivalent ounces sold   2,157,612     1,289,867     2,416,103     117,863     5,981,445          
    Gold ounces sold                       36,873      
    Costs applicable to sales per ounce   $ 15.99     $ 14.83     $ 12.99     $ 5.37     $ 14.32     $ 798      
    Inventory adjustments   (1.43 )   (0.36 )   (0.04 )   -     (0.61 )   (1 )    
    Adjusted costs applicable to sales per ounce   14.56     14.47     12.95     5.37     13.71     797      
                                 
    Treatment and refining costs                           1,490  
    Sustaining capital                           10,909  
    General and administrative                           8,834  
    Exploration                           4,266  
    Reclamation                           2,924  
    Project/pre-development costs                           4,873  
    All-in sustaining costs                           $ 148,358  
    Silver equivalent ounces sold                           5,981,445  
    Kensington silver equivalent ounces sold                           2,212,380  
    Consolidated silver equivalent ounces sold                           8,193,825  
    All-in sustaining costs per silver equivalent ounce                       $ 18.11  
    Inventory adjustments                           $ (0.45 )
    Adjusted all-in sustaining costs per silver equivalent ounce                       $ 17.66  

    Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
    for Three Months Ended December 31, 2014

        Silver   Gold    
    (Dollars in thousands except per ounce amounts)   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
    Costs applicable to sales, including amortization (U.S. GAAP)   $ 64,397     $ 34,610     $ 34,611     $ 2,678     $ 136,296     $ 27,383     $ 163,679  
    Amortization   16,235     4,993     5,955     1,586     28,769     8,458     37,227  
    Costs applicable to sales   $ 48,162     $ 29,617     $ 28,656     $ 1,092     $ 107,527     $ 18,925     $ 126,452  
    Silver equivalent ounces sold   2,350,080     1,985,952     2,001,976     191,983     6,529,991          
    Gold ounces sold                       22,399      
    Costs applicable to sales per ounce   $ 20.49     $ 14.91     $ 14.31     $ 5.69     $ 16.47     $ 845      
    Inventory adjustments   (4.79 )   (0.53 )   (0.49 )   -     (2.04 )   (53 )    
    Adjusted costs applicable to sales per ounce   15.70     14.38     13.82     5.69     14.43     792      
                                 
    Treatment and refining costs                           994  
    Sustaining capital                           18,492  
    General and administrative                           9,036  
    Exploration                           5,783  
    Reclamation                           1,549  
    Project/pre-development costs                           3,721  
    All-in sustaining costs                           $ 166,027  
    Silver equivalent ounces sold                           6,529,991  
    Kensington silver equivalent ounces sold                           1,343,940  
    Consolidated silver equivalent ounces sold                           7,873,931  
    All-in sustaining costs per silver equivalent ounce                       $ 21.09  
    Inventory adjustments                           $ (1.84 )
    Adjusted all-in sustaining costs per silver equivalent ounce                       $ 19.25  

    Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
    for Three Months Ended September 30, 2014

        Silver   Gold    
    (Dollars in thousands except per ounce amounts)   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
    Costs applicable to sales, including amortization (U.S. GAAP)   $ 62,481     $ 25,564     $ 29,077     $ 1,998     $ 119,120     $ 47,555     $ 166,675  
    Amortization   16,493     5,117     5,359     909     27,878     12,887     40,765  
    Costs applicable to sales   $ 45,988     $ 20,447     $ 23,718     $ 1,089     $ 91,242     $ 34,668     $ 125,910  
    Silver equivalent ounces sold   3,021,448     1,438,409     1,602,676     141,291     6,203,824          
    Gold ounces sold                       37,009      
    Costs applicable to sales per ounce   $ 15.22     $ 14.22     $ 14.80     $ 7.71     $ 14.71     $ 937      
    Inventory adjustments   (0.79 )   (0.55 )   (0.02 )   -     (0.52 )   (48 )    
    Adjusted costs applicable to sales per ounce   14.43     13.67     14.78     7.71     14.19     889      
                                 
    Treatment and refining costs                           1,425  
    Sustaining capital                           12,239  
    General and administrative                           8,515  
    Exploration                           6,587  
    Reclamation                           2,041  
    Project/pre-development costs                           2,154  
    All-in sustaining costs                           $ 158,871  
    Silver equivalent ounces sold                           6,203,824  
    Kensington silver equivalent ounces sold                           2,220,540  
    Consolidated silver equivalent ounces sold                           8,424,364  
    All-in sustaining costs per silver equivalent ounce                       $ 18.86  
    Inventory adjustments                           $ (0.59 )
    Adjusted all-in sustaining costs per silver equivalent ounce                       $ 18.27  

    Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
    for Three Months Ended June 30, 2014

        Silver   Gold    
    (Dollars in thousands except per ounce amounts)   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
    Costs applicable to sales, including amortization (U.S. GAAP)   $ 67,595     $ 25,550     $ 29,406     $ 1,701     $ 124,252     $ 34,784     $ 159,036  
    Amortization   18,044     4,855     5,025     859     28,783     11,566     40,349  
    Costs applicable to sales   $ 49,551     $ 20,695     $ 24,381     $ 842     $ 95,469     $ 23,218     $ 118,687  
    Silver equivalent ounces sold   3,528,219     1,494,100     1,544,456     106,126     6,672,901          
    Gold ounces sold                       23,028      
    Costs applicable to sales per ounce   $ 14.04     $ 13.85     $ 15.79     $ 7.94     $ 14.31     $ 1,008      
    Inventory adjustments   (0.56 )   -     (0.06 )   -     (0.31 )   (187 )    
    Adjusted costs applicable to sales per ounce   13.48     13.85     15.73     7.94     14.00     821      
                                 
    Treatment and refining costs                           963  
    Sustaining capital                           17,617  
    General and administrative                           9,398  
    Exploration                           5,153  
    Reclamation                           1,964  
    Project/pre-development costs                           6,388  
    All-in sustaining costs                           $ 160,170  
    Silver equivalent ounces sold                           6,672,901  
    Kensington silver equivalent ounces sold                           1,381,680  
    Consolidated silver equivalent ounces sold                           8,054,581  
    All-in sustaining costs per silver equivalent ounce                       $ 19.89  
    Inventory adjustments                           $ (0.79 )
    Adjusted all-in sustaining costs per silver equivalent ounce                       $ 19.10  

    Reconciliation of Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent Ounce
    for Three Months Ended March 31, 2014

        Silver   Gold    
    (Dollars in thousands except per ounce amounts)   Palmarejo   San Bartolomé   Rochester   Endeavor   Total   Kensington   Total
    Costs applicable to sales, including amortization (U.S. GAAP)   $ 62,233     $ 23,358     $ 19,159     $ 2,135     $ 106,885     $ 39,240     $ 146,125  
    Amortization   18,659     4,457     4,451     953     28,520     10,709     39,229  
    Costs applicable to sales   $ 43,574     $ 18,901     $ 14,708     $ 1,182     $ 78,365     $ 28,531     $ 106,896  
    Silver equivalent ounces sold   3,261,982     1,357,307     1,160,829     146,842     5,926,960          
    Gold ounces sold                       28,386      
    Costs applicable to sales per ounce   $ 13.36     $ 13.93     $ 12.67     $ 8.05     $ 13.22     $ 1,005      
    Inventory adjustments   (0.23 )   -     (0.04 )   -     (0.13 )   (126 )    
    Adjusted costs applicable to sales per ounce   13.13     13.93     12.63     8.05     13.09     879      
                                 
    Treatment and refining costs                           1,561  
    Sustaining capital                           12,851  
    General and administrative                           13,896  
    Exploration                           4,217  
    Reclamation                           1,914  
    Project/pre-development costs                           4,325  
    All-in sustaining costs                           $ 145,660  
    Silver equivalent ounces sold                           5,926,960  
    Kensington silver equivalent ounces sold                           1,703,160  
    Consolidated silver equivalent ounces sold                           7,630,120  
    All-in sustaining costs per silver equivalent ounce                       $ 19.09  
    Inventory adjustments                           $ (0.57 )
    Adjusted all-in sustaining costs per silver equivalent ounce                       $ 18.52  




    This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    Source: Coeur Mining, Inc. via Globenewswire

    HUG#1918634


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    Coeur Reports First Quarter 2015 Results                   NEWS RELEASE Coeur Reports First Quarter 2015 Results Adjusted All-in Sustaining Costs Declined 8% to $17.66 per Silver Equivalent Ounce Adjusted Costs Applicable to Sales of $13.71 per Silver Equivalent Ounce and $797 …