Could you please provide an update on the expansion plans at Rochester?

Certainly. We began a significant expansion project at Rochester in 2020, and we expect to complete it by mid-2023. As a result of this expansion, we anticipate that our operating cash flow will increase to about US$145 million annually, and our free cash flow will be approximately US$90 million per year. We also anticipate a significant increase in production, from 4 million ounces of silver per year to approximately 8 million, and from 40,000 ounces of gold per year to about 70,000 ounces.

What prompted the sale of the Crown and Silver properties?

Our strategy at Coeur Mining is to monetize non-core assets and prioritize high-return growth from our North American asset portfolio, including the expansion project at the Rochester mine. Selling the Crown and Sterling holdings was consistent with that strategy, and we closed the strategic sale of these properties to a subsidiary of AngloGold Ashanti Limited on November 4, 2022.

Could you discuss Coeur Mining’s approach to environmental, social, and governance (ESG) issues and how it maintains its leadership position in this area?

At Coeur Mining, we believe that ESG is critical to our success in the mining industry, and we are aligned from the board level to frontline operators in implementing sustainable goals. Our focus is on continuing to build on our leadership position by strengthening our greenhouse gas (GHG) emissions reduction targets. In 2020, we rolled out a target of reducing GHG emissions, and we subsequently strengthened it to a 35% reduction by the end of 2024. What sets us apart is that we tie our compensation to achieving these targets, which helps us hold ourselves accountable and maintain credibility as an ESG leader.

What are the benefits of operating in Nevada for Coeur Mining?

Nevada is an attractive location for mining companies, both domestic and international. The state boasts exceptional geology and is still largely unexplored. There is high-quality infrastructure, a diverse workforce, and a regulatory framework that is managed by people who understand the complexities of mining. If Nevada were a country, it would be the world’s fifth-largest gold producer. We are proud to have the largest primary silver mine in the “Silver State,” and politically, all representatives and senators are open to mining-related discussions. However, there are still challenges on the regulatory and agency side.

What is the near-term focus for Coeur Mining?

Over the past two years, we have invested significantly in our business, which we believe will pay off and create significant value in the medium and long term. We have invested approximately US$240 million in exploration over the last five years, with US$70 million in 2021 alone. This investment has led to significant reserve and resource growth, with our gold reserves increasing by 45% and silver reserves by 100% over the last five years. In the near term, our focus is on completing the Rochester expansion, prioritizing capital there but continuing to invest heavily in our assets in Mexico, Canada, and the US.