Coeur Mining, Inc.

Good day and welcome to the Core Mining Third Quarter 2020 Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Paul Departo, Director of Investor Relations. Please go ahead.

Thank you and good morning. Welcome to CoreMining's third quarter earnings conference call. Our results were released after yesterday's market close and a copy of the press release and slides are available on our website. I would like to remind everyone that our press release, slides, and some of our comments today include forward-looking statements from which actual results may differ. Please review the cautionary statements included in our press release and presentations as well as the risk factors described in our 2020 10Qs and 2019 10K. Now, I'll turn it over to Mitch.

Thanks, Paul, and good morning, everyone. Joining me here are Tom Whalen and Mick Routledge, along with several other members of the management team. We had our best quarterly financial results in nearly a decade, driven by strong performances at Palmareo and Wharf, along with higher gold and silver prices. Starting off on slides three and four in today's presentation materials, I'd like to point out a few headlines from the quarter before turning the call over to Nick and Tom. The first is just how great of a job the Palmareo team did to bounce back from the government-mandated suspension in the second quarter to basically double production levels and generate nearly $45 million of free cash flow in the third quarter, which is one of their highest quarterly free cash flows ever. I also want to emphasize just how big of a record-breaking quarter the team at WARF had, producing over 33,000 ounces of gold and generating almost $40 million of free cash flow, which is nearly two times higher than the previous record. We also successfully kicked off construction on POA 11 at Rochester. Once completed, Rochester's expected step change in its cash flow from less than $5 million a year to over $100 million a year will help to fundamentally reposition the company. We look forward to sharing the details of this important expansion with you when the updated technical report is issued in December. Another headline is the fact that we ratcheted up our momentum and exploration and are now on pace to invest over $50 million company-wide this year. We continue to view this as an excellent capital allocation decision that has tremendous potential to grow our near mine resource base, generate new discoveries, and lead to larger reserves and longer mine lives. And finally, it was great to be able to further strengthen the balance sheet by repaying nearly $50 million of outstanding debt while still having our cash balance increase quarter over quarter. Two major ongoing priorities I want to briefly touch on are the fine tuning taking place at Rochester and the internal pre-feasibility study we're wrapping up at Silvertip. Starting with Rochester, the team is doing a lot of great work to optimize several aspects of the operation in advance of POA 11, from the mine and blasting to the crusher circuit and HPGR unit to the stage four leach pad and the recovery of the silver and gold ounces. All of this work is helping to de-risk the mine and enhance our understanding of how best to operate Rochester post-expansion to achieve consistent, predictable results. Mick will provide you with some more details, but we remain confident that HPGR is dramatically accelerating silver recoveries and that production levels will accelerate in coming quarters based on the revised stacking plan and use of interlift liners that we implemented early in the third quarter. Regarding the Silver Tip PFS, we're very pleased with the initial results from the technical work that's been focused on a potential mill expansion and on ensuring efficient and reliable performance, assuming a restart. Additionally, the drill results we're getting back have been extremely encouraging, further increasing our confidence in the size and quality of the high-grade deposit there. We'll assess where we are with Silver Tip later this quarter and determine the best path forward from there. As we do this, it's critical for us to remain disciplined and objective and make investment decisions according to our capital allocation framework. We cannot afford to let the positive results we're seeing at Silvertip distract us from achieving our important near-term priorities at Rochester. Before Mick goes through the operations, I want to quickly bring your attention to slide 17, which highlights a few examples of our greenhouse gas reduction initiatives. We've been measuring our energy usage and emissions since 2013 and are now shifting our focus to proactively managing our carbon footprint. The key headline from slide 17 is that WARF plans to source more than 40% of its electricity next year from wind generated power with the ultimate goal of reaching 100% as more wind power capacity comes online. With that, I'll go ahead and turn it over to Mick.