Coeur Mining, Inc.

Good day, and welcome to the Core Mining Fourth Quarter 2022 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. Please note this event is being recorded. I would now like to turn the conference over to Mitchell Krebs, President and CEO. Please go ahead.

Good morning, and thanks for joining our fourth quarter and 2022 earnings call. Before I begin, please note our cautionary language on forward-looking statements in today's slide deck and refer to our SEC filings on our website. I'll start with the main highlights on slide three before turning the call over to Mick, Tom, and Aoife. The fourth quarter was CORE's strongest quarter of the year which helped to achieve our overall full year production guidance for the third consecutive year. Definitely not an easy task last year with such unprecedented volatility. Rochester was the main driver to our solid finish last year. Both silver and gold production increased over 30% quarter over quarter with sharply lower costs. Ongoing operational enhancements and higher grades contributed to Rochester's results as we begin the transition to the newly expanded infrastructure where construction remains on track to be completed mid-year. We achieved several critical objectives last year that we believe are important value drivers for the company in the short, medium, and long term. In the short term, we continue to de-risk and advance the Rochester expansion. The project is nearing 80% complete this month and remains on track in terms of budget and schedule. We also further fortified the balance sheet to support our elevated levels of investment in our existing assets that are intended to increase production, decrease costs, extend mine lives, and drive a return to positive free cash flow, which Tom will provide more details on in a few minutes. In the medium term, the team at Kensington got an early jump on their multi-year development and drilling program last year, by adding approximately a year and a half to its mine life. As we laid out during our investor day in December, we're optimistic about further extending Kensington's mine life and generating solid returns from higher production and lower costs from this investment. Over the longer term, I want to highlight the great results from yesterday's reserve and resource update on slide 11. which reflects another year of successfully replacing mined reserves. Year over year, our gold reserves increased by roughly 12%, while silver reserves increased approximately 3%. Over the past five years, we have invested roughly $245 million in exploration during a time when many companies have under-invested in this critical component of the business. Over that time, our gold equivalent reserves have expanded by nearly 2 million ounces, or roughly 34% net of depletion. In addition, our gold equivalent resources have increased nearly 4 million ounces, or approximately 80%. IFA will provide some additional comments on our exploration successes and our year-end reserve and resource results in a few minutes. Just a few quick thoughts as we look ahead to 2023. Overall, the key for us this year is obviously execution, not only at Rochester with the completion of construction and ramp up post expansion, but across the entire portfolio to achieve our objectives that can transition the company back to positive free cash flow. We anticipate 2023 will be comprised of two very different halves. During the first half, capital intensity is expected to remain high while we experience weaker seasonal operating results from our two open pit operations. The first half also includes our normal first quarter outflows relating to 2022 tax, interest, and compensation driven payments. During the second half of the year, capital intensity is expected to sharply decline and production levels are expected to increase as we begin the commissioning and ramp up process at Rochester. Overall, 2023 production is expected to increase over last year, driven by Rochester's stronger second half and by an expected strong bounce back year at WARF after a lower grade year in 2022. To quickly wrap up, we remain confident in the key pillars of what we think is a unique strategy in our sector. an exclusively North American and U.S.-centric footprint, a contrarian multi-year commitment to exploration that continues to generate meaningful results, investments in expansions that are designed to deliver sector-leading growth and have transformative impacts on the business, and a metals mix that offers meaningful and growing exposure to silver. An unrelenting focus by our team on executing this strategy is bringing us closer and closer to that point of transformation that everyone has been working so hard for. With that, I'll turn it over to Mick.

Thanks, Mitch. I'll start by echoing Mitch's comments on the great job our teams have done this last year to deliver guidance amid challenging circumstances. With the right people in the right chairs executing the right strategy, we feel confident in our ability to consistently deliver significant long-term value. Our journey to zero harm progressed well in 2022 with the teams delivering the best environmental health and safety performance in the history of the company. What a fantastic achievement to be proud of. But that journey is not over as we continue to control exposures as we drive to get to zero as quickly and sustainably as possible. Turning to a brief recap of our fourth quarter production summary on slide six and beginning with Palmerejo. Higher gold grades and uptick in mill throughput led to a nice finish to the year. Full year gold and silver production came in on the high end of guidance range and casts for gold and silver finished closer to the high end of guidance as Palmerejo fought inflationary headwinds all year long. Despite these challenges, the team delivered nearly $46 million of free cash flow in 2022. Looking ahead, guidance for 2023 anticipates a similar year in terms of gold production, while silver production guidance is significantly higher. Despite continued easing in certain of Palm Rio's input costs, our 2023 cost guidance reflects caution as overall costs remain volatile. Moving to Rochester, The 30-plus percent increases we saw in gold and silver production in the fourth quarter were driven by significantly higher grades due to the main sequencing placed on Pad 4 in September and October that began to break through in the latter half of the quarter. This surge in grades made the difference in helping Rochester exceed its gold production guidance for the year and come in at the high end of its silver production guidance. Fourth quarter adjusted costs for silver and gold on a core product basis were down versus the previous quarter due to high attributable metal sales. We have elected to defer providing 2023 cost guidance at Rochester until mid-year given the transitional nature of the year ahead. There will be a lot of moving parts as we start placing crushed ore on Stage 6 leach pad on February 1st We turn on the Merrill Crow plant during Q2 2023 and we begin placing rock through the new crushing circuit later in the summer. The number of cranes visible in the PUA 11 photo slides demonstrate clearly that construction is at peak levels on the crushing corridor. The work is proceeding. The project remains on budget and on schedule. Steel erection and equipment installation is proceeding above the cone crushers in the secondary crusher area as well as above the HBGR crushers in the tertiary crusher area. Slide 12 in the presentation highlights the progress on our key milestones for 2023 at POE 11. The Merrill-Claw process plant remains on track for completion at the end of the first half of 2023, in line with the P85 project schedule. Mechanical equipment setting, process plant building cladding, control systems programming, and factory testing are all now completed. Electrical cable and piping installation are well underway. I'm also pleased to report that the construction project has now passed 1.5 million hours as of January 31st without a lost time incident. Turning to Kensington, once again, a great job by the team to reach a new all-time record in mill throughput. New leadership there continues to make a strong mark and bodes well for the future of this key asset. Challenging recoveries through most of 2022 led Kensington to just missing the low end of the production cadence. 2023 cadence reflects similar levels of production and cost. With the previously discussed infusion of capital at Kensington, this year will be a busy period of development to set the main up for a strong future. Finishing briefly with WARF, the team overcame some significant snowfalls in the quarter to finish within expectations near the high end of its 2022 guidance range. 2023 guidance reflects a return to more typical gold production rates with similar CAS ranges, setting the stage for stronger anticipated cash flow in the year ahead. With that, I'll pass the call over to Tom.