Coeur Mining, Inc.

and welcome to the Core Mining Fourth Quarter 2024 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 telephone keypad. 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 Mitchell Krebs, Chairman, President, and CEO. Please go ahead.

Good morning, everyone, and thanks for joining our call today to discuss our fourth quarter and full year results. Before we start, we want to quickly point out our cautionary language regarding forward-looking statements in today's slide deck and refer you to our SEC filings on our website. I'll start with some quick highlights before turning the call over to Mick, Aoife, and Tom for some more color on our results and on our 2025 outlook. By any measure, 2024 was one of the most consequential years in Core's nearly 100-year history. The company is in the midst of an inflection point following a period of heavy investment to reposition us as a larger-scale, growing, lower-cost silver and gold producer with a more conservative balance sheet. The second half of last year marked the beginning of this inflection point with $85 million of free cash flow, $80 million of debt reduction, nearly $90 million of earnings, the successful ramp-up of our Rochester expansion, and the announcement of the Silvercrest acquisition. Our full year 2024 adjusted EBITDA more than doubled to $339 million compared to the prior year. Looking ahead to 2025, we're entering the year incredibly well positioned to deliver record results and be a true global leader among silver companies at just the right time. We expect production levels from our five North American operations to reach over 400,000 ounces of gold and over 18 million ounces of silver this year, which are 20% and 62% higher than last year's levels. We anticipate delivering record levels of EBITDA earnings and free cash flow that can be used to aggressively pay down debt and leave us with a peer-leading balance sheet by year end. The combination of Rochester's first full year post-expansion, ten and a half months of the newly acquired Las Chispas operation, steady performance from our other operations, and higher prices are the key drivers to this expected record year. Looking further out, our news release on Tuesday covering year-end 2024 reserves and resources showcased the company's strengthening pipeline of mineral inventory. Just a few quick highlights looking at slide 10. Over the past five years, we've invested $285 million in exploration that has led to a 26% increase in gold reserves, 30% increase in silver reserves, along with material increases in both gold and silver resources. putting us in a great position to further extend mine lives at our operations. Two great examples of this from last year's results are the sharp resource increases at Palmareo and Wharf. Palmareo's inferred resources jumped by 75% year-over-year, while Wharf's M&I resources doubled and its inferred resources tripled year-over-year, giving us a high level of confidence in delivering meaningful mine life extensions at these two operations in coming years. One other highlight from Tuesday's release is the addition of the high-grade Las Chispas asset, which provided a 12% boost to our overall reserve grade, which reflects the quality of this newly acquired asset. Mick, over to you.

Thanks, Mitch. Kerr's portfolio finished the year on a strong note, highlighted by great results at Wharf and Palmarejo, and continued growth at Rochester, coming less than a year since start-up and initial production. Beginning with Rochester, the newly expanded operation continues to trend positively, with tons placed during the quarter delivered within our targeted level of 7 to 8 million tons, on the way to a 34% increase in silver production. compared to the third quarter and 63% increase in gold production over the same period. This growth contributed to over $12 million of free cash flow during the quarter. We are also seeing continued success in the first month of the year as the team placed an additional 2.4 million tons on the leach pad, which was right on plan. Mining, crushing and recoveries continue to show strong sequential improvement even as periodic pauses to the circuit have taken place to address planned modifications and typical startup work. Placement of high-grade backfill material once again contributed to pad placement rates during the quarter. The relatively large size fraction of this material led to increased leach cycle times of silver, which presented a slightly lower than planned silver production in the quarter, but contributed to a strong overall finish to the year. As expected, costs applicable to sales were within full year guidance ranges and declined by 14% in the fourth quarter as throughput rates continue to claim. Looking ahead, 2025 production guidance of 7 million to 8.3 million ounces of silver and 60,000 to 75,000 ounces of gold represent year over year increases of 75% and 72% respectively. Higher sustained throughput rates are expected to continue driving down unit costs, which are shown on slide seven on a per tonne and per ounce basis. Turning to Palmarejo, the team delivered another solid quarter to cap a great year, with gold and silver production increasing 8% and 3% year over year, respectively, leading to $108 million of free cash flow, which was the highest level in seven years. Palmarejo also continues to position itself for the future with the completion of the Hidalgo portal leading to enhanced flexibility and access to new ore drives in 2025 and beyond. We expect another typical year of Silvan gold production at Palmarejo in 2025. Moving to Kensington, gold production increased throughout 2024. leading to a strong bounce-back year with 13% growth compared to 2023. With Kensington's multi-year investment and underground mine development and exploration now beginning to wind down, 2025 production guidance reflects the enhanced flexibility and successful reserve additions we achieved to set up Kensington for another 5% increase in production compared to 2024 and a return to positive free cash flow this year. Finishing up with Worf, as expected, fourth quarter production moderated compared to the unusually high third quarter result, but still managed to deliver annual gold growth of 5%, leading to a full year free cash flow of $95 million, which sets a new record for the operation. Worf's 2025 guidance reflects a similar year of stable production ahead. Turning briefly to a couple of key items on capex gains, slide 11 highlights a year of more typical sustaining capex spending following the completion of the Rochester expansion, with a few additional focused high return capital investments anticipated in 2025. At Kensington, we plan to commence a tailings down raise to realise the value from its extended main lease. At Rochester, we plan to complete some modifications after startup projects across the crushing system to further improve flexibility and drive efficiency. And finally, the recent success at Juneau and the North Foley targets at Wharf requires a modest increase in capital this year to support an expected material extension to its main life. With that, I'll pass the call over to Aoife.