Coeur Mining, Inc.

Good day and welcome to the Core Mining First Quarter 2025 Financial Results Conference Call. All participants will be in the 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 conference is being recorded. I would now like to turn the conference over to Mr. Kraft, President and CEO. Please go ahead.

Good morning, everyone, and thanks for joining our call today to discuss our first quarter results. Joining me are Mick Routledge, Aoife McGrath, and Tom Whalen, and we'll all be available to answer questions at the end of the call. Before we start, please note our cautionary language regarding forward-looking statements and refer to our SEC filings on our website. The first quarter highlights shown on slide three summarize our solid start to the year, which led to the fourth consecutive quarter of positive EPS and another quarter of positive free cash flow. These were great outcomes considering the first quarter is expected to be our lightest quarter of the year. and we had several one-time and quarter-specific items that we had previously telegraphed. The combination of higher prices, the addition of Silvercrest liquidity, and a partial quarter from Las Chispas, along with Rochester's progress toward achieving steady state and consistent performance from our other operations, drove these strong results. which allowed us to eliminate nearly $130 million of debt and metal prepaid facilities in the quarter and leave us well positioned to achieve our full year guidance ranges. We're now set to accelerate the pace of further debt reductions based on strong anticipated silver and gold production growth from our balanced portfolio of five North American operations. This growth is expected to drive full year adjusted EBITDA to over $700 million and free cash flow to more than $300 million, which should leave us with a year-end leverage ratio close to zero. It was only a few quarters ago when annualized adjusted EBITDA was only about $100 million, free cash flow was negative $300 million, and our leverage ratio was over four times, which highlights the degree of change now underway at the company. Just a couple of other points before turning the call over to Mick. First, on Las Chispas, the integration is proceeding smoothly. The operation delivered very strong, high-grade production at extremely low costs during the portion of the quarter that we owned it. As we anticipated, the teams have gelled exceptionally well. On the exploration front, recent emphasis on near-mine drilling resulted in a significant discovery in the gap zone between the Bobby Canora and Las Chispas zones. Several high-grade results have been received in and adjacent to the Las Chispas zone. IFA will share some additional details on these developments in a few minutes. Second, in our interactions with current and prospective shareholders, one of the most popular topics is our thought process for deploying the accelerating cash flows we anticipate generating in the coming quarters. It's a great conversation to have given the years of heavy investment that's been made to position the company like it is right when gold and silver prices are rising. Our board is committed to pursuing ways to generate per share value for our shareholders and we're actively engaged with them about how best to accomplish that while continuing to strengthen the balance sheet and reinvest in the business given the number of attractive opportunities that exist within the company. We look forward to continuing the conversations with our shareholders and with our board as we deliver on what should be a record year for the company, and we'll provide more details as we have them. Finally, we published our 2024 Responsibility Report today, which is summarized on slide 20. Being responsible stewards and acting with integrity and respect are central to our mission of pursuing a higher standard. and I encourage you to have a look and read about everything we've accomplished over the past year. Mick, over to you.

Thanks, Mitch. The addition of Las Chispas, Rochester's ramp up, and consistent contributions from the rest of the mine sites were the main headlines during first quarter. Before getting into the details of our good start to 2025, I'm happy to report that based on MSHA data, Kerr finished 2024 as the safest mining company amongst our peers in the United States, marking our third consecutive year of doing so. We take a lot of pride in our deeply entrenched safety culture and we will continue to set the bar high in this critical area. Mitch mentioned the word balanced in describing our portfolio of mains and it bears noting that with the additions of Las Chispas and the expanded Rochester, Kerr's asset base has never been more balanced, with no single operation contributing more than roughly a quarter of total revenue. That is quite a departure from past years, when revenue from Palmarejo alone approached 50% of the total in some periods. The importance of having all minds making meaningful contributions spreads operating risk and lends consistency and predictability to our overall portfolio. Going through the sites and starting with our newest Las Chispas. Partial first quarter production of 714,000 ounces of silver and over 7,000 ounces of gold was right down the fairway versus Silvercrest's budget. Daily average mine production exceeding 1,300 tons per day was better than planned. bringing in higher margin ounces with cash per ounce for gold and silver coming to $744 and $8.38 respectively for the period. Slide 7 provides a great reminder of how special Las Chispas is in terms of grade, cost, and margin profile. Starting with Mexico, the Palm Rio team delivered another solid quarter, Gold production was up 2% and silver production up 9% compared to the fourth quarter, driven by good productivity in Guadalupe to finish the quarter strongly. The Palmarejo and Las Chispas teams are engaging with sharing of best practices and new perspectives taking place in both directions, with lots of opportunities to realize efficiencies and productivity enhancements in CUR's expanded Mexico operations footprint. as well as sharing and working with our teams at Kensington and Silvertip. Turning to Rochester, crusher performance continued to improve with optimization of the mile-long three-stage crushing circuit, and this remains job number one. The team placed 7 million tons during the quarter, relying less on direct-to-pad tons than in the prior quarter as more material goes through the crusher. The team continues to work down the line to identify and implement adjustments and modifications to progress improvements in availability. Recovery rates continue to track to predicted levels and are expected to trend higher as the average crush size trends down throughout the year towards an expected average of seven eighths of an inch, which is what our budget and reaffirmed full year guidance assumes. One other note on Rochester, The team commenced the 8 million tonne stripping campaign for the partial removal of the Stage 1 and 2 reclaimed leach pads, to allow for infill drilling later in the year, as we look to bring forward higher grade material into Rochester's mine plant. Moving to Kensington, gold production increased by 6% compared to the first quarter a year ago. with the operation well positioned to reap the benefits of the multi-year investment in underground and mine development and exploration, and a return to positive free cash flow this year. Finishing up with Wharf, first quarter production came in slightly higher compared to the first quarter of last year, as weather tends to pose challenges there during the winter months, but Wharf is well positioned to deliver another strong year in 2025. With that, I will pass the call over to Aoife.