Expansion drilling success drove strong
resource growth at all assets
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
reported year-end 2023 proven and probable reserves of 3.2 million
ounces of gold and 243.9 million ounces of silver, net of
depletion.
Measured and indicated resources totaled 3.2 million ounces of
gold, 196.3 million ounces of silver, 1,517 million pounds of zinc
and 768.7 million pounds of lead, reflecting year-over-year
increases for all metals driven by additions at Palmarejo,
Rochester, Wharf and Silvertip.
Inferred resources were 2.0 million ounces of gold, 92.5 million
ounces of silver, 481.8 million pounds of zinc and 199.8 million
pounds of lead, signifying year-over-year increases of
approximately 14%, 32%, 27% and 20%, respectively.
Key Highlights1
- Rochester increased total reserve tonnage for second
consecutive year, leading to a 23% increase in mine life to 16
years – Pit design optimization drove a 10% increase in reserve
tons to a total of 510 million tons, which drove silver and gold
reserve increases of 7% and 6%, respectively, to 192.9 million
ounces of silver and 1.2 million ounces of gold. Additionally,
silver and gold measured and indicated resources increased 16% and
15%, respectively, while silver inferred resources increased 76% to
46.0 million ounces and gold inferred resources increased 80% to
267,000 ounces
- Kensington successfully replaced 2023 gold production and
boosted inferred resources by 11% – Infill, expansion and scout
drilling contributed to reserve replacement that positions
Kensington for expected future mine life extensions beginning in
2024 from its multi-year development and drilling program.
Expansion of Kensington Zone 30 and Elmira remain key targets for
future reserve growth
- Resource expansion program at Palmarejo led to double digit
resource growth – The top exploration priority at Palmarejo in
2023 was resource expansion, which was achieved with a 13% and 15%
increase in gold and silver measured and indicated resources,
respectively, as well as a 6% increase in silver inferred
resources. Palmarejo ended 2023 with gold and silver reserves of
770,000 ounces and 51.0 million ounces, respectively
- Double digit resource growth at Wharf positions it for
potential reserve growth in 2024 – Wharf’s measured and
indicated resources increased 70% and year-end 2023 gold reserves
totaled 760,000 ounces, or a 6-year mine life
- Continued resource growth at Silvertip – After resuming
drilling in July 2023, exploration success in the Southern Silver
zone and Saddle Zone led to an increase across all resource classes
resulting in 7.2 million tons of measured and indicated resources
and 2.3 million tons of inferred resources of silver, zinc and lead
at one of the world’s highest grade polymetallic deposits
“In a year when completing Rochester’s expansion was our top
priority, it’s fitting that it led the way with strong reserve and
resource growth in 2023,” said Mitchell J. Krebs, President and
Chief Executive Officer. “Coeur’s total exploration investment in
2023 was lower than in recent years and resource expansion was our
primary goal for the year, which was achieved across all of our
sites. Organic growth through elevated levels of exploration
investment has been a defining characteristic of Coeur over the
last several years, and our commitment to reserve and resource
growth through the drill bit will continue in 2024.”
Coeur’s gold and silver price assumptions for year-end 2023
reserves remained unchanged year-over-year at $1,600 per ounce and
$21.00 per ounce, respectively, except Kensington at $1,850 per
gold ounce. The Company’s price assumptions for year-end 2023
resources also remained unchanged year-over-year at $1,800 per
ounce of gold, $25.00 per ounce of silver, $1.30 per pound of zinc,
and $1.00 per pound of lead, except Kensington at $2,000 per gold
ounce.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing
precious metals producer with four wholly-owned operations: the
Palmarejo gold-silver complex in Mexico, the Rochester silver-gold
mine in Nevada, the Kensington gold mine in Alaska and the Wharf
gold mine in South Dakota. In addition, the Company wholly-owns the
Silvertip silver-zinc-lead exploration project in British Columbia
and has interests in precious metals exploration projects
throughout North America.
Cautionary Statements
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding mineral reserve and mineral resource
estimated, exploration efforts and plans, growth, mine lives, mine
expansion and development plans, and resource delineation,
expansion, and upgrade or conversion. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause Coeur’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
risk that anticipated additions or upgrades to reserves and
resources are not attained, the risk that planned exploration
programs may be curtailed or canceled due to budget constraints or
other reasons, the risks and hazards inherent in the mining
business (including risks inherent in developing large-scale mining
projects, environmental hazards, industrial accidents, weather or
geologically related conditions), changes in the market prices of
gold, silver, zinc and lead and a sustained lower price
environment, the uncertainties inherent in Coeur’s production,
exploratory and developmental activities, including risks relating
to permitting and regulatory delays, ground conditions, grade and
recovery variability, any future labor disputes or work stoppages,
the uncertainties inherent in the estimation of mineral reserves
and mineral resources, the potential effects of pandemics or
epidemics, including impacts to the availability of our workforce,
continued access to financing sources, government orders that may
require temporary suspension of operations at one or more of our
sites and effects on our suppliers or the refiners and smelters to
whom the Company markets its production, changes that could result
from Coeur’s future acquisition of new mining properties or
businesses, the loss of any third-party smelter to which Coeur
markets its production, the effects of environmental and other
governmental regulations, the risks inherent in the ownership or
operation of or investment in mining properties or businesses in
foreign countries, Coeur’s ability to raise additional financing
necessary to conduct its business, make payments or refinance its
debt, as well as other uncertainties and risk factors set out in
filings made from time to time with the United States Securities
and Exchange Commission, and the Canadian securities regulators,
including, without limitation, Coeur’s most recent reports on Forms
10-K and 10-Q. Actual results, developments and timetables could
vary significantly from the estimates presented. Readers are
cautioned not to put undue reliance on forward-looking statements.
Coeur disclaims any intent or obligation to update publicly such
forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, Coeur undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Coeur, its financial or operating
results or its securities.
The scientific and technical information concerning our mineral
projects in this news release have been reviewed and approved by a
“qualified person” under Item 1300 of Regulation S-K under the
Securities Exchange Act of 1934, as amended (“SK 1300”), namely our
Senior Director, Technical Services, Christopher Pascoe. For a
description of the key assumptions, parameters and methods used to
estimate mineral reserves and mineral resources for Coeur’s
material properties included in this news release, as well as data
verification procedures and a general discussion of the extent to
which the estimates may be affected by any known environmental,
permitting, legal, title, taxation, sociopolitical, marketing or
other relevant factors, please review the Technical Report
Summaries for each of the Company’s material properties which are
available at www.sec.gov.
Notes
The potential quantity and grade for the deposits described
herein are conceptual in nature. There is insufficient exploratory
work to define a mineral resource and it is uncertain if further
exploration will result in the applicable target being delineated
as a mineral resource.
- 2023 reserves and resources were determined in accordance with
Item 1300 of SEC Regulation S-K. Reserves and resources for certain
prior periods were determined in accordance with Canadian National
Instrument 43-101. Both sets of reporting standards have similar
goals in terms of conveying an appropriate level of confidence in
the disclosures being reported, but the standards embody slightly
different approaches and definitions.
2023 Year-End Proven and Probable Reserves
Grade Contained Gold Silver Gold Silver Short tons (oz/t) (oz/t)
(oz) (oz)
PROVEN RESERVES Palmarejo
4,203,000
0.060
4.21
252,000
17,698,000
Rochester
465,919,000
0.002
0.38
1,135,000
177,472,000
Kensington
1,009,000
0.186
-
188,000
-
Wharf
5,931,000
0.032
-
188,000
-
Total
477,062,000
0.004
0.41
1,763,000
195,170,000
PROBABLE RESERVES Palmarejo
8,580,000
0.060
3.88
517,000
33,283,000
Rochester
44,524,000
0.002
0.35
104,000
15,413,000
Kensington
1,109,000
0.201
-
223,000
-
Wharf
21,318,000
0.027
-
575,000
-
Total
75,531,000
0.019
0.64
1,418,000
48,695,000
PROVEN AND PROBABLE RESERVES Palmarejo
12,783,000
0.060
3.99
769,000
50,981,000
Rochester
510,443,000
0.002
0.38
1,238,000
192,885,000
Kensington
2,119,000
0.194
-
411,000
-
Wharf
27,249,000
0.028
-
764,000
-
Total
552,594,000
0.006
0.44
3,182,000
243,865,000
Notes to above Mineral Reserves:
- Certain definitions: The term “reserve” means that part of a
mineral deposit that can be economically and legally extracted or
produced at the time of the reserve determination. The term “proven
(measured) reserves” means reserves for which (a) quantity is
computed from dimensions revealed in outcrops, trenches, workings
or drill holes, grade and/or quality are computed from the results
of detailed sampling; and (b) the sites for inspection, sampling
and measurements are spaced so closely and the geologic character
is sufficiently defined that size, shape, depth and mineral content
of reserves are well established. The term “probable (indicated)
reserves” means reserves for which quantity and grade and/or
quality are computed from information similar to that used for
proven (measured) reserves, but the sites for inspection, sampling
and measurement are farther apart or are otherwise less adequately
spaced. The degree of assurance, although lower than that for
proven (measured) reserves, is high enough to assume continuity
between points of observation. The term “cutoff grade” means the
lowest grade of mineralized material considered economic to
process. Cutoff grades vary between deposits depending upon
prevailing economic conditions, mineability of the deposit,
by-products, amenability of the mineralized material to silver or
gold extraction and type of milling or leaching facilities
available.
- The Mineral Reserve estimates are current as of December 31,
2023, are reported using the definitions in Item 1300 of Regulation
S-K and were prepared by the Company’s technical staff.
- Assumed metal prices for 2023 Mineral Reserves were $21.00 per
ounce of silver, $1,600 per ounce of gold, $1.15 per pound of zinc,
$0.95 per pound of lead, except for Kensington at $1,850 per ounce
of gold.
- Palmarejo Mineral Reserve estimates use the following key input
parameters: assumption of conventional longhole underground mining;
reported above a variable gold equivalent cut-off grade that ranges
from 2.11–2.97 g/t AuEq and an incremental development cut-off
grade ranging from 1.16–1.55 g/t AuEq; metallurgical recovery
assumption of 92.0% for gold and 83.0% for silver; mining dilution
assumes 0.4–1.1 meter of hanging/foot wall waste dilution; mining
loss of 15% was applied; variable mining costs that range from
US$44.72–US$85.71/tonne, surface haulage costs of US$4.92/tonne,
process costs of US$32.70/tonne, general and administrative costs
of US$14.06/tonne, and surface/auxiliary support costs of
US$3.18/tonne. Excludes the impact of the Franco-Nevada gold stream
agreement at Palmarejo in calculation of Mineral Reserves. No
assurances can be given that all mineral reserves will be mined, as
mineralized material that may qualify as reserves under applicable
standards by virtue of having positive economics may not generate
attractive enough returns to be included in our mine plans, due to
factors such as the impact of the gold stream at Palmarejo. As a
result, we may elect not to mine portions of the mineralized
material reported as reserves.
- Rochester Mineral Reserve estimates are tabulated within a
confining pit design and use the following input parameters:
Rochester oxide variable recovery Au = 77.7–85.9% and Ag =
59.4-61.0%; Rochester sulfide variable recovery Au = 15.2–77.7% and
Ag = 0.0–59.4%; with a net smelter return cutoff of $3.01/st oxide
and US$3.11/st sulfide; Nevada Packard oxide recovery Au = 92.0%
and Ag = 61.0%; with a net smelter return cutoff of $5.51/st for
oxide, where the NSR is calculated as resource net smelter return
(NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price
($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold
recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable
pit slope angles that approximately average 48º over the
life-of-mine.
- Kensington Mineral Reserve estimates use the following key
input parameters: assumption of conventional underground mining;
gold price of $1,850/oz; reported above a gold cut-off grade of
0.135 oz/st Au; metallurgical recovery assumption of 93.5%; gold
payability of 97.5%; mining dilution of 20%; mining loss of 12% was
applied; mining costs of US$103.67/ton mined; process costs of
US$55.06/ton processed; general and administrative costs of
US$55.37/ton processed; Sustaining capital US$4.50/ton processed;
and concentrate refining and shipping costs of US$108.67/oz
sold.
- Wharf Mineral Reserve estimates use the following key input
parameters: assumption of conventional open pit mining; reported
above a gold cut-off grade of 0.010 oz/ton Au; average
metallurgical recovery assumption of 79.0%; royalty burden of
US$64/oz Au; pit slope angles that vary from 34–50º; mining costs
of US$2.44/ton mined, process costs of US$11.71/ton processed
(includes general and administrative costs).
- Rounding of short tons, grades, and troy ounces, as required by
reporting guidelines, may result in apparent differences between
tons, grades, and contained metal contents.
2023 Year-End Measured and Indicated Resources
Grade Contained Gold Silver Zinc Lead Gold Silver Zinc Lead Short
tons (oz/t) (oz/t) (%) (%) (oz) (oz) (lbs) (lbs)
MEASURED
RESOURCES Palmarejo
5,674,000
0.070
4.56
-
-
396,000
25,875,000
-
-
Rochester
110,460,000
0.002
0.29
-
-
200,000
31,587,000
-
-
Kensington
1,653,000
0.289
-
-
-
477,000
-
-
-
Wharf
1,666,000
0.024
-
-
-
40,000
-
-
-
Silvertip
734,000
-
10.56
9.93%
7.88%
-
7,749,000
145,703,000
115,648,000
Lincoln Hill
4,642,000
0.012
0.34
-
-
58,000
1,592,000
-
-
Total
124,828,000
0.009
0.54
1,171,000
66,803,000
145,703,000
115,648,000
INDICATED RESOURCES Palmarejo
15,500,000
0.060
3.85
-
-
926,000
59,701,000
-
-
Rochester
27,170,000
0.002
0.41
-
-
47,000
11,237,000
-
-
Kensington
1,278,000
0.268
-
-
-
342,000
-
-
-
Wharf
22,150,000
0.021
-
-
-
458,000
-
-
-
Silvertip
6,418,000
-
7.78
10.68%
5.09%
-
49,919,000
1,371,074,000
653,008,000
Lincoln Hill
27,668,000
0.011
0.31
-
-
306,000
8,655,000
-
-
Total
100,184,000
0.021
1.29
2,078,000
129,512,000
1,371,074,000
653,008,000
MEASURED AND INDICATED RESOURCES Palmarejo
21,174,000
0.062
4.04
-
-
1,321,000
85,576,000
-
-
Rochester
137,630,000
0.002
0.31
-
-
247,000
42,824,000
-
-
Kensington
2,931,000
0.279
-
-
-
819,000
-
-
-
Wharf
23,816,000
0.021
-
-
-
498,000
-
-
-
Silvertip
7,152,000
-
8.06
10.60%
5.37%
-
57,668,000
1,516,777,000
768,657,000
Lincoln Hill
32,310,000
0.011
0.32
-
-
364,000
10,247,000
-
-
Total
225,012,000
0.014
0.87
3,249,000
196,315,000
1,516,777,000
768,657,000
2023 Year-End Inferred Resources
Grade Contained Gold Silver Zinc Lead Gold Silver Zinc Lead Short
tons (oz/t) (oz/t) (%) (%) (oz) (oz) (lbs) (lbs)
INFERRED
RESOURCES Palmarejo
4,207,000
0.091
4.50
-
-
381,000
18,933,000
-
-
Rochester
135,104,000
0.002
0.34
-
-
267,000
45,959,000
-
-
Kensington
1,567,000
0.248
-
-
-
388,000
-
-
-
Wharf
7,125,000
0.021
-
-
-
149,000
-
-
-
Silvertip
2,345,000
-
6.86
10.27%
4.26%
-
16,084,000
481,791,000
199,815,000
Lincoln Hill
22,952,000
0.011
0.36
-
-
255,000
8,163,000
-
-
Wilco
25,736,000
0.021
0.13
-
-
531,000
3,346,000
-
-
Total
199,037,000
0.010
0.46
1,971,000
92,485,000
481,791,000
199,815,000
Notes to above Mineral Resources:
- Certain definitions: The term “resource” means that it is a
concentration or occurrence of material of economic interest in or
on the Earth’s crust in such form, grade or quantity that there are
reasonable prospects for economic extraction. Inferred, Indicated,
and Measured resources are in order of increasing confidence based
on level of underlying geological evidence. The term ‘inferred
resource’ is that part of a mineral resource for which quantity and
grade or quality are estimated on the basis of limited geological
evidence and sampling. The term “limited geological evidence” means
evidence that is only sufficient to establish that geological and
grade or quality continuity is more likely than not. The level of
geological uncertainty associated an inferred mineral resource is
too high to apply relevant technical and economic factors likely to
influence the prospects of economic extraction in a manner useful
for evaluation of economic viability and must have a reasonable
expectation that the majority of inferred mineral resources could
be upgraded to indicated or measured mineral resources with
continued exploration. In addition, no assurances can be given that
any mineral resource estimate will ultimately be reclassified as
proven or probable mineral reserves or that inferred resources will
be upgraded to measured or indicated resources.
- Mineral Resource estimates are reported exclusive of mineral
reserves, are current as of December 31, 2023, and are reported
using definitions in Item 1300 of Regulation S and were prepared by
the Company’s technical staff.
- Assumed metal prices for 2023 estimated Mineral Resources were
$25.00 per ounce of silver, $1,800 per ounce of gold, $1.30 per
pound of zinc, $1.00 per pound of lead, unless otherwise
noted.
- Palmarejo Mineral Resource estimates use the following key
input parameters: Assumption of conventional longhole underground
mining; reported above a variable gold equivalent cut-off grade
that ranges from 1.87–2.64 g/t AuEq; metallurgical recovery
assumption of 92.0% for gold and 83.0% for silver; variable mining
costs that range from US$44.72–US$85.71/tonne, surface haulage
costs of US$4.92/tonne, process costs of US$32.70/tonne, general
and administrative costs of US$14.06/tonne, and surface/auxiliary
support costs of US$3.18/tonne. Excludes the impact of the
Franco-Nevada gold stream agreement at Palmarejo in calculation of
Mineral Resources.
- Kensington Mineral Resource estimates use the following key
input parameters: metal price of $2,000 per ounce gold, assumption
of conventional longhole underground mining; reported above a
variable gold cut-off grade of 0.124 oz/ton Au; metallurgical
recovery assumption of 93.5%; gold payability of 97.5%, mining
costs of US$103.67/ton mined; process costs of US$55.06/ton
processed; general and administrative costs of US$55.37/ton
processed; Sustaining capital US$4.50/ton processed; and
concentrate refining and shipping costs of US$108.67/oz sold.
- Wharf Mineral Resource estimates use the following key input
parameters: assumption of conventional open pit mining; reported
above a gold cut-off grade of 0.010 oz/ton Au; average
metallurgical recovery assumption of 79.0% across all rock types;
royalty burden of US$72/oz Au; pit slope angles that vary from
34–50º; mining costs of $2.44/ton mined, process costs of
US$11.71/ton processed (includes general and administrative
costs).
- Rochester Mineral Resource estimates are tabulated within a
confining pit shell and use the following input parameters:
Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4%;
Rochester sulfide variable recovery Au = 15.2–77.7% and Ag =
0.0–59.4%; with a net smelter return cutoff of $3.01/st oxide and
US$3.11/st sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag
= 61.0%; with a net smelter return cutoff of $5.51/st for oxide,
where the NSR is calculated as resource net smelter return (NSR) =
silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz)
- refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) *
(gold price ($/oz) - refining cost ($/oz)); variable pit slope
angles that approximately average 48º over the life-of-mine.
- Silvertip Underground Mineral Resource estimates are reported
using a net smelter return (“NSR”) cutoff of US$130/tonne. Mineral
Resources are reported insitu using the following assumptions: The
estimate use the following key input parameters: lead recovery of
89-90%, zinc recovery of 82-83% and silver recovery of 83-84%. Lead
concentrate grade of 53-54%; zinc concentrate grade of 56-57%;
mining costs of US$68.77/tonne; processing costs of US$58.20/tonne
and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x
metal prices x metallurgical recoveries – royalties – TCRCs –
transport costs over the life of the mine.
- Lincoln Hill Open Pit Mineral Resource estimates are reported
in-situ and are contained within a confining pit shell and use the
following key input parameters: reported above an oxide gold
equivalent cutoff of 0.15 ounces per ton and 0.20 oz ounces per ton
assuming a silver to gold ratio of 60:1; gold recoveries of 64%;
silver recoveries of 59%; mining costs of US$3.10/ton; process
costs of US$3.60/ton; general and administrative costs of $1.50/ton
processed; average pit slope angles of 45º over the life-of-mine.
The technical and economic parameters are those that were used in
the 2018 Resource Estimation. Based on the QPs review of the
estimate, there would be no material change to the Mineral Resource
if a gold price of US$1,700/oz, a silver price of US$22/oz or
economic parameters were updated. Therefore the 2018 Mineral
Resource is considered current and is presented unchanged.
- Wilco Open Pit Mineral Resource estimates are reported using an
equivalent gold cutoff of 0.20 ounces per ton assuming a silver to
gold ratio of 60:1. Resources are reported in-situ and contained
withed a conceptual measured, indicated and inferred optimized pit
shell. Silver price of US$20/oz, gold price of US$1,400/oz. Average
oxide and sulfide gold recovery is 70%, average carbonaceous gold
recovery is 50%. Average oxide and sulfide gold recovery is 60%.
Average carbonaceous silver recovery is 50%. Open pit mining cost
is US$1.50/ton, processing and processing and G&A cost is
US$5.46/ton; average pit slope angles of 50º. The technical and
economic parameters are those that were used in the 2018 Resource
Estimation. Based on the QPs review of the estimate, there would be
no material change to the mineral resources if a gold price of
US$1,700/oz, a silver price of US$22/oz or economic parameters were
updated. Therefore the 2018 Mineral Resource report is considered
current and is presented unchanged.
- Rounding of short tons, grades, and troy ounces, as required by
reporting guidelines, may result in apparent differences between
tons, grades, and contained metal contents.
Conversion Table
1 short ton
=
0.907185 metric tons
1 troy ounce
=
31.10348 grams
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240220504982/en/
Coeur Mining, Inc. Jeff Wilhoit, Director, Investor Relations
Phone: (312) 489-5800 www.coeur.com
Grafico Azioni Coeur Mining (NYSE:CDE)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Coeur Mining (NYSE:CDE)
Storico
Da Giu 2023 a Giu 2024