Substantial resource increases at Wharf and
Palmarejo
Kensington’s reserve-based mine life extended
to five years – a doubling in three years
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
reported its 2024 year-end mineral reserves and resources, and
provided an update on the 2024 exploration program at its Palmarejo
operation. Year-end 2024 proven and probable mineral reserves
totaled 3.6 million ounces of gold and 270.5 million ounces of
silver, which reflects a 22% year-over-year increase in gold
reserves at Kensington and the inclusion of silver and gold ounces
from the recently-acquired Las Chispas operation.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20250218581271/en/
Figure 1: Palmarejo district map (Photo:
Business Wire)
Measured and indicated mineral resources totaled 3.7 million
ounces of gold, 198.9 million ounces of silver, 1,517 million
pounds of zinc and 768.7 million pounds of lead. Gold measured and
indicated mineral resources increased 15% year-over-year driven by
a 105% increase at Wharf along with increases at Palmarejo,
Rochester and Kensington as well as the inclusion of silver and
gold ounces at Las Chispas.
Inferred mineral resources were 2.3 million ounces of gold,
106.1 million ounces of silver, 481.8 million pounds of zinc and
199.8 million pounds of lead. Both gold and silver inferred mineral
resources increased by 15%, driven by a 216% increase at Wharf and
69% and 84% increases in gold and silver, respectively, at
Palmarejo, as well as the inclusion of silver and gold ounces at
Las Chispas.
Key Highlights1
- Wharf gold measured and indicated mineral resources more
than doubled; gold inferred mineral resources more than tripled
– Mine optimization initiatives drove an increase in gold measured
and indicated mineral resources by 521,000 ounces and gold inferred
mineral resources by 321,000 ounces, positioning Wharf for
significant expected mine life extensions as infill drilling
accelerates in 2025
- Kensington’s gold proven and probable mineral reserves
increased 22% to 500,000 ounces – The nearly-completed
multi-year underground development and drilling investment program
provides Kensington with greater operational flexibility and a
substantially longer mine life, which has doubled since the program
commenced in 2022 to the current five years. Kensington’s measured
and indicated mineral resources of gold increased over 8%
year-over-year
- Second consecutive year of strong resource expansion at
Palmarejo – A sustained emphasis on growing the pipeline of
silver and gold inferred mineral resources led to an 84% increase
in silver inferred mineral resources and a 69% increase in gold
inferred mineral resources, which bodes well for future potential
mine life extensions
- Expansion drilling at Palmarejo continues to demonstrate
growth potential – Expansion drilling in the Hidalgo corridor
continues to return positive results directly impacting inferred
mineral resources and highlight the excellent potential for future
reserve growth. Specifically, the Hidalgo, Libertad and San Juan
deposits located immediately northwest of the Independencia deposit
were substantially extended and remain open along strike and down
dip. Notable estimated true thickness intercepts from the program
include:
Libertad deposit
- Hole HGDH_180 returned 14.2 feet at 0.17 ounces per ton
(“oz/t”) gold and 13.5 oz/t silver (4.3 meters at 5.7 grams per
tonne (“g/t”) gold and 463.3 g/t silver)
- Hole HGDH_181 returned 66.3 feet at 0.06 oz/t gold and 5.9 oz/t
silver (20.2 meters at 2.1 g/t gold and 202.4 g/t silver)
- Hole HGDH_182A returned 31.2 feet of 0.08 oz/t gold and 6.6
oz/t silver (10.5 meters at 2.9 g/t gold and 226.2 g/t silver)
- Hole HGDH_189 returned 2.7 feet at 0.83 oz/t gold and 96.8 oz/t
silver (0.6 meters at 28.4 g/t gold and 3,320.0 g/t silver)
- Hole HGDH_198 returned 13.1 feet at 0.05 oz/t gold and 11.6
oz/t silver (4.0 meters at 1.6 g/t gold and 396.9 g/t silver)
San Juan deposit
- Hole HGDH_159 returned 1.6 feet at 0.42 oz/t gold and 37.6 oz/t
silver (0.5 meters at 14.4 g/t gold and 1,290.0 g/t silver)
- Hole HGDH_162 returned 9.1 feet of 0.03 oz/t gold and 2.7 oz.t
silver (2.8 meters at 1.2 g/t gold and 253.3 g/t silver)
- Hole HGDH_169 returned 7.5 feet at 0.01 oz/t gold and 9.3 oz/t
silver (2.3 meters at 0.4 g/t gold and 318.3 g/t silver)
“Coeur’s sustained focus on brownfield exploration investment
has been incredibly successful and continues to be a key
differentiator. Over the past five years, our gold and silver
mineral reserves have increased 40% and 48%, respectively, net of
depletion, and our gold and silver mineral resources have grown
considerably,” said Mitchell J. Krebs, Chairman, President and
Chief Executive Officer. “The acquisition of SilverCrest further
strengthens the quality of our silver and gold portfolio as
evidenced by the 12% increase in our overall reserve grade due to
the addition of the high-grade Las Chispas operation.
“At Rochester, the exploration team successfully replaced 2024
production. With a 16-year mine life, the focus remains on drilling
higher-grade, near mine targets. Coupled with Kensington’s
impressive reserve growth and the substantial resource growth at
Wharf, Coeur’s core U.S. operations, where over 70% of our mineral
reserves are located, are well-positioned for the future. At
Palmarejo in Mexico, the 2024 exploration campaign was also a major
success, leading to a 75% increase in its inferred mineral resource
base. Overall exploration efforts at Palmarejo continue to trend to
the east and outside of the area of the Franco Nevada gold stream,
with approximately 60% of total 2025 exploration spending expected
in the highly prospective areas in the eastern portion of the
Palmarejo district, which we have now fully consolidated.”
Coeur’s gold and silver price assumptions for year-end 2024
reserves were $1,800 per ounce and $23.50 per ounce, respectively,
which represented increases over year-end 2023 gold and silver
reserve prices of $1,600 per ounce and $21.00 per ounce,
respectively. The gold price assumption for reserves at Kensington
increased from $1,850 per ounce at year-end 2023 to $2,000 per
ounce at year-end 2024.
The Company increased its gold and silver price assumptions for
year-end 2024 resources from $1,800 per ounce to $2,100 per ounce
and from $25.00 per ounce to $27.00 per ounce, respectively, except
at Kensington which gold price assumption increased from $2,000 per
ounce to $2,300 per ounce.
For a complete table of all drill results, please refer to the
following link:
https://www.coeur.com/files/doc_downloads/2025/02/2025-02-18-Exploration-Update-Appendix-Final.pdf.
Please see the “Cautionary Statements” section for additional
information regarding drill results.
Palmarejo 2024 Exploration Update
Coeur’s 2024 exploration program at Palmarejo focused on
step-out and expansion drilling around near-mine veins to build
inferred resource ounces and support mine life additions. The
program was heavily focused on Hidalgo, Libertad and San Juan
deposits which are northwest extensions to Independencia, the East
Palmarejo district, and claims to the east and outside of the area
encumbered by the Franco Nevada gold stream. Roughly 39% of
exploration investment was undertaken outside of the area of
interest with plans to increase this to approximately 60% in
2025.
Drilling along the Hidalgo corridor comprising the Hidalgo,
Libertad and San Juan veins continued to establish Hidalgo as the
second largest source of mineral reserves after Guadalupe with
multiple high-grade structures drilled extending the zone by a
further 0.4 miles (650 meters) to the northwest towards the
Palmarejo processing facility as shown in figure 2.
Near Mine Exploration in Palmarejo Main
District
At Libertad, new targets were identified through a geological
re-evaluation of existing drill holes and surface data. Follow-up
drilling intersected up to 7 individual veins with high-grade
splays. The zones show similar widening and narrowing patterns to
the Independencia and Guadalupe veins.
Drilling along strike and to the northwest of Libertad continues
to encounter favorable host rocks, structures and grades that
indicate excellent potential for resource expansion. The total
strike length of the Hidalgo complex has been drilled for a total
of two miles (three kilometers). A high priority in 2025 is to
target areas to the north and west of the current Libertad deposit
that have not been previously drilled.
At the San Juan deposit, shown in figure 2, drilling resumed in
late 2023 following surface mapping and geological
reinterpretation. 24 core holes were drilled during this period and
resulted in initial reserves and resources.
Exploration Outside of the Area of
Interest
Prospecting and mapping of the Independencia Sur claim (see
figure 2), which was recently acquired from Fresnillo and is
immediately adjacent to and southeast of the current operation,
outlined extensions and parallel veins to those currently being
mined. This area is a key focus of the 2025 exploration program,
with validation drilling planned and the potential to expand
resources near the existing underground infrastructure at the
Guadalupe and Nacion deposits.
District work in the area outside the encumbered gold stream
accelerated significantly in 2024. Mapping and sampling completed
at the San Miguel and La Union veins extended trends by
approximately two miles (three kilometers) and six miles (ten
kilometers), respectively. Another known vein system, the San
Isidro vein, was also extended by five miles (eight kilometers).
District exploration of this area is expected to continue in 2025
and beyond.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing
precious metals producer with five wholly-owned operations: the Las
Chispas silver-gold mine in Sonora, Mexico, the Palmarejo
gold-silver complex in Chihuahua, 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 polymetallic critical minerals exploration project in
British Columbia.
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.
Coeur’s public disclosures, including disclosures of mineral
reserves and resources, are governed by the U.S. Securities
Exchange Act of 1934, including Item 1300 of SEC Regulation S-K.
SilverCrest has traditionally disclosed estimates of Las Chispas
“measured,” “indicated,” and “inferred” mineral resources as such
terms are used in Canada’s National Instrument 43-101. Although
Item 1300 of SEC Regulation S-K and NI 43-101 have similar goals in
terms of conveying an appropriate level of confidence in the
disclosures being reported, they at times embody different
approaches or definitions. Consequently, investors are cautioned
that public disclosures by SilverCrest prepared in accordance with
NI 43-101 may not be comparable to similar information made public
by companies, including Coeur, subject to Item 1300 of SEC
Regulation S-K and the other reporting and disclosure requirements
under the U.S. federal securities laws and the rules and
regulations thereunder.
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.
- 2024 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.
- For a complete table of all drill results included in this
release, please refer to the following link:
https://www.coeur.com/files/doc_downloads/2025/02/2025-02-18-Exploration-Update-Appendix-Final.pdf.
- Rounding of grades, to significant figures, may result in
apparent differences.
2024 Year-End Proven and Probable
Reserves
Grade Contained Gold Silver Gold Silver Short tons (oz/t)
(oz/t) (oz) (oz)
PROVEN RESERVES Las Chispas
787,000
0.150
15.99
118,000
12,586,000
Palmarejo
3,473,000
0.059
3.94
205,000
13,667,000
Rochester
468,432,000
0.002
0.37
1,116,000
172,408,000
Kensington
1,340,000
0.186
-
249,000
-
Wharf
6,563,000
0.030
-
199,000
-
Total
480,595,000
0.004
0.41
1,887,000
198,660,000
PROBABLE RESERVES Las Chispas
2,700,000
0.089
7.75
239,000
20,931,000
Palmarejo
8,373,000
0.057
3.86
475,000
32,307,000
Rochester
59,123,000
0.003
0.32
182,000
18,632,000
Kensington
1,427,000
0.177
-
252,000
-
Wharf
22,993,000
0.024
-
558,000
-
Total
94,615,000
0.018
0.76
1,706,000
71,870,000
PROVEN AND PROBABLE RESERVES Las Chispas
3,486,000
0.102
9.61
357,000
33,516,000
Palmarejo
11,845,000
0.057
3.88
681,000
45,974,000
Rochester
527,555,000
0.002
0.36
1,298,000
191,040,000
Kensington
2,768,000
0.181
-
501,000
-
Wharf
29,556,000
0.026
-
757,000
-
Total
575,211,000
0.006
0.47
3,593,000
270,530,000
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,
2024, 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 2024 Mineral Reserves were $23.50 per
ounce of silver, $1,800 per ounce of gold, $1.15 per pound of zinc,
$0.95 per pound of lead, except for Kensington at $2,000 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 2.13–2.45 g/t AuEq and an incremental development cut-off
grade 1.05 g/t AuEq; metallurgical recovery assumption of 92.0% for
gold and 83.0% for silver; mining dilution assumes 0.3–1.5 meter of
hanging/foot wall waste dilution; mining loss of 15% was applied;
variable mining costs that range from US$57.67–US$74.45/tonne,
surface haulage costs of US$4.29/tonne, process costs of
US$31.06/tonne, general and administrative costs of US$15.95/tonne,
and surface/auxiliary support costs of US$4.42/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 $3.76/ton oxide
and US$3.86/ton sulfide; Nevada Packard oxide recovery Au = 92.0%
and Ag = 61.0%; with a net smelter return cutoff of $4.24/ton for
oxide; Lincoln Hill oxide recovery Au = 63.9% and Ag = 39.5%; with
a net smelter return cutoff of $4.53/ton for oxide where the NSR is
calculated as resource net smelter return (NSR) = silver grade
(oz/ton) * silver recovery (%) * (silver price ($/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 $2,000/oz; reported above a gold cut-off grade of
0.133 oz/ton Au; metallurgical recovery assumption of 94.2%; gold
payability of 97.5%; mining dilution of 15-20%; mining loss of 12%
was applied; mining costs of US$116.09/ton mined; process costs of
US$55.14/ton processed; general and administrative costs of
US$53.18/ton processed; sustaining capital US$4.50/ton processed;
and concentrate refining and shipping costs of US$97.48/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 78.0%; royalty burden of
US$140.40/oz Au; pit slope angles that vary from 34–50º; mining
costs of US$2.56/ton mined, and process costs of US$12.02/ton
processed (includes general & administrative and sustaining
capital costs).
- Las Chispas Mineral Reserve estimates uses the following key
input parameters: assumption of conventional underground mining;
reported above a silver cut-off grade of 250 g / tonne silver
equivalent and an incremental development cut-off grade of 63 g /
tonne AgEq; metallurgical recovery assumption of 97.5% for silver
and 98.0% for gold; mining dilution assumes 5% for development, 1
meter to 1.5 meters of ELOS (0.5 m – 1.0 m of hanging wall and 0.25
m – 0.5 m of footwall dilution) depending on geotechnical
conditions in each stoping location, 0.2 meter ELOS (0.1 m of
hanging wall and 0.1 m of footwall dilution) for cut and fill, 0.4
meter ELOS (0.2 m of hanging wall and 0.2 m of footwall dilution),
0.25 m for each exposed backfill floor, and 0.5 m for each exposed
backfill wall; mining loss of 2% for development and 5% for stoping
was applied, additional losses have been included to account for
the required pillars in uphole stopes that cannot be filled;
variable production mining costs that range from
US$58.06–US$239.51/tonne, development mining costs of
US$27.40/tonne, process costs of US$45.72/tonne, site general and
administrative costs of US$20.70/tonne, underground general and
administrative costs of US$12.81/tonne, and sustaining capital
costs of US$7.64/tonne.
- 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.
2024 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 Las Chispas
116,000
0.302
31.23
-
-
35,000
3,623,000
-
-
Palmarejo
6,996,000
0.068
4.59
-
-
474,000
32,138,000
-
-
Rochester
82,371,000
0.002
0.28
-
-
144,000
23,383,000
-
-
Kensington
2,150,000
0.254
-
-
-
546,000
-
-
-
Wharf
10,180,000
0.017
-
-
-
175,000
-
-
-
Silvertip
734,000
-
10.56
9.93%
7.88%
-
7,749,000
145,703,000
115,648,000
Total
102,547,000
0.013
0.65
1,374,000
66,894,000
145,703,000
115,648,000
INDICATED RESOURCES Las Chispas
1,094,000
0.110
9.87
-
-
120,000
10,798,000
-
-
Palmarejo
15,368,000
0.062
3.76
-
-
949,000
57,777,000
-
-
Rochester
40,402,000
0.003
0.34
-
-
116,000
13,541,000
-
-
Kensington
1,450,000
0.234
-
-
-
340,000
-
-
-
Wharf
49,155,000
0.017
-
-
-
845,000
-
-
-
Silvertip
6,418,000
-
7.78
10.68%
5.09%
-
49,919,000
1,371,074,000
653,008,000
Total
113,887,000
0.021
1.16
2,370,000
132,035,000
1,371,074,000
653,008,000
MEASURED AND INDICATED RESOURCES Las Chispas
1,211,000
0.129
11.91
-
-
156,000
14,421,000
-
-
Palmarejo
22,363,000
0.064
4.02
-
-
1,423,000
89,915,000
-
-
Rochester
122,773,000
0.002
0.30
-
-
260,000
36,924,000
-
-
Kensington
3,600,000
0.246
-
-
-
886,000
-
-
-
Wharf
59,335,000
0.017
-
-
-
1,019,000
-
-
-
Silvertip
7,152,000
-
8.06
10.60%
5.37%
-
57,668,000
1,516,777,000
768,657,000
Total
216,434,000
0.017
0.92
3,744,000
198,929,000
1,516,777,000
768,657,000
2024 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 Las Chispas
1,276,000
0.113
7.91
-
-
144,000
10,088,000
-
-
Palmarejo
6,577,000
0.098
5.28
-
-
643,000
34,748,000
-
-
Rochester
116,521,000
0.002
0.36
-
-
258,000
41,838,000
-
-
Kensington
993,000
0.230
-
-
-
228,000
-
-
-
Wharf
26,735,000
0.018
-
-
-
470,000
-
-
-
Silvertip
2,345,000
-
6.86
10.27%
4.26%
-
16,084,000
481,791,000
199,815,000
Wilco
25,736,000
0.021
0.13
-
-
531,000
3,346,000
-
-
Total
180,185,000
0.013
0.46
2,273,000
106,104,000
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, 2024, and are reported
using definitions in Item 1300 of Regulation S and were prepared by
the Company’s technical staff.
- Assumed metal prices for 2024 estimated Mineral Resources were
$27.00 per ounce of silver, $2,100 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 1.83–2.10 g/t AuEq; metallurgical recovery
assumption of 92.0% for gold and 83.0% for silver; variable mining
costs that range from US$57.67–US$74.45/tonne, surface haulage
costs of US$4.29/tonne, process costs of US$31.06/tonne, general
and administrative costs of US$15.95/tonne, and surface/auxiliary
support costs of US$4.42/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: Mineral Resource estimates use the following key
input parameters: metal price of $2,300 per ounce gold, assumption
of conventional longhole underground mining; reported above a
variable gold cut-off grade of 0.115 oz/ton Au; metallurgical
recovery assumption of 94.2%; gold payability of 97.5%, mining
costs of US$116.09/ton mined; process costs of US$55.14/ton
processed; general and administrative costs of US$53.18/ton
processed; sustaining capital US$4.50/ton processed; and
concentrate refining and shipping costs of US$97.48/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 0.008 oz/ton Au; average
metallurgical recovery assumption of 78.0% across all rock types;
royalty burden of US$140.40/oz Au; pit slope angles that vary from
34–50º; mining costs of $2.56/ton mined, and process costs of
US$12.02/ton processed (includes general & administrative and
sustaining capital 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 $3.76/ton oxide and
US$3.86/ton sulfide; Nevada Packard oxide recovery Au = 92.0% and
Ag = 61.0%; with a net smelter return cutoff of $4.24/ton for
oxide; Lincoln Hill oxide recovery Au = 63.9% and Ag = 39.5%; with
a net smelter return cutoff of $4.53/ton for oxide, where the NSR
is calculated as resource net smelter return (NSR) = silver grade
(oz/ton) * silver recovery (%) * (silver price ($/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
estimates 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. 2023 metal prices were
used to determine the mineral resource which were $25.00 per ounce
of silver, $1.30 per pound of zinc, $1.00 per pound of lead.
- 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 general and
administrative 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.
- Las Chispas Mineral Resource estimates uses the following key
input parameters: assumption of conventional underground mining;
reported above a silver cut-off grade of 205 g / tonne silver
equivalent and an incremental development cut-off grade of 54 g /
tonne AgEq; metallurgical recovery assumption of 97.5% for silver
and 98.0% for gold; mining loss of 2% for development and 5% for
stoping was applied, additional losses have been included to
account for the required pillars in uphole stopes that cannot be
filled; variable production mining costs that range from
US$58.06–US$239.51/t, development mining costs of US$27.40/t,
process costs of US$45.72/t, site general and administrative costs
of US$20.70/t, underground general and administrative costs of
US$12.81/t, and sustaining capital costs of US$7.64/t.
- 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/20250218581271/en/
For Additional Information Coeur Mining, Inc. 200 S.
Wacker Drive, Suite 2100 Chicago, Illinois 60606 Attention: Jeff
Wilhoit, Senior Director, Investor Relations Phone: (312) 489-5800
www.coeur.com
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