Coeur Mining Inc.

Coeur Mining Inc. is a senior silver producer headquartered in Chicago, United States, operating primarily in USA and Mexico. The company's portfolio consists of 6 projects, comprising 5 operating mines and 1 advanced exploration project. Key assets include Las Chispas and Palmarejo. The entity operates as a precious metals producer with a business model centered on generating sustainable, high-quality cash flow from a balanced asset base. Its operational capabilities are diversified, encompassing both underground and open-pit mining methods, including heap leach processing. The organization produces both doré and concentrate from its operations. These intermediate products are then processed by a geographically diverse group of third-party refiners into bullion, which is subsequently sold to multinational banks, bullion trading houses, and other refiners across the globe. This downstream model leverages the liquidity of global markets, and management believes the loss of any single refiner or smelter would not materially impact operations due to the availability of alternative trading counterparties. To manage financial results and mitigate the impact of market volatility, the enterprise may enter into derivative contracts to protect the selling price for certain anticipated production and to manage risks associated with foreign currencies. This strategic approach to sales and risk management provides operational flexibility and reduces dependency on any single customer or market.

The organization's strategy is guided by its purpose statement, "To Pursue a Higher Standard," which is underpinned by 3 key principles: protecting people and the planet, developing quality resources, and delivering impactful results through teamwork. A central objective is to be a well-diversified, growing producer with a focus on generating sustainable, high-quality cash flow and returns. Growth is pursued through a dual approach of organic development, including exploration and expansions, and strategic, value-accretive acquisitions. A recent major transaction, the acquisition of SilverCrest Metals Inc., exemplifies this strategy by adding a high-grade, low-cost operation and creating a leading global entity. The 2024 outlook reflects the benefits of this acquisition alongside the first full year of production from a recently completed expansion project. The enterprise also utilizes hedging strategies to manage commodity price and foreign currency risks, providing greater certainty for planning and budgeting processes. This disciplined approach aims to transform the business and deliver consistent, long-term value.

Executive leadership is headed by Mitchell J. Krebs, who serves as Chairman, President, and Chief Executive Officer and was the first industry CEO to sign the CEO Action for Diversity & Inclusion pledge. The board of directors, which oversees robust succession planning for senior executives, is composed of 11 members, with 4 indicating they are diverse. Governance is structured through several key committees, including Audit; Compensation and Leadership Development; and Nominating and Corporate Governance. The management philosophy is centered on human capital, with a stated aim to be an "employer of choice." This is supported by formal programs, including a third culture assessment conducted in 2023 that achieved 89% employee participation and led to site-specific action plans. The organization invests heavily in leadership development through initiatives like its "MBA in a Box" (MBAIB) and Advanced MBAIB programs, which have delivered over 100,000 cumulative hours of training to nearly 1,400 employees, focusing on leadership skills and business acumen.

The entity's sustainability framework is integrated into its enterprise risk management process and includes specific, measurable goals. A significant achievement was meeting its 2030 net greenhouse gas intensity reduction target by the end of 2023, supported by enhanced climate disclosures aligned with TCFD recommendations. In 2023, the organization formalized a Tailings Management Policy and committed to adopting the Global Industry Standard on Tailings Management (GISTM). It also developed and is now implementing a comprehensive Biodiversity Management Standard. Social initiatives are robust, highlighted by the "Coeur Heroes" program providing career opportunities for military personnel and partnerships with the National Society of Black Engineers and Women in Mining to improve recruitment. The workplace culture is supported by training on topics such as bullying and bystander intervention. In 2023, a Total Worker Health program was implemented to integrate protection from work-related hazards with the promotion of proactive injury and illness prevention efforts, advancing both physical and mental well-being.

A significant structural change occurred with the acquisition of SilverCrest Metals Inc., which closed on February 17, 2024, a transaction intended to create a leading global company. The organization operates through several wholly-owned subsidiaries, including Coeur Mexicana, S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., and Wharf Resources (U.S.A.) Inc. In 2023, the company also acquired mining concessions adjacent to one of its operations from a subsidiary of Fresnillo plc. The corporate structure includes key third-party agreements that influence financial returns, such as a streaming agreement with a subsidiary of Franco-Nevada Corporation. Under this agreement, the company is obligated to sell 50% of the life-of-mine production from one of its operations at a fixed price. The enterprise also has royalty agreements in place with other entities, including Triple Flag Precious Metals Corp. and Royal Gold, Inc., which affect specific operational assets. These arrangements are integral to the company's financial framework and long-term value creation strategy.