Overall year-over-year gold and silver reserve
increases of 12% and 3%, respectively
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
reported year-end 2022 proven and probable reserves of 3.4 million
ounces of gold and 245.7 million ounces of silver, reflecting
year-over-year increases for both metals with reserve growth at
each site, net of depletion.
Measured and indicated resources totaled 3.1 million ounces of
gold, 181.9 million ounces of silver, 1.4 billion pounds of zinc
and 722.2 million pounds of lead.
Inferred resources were 1.7 million ounces of gold, 70.0 million
ounces of silver, 378.1 million pounds of zinc and 166.0 million
pounds of lead.
Key Highlights1,2
- Sustained multi-year investment in exploration driving
strong reserve and resource growth – Nearly $245 million
exploration investment over the past five years has resulted in
peer-leading reserve and resource growth and longer mine lives. On
a gold equivalent basis, reserves have increased 34% net of
depletion, measured and indicated resources have grown by 80%, and
inferred resources have expanded by 26% since 2017. Year-over-year,
the Company more than replaced mined reserves, with overall gold
and silver reserves increasing 12% and 3%, respectively
- 56% increase in Kensington’s gold reserves added 1.5 years
of mine life – 2022 results reflect early success from the
multi-year drilling and development plan aimed at extending
Kensington’s mine life beyond 2030 by successfully expanding Zone
30 in the main Kensington deposit and the nearby Elmira
deposit
- Rochester’s total reserves tons increased 11% to 464 million
tons; 2022 drilling at Lincoln Hill confirms high grade
potential – Pit design optimization and exploration success
offset higher operating costs from ongoing inflationary pressures
leading to gold and silver reserve increases of 9% and 12%,
respectively. Approximately 6,200 feet of drilling at Lincoln Hill
validated historic drill holes during 2022
- Wharf continues to more than replace depletion – Wharf’s
year-end 2022 gold reserves totaled 908,000 ounces, representing a
7% year-over-year increase. The Company acquired the Wharf mine
eight years ago with a reserve at the time of 712,000 ounces
- Reclassified Silvertip’s high-grade reserve base to measured
and indicated resources – The Company reclassified Silvertip’s
reserves to measured and indicated resources as it pursues further
growth to support a larger future potential expansion and restart.
Silver, zinc and lead measured and indicated resources at Silvertip
materially increased year-over-year by approximately 128%, 132% and
131%, respectively (73%, 69% and 81%, respectively, excluding the
reclassification)
“Solid growth in 2022 gold and silver reserves reflects Coeur’s
ongoing commitment to investing in higher-return near-mine
exploration,” said Mitchell J. Krebs, President and Chief Executive
Officer. “The Company’s large, prospective land positions
surrounding its existing assets in stable jurisdictions—including
nearly three-quarters of its proven and probable reserves located
in the United States—is a key differentiator among precious metals
miners as is our five-year track record of material reserve and
resource growth. Our exploration investments remain focused on
generating attractive returns from near-term priorities, including
mine life extensions at Kensington, which we achieved in 2022,
medium opportunities for the Company including further resource
growth at the high-grade Silvertip project in British Columbia and
additional enhancements to Rochester’s reserve and resource
pipeline.”
Coeur’s gold and silver prices assumptions for year-end 2022
reserves were $1,600 per ounce and $21.00 per ounce, respectively,
compared to $1,400 per ounce and $20.00 per ounce at year-end 2021.
The Company’s price assumptions for year-end 2022 resources were
$1,800 per ounce of gold, $22.00 per ounce of silver, $1.30 per
pound of zinc, and $1.00 per pound of lead.
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 (including the impact of
government shutdowns), 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 the COVID-19 pandemic,
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 report on Form 10-K. 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.
- 2022 reserves and resources were determined in accordance with
Item 1300 of SEC Regulation S-K. Reserves and resources for 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.
- Gold equivalence assumes gold-to-silver, -lead, -zinc ratios of
1:60, 1:1,200 and 1:1,000, respectively.
2022 Year-End Proven and Probable
Reserves
Grade Contained Gold Silver Gold Silver Short tons (oz/t) (oz/t)
(oz) (oz)
PROVEN RESERVES Palmarejo
4,081,000
0.059
4.21
241,000
17,172,000
Rochester
425,748,000
0.003
0.39
1,079,000
166,172,000
Kensington
939,000
0.180
-
169,000
-
Wharf
6,379,000
0.031
-
199,000
-
Total
437,148,000
0.004
0.42
1,688,000
183,343,000
PROBABLE RESERVES Palmarejo
14,119,000
0.050
3.44
712,000
48,565,000
Rochester
38,001,000
0.002
0.36
93,000
13,803,000
Kensington
1,273,000
0.189
-
240,000
-
Wharf
27,328,000
0.026
-
709,000
-
Total
80,721,000
0.022
0.77
1,754,000
62,367,000
PROVEN AND PROBABLE RESERVES Palmarejo
18,201,000
0.052
3.61
953,000
65,736,000
Rochester
463,749,000
0.003
0.39
1,173,000
179,975,000
Kensington
2,212,000
0.184
-
408,000
-
Wharf
33,707,000
0.027
-
908,000
-
Total
517,868,000
0.007
0.47
3,443,000
245,711,000
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,
2022, and are reported using the definitions in SK 1300 and were
prepared by the company’s technical staff.
- Assumed metal prices for 2022 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 $1,700 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 2.02–2.07 g/t AuEq and an incremental development cut-off
grade of 1.05 g/t AuEq; metallurgical recovery assumption of 90.5%
for gold and 82.5% for silver; mining dilution assumes 0.4-1.0
meter of hanging wall waste dilution; mining loss of 20% was
applied; variable mining costs that range from
US$44.74–US$47.13/tonne, surface haulage costs of US$4.01/tonne,
process costs of US$29.17/tonne, general and administrative costs
of US$12.56/tonne, and surface/auxiliary support costs of
US$3.24/tonne. Excludes the impact of the Franco-Nevada gold stream
agreement at Palmarejo in calculation of Mineral Reserves.
- Rochester Mineral Reserve estimates are tabulated within a
confining pit design and use the following input parameters:
Rochester oxide variable recovery Au = 77.7-93.7% 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 $3.25/st oxide and
US$3.35/st sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag
= 61.0%; with a net smelter return cutoff of $4.40/st for oxide,
where the NSR is calculated as resource net smelter return (NSR) =
silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz)
- refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) *
(gold price ($/oz) - refining cost ($/oz)); variable pit slope
angles that approximately average 43º over the life-of-mine.
- Kensington Mineral Reserve estimates use the following key
input parameters: assumption of conventional underground mining;
gold price of $1700/oz; reported above a gold cut-off grade of
0.133-0.135 oz/st Au; metallurgical recovery assumption of 94%;
gold payability of 97.5%; mining dilution varies from 15-23%;
mining loss of 5% was applied; variable mining costs that range
from US$87.13–90.00/ton mined; process costs of US$54.38/ton
processed; general and administrative costs of US$54.76/ton
processed; and concentrate refining and shipping costs of
US$88.39/oz sold.
- Wharf Mineral Reserve estimate uses 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 79.1%; royalty burden of
US$64/oz Au; pit slope angles that vary from 34–50º; mining costs
of US$2.39/ton mined, process costs of US$11.91/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.
2022 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
4,030,000
0.066
4.39
-
-
267,000
17,689,000
-
-
Rochester
94,296,000
0.002
0.33
-
-
187,000
31,452,000
-
-
Kensington
2,412,000
0.276
-
-
-
665,000
-
-
-
Wharf
1,166,000
0.022
-
-
-
26,000
-
-
-
Silvertip
680,000
-
11.47
9.88%
7.71%
-
7,798,000
134,462,000
104,870,000
Lincoln Hill
4,642,000
0.012
0.34
-
-
58,000
1,592,000
-
-
Total
107,226,000
0.011
0.55
1,203,000
58,531,000
134,462,000
104,870,000
INDICATED RESOURCES Palmarejo
16,704,000
0.054
3.42
-
-
907,000
57,062,000
-
-
Rochester
15,507,000
0.002
0.34
-
-
27,000
5,332,000
-
-
Kensington
1,309,000
0.293
-
-
-
384,000
-
-
-
Wharf
13,303,000
0.020
-
-
-
267,000
-
-
-
Silvertip
6,375,000
-
8.21
9.65%
4.84%
-
52,317,000
1,230,898,000
617,279,000
Lincoln Hill
27,668,000
0.011
0.31
-
-
306,000
8,655,000
-
-
Total
80,866,000
0.023
1.53
1,891,000
123,367,000
1,230,898,000
617,279,000
MEASURED AND INDICATED RESOURCES Palmarejo
20,734,000
0.057
3.61
-
-
1,174,000
74,751,000
-
-
Rochester
109,803,000
0.002
0.33
-
-
214,000
36,784,000
-
-
Kensington
3,722,000
0.282
-
-
-
1,049,000
-
-
-
Wharf
14,468,000
0.020
-
-
-
293,000
-
-
-
Silvertip
7,056,000
-
8.52
9.68%
5.12%
-
60,115,000
1,365,360,000
722,150,000
Lincoln Hill
32,310,000
0.011
0.32
-
-
364,000
10,247,000
-
-
Total
188,092,000
0.016
0.97
3,094,000
181,897,000
1,365,360,000
722,150,000
2022 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
5,633,000
0.067
3.19
-
-
380,000
17,948,000
-
-
Rochester
77,001,000
0.002
0.34
-
-
148,000
26,151,000
-
-
Kensington
1,246,000
0.282
-
-
-
351,000
-
-
-
Wharf
3,149,000
0.020
-
-
-
63,000
-
-
-
Silvertip
1,873,000
-
7.70
10.09%
4.43%
-
14,414,000
378,088,000
165,985,000
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
137,590,000
0.013
0.51
1,728,000
70,021,000
378,088,000
165,985,000
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.
- Mineral Resource estimates are reported exclusive of mineral
reserves, are current as of December 31, 2022, and are reported
using definitions in SK 1300 and were prepared by the company’s
technical staff.
- Assumed metal prices for 2022 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 1.75-1.84 g/t AuEq; metallurgical recovery
assumption of 90.5% for gold and 82.5% for silver; variable mining
costs that range from US$42.50–US$47.13/tonne, surface haulage
costs of US$4.01/tonne, process costs of US$29.17/tonne, general
and administrative costs of US$12.56/tonne, and surface/auxiliary
support costs of US$3.24/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: assumption of conventional longhole underground
mining; reported above a variable gold cut-off grade that ranges
from 0.125–0.191 oz/ton Au; metallurgical recovery assumption of
94%; gold payability of 97.5%, variable mining costs that range
from US$87.13–175.48/ton mined; process costs of US$54.38/ton
processed; general and administrative costs of US$54.76/ton
processed; and concentrate refining and shipping costs of
US$88.39/oz sold.
- Wharf Mineral Resource estimate uses 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 78.7% across all rock types;
royalty burden of US$64/oz Au; pit slope angles that vary from
34–50º; mining costs of $2.39/ton mined, process costs of
US$11.91/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 = 77.7-93.7% 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 $3.25/st oxide and
US$3.35/st sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag
= 61.0%; with a net smelter return cutoff of $4.40/st for oxide,
where the NSR is calculated as resource net smelter return (NSR) =
silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz)
- refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) *
(gold price ($/oz) - refining cost ($/oz)); variable pit slope
angles that approximately average 43º 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 estimate is 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 2017 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/20230222005824/en/
Coeur Mining, Inc. 200 S. Wacker Drive, Suite 2100 Chicago,
Illinois 60606 Attention: Jeff Wilhoit, Director, Investor
Relations Phone: (312) 489-5800 www.coeur.com
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