Coeur Announces Initial Production From Rochester Expansion and Substantial Completion of Construction

19 September 2023

Coeur Mining, Inc. (referred to as "Coeur" or the "Company") (NYSE: CDE) has proudly announced a series of significant accomplishments at its expansive Rochester expansion project in Nevada. These achievements include the commencement of silver and gold production. As the project progresses through a ramp-up phase, expected to extend into early 2024, Rochester is poised to usher in a transformative era, impacting the Company's production levels, cost structure, and cash flow positively.

Noteworthy Recent Milestones in the Project:

  1. Inaugural Silver and Gold Production: The production of precious metals from the newly established Stage VI leach pad and Merill-Crowe process plant commenced midway through this month, with the first doré bars anticipated to be poured today. Currently, about one-third of the eight million tons of ore on the new pad are undergoing leaching. The Merrill-Crowe plant is effectively processing a solution at a flow rate of approximately 3,500 gallons per minute ("gpm"). The full-scale commercial production rate of around 13,000 gpm is anticipated to be reached in early 2024.

  2. Substantial Completion of Crushing Circuit Construction: The primary gyratory crusher has been successfully installed, marking substantial progress in constructing the new three-stage crushing circuit. Once fully operational, the throughput is projected to average 32 million tons per year, a notable increase of approximately 2.5 times historical levels, positioning Rochester as one of the world's largest open-pit heap leach operations.

  3. Mining Test Validates Design Capacity: A comprehensive, multi-day test assessing truck and loading capacity was conducted earlier this month to confirm the mine's capability to support the elevated throughput rates associated with the reconfigured Rochester circuit. The results of this test affirm the mine's safe operation at designed capacities, reaching up to 100,000 tons per day in 2023 and up to 132,000 tons per day in 2024. The data collected during this test will be instrumental in refining processes and identifying opportunities for enhancing efficiency in cycle and load counts.

Mitchell J. Krebs, President and Chief Executive Officer, expressed, "The achievement of these three pivotal milestones marks the initiation of a new phase of growth for Coeur. Our focus now shifts to commissioning, ramp-up activities, and optimizing the mine, alongside prioritizing exploration efforts on adjacent targets within Rochester's extensive 69-square mile land package. The Coeur project team has demonstrated remarkable resilience and dedication, overcoming numerous challenges over the past three years to reach this significant turning point."