Palmarejo rebounds Timing of metal sales versus production impacts financial results The Company produced 3.8 million ounces of silver and 56,913 ounces of gold during the first quarter 2013. Silver and gold production at Palmarejo increased 6% and 15%, respectively, compared to the prior quarter while costs declined significantly from The Company reaffirmed its 2013 full-year production guidance of 18.0-19.5 million ounces of silver and 250,000-265,000 ounces of gold. Coeur’s full-year cash operating cost1 guidance is being revised to During the first quarter, the Company successfully completed a 1. EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. We are pleased that silver and gold production at Palmarejo rebounded at materially lower costs per ounce1 than the last quarter of 2012. Although production levels at our Palmarejo operation had a slow start to the year due to lower than planned grades, both March and April were strong months and we remain confident in our 2013 guidance for this important asset. Since completion of the Orko Silver transaction, we have been actively building a project development team and commissioned a preliminary economic assessment (PEA) of the La Preciosa project by M3 Engineering, the results of which we expect to have by Table 1: Financial Highlights (Unaudited) (All amounts in millions, except per share amounts, average realized prices and gold ounces sold) Quarter Variance EBITDA(1) Adjusted Earnings(1) Operating Cash Flow(1) 1. EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. First quarter net metal sales were Silver contributed 53% of the Company’s total metal sales in the first quarter 2013 compared with 68% in the first quarter 2012 due to increased gold production at the Company’s Consolidated production costs were Prior to changes in working capital, Coeur generated On a U.S. GAAP basis, the Company realized net income of Coeur reports a non-U.S. GAAP metric of adjusted earnings1 as a measure of operating income, which excludes non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. Adjusted earnings1 were Capital expenditures were Cash, cash equivalents and short-term investments were Coeur and 1. EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. Table 2: Operational Highlights: Production Quarter Variance 1. The Martha mine in Argentina ceased production at the end of the third quarter 2012. Table 3: Operational Highlights: Cash Operating Costs Per Ounce1 Quarter Variance 1. The Martha mine in Argentina ceased production at the end of the third quarter 2012. Palmarejo, San Bartolomé, La Preciosa, 1. EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. Organizational Update As previously announced in Coeur’s Exploration Update During the first quarter, the Company invested Coeur’s exploration program utilized up to 10 drill rigs and a trenching crew: four drills at Palmarejo, three at Palmarejo, At Limerick, hole LMD12-131 intercepted 20 feet true width grading 0.9 ounce/ton silver and 0.003 ounce/ton gold and hole LMD12-145 with 180 feet true width grading 0.67 ounce/ton silver and 0.002 ounce/ton gold. San Bartolomé, 2013 Outlook Coeur’s estimated 2013 silver and gold production guidance is unchanged and the mine-by-mine 2013 production outlook is provided in Table 4 below. Coeur has adjusted its full-year 2013 projected cash operating costs1 to 1. EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations. Table 4: 2013 Production Outlook Conference Call Information Coeur will hold a conference call and webcast at www.coeur.com to discuss the Company’s first quarter 2013 results at A replay of the call will be available on Coeur’s website through (855) 859-2056 (U.S. and Canada) About Coeur Cautionary Statement This news release contains forward-looking statements within the meaning of securities legislation in Cautionary Note to Non-U.S. GAAP Measures We supplement the reporting of our financial information determined under Table 5: Operating Statistics from Continuing Operations – (Unaudited): Three months ended March 31, Silver Operations: Gold Operation: Table 6: COEUR DALENE MINES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2013 December 31, 2012 Table 7: COEUR DALENE MINES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended March 31, Table 8: COEUR DALENE MINES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three months ended March 31, Table 9: Operating Cash Flow Reconciliation – (Unaudited) Table 10: EBITDA Reconciliation – (Unaudited) Table 11: Adjusted Earnings Reconciliation – (Unaudited) Table 12: Results of Operations by Mine – Palmarejo – (Unaudited) Table 13: Co-Product Cash Cost Per Ounce for Palmarejo – (Unaudited) Three months ended March 31, Table 14: Reconciliation of EBITDA for Palmarejo – (Unaudited) Table 15: Operating Cash Flow for Palmarejo – (Unaudited) Table 16: Results of Operations by Mine – San Bartolomé – (Unaudited) Table 17: Reconciliation of EBITDA for San Bartolomé – (Unaudited) Table 18: Operating Cash Flow for San Bartolomé – (Unaudited) Table 19: Results of Operations by Mine – Kensington – (Unaudited) Table 20: Reconciliation of EBITDA for Kensington – (Unaudited) Table 21: Operating Cash Flow for Kensington – (Unaudited) Table 22: Results of Operations by Mine – Rochester – (Unaudited) Table 23: Co-Product Cash Cost Per Ounce for Rochester – (Unaudited) Three months ended March 31, 2013 Table 24: Reconciliation of EBITDA for Rochester – (Unaudited) Table 25: Operating Cash Flow for Rochester – (Unaudited) Table 26: Results of Operations by Mine – Endeavor – (Unaudited) Table 27: Reconciliation of EBITDA for Endeavor – (Unaudited) Table 28: Operating Cash Flow for Endeavor – (Unaudited) Source: Coeur d’Alene Mines Corporation 1Q 2013 1Q 2012 Sales of Metal $ 171.8 $ 204.6 (16 %) Production Costs $ 88.8 $ 92.6 (4 %) $ 61.3 $ 96.8 (37 %) $ 6.8 $ 41.5 (84 %) Adjusted Earnings Per Share(1) $ 0.08 $ 0.46 (83 %) Net Income $ 12.3 $ 4.0 230 % Earnings Per Share $ 0.14 $ 0.04 250 % $ 58.7 $ 93.8 (37 %) Cash Flow From Operating Activities $ 12.9 $ 17.0 (24 %) Capital Expenditures $ 12.8 $ 31.6 (59 %) Cash, Cash Equivalents & Short-Term Investments $ 332.8 $ 153.2 117 % Total Debt(1) (net of debt discount) $ 305.3 $ 122.0 150 % Weighted Average Shares Issued & Outstanding 89.9 89.6 % Average Realized Price Per Ounce – Silver $ 30.30 $ 32.61 (7 %) Average Realized Price Per Ounce – Gold $ 1,630 $ 1,702 (4 %) Silver Ounces Sold 3.1 4.3 (28 %) Gold Ounces Sold 51,926 38,884 34 % (silver ounces in thousands) 1Q 2013 1Q 2012 Silver Gold Silver Gold Silver Gold Palmarejo 1,646 22,965 2,483 31,081 (34 %) (26 %) San Bartolomé 1,391 1,591 (13 %) n.a. Rochester 648 8,742 441 5,292 47 % 65 % Martha(1) 123 84 n.a. n.a. Kensington 25,206 7,444 n.a. 239 % Endeavor 150 248 (40 %) n.a. Total 3,835 56,913 4,886 43,901 (22 %) 30 % 1Q 2013 1Q 2012 Palmarejo $ 2.20 $ (2.27 ) 197 % San Bartolomé 13.27 10.21 30 % Rochester 13.54 23.35 (42 %) Martha(1) 46.48 n.a. Endeavor 17.30 16.64 4 % Total $ 8.73 $ 6.29 39 % Kensington $ 1,055 $ 2,709 (61 %) (silver ounces in thousands) Country Silver Gold Palmarejo Mexico 7,700-8,300 98,000-105,000 San Bartolomé Bolivia 5,300-5,700 Rochester Nevada, USA 4,500-4,900 44,000-46,000 Endeavor Australia 500-600 Kensington Alaska, USA 108,000-114,000 Total 18,000-19,500 250,000-265,000 Dial-In Numbers: (855) 546-8317 (U.S. and Canada) (660) 422-4718 (International) Conference ID: 353 85 539 Replay number: International replay: (404) 537-3406 (International) Conference ID: 353 85 539 2013 2012 Palmarejo Tons milled 573,170 528,543 Ore grade/Ag oz 3.65 6.12 Ore grade/Au oz 0.04 0.06 Recovery/Ag oz 78.8 % 76.8 % Recovery/Au oz 90.1 % 93.3 % Silver production ounces 1,646,397 2,482,814 Gold production ounces 22,965 31,081 Cash operating cost/oz $ 2.20 $ (2.27 ) Cash cost/oz $ 2.20 $ (2.27 ) Total production cost/oz $ 20.14 $ 13.04 San Bartolomé Tons milled 374,985 378,104 Ore grade/Ag oz 4.09 4.62 Recovery/Ag oz 90.6 % 91.2 % Silver production ounces 1,391,099 1,591,292 Cash operating cost/oz $ 13.27 $ 10.21 Cash cost/oz $ 14.32 $ 11.49 Total production cost/oz $ 18.13 $ 14.02 Martha Tons milled 34,069 Ore grade/Ag oz 4.43 Ore grade/Au oz 0.01 Recovery/Ag oz % 81.4 % Recovery/Au oz % 64.6 % Silver production ounces 122,793 Gold production ounces 84 Cash operating cost/oz $ $ 46.48 Cash cost/oz $ $ 47.15 Total production cost/oz $ $ 51.85 Rochester Tons milled 2,439,757 2,009,518 Ore grade/Ag oz 0.52 0.55 Ore grade/Au oz 0.003 0.004 Recovery/Ag oz 50.8 % 40.2 % Recovery/Au oz 108.6 % 62.1 % Silver production ounces 647,589 441,337 Gold production ounces 8,742 5,292 Cash operating cost/oz $ 13.54 $ 23.35 Cash cost/oz $ 16.24 $ 24.75 Total production cost/oz $ 19.61 $ 28.67 Endeavor Tons milled 194,519 195,846 Ore grade/Ag oz 1.61 3.35 Recovery/Ag oz 47.8 % 37.8 % Silver production ounces 149,594 247,958 Cash operating cost/oz $ 17.30 $ 16.64 Cash cost/oz $ 17.30 $ 16.64 Total production cost/oz $ 22.81 $ 23.27 Kensington Tons milled 129,057 43,936 Ore grade/Au oz 0.20 0.18 Recovery/Au oz 96.2 % 93.4 % Gold production ounces 25,206 7,444 Cash operating cost/oz $ 1,055 $ 2,709 Cash cost/oz $ 1,055 $ 2,709 Total production cost/oz $ 1,586 $ 3,598 CONSOLIDATED PRODUCTION TOTALS Total silver ounces 3,834,679 4,886,194 Total gold ounces 56,913 43,901 Silver Operations: Cash operating cost per oz – silver $ 8.73 $ 6.29 Cash cost per oz – silver $ 9.56 $ 6.85 Total production cost oz – silver $ 19.43 $ 16.26 Gold Operation: Cash operating cost per oz – gold $ 1,055 $ 2,709 Cash cost per oz – gold $ 1,055 $ 2,709 Total production cost per oz – gold $ 1,586 $ 3,598 CONSOLIDATED SALES TOTALS Silver ounces sold 3,076,535 4,290,049 Gold ounces sold 51,926 38,884 Realized price per silver ounce $ 30.30 $ 32.61 Realized price per gold ounce $ 1,630 $ 1,702 ASSETS (In thousands, except share data) CURRENT ASSETS Cash and cash equivalents $ 331,311 $ 125,440 Short term investments 1,498 999 Receivables 68,182 62,438 Ore on leach pad 26,748 22,991 Metal and other inventory 184,690 170,670 Deferred tax assets 2,627 2,458 Restricted assets 396 Prepaid expenses and other 22,324 20,790 637,380 406,182 NON-CURRENT ASSETS Property, plant and equipment, net 667,696 683,860 Mining properties, net 1,969,952 1,991,951 Ore on leach pad, non-current portion 24,073 21,356 Restricted assets 24,882 24,970 Marketable securities 23,498 27,065 Receivables, non-current portion 39,061 48,767 Debt issuance costs, net 12,429 3,713 Deferred tax assets 946 955 Other 23,765 12,582 TOTAL ASSETS $ 3,423,682 $ 3,221,401 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES Accounts payable $ 52,636 $ 57,482 Accrued liabilities and other 9,964 10,002 Accrued income taxes 6,186 27,108 Accrued payroll and related benefits 13,816 21,306 Accrued interest payable 4,283 478 Current portion of debt and capital leases 6,130 55,983 Current portion of royalty obligation 61,541 65,104 Current portion of reclamation and mine closure 758 668 Deferred tax liabilities 53 121 155,367 238,252 NON-CURRENT LIABILITIES Long-term debt and capital leases 307,791 3,460 Non-current portion of royalty obligation 119,681 141,879 Reclamation and mine closure 35,252 34,670 Deferred tax liabilities 585,073 577,488 Other long-term liabilities 24,684 27,372 1,072,481 784,869 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS EQUITY Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 89,743,142 at March 31, 2013 and 90,342,338 at December 31, 2012 897 903 Additional paid-in capital 2,590,075 2,601,254 Accumulated deficit (383,886 ) (396,156 ) Accumulated other comprehensive loss (11,252 ) (7,721 ) 2,195,834 2,198,280 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $ 3,423,682 $ 3,221,401 2013 2012 (In thousands, except share data) Sales of metal $ 171,797 $ 204,564 Production costs applicable to sales (88,784 ) (92,554 ) Depreciation, depletion and amortization (50,436 ) (52,592 ) Gross profit 32,577 59,418 COSTS AND EXPENSES Administrative and general 10,227 7,596 Exploration 6,841 6,567 Loss on impairment and other 119 Pre-development, care, maintenance and other 4,485 1,068 Total cost and expenses 21,672 15,231 OPERATING INCOME 10,905 44,187 OTHER INCOME AND EXPENSE Fair value adjustments, net 17,796 (23,113 ) Interest income and other, net 3,821 5,007 Interest expense, net of capitalized interest (9,732 ) (6,670 ) Total other income and expense, net 11,885 (24,776 ) Income before income taxes 22,790 19,411 Income tax provision (10,520 ) (15,436 ) NET INCOME $ 12,270 $ 3,975 BASIC AND DILUTED INCOME PER SHARE Basic income per share: Net income $ 0.14 $ 0.04 Diluted income per share: Net income $ 0.14 $ 0.04 Weighted average number of shares of common stock Basic 89,948 89,591 Diluted 90,036 89,821 2013 2012 (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 12,270 $ 3,975 Add (deduct) non-cash items Depreciation, depletion and amortization 50,436 52,592 Accretion of discount on debt and other assets, net 522 541 Accretion of royalty obligation 3,670 4,580 Deferred income taxes 7,425 7,677 Fair value adjustments, net (16,042 ) 21,778 Gain (loss) on foreign currency transactions (465 ) 299 Share-based compensation 1,096 2,137 Gain on sale of assets (868 ) Loss on impairment 119 Other non-cash charges 561 256 Changes in operating assets and liabilities: Receivables and other current assets 3,968 (2,956 ) Prepaid expenses and other (2,240 ) 4,774 Inventories (20,493 ) (24,722 ) Accounts payable and accrued liabilities (27,025 ) (53,929 ) CASH PROVIDED BY OPERATING ACTIVITIES 12,934 17,002 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of short term investments and marketable securities (4,649 ) (1,035 ) Proceeds from sales and maturities of short term investments 4,822 20,018 Capital expenditures (12,827 ) (31,647 ) Investment in Other Assets (11,565 ) Other 955 185 CASH USED IN INVESTING ACTIVITIES (23,264 ) (12,479 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of notes and bank borrowings 300,000 Payments on long-term debt, capital leases, and associated costs (55,340 ) (5,166 ) Payments on gold production royalty (15,448 ) (21,374 ) Share repurchases (12,557 ) Other (454 ) (1,112 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 216,201 (27,652 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 205,871 (23,129 ) Cash and cash equivalents at beginning of period 125,440 175,012 Cash and cash equivalents at end of period $ 331,311 $ 151,883 (in thousands) 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Cash provided by operating activities $ 12,934 $ 61,694 $ 79,735 $ 113,203 $ 17,002 Changes in operating assets and liabilities: Receivables and other current assets (3,968 ) (8,040 ) 5,648 (10,319 ) 2,956 Prepaid expenses and other 2,240 (3,054 ) 2,481 2,857 (4,774 ) Inventories 20,493 12,919 13,762 (3,097 ) 24,722 Accounts payable and accrued liabilities 27,025 15,706 (24,341 ) (14,276 ) 53,929 Operating Cash Flow $ 58,724 $ 79,225 $ 77,285 $ 88,368 $ 93,835 (in thousands) 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Net income (loss) $ 12,270 $ 37,550 $ (15,821 ) $ 22,973 $ 3,975 Income tax provision 10,520 11,839 17,475 23,862 15,436 Interest expense, net of capitalized interest 9,732 4,591 7,351 7,557 6,670 Interest and other income (3,821 ) 14 (12,664 ) 3,221 (5,007 ) Fair value adjustments, net (17,796 ) (21,235 ) 37,648 (16,039 ) 23,113 Loss on debt extinguishments 1,036 Depreciation and depletion 50,436 52,397 52,844 61,024 52,592 EBITDA $ 61,341 $ 86,192 $ 86,833 $ 102,598 $ 96,779 (in thousands) 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Net income (loss) $ 12,270 $ 37,550 $ (15,821 ) $ 22,973 $ 3,975 Share based compensation 1,096 1,476 3,364 1,033 2,137 Deferred income tax provision (benefit) 7,425 3,738 (4,942 ) 9,690 7,677 Interest expense, accretion of royalty obligation 3,670 3,946 4,276 5,492 4,580 Fair value adjustments, net (17,796 ) (21,235 ) 37,648 (16,039 ) 23,113 Loss on impairment 119 (281 ) 1,293 4,813 Loss on debt extinguishments 1,036 Adjusted Earnings $ 6,784 $ 26,230 $ 25,818 $ 27,962 $ 41,482 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 57.4 $ 79.4 $ 102.6 $ 136.4 $ 123.7 Production costs $ 26.7 $ 40.4 $ 48.7 $ 62.5 $ 45.9 EBITDA $ 28.7 $ 36.6 $ 51.6 $ 72.3 $ 76.5 Operating income (loss) $ (0.2 ) $ 4.5 $ 17.7 $ 29.5 $ 38.8 Operating cash flow $ 31.5 $ 33.2 $ 54.9 $ 63.6 $ 81.4 Capital expenditures $ 5.3 $ 8.8 $ 11.3 $ 11.2 $ 7.2 Gross profit $ 1.8 $ 6.8 $ 20.0 $ 31.1 $ 40.1 Gross margin 3.1 % 8.7 % 19.5 % 22.8 % 32.4 % 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Underground Operations: Tons mined 151,232 139,925 143,747 162,820 158,030 Average silver grade (oz/t) 4.22 4.70 6.13 8.91 7.82 Average gold grade (oz/t) 0.09 0.08 0.09 0.14 0.11 Surface Operations: Tons mined 388,651 465,498 424,380 321,758 347,609 Average silver grade (oz/t) 3.45 2.62 2.79 4.14 5.32 Average gold grade (oz/t) 0.03 0.02 0.03 0.04 0.04 Processing: Total tons milled 573,170 563,123 532,775 489,924 528,543 Average recovery rate Ag 78.8 % 84.2 % 90.0 % 84.2 % 76.8 % Average recovery rate Au 90.1 % 91.4 % 102.5 % 92.0 % 93.3 % Silver production – oz (000’s) 1,646 1,555 1,833 2,365 2,483 Gold production – oz 22,965 19,998 23,702 31,258 31,081 Cash operating costs/Ag Oz $ 2.20 $ 7.55 $ 3.75 $ (0.85 ) $ (2.27 ) 2013 Palmarejo Total cash operating costs $ 40,881 Total cash costs $ 40,881 Revenue Silver 59 % Gold 41 % Ounces produced Silver 1,646,397 Gold 22,965 Total cash operating costs per ounce Silver $ 14.64 Gold $ 731 Total cash costs per ounce Silver $ 14.64 Gold $ 731 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 57.4 $ 79.4 $ 102.6 $ 136.4 $ 123.7 Production costs applicable to sales (26.7 ) (40.4 ) (48.7 ) (62.5 ) (45.9 ) Administrative and general Exploration (2.0 ) (2.4 ) (2.3 ) (1.6 ) (1.3 ) Pre-development care and maintenance and other EBITDA $ 28.7 $ 36.6 $ 51.6 $ 72.3 $ 76.5 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Cash provided by operating activities $ 10.1 $ 22.9 $ 58.2 $ 90.5 $ 65.3 Changes in operating assets and liabilities: Receivables and other current assets 6.6 (1.3 ) (4.1 ) (12.5 ) 5.4 Prepaid expenses and other (0.6 ) (1.0 ) (0.8 ) 0.5 (1.9 ) Inventories 13.3 3.6 2.5 (11.5 ) 4.6 Accounts payable and accrued liabilities 2.1 9.0 (0.9 ) (3.4 ) 8.0 Operating Cash Flow $ 31.5 $ 33.2 $ 54.9 $ 63.6 $ 81.4 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 33.1 $ 37.0 $ 46.2 $ 53.4 $ 41.4 Production costs $ 15.7 $ 15.1 $ 19.9 $ 22.8 $ 13.6 EBITDA $ 17.3 $ 21.9 $ 26.2 $ 30.5 $ 27.7 Operating income $ 8.9 $ 17.5 $ 22.0 $ 26.6 $ 23.5 Operating cash flow $ 11.9 $ 17.4 $ 11.2 $ 23.0 $ 20.8 Capital expenditures $ 0.5 $ 3.3 $ 4.4 $ 7.8 $ 10.2 Gross profit $ 12.7 $ 17.6 $ 22.1 $ 26.5 $ 23.5 Gross margin 38.4 % 47.7 % 47.8 % 49.6 % 56.8 % 1Q 2013 4Q 2012 3Q 2012 1Q 2012 1Q 2012 Tons milled 374,985 363,813 344,349 391,005 378,104 Average silver grade (oz/t) 4.1 4.2 4.9 4.3 4.6 Average recovery rate 90.6 % 88 % 90.3 % 88.3 % 91.2 % Silver production (000’s) 1,391 1,343 1,526 1,470 1,591 Cash operating costs/Ag Oz $ 13.27 $ 13.97 $ 12.13 $ 11.05 $ 10.21 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 33.1 $ 37.1 $ 46.2 $ 53.4 $ 41.4 Production costs applicable to sales (15.7 ) (15.1 ) (19.9 ) (22.8 ) (13.6 ) Administrative and general Exploration (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) Pre-development care and maintenance and other EBITDA $ 17.3 $ 21.9 $ 26.2 $ 30.5 $ 27.7 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Cash provided by (used in) operating activities $ (5.4 ) $ 9.5 $ 19.8 $ 31.0 $ (27.4 ) Changes in operating assets and liabilities: Receivables and other current assets (4.2 ) (3.0 ) 7.1 (0.6 ) 2.2 Prepaid expenses and other (3.8 ) (1.4 ) 0.8 4.4 (2.8 ) Inventories 3.2 9.6 5.0 (3.4 ) 4.7 Accounts payable and accrued liabilities 22.1 2.7 (21.5 ) (8.4 ) 44.1 Operating Cash Flow $ 11.9 $ 17.4 $ 11.2 $ 23.0 $ 20.8 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 39.3 $ 43.0 $ 36.5 $ 21.1 $ 10.4 Production costs $ 23.6 $ 27.0 $ 26.9 $ 16.1 $ 17.1 EBITDA $ 15.0 $ 14.7 $ 8.1 $ 4.7 $ (6.9 ) Operating income/(loss) $ 1.6 $ 0.9 $ (3.5 ) $ (5.0 ) $ (13.6 ) Operating cash flow $ 15.2 $ 14.5 $ 7.3 $ 0.6 $ (7.8 ) Capital expenditures $ 3.3 $ 7.8 $ 9.0 $ 9.3 $ 10.9 Gross profit/(loss) $ 2.3 $ 2.2 $ (1.9 ) $ (4.7 ) $ (13.3 ) Gross margin 5.9 % 5.1 % (5.2 )% (22.3 )% (127.9 )% 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Tons mined 116,747 140,626 113,770 84,632 56,815 Tons milled 129,057 129,622 123,428 97,794 43,936 Average gold grade (oz/t) 0.20 0.23 0.21 0.23 0.18 Average recovery rate 96.2 % 96.9 % 95.9 % 94.2 % 93.4 % Gold production 25,206 28,718 24,391 21,572 7,444 Cash operating costs/Ag Oz $ 1,055 $ 1,065 $ 1,298 $ 1,348 $ 2,709 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 39.3 $ 43.0 $ 36.5 $ 21.1 $ 10.4 Production costs applicable to sales (23.6 ) (27.0 ) (26.9 ) (16.1 ) (17.1 ) Administrative and general Exploration (0.7 ) (1.3 ) (1.5 ) (0.3 ) (0.2 ) Pre-development care and maintenance and other EBITDA $ 15.0 $ 14.7 $ 8.1 $ 4.7 $ (6.9 ) 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Cash provided by (used in) operating activities $ 11.7 $ 16.5 $ 5.0 $ (12.5 ) $ 1.1 Changes in operating assets and liabilities: Receivables and other current assets 1.8 (2.6 ) 2.3 4.6 (10.3 ) Prepaid expenses and other (0.1 ) (0.4 ) 0.5 (0.5 ) (1.0 ) Inventories (0.3 ) 1.8 9.9 3.3 Accounts payable and accrued liabilities 1.8 1.3 (2.3 ) (0.9 ) (0.9 ) Operating Cash Flow $ 15.2 $ 14.5 $ 7.3 $ 0.6 $ (7.8 ) in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 39.5 $43.2 $36.2 $34.2 $ 18.8 Production costs $ 21.5 $22.9 $21.0 $20.8 $ 9.6 EBITDA $ 17.5 $21.4 $12.9 $11.6 $ 7.2 Operating income $ 15.2 $19.2 $10.9 $9.5 $ 5.5 Operating cash flow $ 17.4 $21.5 $13.0 $11.8 $ 7.2 Capital expenditures $ 3.3 $1.5 $4.8 $2.9 $ 2.6 Gross profit $ 15.8 $18.0 $13.2 $11.3 $ 7.6 Gross margin 40.0 % 41.7 % 36.5 % 33.0 % 40.4 % 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Tons mined 2,924,472 3,031,428 3,170,129 2,585,914 2,923,324 Average silver grade (oz/t) 0.52 0.51 0.52 0.63 0.55 Average gold grade (oz/t) 0.003 0.005 0.004 0.005 0.004 Silver production (000’s) 648 828 819 713 441 Gold production 8,742 12,055 10,599 10,120 5,292 Cash operating costs/Ag Oz $ 13.54 $2.17 $9.58 $9.83 $ 23.35 Rochester Total cash operating costs $ 23,057 Total cash costs $ 24,807 Revenue Silver 55 % Gold 45 % Ounces produced Silver 647,589 Gold 8,742 Total cash operating costs per ounce Silver $ 19.49 Gold $ 1,194 Total cash costs per ounce Silver $ 20.97 Gold $ 1,284 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 39.5 $ 43.2 $ 36.2 $ 34.2 $ 18.8 Production costs applicable to sales (21.5 ) (22.9 ) (21.0 ) (20.8 ) (9.6 ) Administrative and general Exploration (0.5 ) (0.6 ) (1.2 ) (1.1 ) (0.7 ) Pre-development care and maintenance and other 1.7 (1.1 ) (0.7 ) (1.3 ) EBITDA $ 17.5 $ 21.4 $ 12.9 $ 11.6 $ 7.2 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Cash provided by (used in) operating activities $ 5.6 $ 18.2 $ 7.3 $ 10.1 $ (7.1 ) Changes in operating assets and liabilities: Receivables and other current assets (0.1 ) (0.6 ) 0.6 (0.1 ) 0.3 Prepaid expenses and other 4.1 0.3 0.2 (1.0 ) 1.4 Inventories 3.7 0.9 6.5 3.9 11.2 Accounts payable and accrued liabilities 4.1 2.7 (1.6 ) (1.1 ) 1.4 Operating Cash Flow $ 17.4 $ 21.5 $ 13.0 $ 11.8 $ 7.2 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 3.0 $ 2.8 $ 4.1 $ 5.2 $ 6.7 Production costs $ 1.3 $ 1.6 $ 2.0 $ 2.6 $ 2.7 EBITDA $ 1.7 $ 1.3 $ 2.1 $ 2.6 $ 4.0 Operating income $ 0.8 $ 0.8 $ 1.3 $ 1.1 $ 2.3 Operating cash flow $ 1.7 $ 1.3 $ 1.7 $ 2.8 $ 4.2 Capital expenditures $ $ $ $ $ Gross profit $ 0.8 $ 0.8 $ 1.3 $ 1.1 $ 2.3 Gross margin 26.7 % 28.6 % 31.7 % 21.2 % 34.3 % 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Silver Production (000’s) 150 105 140 240 248 Cash operating costs/Ag Oz $ 17.30 $ 19.92 $ 15.97 $ 17.50 $ 16.64 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Sales of metal $ 3.0 $ 2.8 $ 4.1 $ 5.2 $ 6.7 Production costs applicable to sales (1.3 ) (1.5 ) (2.0 ) (2.6 ) (2.7 ) Administrative and general Exploration Pre-development care and maintenance and other EBITDA $ 1.7 $ 1.3 $ 2.1 $ 2.6 $ 4.0 in millions of US$ 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Cash provided by operating activities $ 1.6 $ 1.6 $ 1.5 $ 3.6 $ 3.2 Changes in operating assets and liabilities: Receivables and other current assets 0.1 (0.3 ) 0.5 (1.7 ) 1.7 Prepaid expenses and other Inventories 0.3 (0.3 ) (0.3 ) 0.2 0.6 Accounts payable and accrued liabilities (0.3 ) 0.3 0.7 (1.3 ) Operating Cash Flow $ 1.7 $ 1.3 $ 1.7 $ 2.8 $ 4.2
Wendy Yang, Vice President, Investor Relations
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