CHICAGO–(BUSINESS WIRE)–Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported third quarter 2018 financial results, including revenue of $148.8 million, adjusted EBITDA¹ of $24.7 million and cash flow from operating activities of $5.8 million. Including $30.8 million of non-cash write downs, the Company reported a GAAP net loss from continuing operations of $53.0 million, or $0.29 per share. On an adjusted basis¹, the Company reported a net loss of $19.7 million or $0.11 per share.

Third quarter results were impacted by 11% and 7% lower average realized silver and gold prices, respectively, and by lower production levels at its Palmarejo and Wharf operations due to one-time events. The $30.8 million of non-cash write-downs reflect (i) a modification in the deferred consideration received for the sale of the Company’s Bolivian subsidiary earlier this year, which included a $15 million cash payment to Coeur in the quarter, (ii) the decommissioning of a crusher at Rochester prior to the end of its estimated useful life as part of the operation’s transition to high pressure grinding roll (“HPGR”) crushing technology to enhance silver recovery rates, and (iii) an inventory adjustment relating to concentrate at Silvertip.

Highlights

• Lower all-in sustaining costs (“AISC”) – AISC of $14.45 and $14.50 per average spot silver equivalent ounce¹ for the third quarter and year-to-date, respectively, were below the Company’s full-year 2018 AISC guidance range of $14.75 – $15.25 per average spot silver equivalent ounce¹
• Strong Rochester performance – Silver equivalent¹ production increased 17% quarter-over-quarter and 26% year-over-year. Adjusted costs applicable to sales (“CAS”) per average spot silver equivalent ounce¹ declined 4% quarter-over-quarter and 8% year-over-year to $11.42
• Temporarily lower production and higher unit costs at Palmarejo and Wharf – Palmarejo’s results impacted by 17 days of unplanned downtime due to previously-reported fatalities and a nearby road blockade. Operations have since returned to normalized levels. Wharf’s results were affected by weather-related events. Mining and crushing rates have since increased, leading to higher expected fourth quarter production
• Commercial production achieved at Silvertip mine as ramp-up continues – Commercial production declared on September 1, 2018. Ongoing process plant repairs and improvements are leading to higher availability and throughput. October results reflected materially improved plant performance. Throughput expected to average 830 tons per day (“tpd”) (750 metric tonnes per day (“mtpd”)) by year-end and 1,100 tpd (1,000 mtpd) by end of first quarter 2019
• Two strategic acquisitions expected to further enhance portfolio quality – Completed acquisition of Northern Empire Resources Corp. (“Northern Empire”), which controls a 143 km² (approximately 35,000 acres) land position in southern Nevada including the high-grade Sterling Gold Project and three nearby deposits known as the Crown Block. Also announced agreement to acquire assets from Alio Gold Inc. (“Alio Gold”) located next to Rochester including the Lincoln Hill Project, which provides significant operational synergies
• Strong liquidity and enhanced balance sheet strength – Cash and cash equivalents of $104.7 million at September 30, 2018. Expanded revolving credit facility capacity to provide additional balance sheet flexibility
• Reaffirming full-year production and cost guidance

“Third quarter results were impacted by weak metals prices and temporarily lower production at our Palmarejo and Wharf mines due to one-time events. Our Rochester operation was the standout performer with strong production growth and further cost reductions. In addition, the team at Rochester has commenced work on the installation of the first HPGR crusher, which is expected to boost silver recoveries and further reduce costs starting next year,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “Importantly, we remain on-track to achieve full-year production and cost guidance due to strong expected fourth quarter performance at each of our operations, which we experienced during the month of October.”

“Silvertip reached an important milestone by achieving commercial production on September 1^st. Throughput rates continue to steadily climb toward the year-end goal of 750 mtpd. Lower than planned mill availability limited production rates and concentrate sales during the quarter as we address remaining maintenance priorities in the processing facility. However, the plant set records for availability and throughput in October as the team establishes a more stable and consistent operating environment.”

“We have further enhanced the quality of our growth pipeline with two recent acquisitions of high-quality, low-risk projects that complement our existing asset base. We announced and have now completed the acquisition of Northern Empire, which bolsters both our near- and long-term development pipelines with high-quality, Nevada-based gold assets. We also announced the acquisition of the Lincoln Hill project and other assets from Alio Gold, which is expected to close in the fourth quarter. These assets are adjacent to Rochester and will allow us to leverage our existing infrastructure to generate strong returns and future free cash flow from higher-grade, low-cost production.”

Financial Results

Revenue for the third quarter was $148.8 million, 12% lower compared to the second quarter due to lower metal sales and lower average realized silver and gold prices, which declined 11% and 7%, respectively, quarter-over-quarter. Gold sales contributed 69% of revenue during the third quarter and silver sales contributed 29%. The Company’s U.S. operations accounted for approximately 60% of third quarter revenue, comparable to the first half of the year and to last year’s third quarter.

Average realized gold prices during the third quarter were impacted by the sale of 10,610 gold ounces at a price of $800 per ounce pursuant to Palmarejo’s gold stream agreement.

Costs applicable to sales were $116.9 million for the quarter, 8% and 15% higher quarter-over-quarter and year-over-year, respectively. The increase was primarily attributable to the inclusion of Silvertip in the Company’s third quarter results beginning September 1^st, which increased costs applicable to sales by $11.5 million.

General and administrative expenses were $7.7 million, flat quarter-over-quarter, while third quarter interest expense totaled $5.8 million, also flat compared to the second quarter.

Third quarter capital expenditures of $39.5 million declined 4% quarter-over-quarter primarily due to lower sustaining capital expenditures. Development capital expenditures increased partially due to continued investment at Silvertip. Capital expenditures at Silvertip accounted for $17.9 million (including $7.8 million of pre-commercial capital expenditures), or 45%, of total companywide capital expenditures. Year-over-year, capital expenditures increased 36% primarily as a result of expenditures at the Silvertip mine.

Modifications to Deferred Consideration from Manquiri Sale

As described below, Coeur’s third quarter results reflect the non-cash impact of a modification to the terms of the deferred consideration received when it sold its Bolivian subsidiary that operates the San Bartolomé mine (“Manquiri”) earlier this year. The modifications described below provided the Company with significant upfront consideration while providing the new owners of Manquiri additional financial flexibility to offset the impact of lower silver prices on the San Bartolomé operation.

• $15.0 million was paid in cash to the Company and was received on September 25, 2018;
• The aggregate note receivable was reduced from $28.5 million to $25.0 million, with $10.0 million remaining after the upfront $15.0 million cash payment described above, which is scheduled to be repaid by September 30, 2019;
• Quarterly payments in respect of the 2.0% net smelter returns royalty (“NSR”) were temporarily suspended until October 15, 2019; and
• Coeur agreed to forgo rights to any value added tax (“VAT”) refunds collected or received by Manquiri

Based on these modifications, the Company recorded an $18.6 million non-cash write-down comprised of $13.1 million related to the VAT refunds, $3.6 million related to the reduced note receivable and $1.9 million related to the deferral of NSR payments.

Enhancements to the Company’s Senior Secured Revolving Credit Facility

On October 29, 2018, the Company amended the terms of its senior secured revolving credit facility (the “Facility”) to:

• Increase the aggregate size from $200 million to $250 million
• Extend the maturity date from September 2021 to October 2022

The Company established the Facility in September 2017 to partially fund its acquisition of Silvertip and provide additional flexibility to manage its near- to medium-term operating and growth priorities. As of September 30, 2018, the Company has approximately $172.7 million of liquidity, including $104.7 million of cash and cash equivalents and $68.0 million of availability under the Facility. The additional Facility capacity is intended to bolster the Company’s liquidity, including with respect to the anticipated HPGR investments at Rochester in 2020 and 2021.

Operations

Highlights of third quarter 2018 results for each of the Company’s operations are provided below.

• Third quarter silver equivalent¹ production declined 21% quarter-over-quarter and 12% year-over-year to 3.2 million ounces (3.8 million ounces based on average spot prices during the third quarter) primarily due to (i) the temporary suspension of mining activities relating to fatalities that occurred during the quarter, (ii) supply chain disruptions stemming from a local road blockade that temporarily interrupted the delivery of certain mining consumables, and (iii) a weather-related interruption that impacted the process plant. Mining rates have since returned to steady-state levels
• The modest decline in silver and gold grades was due to the mining of lower grade stopes, primarily at Independencia East. Gold grades are expected to decline while silver grades are expected to be flat in the fourth quarter; however, mining rates are anticipated to return to steady-state levels, offsetting the impact of the lower expected gold grades
• Adjusted CAS of $7.93 per average spot AgEqOz¹ were 19% higher quarter-over-quarter and 9% lower year-over-year. The quarterly increase was largely due to lower production, though continued to track below full-year 2018 guidance of $8.00 – $8.50 per average spot AgEqOz¹. The year-over-year decline was the result of higher gold and silver grades, as well as lower mining and processing costs
• Development towards the La Nación deposit, located between Guadalupe and Independencia, remains on-schedule. Production from the deposit is expected to commence in the second half of 2019, providing anticipated additional high-quality mill feed to supplement existing ore sources
• Free cash flow¹ of $3.9 million increased $12.1 million compared to the prior quarter, which had been impacted by $17 million of cash income and mining taxes associated with 2017 earnings. The increase, however, was offset by lower metal sales and higher costs. Total cash income and mining tax payments in Mexico this year are expected to be $40 – $45 million (with approximately $39 million incurred year-to-date through the end of September)
• The Company is maintaining Palmarejo’s full-year 2018 production guidance of 7.5 – 7.9 million ounces of silver and 115,000 – 120,000 ounces of gold, or 14.4 – 15.1 million silver equivalent¹ ounces (16.8 – 17.6 million ounces based on average spot prices during the third quarter). It is also maintaining cost guidance of $8.00 – $8.50 on a spot equivalent basis and $9.00 – $9.50 on a 60:1 silver equivalent basis. In July, the Company increased Palmarejo’s full-year production guidance and reduced its full-year cost guidance following strong performance during the first half of the year

• Silver equivalent¹ production during the period increased 17% quarter-over-quarter to 2.2 million ounces (2.5 million ounces based on average spot prices during the third quarter) and was driven primarily by strong performance from the Stage III leach pad and continued steady performance of the Stage IV leach pad. These trends are expected to continue throughout the fourth quarter
• Installation of the initial HPGR unit remains on schedule for the first quarter of 2019 with silver recoveries expected to improve beginning as early as the second quarter of 2019. Decommissioning of the mine’s smaller, 15,000 tpd in-pit crusher has been completed and is expected to result in fewer tons crushed as well as lower operating expenses in the fourth quarter
• Third quarter adjusted CAS per average spot AgEqOz¹ of $11.42 were 4% lower compared to the prior quarter and 8% lower year-over-year, and remained below the full-year 2018 guidance range of $12.00 – $12.50
• Free cash flow¹ for the third quarter decreased from $5.3 million during the prior quarter to $2.1 million primarily as a result of lower average realized silver and gold prices and higher capital expenditures
• The Company is maintaining full-year 2018 production guidance of 4.8 – 5.2 million ounces of silver and 48,000 – 52,000 ounces of gold, or 7.7 – 8.3 million silver equivalent¹ ounces (8.7 – 9.4 million ounces based on average spot prices during the third quarter). The Company is also maintaining cost guidance of CAS per AgEqOz¹ of $12.00 – $12.50 on a spot equivalent basis and $13.25 – $13.75 on a 60:1 silver equivalent basis

• Gold production declined 14% quarter-over-quarter to 19,646 ounces partially due to weather-related events, including the impact of abnormally high levels of rainfall on leach pad recoveries. Mining and crushing rates during the fourth quarter are expected to increase while average gold grade is expected to remain relatively constant
• Adjusted CAS per AuEqOz¹ of $895 were 9% and 24% higher quarter-over-quarter and year-over-year, respectively, due to lower production levels and remain within the full-year 2018 guidance range of $850 – $900
• Wharf generated $2.5 million of free cash flow¹ during the quarter. The decline relative to the prior quarter was a result of lower production, timing of leaching cycles and weaker metal prices
• Since acquiring the operation in February 2015 for $99 million, Wharf has generated $138.3 million of free cash flow¹
• The Company is maintaining Wharf’s full-year production and cost guidance of 85,000 – 90,000 ounces of gold at CAS per AuEqOz¹ of $850 – $900

• Third quarter gold production, inclusive of pre-commercial production from Jualin, was 26,809 ounces. Excluding pre-commercial production, Kensington produced 25,515 ounces of gold, comparable to the prior quarter
• The Company mined approximately 4,400 tons of development ore at Jualin late in the third quarter, which yielded pre-commercial production of nearly 2,100 ounces of gold at a grade of 0.48 ounces per ton (“oz/t”). Mining rates at Jualin are expected to climb throughout the fourth quarter, leading to higher overall production levels
• Adjusted CAS per AuOz¹ of $1,091 improved 9% quarter-over-quarter primarily due to lower drilling and labor costs. Higher grades are anticipated in the fourth quarter, which is expected to increase production and drive lower unit costs
• Negative free cash flow¹ of $12.4 million resulted from a lower average realized gold price, higher operating costs and slightly higher capital expenditures
• The Company is maintaining Kensington’s full-year production and cost guidance of 115,000 – 120,000 gold ounces at CAS per AuOz¹ of $900 – $950⁴

• Silvertip achieved commercial production on September 1, 2018. The operating and financial metrics above reflect only commercial production
• Mill downtime required to complete repairs on the paste plant and grinding circuit impacted throughput during the quarter, which averaged approximately 434 tpd (approximately 394 mtpd)
• Operating activities remain focused on improving process plant performance, underground rehabilitation and development, and completing several key surface infrastructure projects, including the water treatment plant and a 220-person camp facility
• Processing rates, mill availability, recovery rates and concentrate grades all continue to climb from month-to-month with October setting monthly records across all key metrics. These trends are expected to continue throughout the fourth quarter and processing rates are anticipated to reach an average of approximately 830 tpd (750 mtpd) by year-end
• Coeur expects to file an initial NI 43-101 Technical Report in the fourth quarter and receive approval for the permit amendment application to operate at 1,100 tpd (1,000 mtpd) on a year-round basis in early 2019
• The Company is maintaining full-year 2018 production guidance of 0.7 – 1.2 million ounces of silver, 13.0 – 23.0 million pounds of zinc and 11.0 – 18.0 million pounds of lead, or 2.0 – 3.5 million silver equivalent¹ ounces (2.4 – 4.1 million ounces based on average spot prices during the third quarter) at CAS per AgEqOz¹ and spot AgEqOz¹ of $15.00 – $15.50 and $12.00 – $12.50, respectively⁴

Exploration

Coeur maintained its pace of exploration during the quarter, though activity steadily tapered in September. Up to 14 drill rigs were active at the Company’s operations and exploration projects, including six at Palmarejo, two at Kensington and six at Silvertip. Near-mine drilling accounted for approximately 80% of the Company’s total exploration investment during the quarter.

Expensed resource expansion drilling increased 28% quarter-over-quarter to $8.2 million and remained focused on identifying and expanding resources at the Company’s operating mines.

Following a second quarter high of $9.6 million, capitalized resource infill drilling declined to $2.3 million during the quarter. This decrease was mostly driven by early completion of Silvertip’s initial drill program, which totaled 146,000 feet (44,500 meters) compared to a budgeted program of approximately 100,000 feet (30,000 meters). Results from this program are expected to support an updated resource model and maiden reserve estimate, which the Company anticipates including in an NI 43-101 compliant Technical Report planned to be filed in the fourth quarter.

At Palmarejo, between one and three rigs completed drilling on the Zapata inferred resource as well as the recently-discovered Madero and Rampa veins (all located immediately west of Guadalupe). Limited drilling also continued in the Independencia North area. Up to three rigs focused on capitalized, resource conversion drilling at Independencia and Guadalupe. Resource expansion drilling was completed by the end of the quarter; however, infill drilling will continue until year end at Guadalupe focusing on the Las Animas area located immediately southeast of Guadalupe.

At Kensington, the drill campaign continued with infill drilling on the Upper Kensington Zone 30 resource, as well on resource expansion on the new Seward Vein, Ophir Vein and Elmira Vein. Elmira is now accessible from the upper, newly refurbished 2050 zone. Surface sampling and mapping were completed during the quarter on district targets.

At Rochester, infill drilling continued at a similar pace with one reverse circulation drill rig operating throughout the quarter. Results continued to indicate significant intercepts in the main Rochester Pit and, to the southwest, in the Sunflower area.

A single reverse circulation rig at Wharf completed infill drilling in the Portland Ridge area and drilled five exploration holes at the Bald Mountain target located east of the mine.

As part of Coeur’s greenfield exploration program, one diamond core rig actively drilled throughout the quarter at the La Morita Project located in northern Chihuahua, Mexico. In addition, surface sampling and mapping were initiated at the El Sarape project located in Sonora in which the Company has an earn-in option with Evrim Resources. The Company plans to commence drilling at the Tonopah district in southern Nevada during the fourth quarter and accelerate its exploration activities at the newly acquired Sterling mine, where one reverse circulation rig is currently drilling.

2018 Production Outlook

Coeur’s 2018 production guidance was revised on September 4, 2018 to reflect improved visibility of Silvertip’s production following the commencement of commercial production as well as stronger than expected performance at Rochester during the first half of the year.

Guidance Based on Third Quarter Average Spot Prices

2018 Cost Outlook

The Company’s cost guidance was reduced on July 25, 2018 to account for strong first half cost performance at Palmarejo, timing of commercial production at Silvertip and accelerated investment in near-mine exploration. Unit cost guidance on a spot equivalent basis remains based on silver-to-gold, -zinc and -lead equivalence ratios of 75:1, 0.09:1 and 0.07:1, respectively.

Financial Results and Conference Call

Coeur will host a conference call to discuss its third quarter 2018 financial results on November 1, 2018 at 11:00 a.m. Eastern Time.

Hosting the call will be Mitchell J. Krebs, President and Chief Executive Officer of Coeur, who will be joined by Peter C. Mitchell, Senior Vice President and Chief Financial Officer, Frank L. Hanagarne, Jr., Senior Vice President and Chief Operating Officer, Terry F. D. Smith, Vice President of North American Operations, Hans Rasmussen, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through November 15, 2018.

The Company anticipates reporting its fourth quarter 2018 financial results on February 13, 2019 after the New York Stock Exchange closes for trading and holding a conference call on February 14, 2019 at 11:00 a.m. Eastern Time.

About Coeur

Coeur Mining, Inc. is a well-diversified, growing precious metals producer with five mines in North America. Coeur produces from its wholly-owned operations: the Palmarejo silver-gold complex in Mexico, the Silvertip silver-zinc-lead mine in British Columbia, the Rochester silver-gold mine in Nevada, the Wharf gold mine in South Dakota, and the Kensington gold mine in Alaska. In addition, the Company has interests in several 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 the anticipated benefits of acquisitions, anticipated production, costs, expenses, cash flow, expectations regarding Silvertip, including but not limited to, receipt of permits and completion of a technical report, grades, exploration and development efforts, sales of gold under the Palmarejo gold stream agreement, the timing and impact of installation of HPGR units at Rochester, operations at Palmarejo, Rochester, Wharf, Kensington and Silvertip, expected free cash flow, returns, grades, mining rates, crushing rates and taxes. 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 the Lincoln Hill (and related assets) acquisition does not close on a timely basis or at all, the risk that anticipated benefits of acquisitions are not realized, the risk that expectations regarding Silvertip obtaining necessary permits and filing a technical report do not occur on a timely basis or at all, the risk that HPGR units will not be installed at Rochester on a timely basis or the anticipated benefits thereof will not be achieved, the risk that anticipated production, cost, expense, and free cash flow levels are not attained, 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 variability, any future labor disputes or work stoppages, the uncertainties inherent in the estimation of gold and silver reserves, 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 Form 10-K and Form 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.

Christopher Pascoe, Coeur’s Director, Technical Services and a qualified person under Canadian National Instrument 43-101, approved the scientific and technical information concerning Coeur’s mineral projects in this news release. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, 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, socio-political, marketing or other relevant factors, Canadian investors should refer to the Technical Reports for each of Coeur’s properties as filed on SEDAR at www.sedar.com.

Non-U.S. GAAP Measures

We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver ounce (or per gold ounce), all-in sustaining costs, and adjusted all-in sustaining costs. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver ounce (or per gold ounce), all-in sustaining costs, and adjusted all-in sustaining costs are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2017.

Notes

1. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce or per average spot silver equivalent ounce), adjusted costs applicable to sales per silver ounce (or per gold ounce), all-in sustaining costs, and adjusted all-in sustaining costs are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures and gold production royalty payments. Please see table in Appendix for the calculation of consolidated free cash flow. Silver equivalence assumes silver-to-gold, -lead and -zinc ratios of 60:1, 0.05:1 and 0.06:1, respectively, except where noted as average spot prices. Please see the table below for average applicable spot prices and corresponding ratios. Unit cost guidance on a spot equivalent basis assumes silver-to-gold, -zinc and -lead equivalence ratios of 75:1, 0.09:1 and 0.07:1, respectively.

2. On February 28, 2018, Coeur divested the San Bartolomé mine through the sale of its 100%-owned Bolivian subsidiary. As a result, San Bartolomé is excluded from consolidated operating statistics for all periods presented unless otherwise noted.

3. Includes capital leases. Net of debt issuance costs and premium received.

4. Full-year 2018 production guidance for Kensington and Silvertip include pre-commercial production.