Financial Performance - Coeur reported Q4 2024 revenue of $305 million, with full-year revenue reaching $1.1 billion, a 34% increase from $821 million in 2023[1][9]. - Revenue for the year ended December 31, 2024, increased to $1,054,006,000, a 28.4% rise from $821,206,000 in 2023[75]. - Net income for 2024 was $58,900,000, compared to a net loss of $103,612,000 in 2023, marking a significant turnaround[75]. - The company reported a basic income per share of $0.15 for 2024, recovering from a loss of $0.30 per share in 2023[75]. - Adjusted EBITDA for 2024 was $339,152,000, with an adjusted EBITDA margin of 32%[79]. - Cash provided by operating activities for 2024 was $174,234,000, significantly higher than $67,288,000 in 2023[77]. - Free cash flow for 2024 was $(8,954,000), an improvement from $(297,329,000) in 2023[83]. - Total debt as of 4Q 2024 was $590,058,000, with net debt at $534,971,000, indicating a leverage ratio of 1.6[87]. Production and Guidance - Full-year 2024 gold production totaled 341,582 ounces, and silver production was 11.4 million ounces, representing year-over-year increases of 8% and 11%, respectively[3][9]. - 2025 production guidance is set at 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver, reflecting expected year-over-year increases of 20% and 62%, respectively[4][17]. - Gold production in Q4 reached 26,931 ounces, compared to 24,104 ounces in the prior period, with full-year production totaling 95,671 ounces, within the guidance range of 92,000 - 106,000 ounces[37]. - For the full year 2024, gold production reached 108,666 ounces and silver production reached 6.8 million ounces, exceeding guidance ranges of 95,000 - 103,000 ounces of gold and 5.9 - 6.7 million ounces of silver[22]. - Full-year 2025 production is expected to be 92,500 - 107,500 gold ounces, with CAS projected at $1,700 - $1,900 per gold ounce[42]. Costs and Expenses - Adjusted CAS for gold and silver on a co-product basis increased 9% and 26% quarter-over-quarter to $894 and $15.92 per ounce, respectively, driven by lower metal sales[22]. - Adjusted costs applicable to sales for 2024 totaled $595,261,000, with gold sales averaging $1,203 per ounce[89]. - The company is focusing on cost management strategies to enhance profitability across its operations[106]. - Adjusted costs for gold in 2024 are expected to be between $950 and $1,150 per ounce, while silver is projected at $15.50 to $16.50 per ounce[107]. Capital Expenditures and Investments - Capital expenditures for 2024 totaled $183,188,000, a decrease from $364,617,000 in 2023[77]. - Capital expenditures in Q4 2024 increased 24% quarter-over-quarter to $10 million, while full-year capital expenditures decreased 27% to $31 million[22]. - Capital expenditures for 2025 are projected to be $26 - $32 million, primarily for sustaining capital and underground development[26]. - The company invested approximately $77 million in exploration in 2024, significantly up from $41 million in 2023[11]. Strategic Initiatives - The acquisition of SilverCrest for $1.58 billion closed on February 14, 2025, enhancing Coeur's position as a leading global silver company[4][16]. - The company plans to continue its market expansion and product development initiatives to drive future growth[75]. - The exploration program in 2025 will focus on extending and building the resource base adjacent to current resources, following up on key targets outlined in the 2024 regional program[53]. Market Conditions - Average realized prices for gold and silver in 2024 were $2,156 and $27.95 per ounce, respectively, compared to $1,825 and $24.21 per ounce in 2023[9][10]. - The average gold spot price per ounce in 2024 was $2,386, while the average silver spot price was $28.27[69]. - The average zinc spot price per pound in 2024 was $1.26, and the average lead spot price was $0.94[69].

Industry Overview - The Zacks Mining - Non Ferrous industry is facing challenges due to weak demand in China, which is impacting metal prices, alongside inflated costs, labor shortages, and supply-chain issues [1][4][5] - The industry includes companies producing non-ferrous metals such as copper, gold, silver, cobalt, molybdenum, zinc, aluminum, and uranium, which are essential for various sectors including aerospace, automotive, and construction [3] Current Market Conditions - Copper prices have been negatively affected by China's property crisis, with economic uncertainty leading to concerns about future demand [4] - Uranium prices have decreased by 18.9% this year, currently around $73 per pound, due to anticipated supply increases [4] - Gold has increased by 26% year-to-date, while silver has risen by 21%, driven by geopolitical tensions and central bank purchases, although manufacturing sector contraction may impact silver demand [4] Demand and Future Prospects - Demand for non-ferrous metals is expected to remain strong, particularly due to the rise in electric vehicles and renewable energy, as well as infrastructure upgrades under the U.S. Infrastructure Investment and Jobs Act [6] - The industry is projected to face a future deficit in metal supply, which could eventually lead to higher metal prices, benefiting the industry in the long run [4] Labor and Cost Challenges - The industry is experiencing a shortage of skilled labor, leading to increased wages and potential production disruptions [5] - Escalating production costs, including energy and materials, are prompting companies to focus on improving sales volume and operational efficiencies [5] Investment Opportunities - Companies like Southern Copper Corporation (SCCO), Coeur Mining (CDE), and Energy Fuels (UUUU) are highlighted as potential investment opportunities due to their strategies in building reserves, controlling costs, and investing in technology [2][15][20][24] - CDE is expected to see a significant earnings increase of 165% year-over-year for fiscal 2024, supported by its acquisition of SilverCrest Metals [16] - SCCO anticipates a 7% increase in copper production in 2024, driven by recovery efforts and significant capital investments exceeding $15 billion [20][21] - Energy Fuels is expanding uranium production and entering the medical isotope market, despite a 28.6% decline in stock value over the past year [24][26] Industry Performance Metrics - The Zacks Mining - Non Ferrous industry has gained 1.2% over the past year, outperforming the Zacks Basic Materials sector, which declined by 10.5% [9] - The industry's current forward 12-month EV/EBITDA ratio is 8.13X, significantly lower than the S&P 500's 24.78X, indicating potential valuation opportunities [11]

Gold and Silver Market Overview - Gold reached an unprecedented high of $2,790 an ounce in October 2024, with a year-to-date growth of 28%, potentially marking its largest annual gain since 2010 [1] - Silver also saw a significant increase of 27% this year, peaking at $35 an ounce in October, the highest since 2012 [1] Demand and Investment Trends - Total gold demand rose by 3% year-over-year in the first three quarters of 2024, with a record demand of 1,313 tons in Q3, surpassing $100 billion in value for the first time [3] - Investment demand for gold climbed 22% year-over-year in the first three quarters of 2024, with global physically-backed gold ETFs experiencing inflows of 95 tons in Q3, ending a nine-quarter streak of outflows [5] - Bar and coin investment in gold reached 859 tons in the first nine months of 2024, exceeding the 10-year average of 774 tons, with a record value of $63 billion [4] Central Bank and Geopolitical Influences - Central banks continued to add gold to their reserves, driven by geopolitical risks and economic concerns [4] - The Federal Reserve's interest rate cut of 25 basis points initially caused a dip in gold and silver prices, but they quickly rebounded, indicating strong underlying demand [7] Future Projections for Gold and Silver - Analysts expect gold prices to reach $3,000 an ounce in 2025, influenced by ongoing geopolitical uncertainty and potential tariff concerns under President-elect Trump's agenda [9] - Global industrial demand for silver is projected to rise 7% in 2024, driven by applications in the green economy, particularly in the photovoltaic sector [8] Company-Specific Insights - **Coeur Mining (CDE)**: Expected to achieve production targets of 4.8-6.6 million ounces of silver and 37,000-50,000 ounces of gold in 2024, with a projected earnings growth of 165% for 2024 and 311% for 2025 [13][14] - **Pan American Silver (PAAS)**: Following the acquisition of Yamana Gold, the company is on track for significant growth in silver and gold production, with earnings expected to surge by 525% in 2024 [15][17] - **Fortuna Mining (FSM)**: Projected to produce 343-385 thousand ounces of gold and 4-4.7 million ounces of silver in 2024, with earnings growth estimates of 118% for 2024 [18][19] - **Fresnillo (FNLPF)**: Anticipated silver-equivalent production of 101-112 million ounces in 2024, with earnings growth of 45.2% for 2024 [20][21] - **New Gold (NGD)**: Expected gold production of 300,000-310,000 ounces in 2024, with earnings growth of 157% for 2024 [22][23]

Group 1 - Coeur Mining (CDE) is outperforming its peers in the Basic Materials sector, with a year-to-date return of 111.4% compared to the sector average of -5.1% [4] - The Zacks Rank for Coeur Mining is 1 (Strong Buy), indicating strong analyst sentiment and a positive earnings outlook, with a 91.7% increase in the consensus estimate for full-year earnings over the past three months [3] - Coeur Mining belongs to the Mining - Non Ferrous industry, which has an average gain of 11.4% this year, further highlighting its strong performance within this specific industry [5] Group 2 - CF Industries (CF) is another Basic Materials stock that has shown solid performance, returning 13.4% year-to-date, and also holds a Zacks Rank of 1 (Strong Buy) with an 8.4% increase in the consensus EPS estimate over the past three months [4][5] - The Mining - Non Ferrous industry, which includes Coeur Mining, is ranked 77 in the Zacks Industry Rank, while the Fertilizers industry, which includes CF Industries, is ranked 173 and has declined by 13.2% this year [5][6]

Group 1 - Coeur Mining (CDE) is currently outperforming the Basic Materials sector with a year-to-date return of approximately 95.7%, while the sector has an average return of -2.6% [4] - The Zacks Rank for Coeur Mining is 1 (Strong Buy), indicating strong analyst sentiment and a positive earnings outlook, with a 91.7% increase in the consensus estimate for full-year earnings over the past 90 days [3] - Coeur Mining belongs to the Mining - Non Ferrous industry, which has an average year-to-date gain of 8.8%, positioning CDE as a strong performer within its industry [5] Group 2 - The Basic Materials sector includes 233 individual stocks and currently holds a Zacks Sector Rank of 14 out of 16 groups [2] - Another notable stock in the Basic Materials sector is CF Industries (CF), which has returned 10.9% year-to-date, but is still significantly behind Coeur Mining [4] - The Fertilizers industry, which includes CF Industries, has seen a decline of 16% since the beginning of the year, contrasting with the performance of Coeur Mining [6]

Core Viewpoint - Ascentage Pharma has announced the acceptance of a New Drug Application (NDA) for its investigational Bcl-2 selective inhibitor, lisaftoclax, aimed at treating relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) in China, marking a significant milestone as it could become the first domestically developed Bcl-2 inhibitor approved in the country [1][8]. Company Overview - Ascentage Pharma is a global biopharmaceutical company focused on discovering, developing, and commercializing therapies for unmet medical needs, particularly in malignancies [9]. - The company was listed on the Main Board of the Stock Exchange of Hong Kong Limited on October 28, 2019, under the stock code 6855.HK [9]. Product Development - The NDA for lisaftoclax is based on a pivotal Phase II study in China that assessed its efficacy and safety in patients with r/r CLL/SLL, with the overall response rate (ORR) as the primary endpoint [2]. - Lisaftoclax is the first Bcl-2 inhibitor developed in China and the second globally to enter pivotal registrational studies, demonstrating significant clinical benefits [6][8]. Market Need - CLL/SLL is a common hematologic malignancy, particularly in older populations, with over 100,000 new diagnoses globally each year [3]. In China, the incidence is rising, necessitating new treatment options due to the limitations of existing therapies [3][5]. - The introduction of Bcl-2 inhibitors has transformed CLL/SLL treatment, addressing the urgent need for effective and safe therapies for patients with r/r CLL/SLL [4][5]. Clinical Trials - Lisaftoclax is currently being evaluated in multiple registrational Phase III studies, including combinations with Bruton's tyrosine kinase inhibitors (BTKis) and azacitidine for various patient populations [7]. Research and Development - Ascentage Pharma has a robust pipeline of innovative drug candidates, including Bcl-2 inhibitors and other apoptosis-targeted therapies, and has conducted over 40 clinical trials globally [10][12]. - The company has established partnerships with leading biotechnology and pharmaceutical firms, enhancing its research capabilities [12][13].

Core Viewpoint - Monteverde & Associates PC is investigating Coeur Mining, Inc. regarding its proposed merger with SilverCrest Metals Inc., which involves a share exchange agreement [1]. Group 1: Merger Details - Under the merger agreement, holders of SilverCrest Common Shares will receive 1.6022 shares of Coeur Common Stock for each share held [1]. - Upon completion of the merger, existing Coeur stockholders will own approximately 63% of the outstanding Coeur Common Stock, while existing SilverCrest shareholders will own approximately 37% on a fully diluted basis [1]. Group 2: Firm Background - Monteverde & Associates PC is recognized as a Top 50 Firm by ISS Securities Class Action Services Report and has recovered millions for shareholders [1]. - The firm is headquartered in the Empire State Building in New York City and has a successful track record in trial and appellate courts, including the U.S. Supreme Court [2].

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Financial Data and Key Metrics Changes - The company reported a strong quarter with significant increases in quarterly revenue, adjusted EBITDA, net income, and free cash flow, driven by production increases and higher metal prices [4][19] - Free cash flow reached $69 million and adjusted EBITDA was $126 million for the third quarter, reflecting a 15% increase in metal prices and a 12% decrease in operating costs per ounce [19][20] - The net debt-to-EBITDA ratio fell below 2x for the first time in three years, with a $50 million reduction in the revolving credit facility, bringing it to $225 million drawn at quarter end [20][21] Business Line Data and Key Metrics Changes - Rochester achieved a 20% increase in both silver and gold production compared to the prior quarter, with significant progress in reducing per ton costs [10][11] - Palmarejo saw an 8% increase in gold production and a 14% increase in silver production compared to the second quarter, contributing to strong free cash flow [12] - Kensington returned to positive free cash flow of $18 million, aided by higher gold prices, while Wharf set an all-time record high gold production of nearly 34,000 ounces [15][16] Market Data and Key Metrics Changes - The company experienced a favorable market environment with higher gold and silver prices contributing to improved financial performance [4][19] - The acquisition of SilverCrest Metals is expected to enhance the company's position in the silver market, with projected production of over 21 million ounces of silver and 432,000 ounces of gold in 2025 [6][7] Company Strategy and Development Direction - The company is focused on optimizing operations at Rochester and integrating the recently announced acquisition of SilverCrest, aiming for a strong performance in 2025 [8][23] - The strategic acquisition is anticipated to create a global leader in the silver industry, leveraging SilverCrest's low-cost operations and strong balance sheet [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining the free cash flow inflection point into the fourth quarter, driven by continued higher metal prices and production growth [20][23] - The company plans to allocate free cash flow towards debt reduction and potentially building cash reserves for future investments or shareholder returns [21][22] Other Important Information - The company reaffirmed its full-year guidance, indicating expectations for another strong quarter to end the year [9] - The integration planning for SilverCrest is underway, with a focus on a smooth transition post-acquisition [22] Q&A Session Summary Question: Is the reach cycle modeled for Rochester matching production expectations? - Management confirmed that production is tracking as expected, with improvements anticipated as crush sizes are optimized [26][28] Question: What are the remaining hurdles for the SilverCrest acquisition? - The main steps include shareholder votes and regulatory approvals, with expectations for closing in late Q1 2025 [29] Question: How should the cash balance be viewed in relation to debt repayment? - The cash balance is expected to remain stable while prioritizing debt repayment, with potential growth in cash reserves post-repayment [30]

2024 Third Quarter Earnings NYSE: CDE 1 JC 2016 11:00 a.m. ET, November 7, 2024 NYSE: CDE Cautionary Statements JC 2016 This presentation contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements involving strategic priorities and company strategies, growth, anticipated production, costs and expenses, exploration and development efforts, operations, expectations and initiatives at Palmarejo, Rochester, Kensington, Wharf and Silvert ...