Coeur Reports Fourth Quarter and Full-Year 2015 Results

Coeur Mining Inc. (the “Company” or “Coeur”) (NYSE: CDE) reported 2015 revenue of $646.1 million, adjusted EBITDA¹ of $101.2 million, adjusted net loss¹ of $0.75 per share, and cash flow from operating activities of $113.5 million. The Company sold 335,882 ounces of gold and 16.5 million ounces of silver during 2015, a 38% increase and a 5% decrease compared to 2014, respectively. Adjusted all-in sustaining costs per realized silver equivalent ounce¹ of $14.32 for 2015 declined 22% compared to 2014 levels (16% decline assuming a constant 60:1 ratio).

Fourth quarter revenue was $164.2 million, adjusted EBITDA¹ was $13.9 million, adjusted net loss¹ was $0.27 per share, and cash flow from operating activities was $44.4 million. The Company sold 92,032 ounces of gold and 4.4 million ounces of silver during the fourth quarter. Fourth quarter all-in sustaining costs per realized silver equivalent ounce¹ of $13.55 dropped 25% compared to the same quarter last year (18% decline assuming a constant 60:1 ratio).

Fourth Quarter 2015 Highlights

• Silver equivalent¹ production totaled 9.5 million ounces. Silver production was 4.0 million ounces and gold production was 91,551 ounces as previously announced on January 11, 2016
• Adjusted all-in sustaining costs were $13.55 per realized silver equivalent ounce¹. Using a 60:1 equivalence, adjusted all-in sustaining costs were $15.66 per silver equivalent ounce¹
• Adjusted costs applicable to sales were $11.71 per realized silver equivalent ounce¹. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce¹ were $12.65
• Adjusted EBITDA¹ was $13.9 million
• Capital expenditures totaled $30.0 million, driven by development of the Jualin deposit at Kensington and development of the Guadalupe and Independencia underground deposits at Palmarejo
• Wharf's gold equivalent production increased 38% to 32,231 ounces, leading to a 22% decline in costs applicable to sales per gold equivalent ounce¹ to $556 and quarterly free cash flow³ of $16.9 million
• Reduced total debt by approximately $54 million, or approximately 10%, at significant discount to par, resulting in a $16 million gain
• Cash and equivalents of $200.7 million at December 31, 2015
• Non-cash impairment charge of $313.3 million ($276.5 million net of tax) was recorded to reduce the carrying values of the Palmarejo and San Bartolomé mines, the Endeavor silver stream, and certain royalty assets to reflect lower gold and silver prices

Full-Year 2015 Highlights

• Silver equivalent¹ production totaled 35.6 million ounces, at the high-end of Company guidance and 11% higher than 2014. Silver production was 15.9 million ounces, at the high-end of Company guidance. Gold production was 327,908 ounces, in-line with Company guidance and 31% higher than 2014
• Adjusted all-in sustaining costs were $14.32 per realized silver equivalent ounce¹, a 22% reduction from 2014. Using a 60:1 equivalence, adjusted all-in sustaining costs were $16.16 per silver equivalent ounce¹, a 16% reduction from 2014
• Adjusted costs applicable to sales were $11.87 per realized silver equivalent ounce¹, a 13% reduction from 2014. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce¹ were $12.75, a 10% reduction from 2014
• Adjusted costs applicable to sales per gold ounce¹ at Kensington were $798, 16% lower than 2014 and the lowest since production began in 2010
• General and administrative expenses were $32.8 million, below Company guidance and down 20% compared to 2014
• Adjusted EBITDA¹ was $101.2 million, a 19% increase over 2014 despite 18% and 9% lower average realized prices for silver and gold, respectively
• Capital expenditures were $95.2 million, at the low-end of Company guidance, and consisted primarily of underground development at the Guadalupe and Independencia deposits at Palmarejo, development of the Jualin deposit at Kensington, and expansion of the crushing facility at Rochester

“Our fourth quarter capped a very solid year for the Company, driven by strong performance from our Palmarejo and Wharf mines. We met or exceeded all of the operating and financial guidance we provided for 2015. With all-in sustaining costs per silver equivalent ounce¹ in the mid $13 level in the fourth quarter and expected to decline further, we can no longer be considered a high-cost producer. In fact, the rate at which we are reducing our costs and the extent of these reductions make us a clear industry leader. Despite further declines in silver and gold prices during the fourth quarter, our cash and equivalents remained consistent at over $200 million,” said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. "We expect this exciting transition to lead to strong, sustainable free cash flow as we begin mining higher grade material at Palmarejo and Kensington and as we realize the benefit of larger scale, more efficient mining at Rochester due to the significant investments we have made over the past three years.

"Our 2016 guidance is shown at the end of this release. It reflects the ongoing trend of quality production growth at lower costs from our diverse portfolio of five operating mines. Our overall liquidity remains strong and more than sufficient to complete the investments necessary to drive our transition to positive free cash flow later this year. It is also notable that our net debt-to-LTM-EBITDA has declined from 3.8x at the end of the third quarter of 2015 to 2.9x at the end of the fourth quarter due to lower total debt, a stable cash balance, and higher adjusted EBITDA at year-end 2015.

"Recent successful acquisitions have augmented the strong performance from our existing mines. The Wharf gold mine in South Dakota generated nearly $30 million in free cash flow during the ten months we owned it in 2015. At Palmarejo, we have now begun mining the high-grade Independencia silver and gold deposit we consolidated by acquiring Paramount Gold and Silver in April of last year. Together with the Guadalupe deposit located 800 meters away and significant exploration potential, the future of Palmarejo now appears to be very long, bright, and profitable.”

Financial Results

The Company realized average silver and gold prices of $14.27 and $1,093 during the fourth quarter, which were 3% and 2% lower, respectively, compared with the third quarter and 13% and 8% lower, respectively, compared to last year's fourth quarter. For the full year, the Company realized average prices of $15.46 per ounce of silver and $1,143 per ounce of gold, representing declines of 18% and 9%, respectively, compared to 2014.

Fourth quarter revenue increased 1% compared with the third quarter to $164.2 million. Silver contributed 38% of metal sales and gold contributed 62% during the fourth quarter. For the full year, revenue rose 2% to $646.1 million. Silver contributed 40% of metal sales and gold contributed 60% during 2015.

Fourth quarter general and administrative expenses were $8.8 million, 31% higher compared to the third quarter due to timing of professional services and corporate reorganization costs. For the full-year 2015, general and administrative expenses totaled $32.8 million, a 20% decline compared to 2014.

Fourth quarter exploration totaled $2.3 million, including $1.7 million (expensed) for discovery of new silver and gold mineralization and $0.6 million (capitalized) for definition and expansion of mineralized material. These amounts compare to exploration of $2.1 million (expensed) and $1.4 million (capitalized) in the third quarter of 2015. For the full-year 2015 exploration totaled $17.6 million ($11.6 million expensed and $6.0 million capitalized), a 42% reduction from 2014. Highlights from the 2015 program include the expansion of the Guadalupe inferred resource and new discoveries at the Los Bancos and Nación veins at Palmarejo, the initial resource estimate at the Jualin deposit at Kensington, and the definition of new high-grade mineralization at East Rochester.

Fourth quarter net loss was $303.0 million, or $2.28 per share, which included an after-tax non-cash impairment charge of $276.5 million to reduce the carrying values of the Palmarejo and San Bartolomé mines, the Endeavor silver stream, and certain royalties due to lower silver and gold prices. Adjusted net loss¹ was $38.6 million, or $0.27 per share, in the fourth quarter. Full-year 2015 net loss was $367.2 million, or $2.83 per share. Adjusted net loss¹ was $96.6 million, or $0.75 per share.

Fourth quarter cash flow from operating activities was $44.4 million, 23% higher than the third quarter of 2015, and up significantly compared to last year's fourth quarter of $0.7 million. Full-year 2015 cash flow from operating activities totaled $113.5 million, 112% higher than 2014, driven by improved operational efficiencies, cost reductions, and favorable changes in working capital.

Fourth quarter capital expenditures of $30.0 million were 26% higher compared to the third quarter due primarily to higher spending at Kensington for the development of the high-grade Jualin deposit. Full-year capital expenditures were $95.2 million, driven by development of the high-grade Guadalupe and Independencia deposits at Palmarejo, development of the Jualin deposit at Kensington, and the Rochester crusher expansion.

Operations

Highlights of the fourth quarter and full-year 2015 results for each of the Company's operating segments are provided below.

• Fourth quarter adjusted costs applicable to sales per realized silver equivalent ounce¹ were $12.04. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce¹ were $13.48 in the fourth quarter 2015
• Full-year 2015 adjusted costs applicable to sales per realized silver equivalent ounce¹ were $11.81. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce¹ were $13.03, 15% lower than 2014
• Fourth quarter free cash flow before royalties of $14.7 million reached the highest level since the third quarter of 2014 when silver and gold prices averaged $19.46 and $1,260 per ounce. Full-year free cash flow before royalties totaled $16.7 million, despite $36.0 million in capital expenditures during the year
• Recent modifications to the processing plant have significantly improved recovery rates. Fourth quarter recovery rates were 95.4% for silver and 88.8% for gold compared to 80.2% and 78.5%, respectively, during last year's fourth quarter
• Mining and processing of ore from the Independencia deposit has now begun after reaching this new ore body in early January as planned. Mining rates are expected to climb throughout 2016 to 1,000 tons per day by year-end
• With active open pit mining operations to be completed during the first quarter of 2016, underground production levels are expected to increase throughout the year as mining rates from Independencia accelerate. By mid-2017, the Company expects daily underground mining rates to reach a combined 4,000 tons per day from the higher-grade, higher-margin Guadalupe and Independencia deposits
• In 2016, Palmarejo is expected to produce 3.8 - 4.3 million ounces of silver and 67,000 - 72,000 ounces of gold at costs applicable to sales per silver equivalent ounce¹ of $12.50 - $13.50
• 2016 capital expenditures are expected to be approximately $40 million and consist mostly of underground development at Guadalupe and Independencia as well as capitalized exploration drilling intended to convert mineralized material to reserves
• Employee headcount is down 17% to 765 employees compared to the beginning of 2014 when operations began the transition to higher-grade underground mining activities

• Full-year silver equivalent production of 7.8 million ounces increased 13% from 2014, reflecting the second consecutive year of double-digit growth
• Fourth quarter adjusted costs applicable to sales per realized silver equivalent ounce¹ were $11.19, a 3% increase versus the third quarter of 2015 and a 12% decline from last year's fourth quarter. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce¹ were $12.37, up 3% from the third quarter, but down 10% from the fourth quarter of 2014
• Full-year 2015 adjusted costs applicable to sales per realized silver equivalent ounce¹ were $11.27, 18% lower than 2014. Using a 60:1 equivalence, adjusted costs applicable to sales per silver equivalent ounce¹ were $12.36, down 15% compared to 2014 as a result of a greater number of tons placed
• Placed 16.4 million tons under leach during 2015, representing an increase of 11% compared to 2014 and 33% compared to 2013. Anticipate placing nearly 20 million tons under leach in 2016. This increase is due to recent investments made to expand the crushing facility, increase capacity of the existing Stage III leach pad, and upgrade the mining fleet, including the transition from loaders to a hydraulic shovel and the commissioning of a new fleet of 150 ton haul trucks during the first half of 2016
• Approval for POA 10, which will allow for the expansion of the Stage IV leach pad and construction of new Stage V leach pad, is expected in the first half of 2016. Minimal preparatory work for the Stage V leach pad is expected later this year with major construction activity planned for 2017
• In 2016, Rochester is expected to produce 4.7 - 5.2 million ounces of silver and 48,000 - 55,000 ounces of gold at costs applicable to sales per silver equivalent ounce¹ of $11.25 - $12.25
• Capital expenditures in 2016 are expected to be approximately $12 million and will consist mostly preparatory work for the Stage V leach pad as well as capitalized exploration

• All-time high gold production of 126,266 ounces in 2015 at adjusted costs applicable to sale per ounce¹ of $798, the lowest since operations began in 2010
• Fourth quarter adjusted costs applicable to sales per gold ounce¹ of $777 declined 8% compared to the third quarter due to higher grade and a higher recovery rate
• Development the high-grade Jualin deposit remains on-schedule. The decline has now advanced over 2,000 feet, representing nearly 30% of the total required development to reach the ore body
• Underground drilling to increase confidence levels of existing Jualin resource and expand the size of the ore body is expected to begin in the first quarter of 2016
• Implemented ore sorting technology to the mill flow sheet in November to improve recovery rates going forward. Capital investment was $1.8 million and payback expected to be achieved in the second quarter of this year
• In 2016, Kensington is expected to produce 115,000 - 125,000 ounces of gold at costs applicable to sales per gold ounce¹ of $825 - $875
• Capital expenditures in 2016 are estimated to be approximately $30 million and consist mostly of underground development of the Jualin deposit, further development of the Kensington and Raven ore bodies, as well as capitalized exploration

• Fourth quarter production up 38% compared to third quarter of 2015, leading to lower unit costs and a 39% increase in free cash flow to $16.9 million
• Adjusted costs applicable to sales per gold equivalent ounce¹ were $556 in the fourth quarter, a 22% drop compared to the prior quarter, as a result of strong crushing rates and improved process plant efficiencies, which have led to significantly higher plant recovery rates
• Free cash flow³ totaled $28.8 million in 2015 (since acquisition closed in February), making Wharf the Company's largest source of free cash flow
• Gold equivalent production during the ten months of ownership in 2015 totaled 79,061 ounces at average adjusted costs applicable to sales per gold equivalent ounce¹ of $706
• In 2016, Wharf is expected to produce 90,000 - 95,000 ounces of gold at costs applicable to sales per gold equivalent ounce¹ of $650 - $750
• Capital expenditures are expected to be approximately $8 million in 2016, consisting primarily of equipment purchases and capitalized exploration

• Adjusted costs applicable to sales per silver ounce¹ were $12.48 in the fourth quarter, a 13% decline compared to the prior quarter. Full-year 2015 costs applicable to sales per silver equivalent ounce¹ were $13.63, 5% lower than 2014
• Free cash flow³ of $7.5 million in the fourth quarter almost doubled from the third quarter
• Coeur recently increased its purchases of higher-grade, lower-cost ore from local sources to supplement tonnage from ongoing mining activities. Approximately 30% of fourth quarter silver production was derived from third-party ore purchases, and Coeur expects the proportion to remain around 25 - 30% in 2016
• Full-year 2015 silver production totaled 5.4 million ounces at adjusted costs applicable to sales of $13.63 per ounce¹
• In 2016, San Bartolomé is expected to produce 5.7 - 6.0 million ounces of silver at costs applicable to sales per silver ounce¹ of $13.50 - $14.25
• Capital expenditures in 2016 are expected to be approximately $6 million mostly for ongoing tailings impoundment expansion activities

• There are five cash-flowing royalties and streams, two non-cash-flowing royalties, and several investments in junior mining companies held in Coeur Capital or its affiliates
• Coeur Capital's largest source of cash flow is the silver stream on the Endeavor mine in New South Wales, Australia in which the Company owns 100% of the silver up to a total of 20.0 million payable ounces. At December 31, 2015, the Company has received 6.1 million ounces

Exploration

Fourth quarter exploration totaled $2.3 million and resulted in the completion of 8,986 feet (2,739 meters) of combined core and reverse circular drilling. Exploration expense was $1.7 million and capitalized drilling was $0.6 million.

For the full-year 2015, exploration totaled $17.6 million, 42% lower than 2014, and resulted in 273,824 feet (83,483 meters) of drilling. Exploration expense was $11.6 million and capitalized drilling was $6.0 million.

Exploration continues to be driven by the focus on the discovery of high-grade deposits located near existing operations. Highlights from 2015 exploration activities include:

• Palmarejo exploration included $4.7 million of expensed exploration and $2.1 million capitalized. The 2015 surface drilling program discovered the thickest, highest-grade silver-gold mineralization recorded to date in the deeper portions of the Guadalupe resource. With the construction of the twin declines from Guadalupe to Independencia, new discoveries at the Los Bancos and Nación veins were drilled
• Expensed exploration at Rochester was $1.3 million for testing areas east of the Packard Pit and East Rochester. A new zone of high-grade silver and gold mineralization was discovered at East Rochester, the economic implications of which are expected to be evaluated in 2016. Capitalized exploration totaled $1.6 million for infill drilling within the Rochester pit
• Expensed exploration at Kensington totaled $2.6 million and resulted in an initial resource estimate at the Jualin deposit, which was disclosed in a preliminary economic assessment in April 2015. The discovery and subsequent analysis demonstrates the robust nature of the grades at this deposit, which are three times that of the average reserve gold grades. On the back of the Jualin discovery, Raven and other veins in the district have been prioritized for future exploration. Capitalized drilling totaled $1.4 million to further define and expand the Raven vein and deeper portions of the main Kensington ore body

Exploration expense is expected to total $11 - $13 million in 2016, with an additional $11 - $13 million of capital allocated to resource conversion. Priorities for 2016 include:

• Expanding resources in the Guadalupe-Independencia corridor, including the recently identified Los Bancos and Nación veins, as well as drilling at the nearby La Bavisa and Dana veins
• Infill and expansion drilling of high grade East Rochester discovery, which will be the focus of a revised economic analysis in 2016
• Infill and expansion underground drilling of the Jualin Vein #4 deposit at Kensington following encouraging drill results. Additionally, underground drilling will further test a new vein, Vein #5, located beneath Vein #4 at Jualin where gold grades and thickness are believed to be very similar to Vein #4

The Company will continue to use a success-based approach to evaluate exploration priorities on an ongoing basis.

Full-Year 2016 Outlook

• Production is expected to be 14.6 - 16.0 million ounces of silver and 320,000 - 347,000 ounces of gold, or 33.8 - 36.8 million silver equivalent ounces¹
• Costs applicable to sales per silver equivalent ounce¹ are expected to be $12.50 - $13.50 at Palmarejo, $11.25 - $12.25 at Rochester, and $13.50 - $14.25 at San Bartolomé
• Costs applicable to sales per gold ounce are expected to be $825 - $875 at Kensington and $650 - $750 per gold equivalent ounce¹ at Wharf
• All-in sustaining costs are expected to be $16.00 - $17.25 per silver equivalent ounce¹
• Capital expenditures are expected to be $90 - $100 million, including $58 - $64 million of sustaining capital. Capital investment will be higher in the first half of 2016, mostly due to the development of the Guadalupe and Independencia deposits at Palmarejo and development of the Jualin deposit at Kensington
• General and administrative expenses are expected to be $28 - $32 million, a further reduction from 2015
• Expensed exploration is expected to be $11 - $13 million for the discovery of new mineralization. An additional $11 - $13 million is planned for capitalized exploration for the definition and expansion of mineralized material

Conference Call Information

Coeur will conduct a conference call and webcast at www.coeur.com to discuss the Company's fourth quarter and full-year 2015 results on February 11, 2016 at 11:00 a.m. Eastern time.

A replay of the call will be available on Coeur's website through February 25, 2016.

About Coeur

Coeur Mining is the largest U.S.-based silver producer and a significant gold producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. The Company also has a non-operating interest in the Endeavor mine in Australia in addition to royalties on the Cerro Bayo mine in Chile, the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand. In addition, the Company has two silver-gold exploration projects - the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts ongoing exploration activities in Alaska, Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic investment positions in several silver and gold development companies with projects in North and South America.

Cautionary Statement

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding the impact of strategic initiatives to transition to higher-quality, lower-cost production, cash flow liquidity levels, debt levels, returns, anticipated production, costs, capital expenditures, expenses, mining rates, crushing rates, grades, development activity at Palmarejo and Kensington, planned capital and expansion projects at Rochester, equipment commissioning, plans for future ore purchases at San Bartolomé, and exploration efforts. 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 production, cost and expense 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 and silver 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 (including those involving third parties), the uncertainties inherent in the estimation of gold and silver reserves and resources, changes that could result from Coeur's future acquisition of new mining properties or businesses, the absence of control over and reliance on third parties to operate mining operations in which Coeur or its subsidiaries hold royalty or streaming interests and risks related to these mining operations including results of mining and exploration activities, environmental, economic and political risks of the jurisdiction in which the mining operations are located, the loss of access to any third-party smelter to which Coeur markets silver and gold, 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.

Dana Willis, Coeur's Director, Resource Geology and a qualified person under Canadian National Instrument 43-101, supervised the preparation of 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 adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent 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 adjusted EBITDA, adjusted net income (loss), costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), adjusted costs applicable to sales per silver equivalent ounce, all-in sustaining costs, and adjusted all-in sustaining costs are important measures in assessing the Company's overall financial performance.

Notes

1. Adjusted EBITDA, adjusted net income (loss), all-in sustaining costs, adjusted all-in sustaining costs, costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), and adjusted costs applicable to sales per silver equivalent ounce are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. For purposes of silver and gold equivalence, a 60:1 silver to gold ratio is assumed except where noted as average realized prices.

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

3. Free cash flow is defined as cash flow from operating activities less capital expenditures and royalty payments.