\n| \n (Amounts in millions, except per share amounts, gold\/silver ounces produced & sold, and per-ounce metrics)<\/i><\/b><\/p>\n<\/td>\n | \n 1Q 2021<\/b><\/p>\n<\/td>\n | \n 4Q 2020<\/b><\/p>\n<\/td>\n | \n 3Q 2020<\/b><\/p>\n<\/td>\n | \n 2Q 2020<\/b><\/p>\n<\/td>\n | \n 1Q 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Gold Sales<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 138.3<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n162.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n167.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n127.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n127.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver Sales<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 63.8<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n66.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n62.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n26.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n44.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Consolidated Revenue<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 202.1<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n228.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n229.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n154.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n173.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Costs Applicable to Sales2<\/sup><\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 108.1<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n118.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n112.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n90.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n118.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n General and Administrative Expenses<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 11.6<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n8.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n7.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n8.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n8.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss)<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2.1<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n11.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n26.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(1.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(11.9\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income (Loss) Per Share<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 0.01<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.05\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.11\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.01\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.05\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Net Income (Loss)1<\/sup><\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 13.9<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n19.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n38.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.9\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Net Income (Loss)1 <\/sup>Per Share<\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 0.06<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.08\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.16\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.01\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Weighted Average Shares Outstanding<\/b><\/p>\n<\/td>\n | \n 244.5<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n244.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n243.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n240.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n240.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBITDA1<\/sup><\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 49.7<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n76.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n77.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n35.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n25.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA1<\/sup><\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 65.9<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n84.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n90.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n42.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n46.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash Flow from Operating Activities<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (4.4<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n67.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n79.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n9.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(8.0\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Capital Expenditures<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 59.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n37.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n23.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n16.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n22.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Free Cash Flow1<\/sup><\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n (63.8<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n29.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n56.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(6.7\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(30.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash, Equivalents & Short-Term Investments<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 154.1<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n92.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n77.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n70.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n52.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Debt3<\/sup><\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 412.1<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n275.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n301.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n348.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n343.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average Realized Price Per Ounce \u2013 Gold<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,664<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,663\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,754\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,641\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,490\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average Realized Price Per Ounce \u2013 Silver<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 26.19<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n24.21\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n24.15\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n16.25\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n16.63\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold Ounces Produced<\/b><\/p>\n<\/td>\n | \n 85,225<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n96,377\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n95,995\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n78,229\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n85,077\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver Ounces Produced<\/b><\/p>\n<\/td>\n | \n 2.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold Ounces Sold<\/b><\/p>\n<\/td>\n | \n 83,112<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n97,400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n95,283\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n77,933\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n85,635\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver Ounces Sold<\/b><\/p>\n<\/td>\n | \n 2.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Financial Results<\/b><\/p>\n \nFirst quarter 2021 revenue totaled $202.1 million compared to $228.3 million in the prior period and $173.2 million in the first quarter of 2020. The Company produced 85,225 and 2.4 million ounces of gold and silver, respectively, during the quarter. Metal sales totaled 83,112 ounces of gold and 2.4 million ounces of silver.\n<\/p>\n \nAverage realized gold and silver prices for the quarter were $1,664 and $26.19 per ounce, respectively, compared to $1,663 and $24.21 per ounce in the prior period. Gold and silver sales accounted for 68% and 32% of quarterly revenue, respectively. The Company\u2019s U.S. operations accounted for approximately 60% of first quarter revenue, relatively consistent with the prior period.\n<\/p>\n \nCosts applicable to sales2<\/sup> decreased 9% quarter-over-quarter to $108.1 million, largely due to lower production in the period as well as a non-cash adjustment at Rochester in the prior quarter. General and administrative expenses for the quarter totaled $11.6 million compared to $8.4 million in the prior period, reflecting higher employee-related expenses including increased costs related to annual incentive payments.\n<\/p>\n\nCoeur invested approximately $14.9 million ($9.7 million expensed and $5.2 million capitalized) in exploration during the quarter, compared to roughly $14.5 million ($11.6 million expensed and $2.9 million capitalized) in the fourth quarter of 2020. Slightly higher exploration investment was driven by a greater allocation to capitalized infill drilling quarter-over-quarter. See the \u201cOperations\u201d and \u201cExploration\u201d sections for additional detail on the Company\u2019s exploration activities.\n<\/p>\n \nOperating costs related to COVID-19 mitigation and response efforts totaled $3.0 million during the first quarter, compared to $5.1 million in the prior period. These costs were primarily driven by employee-related expenses at Kensington and Palmarejo, and are included in \u201cPre-development, reclamation, and other expenses\u201d on the Company\u2019s income statement. Coeur continues to implement and maintain rigorous health and safety protocols across its operations and in surrounding communities aimed at limiting the exposure and transmission of COVID-19 while minimizing business interruptions.\n<\/p>\n \nCoeur recorded an income tax expense of $12.8 million during the first quarter. Cash income and mining taxes paid during the period totaled approximately $26.7 million, including the annual payment of the Mexican mining royalty tax of $9.6 million.\n<\/p>\n \nQuarterly operating cash flow totaled $(4.4) million compared to $67.3 million in the prior period, largely driven by lower metal sales, higher cash taxes and unfavorable changes in working capital. Changes in working capital during the quarter were $(45.9) million, compared to $8.8 million in the prior period, reflecting the timing of Mexican tax payments as well as the build-up of inventories primarily related to leach pads. First quarter operating cash flow also includes a cash outflow of $7.9 million associated with the Company\u2019s prepayment agreement at Kensington. Coeur expects the remaining $7.1 million cash outflow under the arrangement to occur in the second quarter.\n<\/p>\n \nCapital expenditures during the first quarter were $59.4 million compared to $37.4 million in the prior period, reflecting increased investment across the Company\u2019s portfolio. Investment related to the POA 11 expansion at Rochester totaled $28.1 million during the quarter, compared to $14.8 million in the fourth quarter of 2020. Sustaining and development capital expenditures accounted for approximately 43% and 57%, respectively, of the Company\u2019s total capital investment during the quarter.\n<\/p>\n Balance Sheet Update <\/b><\/p>\n \nCoeur continued to prudently manage its balance sheet during the first quarter of 2021. The Company successfully refinanced $230.0 million in aggregate principal outstanding of its 5.875% senior notes due 2024 with $375.0 million of 5.125% senior notes due 2029. The Company also extended the maturity of its $300.0 million RCF from October 2022 to March 2025. Together, these initiatives strengthened Coeur\u2019s financial flexibility ahead of the next two years of expected capital intensity. Coeur ended the quarter with total debt3<\/sup> of $412.1 million and cash and cash equivalents of $154.1 million.\n<\/p>\nHedging Update<\/b><\/p>\n \nThe Company did not execute any additional zero-cost collar (\u201cZCC\u201d) hedges during the first quarter. Coeur\u2019s hedging strategy remains focused on supporting cash flow generation during the POA 11 expansion project at Rochester, which the Company expects to fund with a combination of cash on hand, internally generated cash flow and debt capacity.\n<\/p>\n \nCoeur previously completed its gold hedging program for 2021 and will proactively monitor market conditions to potentially layer in additional ZCC hedges on up to 50% of expected gold production in 2022. The Company\u2019s silver price exposure remains unhedged. An overview of the hedges currently implemented is outlined below:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2021<\/b><\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGold Ounces Hedged\n<\/p>\n<\/td>\n | \n \n119,025\n<\/p>\n<\/td>\n | \n \n126,000\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAvg. Ceiling ($\/oz)\n<\/p>\n<\/td>\n | \n \n$1,877\n<\/p>\n<\/td>\n | \n \n$2,030\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAvg. Floor ($\/oz)\n<\/p>\n<\/td>\n | \n \n$1,600\n<\/p>\n<\/td>\n | \n \n$1,626\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Rochester Expansion<\/b><\/p>\n \nCoeur began major construction activities on the POA 11 expansion project at Rochester in January 2021, including excavation of areas for the Merrill-Crowe process plant and crusher corridor. Project-specific offices and supporting infrastructure have been completed and are operational. At the end of the first quarter, Coeur and SNC-Lavalin (engineering, procurement and project management contractor) substantially completed detailed design work for the expansion project, and almost all of the equipment procurement and service arrangements have been committed. The Company had over $300.0 million of capital committed to the expansion project, including 72 executed contracts valued at approximately $290.0 million as of March 31, 2021. Overall project progress was approximately 20% complete at the end of the quarter.\n<\/p>\n \nOver the coming quarters, Coeur expects to remain focused on safely delivering the project with placement of over-liner material for the Stage VI leach pad, mobilization of a cement batch plant, construction of a new high-voltage power line and initiation of electrical substation upgrades planned mid-year. Additionally, structural steel erection for the crusher corridor is expected to begin in early 2022.\n<\/p>\n \nKey elements of the project timeline remain on schedule and are highlighted below:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Expected Start Date<\/b><\/p>\n<\/td>\n | \n Target Completion Date<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLeach Pad (Incl. Ancillary Facilities)\n<\/p>\n<\/td>\n | \n \n2H 2020 \u2713\n<\/p>\n<\/td>\n | \n \nMid-2022\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMerrill-Crowe Process Plant\n<\/p>\n<\/td>\n | \n \n1H 2021 \u2713\n<\/p>\n<\/td>\n | \n \nYE 2022\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCrushing Circuit\n<\/p>\n<\/td>\n | \n \n1H 2021 \u2713\n<\/p>\n<\/td>\n | \n \nYE 2022\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSupporting Infrastructure\n<\/p>\n<\/td>\n | \n \n2H 2020 \u2713\n<\/p>\n<\/td>\n | \n \nMid-2022\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operations <\/b><\/p>\n \nFirst quarter 2021 highlights for each of the Company\u2019s operations are provided below.\n<\/p>\n Palmarejo, Mexico<\/b><\/p>\n\n\n| \n (Dollars in millions, except per ounce amounts)<\/i><\/b><\/p>\n<\/td>\n | \n 1Q 2021<\/b><\/p>\n<\/td>\n | \n 4Q 2020<\/b><\/p>\n<\/td>\n | \n 3Q 2020<\/b><\/p>\n<\/td>\n | \n 2Q 2020<\/b><\/p>\n<\/td>\n | \n 1Q 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Tons milled<\/b><\/p>\n<\/td>\n | \n 484,390<\/b><\/p>\n<\/td>\n | \n \n509,848\n<\/p>\n<\/td>\n | \n \n492,474\n<\/p>\n<\/td>\n | \n \n269,641\n<\/p>\n<\/td>\n | \n \n479,562\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average gold grade (oz\/t)<\/b><\/p>\n<\/td>\n | \n 0.06<\/b><\/p>\n<\/td>\n | \n \n0.08\n<\/p>\n<\/td>\n | \n \n0.07\n<\/p>\n<\/td>\n | \n \n0.07\n<\/p>\n<\/td>\n | \n \n0.07\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average silver grade (oz\/t)<\/b><\/p>\n<\/td>\n | \n 4.07<\/b><\/p>\n<\/td>\n | \n \n4.30\n<\/p>\n<\/td>\n | \n \n4.37\n<\/p>\n<\/td>\n | \n \n4.46\n<\/p>\n<\/td>\n | \n \n4.69\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average recovery rate \u2013 Au<\/b><\/p>\n<\/td>\n | \n 95.7%<\/b><\/p>\n<\/td>\n | \n \n88.9%\n<\/p>\n<\/td>\n | \n \n91.3%\n<\/p>\n<\/td>\n | \n \n86.0%\n<\/p>\n<\/td>\n | \n \n91.6%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average recovery rate \u2013 Ag<\/b><\/p>\n<\/td>\n | \n 81.3%<\/b><\/p>\n<\/td>\n | \n \n81.3%\n<\/p>\n<\/td>\n | \n \n82.8%\n<\/p>\n<\/td>\n | \n \n72.2%\n<\/p>\n<\/td>\n | \n \n81.5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces produced<\/b><\/p>\n<\/td>\n | \n 28,605<\/b><\/p>\n<\/td>\n | \n \n34,511\n<\/p>\n<\/td>\n | \n \n29,296\n<\/p>\n<\/td>\n | \n \n15,223\n<\/p>\n<\/td>\n | \n \n31,578\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver ounces produced (000\u2019s)<\/b><\/p>\n<\/td>\n | \n 1,603<\/b><\/p>\n<\/td>\n | \n \n1,783\n<\/p>\n<\/td>\n | \n \n1,784\n<\/p>\n<\/td>\n | \n \n867\n<\/p>\n<\/td>\n | \n \n1,835\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces sold<\/b><\/p>\n<\/td>\n | \n 25,687<\/b><\/p>\n<\/td>\n | \n \n35,359\n<\/p>\n<\/td>\n | \n \n27,252\n<\/p>\n<\/td>\n | \n \n16,924\n<\/p>\n<\/td>\n | \n \n31,287\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver ounces sold (000\u2019s)<\/b><\/p>\n<\/td>\n | \n 1,638<\/b><\/p>\n<\/td>\n | \n \n1,767\n<\/p>\n<\/td>\n | \n \n1,765\n<\/p>\n<\/td>\n | \n \n875\n<\/p>\n<\/td>\n | \n \n1,895\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average realized price per gold ounce<\/b><\/p>\n<\/td>\n | \n $1,462<\/b><\/p>\n<\/td>\n | \n \n$1,395\n<\/p>\n<\/td>\n | \n \n$1,446\n<\/p>\n<\/td>\n | \n \n$1,399\n<\/p>\n<\/td>\n | \n \n$1,331\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average realized price per silver ounce<\/b><\/p>\n<\/td>\n | \n $26.12<\/b><\/p>\n<\/td>\n | \n \n$24.45\n<\/p>\n<\/td>\n | \n \n$23.98\n<\/p>\n<\/td>\n | \n \n$16.35\n<\/p>\n<\/td>\n | \n \n$17.25\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Metal sales<\/b><\/p>\n<\/td>\n | \n $80.3<\/b><\/p>\n<\/td>\n | \n \n$92.5\n<\/p>\n<\/td>\n | \n \n$81.8\n<\/p>\n<\/td>\n | \n \n$38.0\n<\/p>\n<\/td>\n | \n \n$74.3\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Costs applicable to sales2<\/sup><\/b><\/p>\n<\/td>\n| \n $34.0<\/b><\/p>\n<\/td>\n | \n \n$36.1\n<\/p>\n<\/td>\n | \n \n$34.3\n<\/p>\n<\/td>\n | \n \n$18.8\n<\/p>\n<\/td>\n | \n \n$36.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted CASper AuOz1<\/sup><\/b><\/p>\n<\/td>\n| \n $621<\/b><\/p>\n<\/td>\n | \n \n$542\n<\/p>\n<\/td>\n | \n \n$602\n<\/p>\n<\/td>\n | \n \n$686\n<\/p>\n<\/td>\n | \n \n$645\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted CASper AgOz1<\/sup><\/b><\/p>\n<\/td>\n| \n $10.98<\/b><\/p>\n<\/td>\n | \n \n$9.61\n<\/p>\n<\/td>\n | \n \n$10.06\n<\/p>\n<\/td>\n | \n \n$8.13\n<\/p>\n<\/td>\n | \n \n$8.37\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Exploration expense<\/b><\/p>\n<\/td>\n | \n $1.7<\/b><\/p>\n<\/td>\n | \n \n$2.6\n<\/p>\n<\/td>\n | \n \n$2.0\n<\/p>\n<\/td>\n | \n \n$0.9\n<\/p>\n<\/td>\n | \n \n$1.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash flow from operating activities<\/b><\/p>\n<\/td>\n | \n $13.2<\/b><\/p>\n<\/td>\n | \n \n$43.2\n<\/p>\n<\/td>\n | \n \n$49.7\n<\/p>\n<\/td>\n | \n \n$(3.5)\n<\/p>\n<\/td>\n | \n \n$28.9\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Sustaining capital expenditures (excludes capital lease payments)<\/b><\/p>\n<\/td>\n | \n $10.0<\/b><\/p>\n<\/td>\n | \n \n$9.0\n<\/p>\n<\/td>\n | \n \n$4.9\n<\/p>\n<\/td>\n | \n \n$4.5\n<\/p>\n<\/td>\n | \n \n$7.1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Development capital expenditures<\/b><\/p>\n<\/td>\n | \n $\u2014<\/b><\/p>\n<\/td>\n | \n \n$(0.1)\n<\/p>\n<\/td>\n | \n \n$0.1\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total capital expenditures<\/b><\/p>\n<\/td>\n | \n $10.0<\/b><\/p>\n<\/td>\n | \n \n$8.9\n<\/p>\n<\/td>\n | \n \n$5.0\n<\/p>\n<\/td>\n | \n \n$4.5\n<\/p>\n<\/td>\n | \n \n$7.1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Free cash flow1<\/sup><\/b><\/p>\n<\/td>\n| \n $3.2<\/b><\/p>\n<\/td>\n | \n \n$34.3\n<\/p>\n<\/td>\n | \n \n$44.7\n<\/p>\n<\/td>\n | \n \n$(8.0)\n<\/p>\n<\/td>\n | \n \n$21.8\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operational<\/i><\/p>\n\n- \nFirst quarter gold and silver production totaled 28,605 and 1.6 million ounces, respectively, compared to 34,511 and 1.8 million ounces in the prior period and 31,578 and 1.8 million ounces in the first quarter of 2020\n<\/li>\n
- \nGold and silver production was impacted by a 5% decrease in mill throughput quarter-over-quarter, driven by a change in mine sequencing due to geotechnically-challenging conditions as well as lower average grades. First quarter recovery rates benefited from a drawdown of in-circuit inventory\n<\/li>\n<\/ul>\n
Financial<\/i><\/p>\n\n- \nFirst quarter adjusted CAS1<\/sup> for gold and silver on a co-product basis increased 15% and 14% to $621 and $10.98 per ounce, respectively, compared to the prior quarter, largely driven by a decrease in average grades\n<\/li>\n
- \nCapital expenditures increased 12% quarter-over-quarter to $10.0 million, reflecting higher planned mine development and equipment purchases\n<\/li>\n
- \nFree cash flow1<\/sup> in the first quarter totaled $3.2 million compared to $34.3 million in the prior period, driven by the payment of cash income and mining taxes totaling $25.1 million as well as lower metal sales quarter-over-quarter\n<\/li>\n<\/ul>\n
Exploration<\/i><\/p>\n\n- \nExploration investment for the first quarter totaled approximately $3.0 million ($1.7 million expensed and $1.3 million capitalized), compared to roughly $3.7 million ($2.6 million expensed and $1.1 million capitalized) in the prior period\n<\/li>\n
- \nUp to seven surface and underground core rigs were active during the quarter following the success of both expansion and infill drilling during late 2020. A total of approximately 54,200 feet (16,525 meters) were drilled during the period, including 16,800 feet (5,125 meters) of expansion and 37,400 feet (11,400 meters) of infill\n<\/li>\n
- \nInfill drilling during the quarter focused on specific zones within the Independencia and Guadalupe deposits. Surface rigs targeted areas of the Hidalgo and La Patria zones as well as the northern portion of the Independencia zone, while underground rigs focused on the southern portion of the Independencia zone\n<\/li>\n
- \nExpansion drilling focused on the Hidalgo, North Independencia and Bavisa North\/Ojito zones, located to the north of the Independencia deposit\n<\/li>\n
- \nExpansion and greenfield target generation is expected to continue moving north and east from the Independencia and Guadalupe deposits\n<\/li>\n
- \nIn parallel, a new initiative to evaluate, target and drill the Guazapares district (located east of the Palmarejo district) was launched with the expectation of drilling to begin in the second half of the year\n<\/li>\n
- \nCoeur plans to maintain seven active drill rigs at Palmarejo, ramping up as needed later in the year\n<\/li>\n<\/ul>\n
Other<\/i><\/p>\n\n- \nApproximately 34% (8,738 ounces) of Palmarejo\u2019s gold sales in the first quarter were sold under its gold stream agreement at a price of $800 per ounce\n<\/li>\n<\/ul>\n
Guidance<\/i><\/p>\n\n- \nFull-year 2021 production is expected to be 100,000 – 110,000 ounces of gold and 6.5 – 7.8 million ounces of silver\n<\/li>\n
- \nCAS1<\/sup> are expected to be $710 – $810 per gold ounce and $11.00 – $12.00 per silver ounce\n<\/li>\n
- \nCapital expenditures are expected to be approximately $40 – $45 million\n<\/li>\n<\/ul>\n
Rochester, Nevada<\/b><\/p>\n\n\n| \n (Dollars in millions, except per ounce amounts)<\/i><\/b><\/p>\n<\/td>\n | \n 1Q 2021<\/b><\/p>\n<\/td>\n | \n 4Q 2020<\/b><\/p>\n<\/td>\n | \n 3Q 2020<\/b><\/p>\n<\/td>\n | \n 2Q 2020<\/b><\/p>\n<\/td>\n | \n 1Q 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Ore tons placed<\/b><\/p>\n<\/td>\n | \n 3,240,917<\/b><\/p>\n<\/td>\n | \n \n4,000,889\n<\/p>\n<\/td>\n | \n \n4,523,767\n<\/p>\n<\/td>\n | \n \n3,743,331\n<\/p>\n<\/td>\n | \n \n3,428,578\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average silver grade (oz\/t)<\/b><\/p>\n<\/td>\n | \n 0.45<\/b><\/p>\n<\/td>\n | \n \n0.53\n<\/p>\n<\/td>\n | \n \n0.49\n<\/p>\n<\/td>\n | \n \n0.51\n<\/p>\n<\/td>\n | \n \n0.57\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average gold grade (oz\/t)<\/b><\/p>\n<\/td>\n | \n 0.003<\/b><\/p>\n<\/td>\n | \n \n0.002\n<\/p>\n<\/td>\n | \n \n0.002\n<\/p>\n<\/td>\n | \n \n0.002\n<\/p>\n<\/td>\n | \n \n0.002\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver ounces produced (000\u2019s)<\/b><\/p>\n<\/td>\n | \n 774<\/b><\/p>\n<\/td>\n | \n \n1,020\n<\/p>\n<\/td>\n | \n \n740\n<\/p>\n<\/td>\n | \n \n728\n<\/p>\n<\/td>\n | \n \n687\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces produced<\/b><\/p>\n<\/td>\n | \n 6,904<\/b><\/p>\n<\/td>\n | \n \n9,590\n<\/p>\n<\/td>\n | \n \n6,462\n<\/p>\n<\/td>\n | \n \n5,159\n<\/p>\n<\/td>\n | \n \n5,936\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver ounces sold (000\u2019s)<\/b><\/p>\n<\/td>\n | \n 771<\/b><\/p>\n<\/td>\n | \n \n912\n<\/p>\n<\/td>\n | \n \n786\n<\/p>\n<\/td>\n | \n \n724\n<\/p>\n<\/td>\n | \n \n632\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces sold<\/b><\/p>\n<\/td>\n | \n 6,934<\/b><\/p>\n<\/td>\n | \n \n8,672\n<\/p>\n<\/td>\n | \n \n6,834\n<\/p>\n<\/td>\n | \n \n5,278\n<\/p>\n<\/td>\n | \n \n5,473\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average realized price per silver ounce<\/b><\/p>\n<\/td>\n | \n $26.34<\/b><\/p>\n<\/td>\n | \n \n$24.35\n<\/p>\n<\/td>\n | \n \n$24.49\n<\/p>\n<\/td>\n | \n \n$16.11\n<\/p>\n<\/td>\n | \n \n$16.99\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average realized price per gold ounce<\/b><\/p>\n<\/td>\n | \n $1,794<\/b><\/p>\n<\/td>\n | \n \n$1,825\n<\/p>\n<\/td>\n | \n \n$1,882\n<\/p>\n<\/td>\n | \n \n$1,702\n<\/p>\n<\/td>\n | \n \n$1,583\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Metal sales<\/b><\/p>\n<\/td>\n | \n $32.8<\/b><\/p>\n<\/td>\n | \n \n$38.2\n<\/p>\n<\/td>\n | \n \n$32.1\n<\/p>\n<\/td>\n | \n \n$20.6\n<\/p>\n<\/td>\n | \n \n$19.4\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Costs applicable to sales2<\/sup><\/b><\/p>\n<\/td>\n| \n $24.0<\/b><\/p>\n<\/td>\n | \n \n$31.7\n<\/p>\n<\/td>\n | \n \n$19.1\n<\/p>\n<\/td>\n | \n \n$18.3\n<\/p>\n<\/td>\n | \n \n$17.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted CASper AgOz1<\/sup><\/b><\/p>\n<\/td>\n| \n $19.07<\/b><\/p>\n<\/td>\n | \n \n$20.18\n<\/p>\n<\/td>\n | \n \n$14.98\n<\/p>\n<\/td>\n | \n \n$13.75\n<\/p>\n<\/td>\n | \n \n$14.38\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted CASper AuOz1<\/sup><\/b><\/p>\n<\/td>\n| \n $1,300<\/b><\/p>\n<\/td>\n | \n \n$1,537\n<\/p>\n<\/td>\n | \n \n$1,148\n<\/p>\n<\/td>\n | \n \n$1,481\n<\/p>\n<\/td>\n | \n \n$1,359\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Exploration expense<\/b><\/p>\n<\/td>\n | \n $0.5<\/b><\/p>\n<\/td>\n | \n \n$0.8\n<\/p>\n<\/td>\n | \n \n$0.5\n<\/p>\n<\/td>\n | \n \n$1.8\n<\/p>\n<\/td>\n | \n \n$0.2\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash flow from operating activities<\/b><\/p>\n<\/td>\n | \n $(8.7)<\/b><\/p>\n<\/td>\n | \n \n$4.7\n<\/p>\n<\/td>\n | \n \n$2.1\n<\/p>\n<\/td>\n | \n \n$(5.6)\n<\/p>\n<\/td>\n | \n \n$(9.3)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Sustaining capital expenditures (excludes capital lease payments)<\/b><\/p>\n<\/td>\n | \n $2.0<\/b><\/p>\n<\/td>\n | \n \n$2.9\n<\/p>\n<\/td>\n | \n \n$2.5\n<\/p>\n<\/td>\n | \n \n$1.5\n<\/p>\n<\/td>\n | \n \n$0.1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Development capital expenditures<\/b><\/p>\n<\/td>\n | \n $28.2<\/b><\/p>\n<\/td>\n | \n \n$13.9\n<\/p>\n<\/td>\n | \n \n$7.3\n<\/p>\n<\/td>\n | \n \n$4.3\n<\/p>\n<\/td>\n | \n \n$5.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total capital expenditures<\/b><\/p>\n<\/td>\n | \n $30.2<\/b><\/p>\n<\/td>\n | \n \n$16.8\n<\/p>\n<\/td>\n | \n \n$9.8\n<\/p>\n<\/td>\n | \n \n$5.8\n<\/p>\n<\/td>\n | \n \n$5.1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Free cash flow1<\/sup><\/b><\/p>\n<\/td>\n| \n $(38.9)<\/b><\/p>\n<\/td>\n | \n \n$(12.1)\n<\/p>\n<\/td>\n | \n \n$(7.7)\n<\/p>\n<\/td>\n | \n \n$(11.4)\n<\/p>\n<\/td>\n | \n \n$(14.4)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operational <\/i><\/p>\n\n- \nSilver and gold production during the quarter totaled 0.8 million and 6,904 ounces, respectively, compared to 1.0 million and 9,590 ounces in the fourth quarter of 2020. Year-over-year silver and gold production increased 13% and 16%, respectively\n<\/li>\n
- \nCoeur crushed approximately 30,200 tons per day during the first quarter compared to roughly 34,000 tons per day in the fourth quarter of 2020. Additionally, the Company supplemented placement rates in the quarter by stacking approximately 524,400 tons of run-of-mine material compared to just over 877,000 tons in the prior period\n<\/li>\n
- \nThe Company encountered a new, softer ore type that required changes to crush size and throughput rates to help manage the amount of fine particles, with the ultimate goal of improving leachability and recoveries on the Stage IV leach pad\n<\/li>\n
- \nLower production during the quarter was primarily driven by (i) reduced leaching rates on material placed in the prior period as a result of additional fine particles, (ii) the placement of material on deeper portions of the Stage IV leach pad, (iii) lower average silver grade consistent with the mine plan, and (iv) lower placement rates. Approximately 65,000 ounces of silver were held as work-in-process inventory at the end of the period and are expected to be recovered in the second quarter\n<\/li>\n
- \nThe Company is executing the swap out of the secondary crushing unit during the month of April and plans to complete the fourth phase of its inter-lift liner strategy around mid-year. Both projects are aimed at de-risking the execution of POA 11 and further improving recovery rates on the Stage IV leach pad\n<\/li>\n<\/ul>\n
Financial<\/i><\/p>\n\n- \nFirst quarter adjusted CAS1<\/sup> for silver and gold on a co-product basis decreased 6% and 15% quarter-over-quarter, respectively, to $19.07 and $1,300 per ounce, primarily driven by a non-cash adjustment of approximately $7.2 million in the prior period related to a change in the Company\u2019s recovery rate assumption on the Stage IV leach pad as well as lower production levels and fewer ounces sold during the quarter\n<\/li>\n
- \nCapital expenditures increased 80% quarter-over-quarter to $30.2 million, largely due to the commencement of major construction on the POA 11 expansion project\n<\/li>\n
- \nFree cash flow1<\/sup> in the first quarter totaled $(38.9) million, compared to $(12.1) million in the prior period, largely driven by higher capital expenditures and lower metal sales\n<\/li>\n<\/ul>\n
Exploration<\/i><\/p>\n\n- \nQuarterly exploration investment totaled approximately $0.7 million ($0.5 million expensed and $0.2 million capitalized), compared to roughly $1.2 million ($0.8 million expensed and $0.4 million capitalized) in the prior period\n<\/li>\n
- \nOne reverse circulation rig continued drilling the northern portion of East Rochester as well as North Rochester and East Packard during the quarter. A total of approximately 8,900 feet (2,700 meters) were drilled during the period, primarily focused on resource expansion\n<\/li>\n
- \nThe Company believes there is significant potential for resource growth both north and south of East Rochester and at North Rochester. Coeur continues to receive assay results that were not included in the updated technical report filed in December 2020, and expects to incorporate these results in its year-end 2021 reserves and resources\n<\/li>\n
- \nFor the remainder of the year, Coeur plans to ramp up exploration activities at Rochester with at least three rigs focusing on infill drilling in the Rochester and Packard pits as well as expansion drilling at North Rochester, the southern portion of East Rochester and East Packard. Separately, Coeur also plans to mobilize two rigs towards the end of the second quarter to conduct infill drilling at the Lincoln Hill zone and expansion drilling at the Gold Ridge zone, both located immediately west of Rochester\n<\/li>\n<\/ul>\n
Guidance<\/i><\/p>\n\n- \nFull-year 2021 production is expected to be 3.2 – 4.4 million ounces of silver and 22,500 – 32,500 ounces of gold\n<\/li>\n
- \nCAS1<\/sup> in 2021 are expected to be $15.00 – $17.00 per silver ounce and $1,180 – $1,330 per gold ounce\n<\/li>\n
- \nCapital expenditures are expected to be approximately $155 – $195 million\n<\/li>\n<\/ul>\n
Kensington, Alaska<\/b><\/p>\n\n\n| \n (Dollars in millions, except per ounce amounts)<\/i><\/b><\/p>\n<\/td>\n | \n 1Q 2021<\/b><\/p>\n<\/td>\n | \n 4Q 2020<\/b><\/p>\n<\/td>\n | \n 3Q 2020<\/b><\/p>\n<\/td>\n | \n 2Q 2020<\/b><\/p>\n<\/td>\n | \n 1Q 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Tons milled<\/b><\/p>\n<\/td>\n | \n 170,358<\/b><\/p>\n<\/td>\n | \n \n179,636\n<\/p>\n<\/td>\n | \n \n163,276\n<\/p>\n<\/td>\n | \n \n170,478\n<\/p>\n<\/td>\n | \n \n162,341\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average gold grade (oz\/t)<\/b><\/p>\n<\/td>\n | \n 0.19<\/b><\/p>\n<\/td>\n | \n \n0.20\n<\/p>\n<\/td>\n | \n \n0.18\n<\/p>\n<\/td>\n | \n \n0.21\n<\/p>\n<\/td>\n | \n \n0.21\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average recovery rate<\/b><\/p>\n<\/td>\n | \n 93.2%<\/b><\/p>\n<\/td>\n | \n \n93.0%\n<\/p>\n<\/td>\n | \n \n93.7%\n<\/p>\n<\/td>\n | \n \n92.0%\n<\/p>\n<\/td>\n | \n \n93.5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces produced<\/b><\/p>\n<\/td>\n | \n 30,681<\/b><\/p>\n<\/td>\n | \n \n32,990\n<\/p>\n<\/td>\n | \n \n26,797\n<\/p>\n<\/td>\n | \n \n33,058\n<\/p>\n<\/td>\n | \n \n32,022\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces sold<\/b><\/p>\n<\/td>\n | \n 31,595<\/b><\/p>\n<\/td>\n | \n \n31,830\n<\/p>\n<\/td>\n | \n \n27,815\n<\/p>\n<\/td>\n | \n \n32,367\n<\/p>\n<\/td>\n | \n \n32,781\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average realized price per gold ounce, gross<\/b><\/p>\n<\/td>\n | \n $1,754<\/b><\/p>\n<\/td>\n | \n \n$1,837\n<\/p>\n<\/td>\n | \n \n$1,917\n<\/p>\n<\/td>\n | \n \n$1,762\n<\/p>\n<\/td>\n | \n \n$1,603\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Treatment and refining charges per gold ounce<\/b><\/p>\n<\/td>\n | \n $30<\/b><\/p>\n<\/td>\n | \n \n$37\n<\/p>\n<\/td>\n | \n \n$35\n<\/p>\n<\/td>\n | \n \n$57\n<\/p>\n<\/td>\n | \n \n$27\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average realized price per gold ounce, net<\/b><\/p>\n<\/td>\n | \n $1,724<\/b><\/p>\n<\/td>\n | \n \n$1,800\n<\/p>\n<\/td>\n | \n \n$1,882\n<\/p>\n<\/td>\n | \n \n$1,705\n<\/p>\n<\/td>\n | \n \n$1,576\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Metal sales<\/b><\/p>\n<\/td>\n | \n $54.5<\/b><\/p>\n<\/td>\n | \n \n$57.2\n<\/p>\n<\/td>\n | \n \n$52.4\n<\/p>\n<\/td>\n | \n \n$55.2\n<\/p>\n<\/td>\n | \n \n$51.7\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Costs applicable to sales2<\/sup><\/b><\/p>\n<\/td>\n| \n $31.4<\/b><\/p>\n<\/td>\n | \n \n$29.3\n<\/p>\n<\/td>\n | \n \n$31.5\n<\/p>\n<\/td>\n | \n \n$30.4\n<\/p>\n<\/td>\n | \n \n$30.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted CAS per AuOz1<\/sup><\/b><\/p>\n<\/td>\n| \n $989<\/b><\/p>\n<\/td>\n | \n \n$919\n<\/p>\n<\/td>\n | \n \n$1,128\n<\/p>\n<\/td>\n | \n \n$934\n<\/p>\n<\/td>\n | \n \n$928\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Prepayment, working capital cash flow<\/b><\/p>\n<\/td>\n | \n $(7.9)<\/b><\/p>\n<\/td>\n | \n \n$5.1\n<\/p>\n<\/td>\n | \n \n$(5.1)\n<\/p>\n<\/td>\n | \n \n$7.0\n<\/p>\n<\/td>\n | \n \n$(7.0)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Exploration expense<\/b><\/p>\n<\/td>\n | \n $1.1<\/b><\/p>\n<\/td>\n | \n \n$0.8\n<\/p>\n<\/td>\n | \n \n$3.4\n<\/p>\n<\/td>\n | \n \n$2.6\n<\/p>\n<\/td>\n | \n \n$1.8\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash flow from operating activities<\/b><\/p>\n<\/td>\n | \n $11.0<\/b><\/p>\n<\/td>\n | \n \n$31.0\n<\/p>\n<\/td>\n | \n \n$9.1\n<\/p>\n<\/td>\n | \n \n$27.8\n<\/p>\n<\/td>\n | \n \n$11.9\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Sustaining capital expenditures (excludes capital lease payments)<\/b><\/p>\n<\/td>\n | \n $7.2<\/b><\/p>\n<\/td>\n | \n \n$5.8\n<\/p>\n<\/td>\n | \n \n$5.3\n<\/p>\n<\/td>\n | \n \n$3.9\n<\/p>\n<\/td>\n | \n \n$4.8\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Development capital expenditures<\/b><\/p>\n<\/td>\n | \n $\u2014<\/b><\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total capital expenditures<\/b><\/p>\n<\/td>\n | \n $7.2<\/b><\/p>\n<\/td>\n | \n \n$5.8\n<\/p>\n<\/td>\n | \n \n$5.3\n<\/p>\n<\/td>\n | \n \n$3.9\n<\/p>\n<\/td>\n | \n \n$4.8\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Free cash flow1<\/sup><\/b><\/p>\n<\/td>\n| \n $3.8<\/b><\/p>\n<\/td>\n | \n \n$25.2\n<\/p>\n<\/td>\n | \n \n$3.8\n<\/p>\n<\/td>\n | \n \n$23.9\n<\/p>\n<\/td>\n | \n \n$7.1\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operational<\/i><\/p>\n\n- \nGold production in the first quarter totaled 30,681 ounces, compared to 32,990 ounces in the prior period and 32,022 ounces in the first quarter of 2020\n<\/li>\n
- \nRelatively lower production during the quarter was driven by a decrease in mill throughput from additional planned mill maintenance as well as slightly lower average grade as the Company developed ore headings and increased stope drilling capacity\n<\/li>\n
- \nJualin accounted for approximately 17% of Kensington\u2019s first quarter production, slightly lower than the prior period of roughly 19%, due to a focus on ore development\n<\/li>\n<\/ul>\n
Financial<\/i><\/p>\n\n- \nAdjusted CAS1<\/sup> increased 8% quarter-over-quarter to $989 per ounce, largely driven by lower average grade as well as higher fuel costs and additional planned mill maintenance\n<\/li>\n
- \nCapital expenditures increased 24% quarter-over-quarter to $7.2 million, primarily due to the timing of payments related to projects in the prior period\n<\/li>\n
- \nFree cash flow1<\/sup> in the first quarter totaled $3.8 million, including cash outflow of $7.9 million associated with the Company\u2019s prepayment agreement at Kensington. Excluding the effect of the prepayment, free cash flow1<\/sup> totaled approximately $11.7 million in the first quarter\n<\/li>\n<\/ul>\n
Exploration<\/i><\/p>\n\n- \nExploration investment in the first quarter totaled approximately $2.1 million ($1.1 million expensed and $1.0 million capitalized), compared to $2.2 million ($0.8 million expensed and $1.4 million capitalized) in the prior quarter\n<\/li>\n
- \nTwo underground core rigs were active during the quarter, drilling from the Elmira development drift established in 2020. A total of approximately 34,700 feet (10,575 meters) were drilled during the period, including 15,900 feet (4,850 meters) of expansion drilling and 18,800 feet (5,725 meters) of infill drilling\n<\/li>\n
- \nInfill drilling during the quarter was primarily focused on the Elmira vein, while also occasionally testing the Johnson vein which the Company considers a resource expansion target\n<\/li>\n
- \nThe two underground rigs are expected to remain active for most of the year, continuing to target the Elmira and Johnson veins. The Company plans to add an additional rig during the second half of 2021 to drill resource expansion targets from surface\n<\/li>\n<\/ul>\n
Guidance<\/i><\/p>\n\n- \nProduction in 2021 is expected to be 115,000 – 130,000 ounces of gold\n<\/li>\n
- \nCAS1<\/sup> in 2021 are expected to be $1,010 – $1,110 per gold ounce\n<\/li>\n
- \nCapital expenditures are expected to be approximately $23 – $30 million\n<\/li>\n<\/ul>\n
Wharf, South Dakota<\/b><\/p>\n\n\n| \n (Dollars in millions, except per ounce amounts)<\/i><\/b><\/p>\n<\/td>\n | \n 1Q 2021<\/b><\/p>\n<\/td>\n | \n 4Q 2020<\/b><\/p>\n<\/td>\n | \n 3Q 2020<\/b><\/p>\n<\/td>\n | \n 2Q 2020<\/b><\/p>\n<\/td>\n | \n 1Q 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Ore tons placed<\/b><\/p>\n<\/td>\n | \n 1,114,043<\/b><\/p>\n<\/td>\n | \n \n1,047,647\n<\/p>\n<\/td>\n | \n \n1,315,542\n<\/p>\n<\/td>\n | \n \n1,401,237\n<\/p>\n<\/td>\n | \n \n946,449\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average gold grade (oz\/t)<\/b><\/p>\n<\/td>\n | \n 0.030<\/b><\/p>\n<\/td>\n | \n \n0.024\n<\/p>\n<\/td>\n | \n \n0.025\n<\/p>\n<\/td>\n | \n \n0.032\n<\/p>\n<\/td>\n | \n \n0.025\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces produced<\/b><\/p>\n<\/td>\n | \n 19,035<\/b><\/p>\n<\/td>\n | \n \n19,286\n<\/p>\n<\/td>\n | \n \n33,440\n<\/p>\n<\/td>\n | \n \n24,789\n<\/p>\n<\/td>\n | \n \n15,541\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver ounces produced (000\u2019s)<\/b><\/p>\n<\/td>\n | \n 26<\/b><\/p>\n<\/td>\n | \n \n33\n<\/p>\n<\/td>\n | \n \n42\n<\/p>\n<\/td>\n | \n \n25\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gold ounces sold<\/b><\/p>\n<\/td>\n | \n 18,896<\/b><\/p>\n<\/td>\n | \n \n21,539\n<\/p>\n<\/td>\n | \n \n33,382\n<\/p>\n<\/td>\n | \n \n23,364\n<\/p>\n<\/td>\n | \n \n16,094\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Silver ounces sold (000\u2019s)<\/b><\/p>\n<\/td>\n | \n 26<\/b><\/p>\n<\/td>\n | \n \n35\n<\/p>\n<\/td>\n | \n \n41\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average realized price per gold ounce<\/b><\/p>\n<\/td>\n | \n $1,791<\/b><\/p>\n<\/td>\n | \n \n$1,835\n<\/p>\n<\/td>\n | \n \n$1,872\n<\/p>\n<\/td>\n | \n \n$1,715\n<\/p>\n<\/td>\n | \n \n$1,592\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Metal sales<\/b><\/p>\n<\/td>\n | \n $34.5<\/b><\/p>\n<\/td>\n | \n \n$40.3\n<\/p>\n<\/td>\n | \n \n$63.5\n<\/p>\n<\/td>\n | \n \n$40.5\n<\/p>\n<\/td>\n | \n \n$25.9\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Costs applicable to sales2<\/sup><\/b><\/p>\n<\/td>\n| \n $18.7<\/b><\/p>\n<\/td>\n | \n \n$21.4\n<\/p>\n<\/td>\n | \n \n$27.9\n<\/p>\n<\/td>\n | \n \n$22.5\n<\/p>\n<\/td>\n | \n \n$17.8\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted CAS per AuOz1<\/sup><\/b><\/p>\n<\/td>\n| \n $952<\/b><\/p>\n<\/td>\n | \n \n$954\n<\/p>\n<\/td>\n | \n \n$804\n<\/p>\n<\/td>\n | \n \n$804\n<\/p>\n<\/td>\n | \n \n$1,090\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Exploration expense<\/b><\/p>\n<\/td>\n | \n $0.1<\/b><\/p>\n<\/td>\n | \n \n$0.3\n<\/p>\n<\/td>\n | \n \n$0.5\n<\/p>\n<\/td>\n | \n \n$0.1\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash flow from operating activities<\/b><\/p>\n<\/td>\n | \n $7.8<\/b><\/p>\n<\/td>\n | \n \n$14.1\n<\/p>\n<\/td>\n | \n \n$39.1\n<\/p>\n<\/td>\n | \n \n$19.1\n<\/p>\n<\/td>\n | \n \n$2.6\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Sustaining capital expenditures (excludes capital lease payments)<\/b><\/p>\n<\/td>\n | \n $0.4<\/b><\/p>\n<\/td>\n | \n \n$1.2\n<\/p>\n<\/td>\n | \n \n$0.5\n<\/p>\n<\/td>\n | \n \n$0.3\n<\/p>\n<\/td>\n | \n \n$0.4\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Development capital expenditures<\/b><\/p>\n<\/td>\n | \n $1.1<\/b><\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n | \n \n$\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total capital expenditures<\/b><\/p>\n<\/td>\n | \n $1.5<\/b><\/p>\n<\/td>\n | \n \n$1.2\n<\/p>\n<\/td>\n | \n \n$0.5\n<\/p>\n<\/td>\n | \n \n$0.3\n<\/p>\n<\/td>\n | \n \n$0.4\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Free cash flow1<\/sup><\/b><\/p>\n<\/td>\n| \n $6.3<\/b><\/p>\n<\/td>\n | \n \n$12.9\n<\/p>\n<\/td>\n | \n \n$38.6\n<\/p>\n<\/td>\n | \n \n$18.8\n<\/p>\n<\/td>\n | \n \n$2.2\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operational <\/i><\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |