Attachment: 8-K



Exhibit 23.1

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Palmarejo complex (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Christopher Pascoe
 
   
Name: Christopher Pascoe
 
   
Title: Senior Director, Technical Services
 





Exhibit 23.2

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Palmarejo complex (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Miller O’Prey
 
   
Name: Miller O’Prey
 
   
Title:  Director Exploration
 

 



Exhibit 23.3

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Palmarejo complex (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Joseph Ruffini
 
   
Name: Joseph Ruffini
 
   
Title:  Manager, Resource Estimation
 





Exhibit 23.4

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Palmarejo complex (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Peter Haarala
 
   
Name: Peter Haarala
 
   
Title: Senior Manager, Mine Planning
 

 



Exhibit 23.5

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Rochester Mine (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Christopher Pascoe
 
   
Name: Christopher Pascoe
 
   
Title: Senior Director, Technical Services
 

 



Exhibit 23.6

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Rochester Mine (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Brandon MacDougall
 
   
Name: Brandon MacDougall
 
   
Title: Engineering Superintendent
 

 



Exhibit 23.7

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Rochester Mine (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Matthew Bradford
 
   
Name: Matthew Bradford
 
   
Title: Geology Superintendent
 

 



Exhibit 23.8
 
Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Rochester Mine (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 

 
By:
/s/ Matthew Hoffer
 

 
Name: Matthew Hoffer
 

 
Title: Senior Manager, Geology
 

 



Exhibit 23.9

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Kensington mine (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Christopher Pascoe
 
   
Name: Christopher Pascoe
 
   
Title:  Senior Director, Technical Services
 

 



Exhibit 23.10

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Kensington mine (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Rae D. Keim
 
   
Name: Rae D. Keim
 
   
Title: Geology Superintendent
 

 



Exhibit 23.11

Consent of Qualified Person
 
The undersigned consents to:

a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Kensington mine (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”);

b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);

c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and

d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

Dated: February 16, 2022
 
   
By:
/s/ Peter Haarala
 
   
Name: Peter Haarala
 
   
Title: Senior Manager, Mine Planning
 

 



Exhibit 23.12

Consent of Qualified Person 
The undersigned consents to: 
 
a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Wharf Operations (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”); 
b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);  
c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and 
d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements. 
 
Dated: February 16, 2022 
   
By:
/s/ Christopher Pascoe
 
     
Name: Christopher Pascoe 
     
Title: Senior Director, Technical Services 

 





Exhibit 23.13

Consent of Qualified Person 
The undersigned consents to: 
 
a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Wharf Operations (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”); 
b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);  
c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and 
d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements. 
 
Dated: February 16, 2022 
     
By:
/s/ Tony Auld
 
     
Name: Tony Auld 
     
Title: Operations Manager 

 



Exhibit 23.14

Consent of Qualified Person 
The undersigned consents to: 
 
a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Wharf Operations (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”); 
b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);  
c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and 
d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements. 
 
Dated: February 16, 2022 
     
By:
/s/ Lindsay Chasten
 
     
Name: Lindsay Chasten 
     
Title: Senior Geologist 





Exhibit 23.15

Consent of Qualified Person 
The undersigned consents to: 
 
a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Wharf Operations (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”); 
b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);  
c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and 
d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements. 
 
Dated: February 16, 2022 
     
By:
/s/ Kenan Sarratt
 
     
Name: Kenan Sarratt 
     
Title: Chief Geologist 





Exhibit 23.16

Consent of Qualified Person 
The undersigned consents to: 
 
a)
The filing of the Technical Report Summary, effective December 31, 2021, with respect to the Wharf Operations (the “TRS”) as an exhibit to this Current Report on Form 8-K (the “Form 8-K”); 
b)
The incorporation by reference of the TRS in the annual report on Form 10-K for Coeur Mining, Inc. for the fiscal year ended December 31, 2021 (the “10-K”), the Registration Statements on Form S-8 (Nos. 333-256016, 033-60163, 033-72524, 333-112253, 333-125903, 333-166907, 333-204142, and 333-224751) and Form S-3 (No. 333-229973) (the “Registration Statements”);  
c)
The use of and references to the undersigned’s name, including the undersigned’s status as an expert or “Qualified Person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in connection with the TRS, Form 8-K, the Form 10-K and the Registration Statements; and 
d)
Any extracts or summaries of the TRS included or incorporated by reference in the Form 8-K, the Form 10-K and the Registration Statements,  and any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by the undersigned, that the undersigned supervised the preparation of and/or that was reviewed and approved by the undersigned, that is included or incorporated by reference in the Form 10-K and the Registration Statements. 
 
Dated: February 16, 2022 
     
By:
/s/ John Key
 
     
Name: John Key 
     
Title: Assistant General Manager/Process Operations Manager 






Exhibit 96.1
 

 
Palmarejo Operations

Mexico

Technical Report Summary


Prepared for:
Coeur Mining, Inc.
Prepared by:
Mr. Christopher Pascoe, RM SME
Mr. Miller O’Prey, P. Geo.
Mr. Peter Haarala, RM SME
Mr. Joseph Ruffini, RM SME
 
Report current as at:
December 31, 2021

Effective Date:  December 31, 2021
   

Palmarejo Operations
Mexico
Technical Report Summary


Date and Signature Page
 
The following Qualified Persons, who are employees of Coeur Mining, Inc. or its subsidiaries,  prepared this technical report summary, entitled “Palmarejo Operations, Mexico, Technical Report Summary” and confirm that the information in the technical report summary is current as at December 31, 2021 and filed on February 16, 2022.
 
/s/ Christopher Pascoe
Christopher Pascoe, RM SME
 
/s/ Miller O’Prey
Miller O’Prey, P. Geo.
 
/s/ Peter Haarala
Peter Haarala, RM SME
 
/s/ Joseph Ruffini
Joseph Ruffini, RM SME

Effective Date:  December 31, 2021
 
Page a

Palmarejo Operations
Mexico
Technical Report Summary


CONTENTS

     
1.0
EXECUTIVE SUMMARY
1-1
1.1
Introduction
1-1
1.2
Terms of Reference
1-1
1.3
Property Setting
1-1
1.4
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
1-2
1.5
Geology and Mineralization
1-2
1.6
History and Exploration
1-3
1.7
Drilling and Sampling
1-4
1.8
Data Verification
1-5
1.9
Metallurgical Testwork
1-5
1.10
Mineral Resource Estimation
1-6
1.10.1
Estimation Methodology
1-6
1.10.2
Mineral Resource Statement
1-7
1.10.3
Factors That May Affect the Mineral Resource Estimate
1-7
1.11
Mineral Reserve Estimation
1-9
1.11.1
Estimation Methodology
1-9
1.11.2
Mineral Reserve Statement
1-9
1.11.3
Factors That May Affect the Mineral Reserve Estimate
1-10
1.12
Mining Methods
1-10
1.13
Recovery Methods
1-12
1.14
Infrastructure
1-12
1.15
Markets and Contracts
1-13
1.15.1
Market Studies
1-13
1.15.2
Commodity Pricing
1-13
1.15.3
Contracts
1-14
1.16
Environmental, Permitting and Social Considerations
1-14
1.16.1
Environmental Studies and Monitoring
1-14
1.16.2
Closure and Reclamation Considerations
1-14
1.16.3
Permitting
1-14
1.16.4
Social Considerations, Plans, Negotiations and Agreements
1-15
1.17
Capital Cost Estimates
1-15
1.18
Operating Cost Estimates
1-15
1.19
Economic Analysis
1-16
1.19.1
Forward-Looking Information Caution
1-16
1.19.2
Methodology and Assumptions
1-17
1.19.3
Economic Analysis
1-17
1.19.4
Sensitivity Analysis
1-17
1.20
Risks and Opportunities
1-18
1.20.1
Risks
1-19
1.20.2
Opportunities
1-19
1.21
Conclusions
1-20
1.22
Recommendations
1-20
2.0
INTRODUCTION
2-1
2.1
Registrant
2-1
2.2
Terms of Reference
2-1
2.2.1
Report Purpose
2-1

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Palmarejo Operations
Mexico
Technical Report Summary


2.2.2
Terms of Reference
2-1
2.3
Qualified Persons
2-4
2.4
Site Visits and Scope of Personal Inspection
2-4
2.5
Report Date
2-4
2.6
Information Sources and References
2-4
2.7
Previous Technical Report Summaries
2-4
3.0
PROPERTY DESCRIPTION
3-1
3.1
Property Location
3-1
3.2
Ownership
3-1
3.3
Mineral Title
3-1
3.4
Surface Rights
3-6
3.5
Water Rights
3-6
3.6
Royalties
3-11
3.6.1
Franco-Nevada
3-11
3.6.2
Minera Azteca
3-11
3.6.3
Hernández and Gomez
3-11
3.6.4
Rascón
3-12
3.6.5
Minera Río Tinto and Astorga
3-12
3.6.6
Minera Río Tinto and Ayub
3-12
3.6.7
Minera Río Tinto and Rachasa
3-12
3.6.8
Mexican Mining Taxes
3-12
3.7
Encumbrances
3-13
3.7.1
Permitting Requirements
3-13
3.7.2
Permitting Timelines
3-13
3.7.3
Violations and Fines
3-13
3.8
Significant Factors and Risks That May Affect Access, Title or Work Programs
3-13
4.0
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
4-1
4.1
Physiography
4-1
4.2
Accessibility
4-1
4.3
Climate
4-1
4.4
Infrastructure
4-2
5.0
HISTORY
5-1
5.1
Project Ownership History
5-1
5.2
Exploration and Development History
5-1
6.0
GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT
6-1
6.1
Deposit Type
6-1
6.2
Regional Geology
6-1
6.3
Local Geology
6-1
6.3.1
Lithologies
6-1
6.3.2
Structure
6-2
6.3.2.1
Palmarejo District
6-2
6.3.2.2
Guazapares District
6-7
6.3.3
Alteration
6-7
6.3.4
Mineralization
6-8
6.3.4.1
Palmarejo District
6-8
6.3.4.2
Guazapares District
6-8
6.4
Property Geology
6-9
6.4.1
Guadalupe
6-9
6.4.1.1
Deposit Dimensions
6-9

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Mexico
Technical Report Summary


6.4.1.2
Lithologies
6-9
6.4.1.3
Structure
6-9
6.4.1.4
Alteration
6-10
6.4.1.5
Mineralization
6-10
6.4.2
Independencia
6-11
6.4.2.1
Deposit Dimensions
6-11
6.4.2.2
Lithologies
6-11
6.4.2.3
Structure
6-17
6.4.2.4
Alteration
6-17
6.4.2.5
Mineralization
6-17
6.4.3
La Nación
6-18
6.4.3.1
Deposit Dimensions
6-18
6.4.3.2
Lithologies
6-22
6.4.3.3
Structure
6-22
6.4.3.4
Alteration
6-22
6.4.3.5
Mineralization
6-22
7.0
EXPLORATION
7-1
7.1
Exploration
7-1
7.1.1
Grids and Surveys
7-1
7.1.2
Geological Mapping
7-1
7.1.3
Geochemistry
7-1
7.1.4
Geophysics
7-2
7.1.5
Exploration Potential
7-3
7.2
Drilling
7-4
7.2.1
Overview
7-4
7.2.2
Drilling Excluded for Estimation Purposes
7-4
7.2.3
Drill Methods
7-4
7.2.4
Logging
7-10
7.2.5
Recovery
7-11
7.2.6
Collar Surveys
7-12
7.2.7
Down Hole Surveys
7-12
7.2.8
Comment on Material Results and Interpretation
7-12
7.3
Hydrogeology
7-13
7.3.1
Groundwater Models
7-13
7.3.2
Water Balance
7-13
7.3.3
Comment on Results
7-14
7.4
Geotechnical
7-14
7.4.1
Sampling Methods and Laboratory Determinations
7-14
7.4.2
Comment on Results
7-14
8.0
SAMPLE PREPARATION, ANALYSES, AND SECURITY
8-1
8.1
Sampling Methods
8-1
8.1.1
Trenches
8-1
8.1.2
RC Drilling
8-1
8.1.3
Core Drilling
8-1
8.1.4
Production Sampling
8-2
8.2
Sample Security Methods
8-2
8.3
Density Determinations
8-3
8.4
Analytical and Test Laboratories
8-3
8.5
Sample Preparation
8-5
8.6
Analysis
8-5

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Mexico
Technical Report Summary


8.7
Quality Assurance and Quality Control
8-6
8.7.1
Mexoro
8-6
8.7.2
Paramount
8-6
8.7.3
Coeur
8-6
8.7.3.1
QA/QC
8-6
8.7.3.2
Reviews
8-7
8.7.3.3
Check Assays
8-7
8.7.3.4
Down Hole Surveys
8-7
8.7.3.5
Collar Surveys
8-8
8.8
Database
8-8
8.9
Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures
8-8
9.0
DATA VERIFICATION
9-1
9.1
Internal Data Verification
9-1
9.2
External Data Verification
9-2
9.3
Data Verification by Qualified Person
9-2
9.4
Qualified Person’s Opinion on Data Adequacy
9-2
10.0
MINERAL PROCESSING AND METALLURGICAL TESTING
10-1
10.1
Test Laboratories
10-1
10.2
Metallurgical Testwork
10-1
10.2.1
Historical Testwork
10-1
10.2.2
Guadalupe
10-1
10.2.3
Independencia
10-2
10.2.4
La Nación
10-3
10.2.5
2020–2021 Testwork
10-3
10.2.5.1
Tailings Pre-Concentration
10-4
10.2.5.2
Solid-Liquid Separation and Rheology Testing of Leach Circuit Tails Sample
10-4
10.3
Recovery Estimates
10-4
10.4
Metallurgical Variability
10-5
10.5
Deleterious Elements
10-5
10.6
Qualified Person’s Opinion on Data Adequacy
10-5
11.0
MINERAL RESOURCE ESTIMATES
11-1
11.1
Introduction
11-1
11.2
Exploratory Data Analysis
11-1
11.3
Geological Models
11-1
11.4
Density Assignment
11-1
11.5
Grade Capping/Outlier Restrictions
11-2
11.6
Composites
11-3
11.7
Variography
11-3
11.8
Estimation/interpolation Methods
11-4
11.9
Validation
11-4
11.10
Confidence Classification of Mineral Resource Estimate
11-6
11.10.1
Mineral Resource Confidence Classification
11-6
11.10.2
Uncertainties Considered During Confidence Classification
11-6
11.11
Reasonable Prospects of Economic Extraction
11-6
11.11.1
Input Assumptions
11-6
11.11.2
Commodity Price
11-9
11.11.3
Cut-off
11-9
11.11.4
QP Statement
11-10
11.12
Mineral Resource Statement
11-10
11.13
Uncertainties (Factors) That May Affect the Mineral Resource Estimate
11-13

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Mexico
Technical Report Summary


12.0
MINERAL RESERVE ESTIMATES
12-1
12.1
Introduction
12-1
12.2
Development of Mining Case
12-1
12.3
Designs
12-1
12.4
Input Assumptions
12-10
12.5
Ore Loss and Dilution
12-11
12.6
Commodity Price
12-12
12.7
Mineral Reserve Statement
12-12
12.8
Uncertainties (Factors) That May Affect the Mineral Reserve Estimate
12-14
13.0
MINING METHODS
13-1
13.1
Introduction
13-1
13.2
Geotechnical Considerations
13-1
13.2.1
Guadalupe
13-1
13.2.2
Independencia
13-2
13.2.3
La Nación
13-2
13.3
Hydrogeological Considerations
13-3
13.3.1
Guadalupe
13-3
13.3.2
Independencia
13-3
13.3.3
La Nación
13-4
13.4
Operations
13-4
13.4.1
Guadalupe
13-4
13.4.2
Independencia
13-5
13.4.3
La Nación
13-6
13.5
Backfill
13-6
13.6
Ventilation
13-7
13.6.1
Guadalupe
13-7
13.6.2
Independencia
13-7
13.6.3
La Nación
13-7
13.7
Blasting and Explosives
13-7
13.8
Underground Sampling and Production Monitoring
13-8
13.9
Infrastructure Facilities
13-8
13.10
Production Schedule
13-8
13.11
Equipment
13-8
13.12
Personnel
13-8
14.0
RECOVERY METHODS
14-1
14.1
Process Method Selection
14-1
14.2
Process Plant
14-1
14.3
Flowsheet
14-1
14.4
Plant Operations
14-1
14.4.1
Crushing
14-1
14.4.2
Grinding
14-3
14.4.3
Flotation
14-3
14.4.4
Flotation Concentrate Leaching
14-3
14.4.5
Flotation Tailings Leaching
14-4
14.4.6
Carbon Desorption
14-4
14.4.7
Carbon Regeneration
14-5
14.4.8
Merrill Crowe and Refining
14-5
14.4.9
Cyanide Detoxification
14-5
14.5
Equipment Sizing
14-6
14.6
Power and Consumables
14-6

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Mexico
Technical Report Summary


14.7
Personnel
14-6
15.0
INFRASTRUCTURE
15-1
15.1
Introduction
15-1
15.2
Roads and Logistics
15-2
15.3
Stockpiles
15-2
15.4
Waste Rock Storage Facilities
15-4
15.5
Tailings Storage Facilities
15-4
15.6
Water Management Structures
15-4
15.7
Water Supply
15-5
15.8
Camps and Accommodation
15-5
15.9
Power and Electrical
15-6
16.0
MARKET STUDIES AND CONTRACTS
16-1
16.1
Markets
16-1
16.2
Commodity Price Forecasts
16-1
16.3
Contracts
16-2
16.4
QP Statement
16-3
17.0
ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS
17-1
17.1
Introduction
17-1
17.2
Baseline and Supporting Studies
17-1
17.3
Environmental Considerations/Monitoring Programs
17-1
17.4
Closure and Reclamation Considerations
17-2
17.5
Permitting
17-2
17.5.1
Environmental Impact Statements
17-2
17.5.2
Change in Land Use Authorizations
17-3
17.5.3
Current Permits
17-4
17.6
Social Considerations, Plans, Negotiations and Agreements
17-4
17.7
Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues
17-6
18.0
CAPITAL AND OPERATING COSTS
18-1
18.1
Introduction
18-1
18.2
Capital Cost Estimates
18-1
18.2.1
Basis of Estimate
18-1
18.2.2
Capital Cost Summary
18-2
18.3
Operating Cost Estimates
18-2
18.3.1
Basis of Estimate
18-2
18.3.2
Operating Cost Summary
18-3
18.4
QP Statement
18-4
19.0
ECONOMIC ANALYSIS
19-1
19.1
Forward-looking Information Caution
19-1
19.2
Methodology Used
19-1
19.3
Financial Model Parameters
19-1
19.3.1
Mineral Resource, Mineral Reserve, and Mine Life
19-1
19.3.2
Metallurgical Recoveries
19-2
19.3.3
Smelting and Refining Terms
19-2
19.3.4
Metal Prices
19-2
19.3.5
Capital and Operating Costs
19-2
19.3.6
Working Capital
19-2
19.3.7
Taxes and Royalties
19-2
19.3.8
Closure Costs and Salvage Value
19-2
19.3.9
Financing
19-2

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Mexico
Technical Report Summary


19.3.10
Inflation
19-3
19.4
Economic Analysis
19-3
19.5
Sensitivity Analysis
19-3
20.0
ADJACENT PROPERTIES
20-1
21.0
OTHER RELEVANT DATA AND INFORMATION
21-1
22.0
INTERPRETATION AND CONCLUSIONS
22-1
22.1
Introduction
22-1
22.2
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
22-1
22.3
Geology and Mineralization
22-1
22.4
Exploration, Drilling, and Sampling
22-1
22.5
Data Verification
22-2
22.6
Metallurgical Testwork
22-2
22.7
Mineral Resource Estimates
22-3
22.8
Mineral Reserve Estimates
22-3
22.9
Mining Methods
22-4
22.10
Recovery Methods
22-4
22.11
Infrastructure
22-4
22.12
Market Studies
22-5
22.13
Environmental, Permitting and Social Considerations
22-5
22.14
Capital Cost Estimates
22-6
22.15
Operating Cost Estimates
22-6
22.16
Economic Analysis
22-6
22.17
Risks and Opportunities
22-6
22.17.1
Risks
22-6
22.17.2
Opportunities
22-7
22.18
Conclusions
22-8
23.0
RECOMMENDATIONS
23-1
24.0
REFERENCES
24-1
24.1
Bibliography
24-1
24.2
Abbreviations and Units of Measure
24-3
24.3
Glossary of Terms
24-5
25.0
RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT
25-1
25.1
Introduction
25-1
25.2
Macroeconomic Trends
25-1
25.3
Markets
25-1
25.4
Legal Matters
25-1
25.5
Environmental Matters
25-2
25.6
Stakeholder Accommodations
25-2
25.7
Governmental Factors
25-2
25.8
Internal Controls
25-2
25.8.1
Exploration and Drilling
25-2
25.8.2
Mineral Resource and Mineral Reserve Estimates
25-3
25.8.3
Risk Assessments
25-4

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Mexico
Technical Report Summary


TABLES
     
Table 1‑1:
Summary of Gold and Silver Measured and Indicated Mineral Resource Statement as at December 31, 2021 (based on US$1,700/oz gold price and US$22/oz silver price)
1-8
Table 1‑2:
Summary of Gold and Silver Inferred Mineral Resource Statement as at December 31, 2021 (based on US$1,700/oz gold price and US$22/oz silver price)
1-8
Table 1‑3:
Summary Gold and Silver Proven and Probable Mineral Reserve Statement as at December 31, 2021 (based on US$1,400/oz gold price and US$20/oz silver price)
1-10
Table 1‑4:
Estimated Capital Expenditures by Year (US$ M)
1-16
Table 1‑5:
Operating Costs by Year (US$ M)
1-16
Table 1‑6:
Cashflow Summary Table
1-18
Table 1‑7:
Sensitivity Analysis (US$ M)
1-18
Table 2‑1:
QP Chapter Responsibilities
2-5
Table 3‑1:
Mineral Tenure Summary Table
3-2
Table 3‑2:
Key Surface Rights Agreements
3-7
Table 3‑3:
Key Water Rights
3-10
Table 5‑1:
Project Nomenclature Over Time
5-2
Table 5‑2:
Exploration and Development History Summary Table
5-2
Table 7‑1:
Property Drill Summary Table
7-5
Table 7‑2:
Drilling used in Mineral Resource Estimations, Guadalupe
7-8
Table 7‑3:
Drilling used in Mineral Resource Estimations, Independencia
7-9
Table 7‑4:
Drilling used in Mineral Resource Estimations, La Nación
7-10
Table 8‑1:
Density Data Supporting Mineral Resource Estimation
8-4
Table 9‑1:
External Data Reviews
9-3
Table 10‑1:
LOM Metallurgical Recovery Forecasts
10-5
Table 11‑1:
Silver and Gold Cap Values per Estimation Domain
11-3
Table 11‑2:
Search Parameters by Zone and Variable
11-5
Table 11‑3:
Confidence Category Assignments
11-7
Table 11‑4:
Underground Mineable Shape Input Assumptions
11-9
Table 11‑5:
Gold and Silver Measured and Indicated Mineral Resource Statement as at December 31, 2021 (based on US$1,700/oz gold price and US$22/oz silver price)
11-11
Table 11‑6:
Gold and Silver Inferred Mineral Resource Statement as at December 31, 2021 (based on US$1,700/oz gold price and US$22/oz silver price)
11-12
Table 12‑1:
Input Parameters to Cut-off Grade Determination, Mineral Reserves
12-12
Table 12‑2:
Gold and Silver Proven and Probable Mineral Reserve Statement as at December 31, 2021 (based on US$1,400/oz gold price and US$20/oz silver price)
12-13
Table 13‑1:
Production Schedule
13-9
Table 13‑2:
Underground Mining Equipment
13-11
Table 13‑3:
Surface Mining Equipment
13-11
Table 14‑1:
Major Equipment List
14-7
Table 17‑1:
Granted Authorizations
17-5
Table 18‑1:
Estimated Capital Expenditures by Year (US$ M)
18-3
Table 18‑2:
Operating Costs by Year (US$ M)
18-4
Table 19‑1:
Cashflow Summary Table
19-4
Table 19‑2:
Annualized Cashflow (2022–2030)
19-5
Table 19‑3:
Sensitivity Analysis (US$ M)
19-6

FIGURES
     
Figure 2‑1:
Project Location Plan
2-2
Figure 2‑2:
Mining Operations Layout Plan
2-3
Figure 3‑1:
Mineral Tenure Location Map
3-4
Figure 3‑2:
Deposit Locations Within Mineral Concession Areas
3-5

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Palmarejo Operations
Mexico
Technical Report Summary


Figure 3‑3:
Surface Rights Plan
3-9
Figure 6‑1:
Regional Geology Map
6-3
Figure 6‑2:
Project Geology Map
6-4
Figure 6‑3:
Geologic Cross-Section
6-5
Figure 6‑4:
Stratigraphic Column
6-6
Figure 6‑5:
Geology Map, Guadalupe
6-12
Figure 6‑6:
Geologic Cross-Section, Guadalupe
6-13
Figure 6‑7:
Geologic Cross-Section, Zapata
6-14
Figure 6‑8:
Geology Map, La Patria Zone
6-15
Figure 6‑9:
Geologic Cross-Section, La Patria
6-16
Figure 6‑10:
Geology Map, Independencia
6-19
Figure 6‑11:
Geologic Cross-Section, Independencia
6-20
Figure 6‑12:
Geologic Cross-Section, La Bavisa
6-21
Figure 6‑13:
Geology Map, La Nación
6-23
Figure 6‑14:
Geologic Cross-Section, La Nación
6-24
Figure 7‑1:
Property Drill Collar Location Map
7-7
Figure 11‑1:
Palmarejo Operations with Royalty and Claims Zones Plan View
11-2
Figure 11‑2:
Example Confidence Classification, Guadalupe Main Deposit (domain 100)
11-8
Figure 12‑1:
Deposit Layout Plan
12-2
Figure 12‑2:
Guadalupe Looking Northeast
12-3
Figure 12‑3:
Zapata Looking South
12-4
Figure 12‑4:
Independencia Looking Northeast
12-5
Figure 12‑5:
La Bavisa Looking Northeast
12-6
Figure 12‑6:
La Nación Looking Southwest
12-7
Figure 12‑7:
Los Bancos Looking Northeast
12-8
Figure 12‑8:
Hidalgo Looking Northeast
12-9
Figure 12‑9:
Mine Layout Legend Key
12-10
Figure 14‑1:
Process Flowsheet
14-2
Figure 15‑1:
Infrastructure Layout Plan
15-3
 
APPENDICES

Appendix A:  Detailed Mineral Tenure Table and Figures
 
Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


1.0
EXECUTIVE SUMMARY
 
1.1
Introduction
 
Mr. Christopher Pascoe, RM SME, Mr. Miller O’Prey, P. Geo., Mr. Peter Haarala, RM SME, and Mr. Joseph Ruffini, RM SME, prepared a technical report summary (the Report) for Coeur Mining, Inc. (Coeur), on the Palmarejo Operations (the Palmarejo Operations or the Project), located in Mexico.
 
Coeur’s wholly-owned subsidiary, Coeur Mexicana S.A. de C.V. (Coeur Mexicana) is the operating entity.
 
1.2
Terms of Reference
 
The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Palmarejo Operations in Coeur’s Form 10-K for the year ended December 31, 2021.
 
Mineral resources and mineral reserves are reported for the Guadalupe, Independencia, and La Nación underground mines.
 
Unless otherwise indicated, all financial values are reported in United States (US) currency (US$) including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions.  Unless otherwise indicated, the metric system is used in this Report.  Mineral resources and mineral reserves are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) of the United States Securities and Exchange Commission.  Illustrations, where specified in SK1300, are provided in the relevant Chapters of report where that content is requested.  The Report uses US English.
 
1.3
Property Setting
 
The Palmarejo Operations are located approximately 420 km by road southwest of the city of Chihuahua, in the state of Chihuahua in northern Mexico.
 
Access to the Palmarejo Operations is from the city of Chihuahua, in the state of Chihuahua, Mexico, via paved Highways 16 and 127 to the town of San Rafael.  From San Rafael, travel is by gravel road through Temoris to the town of Palmarejo, which is directly adjacent to the processing plant.  Access from Temoris to the Palmarejo Operations is along 35 km of company-maintained gravel road, an extension of Highway 127 that continues on through to Chínipas.
 
An airstrip services light aircraft located at the Palmarejo Operations site.
 
The climate is moderate.  Rainfall occurs mainly in the summer and fall months (August through to the end of October).  Mining operations are conducted year-round.  All anticipated exploration activities can be conducted year-round.
 
The surface elevation above the Palmarejo deposit is about 1,150 masl, and the surface elevation of the Guadalupe and Independencia deposits is about 1,300 masl.  Hills are typically densely vegetated, steep-sided slopes with local stands of cacti.  Conifers occur at high elevations, while oak trees, cacti, and thorny shrubs dominate the vegetation at low levels.  Local ranchers and farmers graze cattle and grow corn and other vegetables on small-scale plots.
 
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Mexico
Technical Report Summary


1.4
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
 
The Palmarejo Operations consist of 71 mining concessions (27,227 ha).  The Guadalupe Complex mining operations are within concessions 188817 and 186009.  The Independencia Complex mining operations are within concessions 186009 and 243762.  The La Nación Complex mining operations are within concessions 221490 and 243762.
 
Coeur has occupancy agreements in place with selected ejidos for exploitation or exploration purposes, collectively covering an area of 15,111.19 ha.  Water rights currently held or in the process of being acquired are believed to be sufficient to support the LOM plan.
 
There are numerous net smelter return (NSR) royalties that cover the Palmarejo Operations area, which range from 1–3% depending on the royalty agreement.  The majority of the royalties are not payable under the LOM plan envisaged in this Report.
 
A Gold Purchase and Sale Agreement (the Agreement) was entered into by and among Coeur Mexicana, Franco-Nevada (Barbados) Corporation (Franco–Nevada), Ocampo Resources Inc., and Ocampo Services Inc., whereby Coeur Mexicana agreed to sell to Franco–Nevada 50% of the refined gold produced from selected mining concessions at a gold price of $800/oz, in consideration of Franco–Nevada providing investment capital for Project development.  The initial term of the Agreement (which became effective in August 2016) is 40 years.  This Agreement encumbers a large portion of the mining concessions owned or controlled by Coeur Mexicana in the Palmarejo Operations area.
 
1.5
Geology and Mineralization
 
The deposits within the Palmarejo Operations area are considered to be examples of epithermal deposits displaying both intermediate- and low-sulfidation features.
 
The Sierra Madre Occidental (SMO) is a large siliceous igneous province that records extensive arc volcanism spanning the Paleocene to Miocene.  Vein and fault hosted epithermal deposits in the SMO were generated during arc-related volcanic activity.
 
The two main mining districts within the Project area are the Palmarejo and Guazapares districts.  The Palmarejo district is underlain principally by shallow-dipping andesitic volcaniclastic rocks and flows, containing at least one mafic volcanic (basaltic) horizon, that are cut by rhyolite dikes and domes of late Oligocene to early Miocene age.  The Guazapares district includes andesite, volcaniclastic sedimentary units, and dacitic to rhyolitic intrusions, including domes that are roughly synchronous with mineralization.
 
Within the Palmarejo district, several common structural styles of ore controls are apparent that localize orebodies, or individual ore-shoots within them.  Most of these consist of early-formed internal heterogeneities in fault geometries (bends, steps, branches, etc.), which are areas of high permeability-porosity that localize fluids and ore-shoots.  Classic extensional fault relays at en-echelon steps in the normal fault system occur along the Guazapares–La Union fault corridor in the Guazapares district.
 
Mineralization exhibits vertical and lateral zoning and occurs along the principal northwest-trending faults in the two districts and is largely confined to fault-hosted veins.  The largest deposits typically occur on the faults that have the greatest displacement and strike length.  Vein systems are typically silver-rich, although differing Ag:Au ratios are noted between different deposits and at different elevations within deposits.
 
Effective Date:  December 31, 2021
 
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Mexico
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Silver–gold deposits within the Palmarejo district are characterized by pervasive silicification, quartz-filled breccias, and sheeted veins.  Multiple stages of mineralization produced several phases of silica, ranging from chalcedony to comb quartz, and typically two periods of silver–gold mineralization.  This strongly-zoned mineralization is characterized by pyrite, sphalerite, galena, and argentite (acanthite) deposited within the quartz vein/breccias at lower elevations and higher-grade precious-metals mineralization with fine grained, black, silver-rich sulfide bands or breccia-infill in the upper portions of the structures.
 
Silver–gold deposits within the Guazapares district are characterized by multi-phase quartz veins, quartz + carbonate + pyrite veinlet stockworks, silicified hydrothermal breccias, and quartz-filled expansion breccias.  Three distinct styles of mineralization are identified:  high-grade vein systems, sheeted vein/stockwork/fracture complexes, and volcanic dome complexes.  The principal sulfide minerals within the veins include sphalerite and argentite, with pyrite being less abundant.  Gold-rich veins have pyrite and traces of chalcopyrite as the principal sulfide minerals, and often represent the deeper portions of the silver-rich vein systems.
 
1.6
History and Exploration
 
Artisanal mining activity in the Project area commenced in the 1600s.  The following companies are known to have had involvement in the Project area, prior to Coeur’s Project interest: Palmarejo Mining Co., Palmarejo and Mexican GoldFields, Ltd., Minas Huruapa, S.A. de C.V., Kalahari Resources, Silver Standard Resources Inc., Alaska-Juneau Mining Company, American Smelting and Refining Company, Earth Resources Company, Industrias Peñoles, Consejo de Recursos Minerales, Noranda Exploration Inc., Kennecott Utah Copper Corp., War Eagle Mining Company Inc., Bolnisi Gold NL (Bolnisi Gold), Mexoro Minerals Ltd. (Mexoro), Palmarejo Silver and Gold Co., and Paramount Gold and Silver Corporation (Paramount).  Small-scale underground mining was conducted by various companies from the 1880s to about 1968.  Modern exploration activities included sampling of accessible workings; surface mapping and sampling; trenching; grid-based geochemical sampling; ground magnetic and induced polarization (IP) geophysical surveys; air-track, reverse circulation (RC) and core drilling; metallurgical testing; shortwave infrared (SWIR) spectral measurements; and mineral resource and mineral reserve estimation.
 
Coeur acquired an initial interest in what is now a portion of the Project in 2008 and acquired an adjacent land.  Since then, Coeur has conducted geological mapping and sampling; two helicopter-borne magnetic surveys; a helicopter-borne Z-axis Tipper electromagnetic (ZTEM) and magnetic survey; core drilling; metallurgical testwork; Mineral Resource and Mineral Reserve estimates; and mining activities.
 
Mining at the Palmarejo open pit mine and underground mines began in 2008 and milling operations and metal recovery commenced in 2009, ramping up to full capacity in 2010. Open pit mining operations ceased in 2016.  Operations began at the Guadalupe underground mine in 2014, at the Independencia underground mine in 2016 and at the La Nación underground mine in 2019.  All three operations are ongoing at the Report date.
 
A large part of the land package has still to receive the detailed geological field work necessary to define drill programs and remains prospective.
 
Effective Date:  December 31, 2021
 
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1.7
Drilling and Sampling
 
Drilling completed on the Project includes air track, RC, and core drilling, totaling 4,284 drill holes (1,189,478 m).  Approximately 93% of all drilling completed to date at the Project has been core drilling.  There are 1,388 drill holes (395,996 m) supporting the mineral resource estimates for the Guadalupe deposits, 631 drill holes (240,571 m) supporting the mineral resource estimates for the Independencia deposits, and 261 drill holes (105,765 m) supporting the mineral resource estimate for the La Nación deposits.
 
Drilling that is excluded from estimation support includes historic RC; core drilling from the Mexoro and Paramount drill programs is generally not used; and underground channel samples and grade control drilling are excluded from estimation; however, these data support geological interpretations.
 
Depending on the drill program, geological data collected from drill hole logging included stratigraphy, vein orientation, and mineralized zones and a detailed descriptive log including rock type, alteration, structure, mineralization, and vein density/percentage.  In addition, geotechnical data such as core recovery, rock quality designation (RQD), fracture density and other parameters used to calculate the rock mass rating (RMR).  Digital photographs of wet core are taken and archived before the core is cut and sampled.
 
Collar survey methods varied, depending on drill campaign, operator, and district, and included, for surface drill holes, hand-held global positioning system (GPS) receivers and high-precision differential GPS survey instruments.  Underground collars are surveyed by a mine surveyor using a total station instrument.  Downhole survey methods also varied, depending on drill campaign, operator, and district.  Instrumentation, where known, included Reflex EZ-shot, Reflex non-magnetic one-shot, and Devishot non-magnetic multi-shot tools.  Measurements were taken at 25–50 m, depending on the drill campaign.
 
Almost all underground drilling was completed as fans of drill holes, meaning that the reported mineralized intercepts are typically longer than the true thickness of the mineralization.
 
Core sampling intervals varied by operator, and ranged from 0.5–2 m.  Sample lengths were variably adjusted to avoid sampling across geologic contacts and structures.  Channel sampling of all active faces is completed on a daily basis; individual samples are between 0.5–2 m in length and are defined by changes in lithology or vein type.
 
Density data were primarily collected using water immersion methods, with the majority of the Coeur determinations performed on wax-coated core samples.
 
Independent primary and umpire laboratories used, where recorded in the database, include ALS laboratories in Chihuahua and Vancouver, Bureau Veritas (formerly Acme Analytical Laboratories), and SGS de Mexico, S.A. DE C.V. Durango, Mexico (SGS).  These laboratories held accreditations for selected analytical techniques at the time used.  The Palmarejo mine laboratory is used for underground and ore control sample preparation and analysis.  The laboratory is not independent and is not accredited.
 
Sample preparation depended on the analytical laboratory used.  Methods included drying; crushing to 70% passing 10 mesh, 70% passing 2 mm, 60% passing 2 mm; and pulverizing to 95% passing 150 mesh, 90% passing 106 μm, and 85% passing 75 µm.
 
Analytical methods used included:
 
Gold:  fire assay with gravimetric finish; fire assay with an atomic absorption finish; fire assay with inductively coupled plasma with atomic emission spectrophotometry (ICP-AES) finish;
 
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Mexico
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Silver:  four-acid digestion with ICP-AES finish;
 
Multi-element:  34 element ICP-AES.
 
Historically, the Mexoro and Paramount drill programs, depending on the program, inserted blanks, certified reference materials (standards), and duplicate samples into the sample stream for each sample batch, and selected samples were check assayed as part of their quality control (QC) procedures.
 
Coeur’s QC protocols changed over time, but currently require insertions of blanks, standards, and duplicates.  Pulp samples are currently submitted to Bureau Veritas for check analysis.
 
1.8
Data Verification
 
Data verification included internal and external database audits.  Internal verification included:  detailed review of all documentation and assay data related to each drill hole; drill hole collar audits; and QA/QC reports.  External verification was completed by third-parties.
 
The QP personally completed QA/QC verification, participated in programs to verify drill data prior to mineral resource estimation, checked selected gold and silver assay data, conducted drill hole lockdown, including checks of assay certificates, collar and downhole surveys, geology, and QA/QC reports, and signed off on 2015–present definition drill holes and the 2021 drilling.
 
The QP is of the opinion that the data verification programs for Project data adequately support the geological interpretations, the analytical and database quality, and therefore support the use of the data in mineral resource and mineral reserve estimation, and in mine planning.
 
1.9
Metallurgical Testwork
 
Independent metallurgical testwork facilities used over the Project life, where recorded, included SGS Laboratories, Durango, Mexico; SGS in Lakefield, Canada (SGS Lakefield), ALS, Kamloops, British Columbia, Canada; and Corporación Química Platinum S.A. de C.V. located in Silao, Guanajuato, Mexico.  Palmarejo Operations have an on-site analytical and metallurgical laboratory that assays concentrates, in-process samples, and geological samples.  The on-site metallurgical laboratory is used for testing flotation reagents, grind analysis, and process characterization of new ores.  The on-site laboratories are not independent and are audited with third parties.
 
Initial testwork was conducted to support process plant design, assuming mill feed material was from open pit sources.  Later testwork that focused on underground ores included mineralogical studies, multi-element ICP scans, whole-rock analyses, carbon and sulfur speciation analyses, comminution tests, timed grinding series, whole ore bottle roll cyanidation, rougher and bulk rougher flotation, tailing cyanidation, heavy liquid separation pre-concentration and silver deportment studies, and gravity separation tests.  The later testwork was conducted using the existing Palmarejo plant criteria.
 
The LOM forecast average gold blended recovery is 90%.  The LOM forecast average blended silver recovery is 82.5%.
 
The anticipated gold and silver recoveries are affected by alteration states.  Highly oxidized material is not responsive to the flotation process. Highly oxidized ore will significantly affect recovery if blended at a high ratio.  Ores with a high clay content increase slurry viscosity, which has a detrimental effect on precious metals recovery in flotation.  No other deleterious elements are known from the processing perspective.
 
Effective Date:  December 31, 2021
 
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1.10
Mineral Resource Estimation
 
1.10.1
Estimation Methodology
 
Exploratory data statistics were compiled and compared for raw drill hole data, length weighted drill holes, composites, declustered composites, and capped declustered composites to ensure that the grade distribution and true mean of the system were documented and conserved through the estimation process.
 
The implicit modelling algorithm in Leapfrog Geo software was used to create 12 estimation domains through interpretation of relevant intervals of drill data, digitized mapping, and underground production data.
 
Density was estimated using inverse distance weighting to the second power (ID2).
 
Grade caps were determined using various methods such as histograms, probability plots and a metal loss calculation.  Grade caps ranged from 100–3,500 g/t Ag and from 0.5–70 g/t Au, depending on estimation domain.
 
Core samples were composited at 2 m intervals by estimation domain for gold and silver except at Los Bancos, Zapata, and La Bavisa zones where composites include the entire thickness of the domain.  This results in a single, variable length composite in each drill hole within the estimation domain.
 
Variogram searches were oriented along strike of the domains, with the major axis horizontal on-strike, the secondary axis down dip, and the minor axis across the width of the domain.
 
The various deposits were estimated using ordinary kriging (OK), with hard boundaries between geologic units.  The enveloping disseminated domain was estimated using ID2.  The search orientations were locally adjusted using dynamic anisotropy.  The Guadalupe–La Bavisa zone was estimated using ID2.  The parent block size was 2 x 25 x 25 m (X, Y, Z).  Block models were sub-celled to a minimum of 1.0 x 2.5 x 2.5 m.  Estimation took place in the parent cells, therefore, all sub-cells within a parent cell have the same grade.  The maximum number of samples was optimized by minimizing kriging variance while maximizing slope of regression, while attempting to maintain some degree of localization to improve production reconciliation.  Each domain was estimated with one set of search ranges in one pass to achieve the optimal number of samples, and to avoid estimation artifacts created when using a multiple-pass method.  A high-grade search ellipse restriction was employed for the Independencia silver estimate, which applied the restriction at 75% of the capping value.  Constant search volumes and number of samples were used for each domain.  The block model was depleted using the in-situ variable, proportionally depleting from 100 (in situ) to 0 (completely mined).
 
The block models were validated using some or all of the following methods:  visually by stepping through sections and comparing the raw drill data and composite data with the block values; comparison of model statistics to drill data; swath plots; and mill to model reconciliation.
 
Measured mineral resources are defined by proximity to ore control and production data.  This limits the classification of measured mineral resources to the area around current mining where there is very good understanding of the deposit geometry and grade distribution.  Indicated blocks were classified using a script and then manually modified using polygons (in the plane of the domain) based on geologic confidence.  All remaining estimated material is classified as inferred.
 
Effective Date:  December 31, 2021
 
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Mexico
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For each resource estimate, an initial assessment evaluated likely infrastructure, mining, and process plant requirements; mining methods; process recoveries and throughputs; environmental, permitting, and social considerations relating to the proposed mining and processing methods, and proposed waste disposal, and technical and economic considerations in support of an assessment of reasonable prospects of economic extraction.  Mineral resources are confined within conceptual underground mineable shapes.
 
The gold and silver prices used in resource estimation are based on analysis of three-year rolling averages, long-term consensus pricing, and benchmarks to pricing used by industry peers over the past year.  The gold price forecast for the mineral resource estimate is US$1,700/oz and the silver price forecast is US$22/oz.  The QP considers these prices to be reasonable.
 
The mineral resources are reported using a cut-off of 1.59 to 2.21 g/t gold equivalent (AuEq).
 
1.10.2
Mineral Resource Statement
 
Mineral resources are reported using the mineral resource definitions set out in SK1300 and are reported exclusive of those mineral resources converted to mineral reserves.  The reference point for the estimate is in-situ.  Estimates are reported on a 100% ownership basis.  The mineral resources are current at December 31, 2021.  Measured and indicated mineral resources are summarized in Table 1‑1, and inferred mineral resources in Table 1‑2.
 
The Qualified Person for the estimate is Mr. Joseph Ruffini, RM SME, a Coeur employee.
 
1.10.3
Factors That May Affect the Mineral Resource Estimate
 
Factors that may affect the mineral resource estimates include: metal price and exchange rate assumptions; changes to the assumptions used to generate the gold cut-off grade; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and mineralization shape and geological and grade continuity assumptions; density and domain assignments; changes to geotechnical, mining and metallurgical recovery assumptions; changes to the input and design parameter assumptions for underground mine designs constraining the estimates; assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environment and other regulatory permits, and maintain the social license to operate.
 
Effective Date:  December 31, 2021
 
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Mexico
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Table 1‑1:    Summary of Gold and Silver Measured and Indicated Mineral Resource Statement as at December 31, 2021 (based on US$1,700/oz gold price and US$22/oz silver price)
 
Confidence
Classification
Tonnes
(kt)
Grade
Contained
Ounces
Gold
Equivalent
Cut-off
Grade
(g/t AuEq)
Metallurgical
Recovery
Ag
(g/t)
Au
(g/t)
Ag
(koz)
Au
(koz)
Ag
(%)
Au
(%)
Measured
3,353
133
1.81
14,373
195
1.59–2.21
81.9
93.1
Indicated
15,764
117
1.68
59,340
852
1.59–2.21
81.9
93.1
Total measured and indicated
19,117
120
1.70
73,712
1,047
1.59–2.21
81.9
93.1

Table 1‑2:    Summary of Gold and Silver Inferred Mineral Resource Statement as at December 31, 2021 (based on US$1,700/oz gold price and US$22/oz silver price)
 
Confidence
Classification
Tonnes
(kt)
Grade
Contained Ounces
Gold
Equivalent
Cut-off
Grade
(g/t AuEq)
Metallurgical
Recovery
Ag
(g/t)
Au
(g/t)
Ag
(koz)
Au
(koz)
Ag
(%)
Au
(%)
Inferred
4,275
127
1.79
17,453
246
1.59–2.21
81.9
93.1
 
Notes to accompany mineral resource tables:
 
1.
The mineral resource estimates are current as of December 31, 2021 and are reported using the definitions in SK1300.
 
2.
The reference point for the mineral resource estimate is in situ.  The estimate is current as at December 31, 2021.  The Qualified Person for the estimate is Mr. Joseph Ruffini, RM SME, a Coeur employee.
 
3.
Mineral resources are reported exclusive of the mineral resources converted to mineral reserves.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.
 
4.
The estimate uses the following key input parameters:  Assumption of conventional longhole underground mining; gold price of US$1,700/oz, silver price of US$22/oz; reported above a variable gold equivalent cut-off grade that ranges from 1.59–2.21 g/t AuEq; metallurgical recovery assumption of 93.1% for gold and 81% for silver; variable mining costs that range from US$36.01–US$41.75/t, surface haulage costs of US$3.52/t, process costs of US$27.29/t, general and administrative costs of US$11.00/t, and surface/auxiliary support costs of US$3.19/t.  Mineral resources exclude the impact of the Franco-Nevada gold stream agreement at Palmarejo in estimation.
 
5.
Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
 
Effective Date:  December 31, 2021
 
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Mexico
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1.11
Mineral Reserve Estimation
 
1.11.1
Estimation Methodology
 
Mineral reserves were converted from measured and indicated mineral resources.  Inferred mineral resources were set to waste.  The mine plans assume underground mining using longhole open stoping using trackless equipment and cemented rock fill (CRF) backfill.  Target mining rates are 150,000 t/month.
 
Deswik mine planning software was used for the mine design, 3D modeling, and interrogation of the 3D mining model against the block model.  The surveyed “as-built” mining excavations were depleted from the designed solids and the resource block model.  Mining, geotechnical, and hydrological factors were considered in the estimation of the mineral reserves, including the application of dilution and ore recovery factors.
 
Mining excavations (stopes and ore development) were designed to include mineralized material above the cut-off grade.  These excavations were then assessed for economic viability.  In addition to the mining cut-off grade, an incremental cut-off grade (excluding the mining cost) was calculated to classify mineralized material mined as a result of essential development to access higher-grade mining areas.  Mineralized material below the incremental cut-off will be disposed of on surface in waste rock storage facilities (WRSFs) or will be used underground as backfill.
 
Gold equivalent cut-off grades were calculated for the deposits, with mineral reserves estimated and reported above this cut-off.  Gold equivalent grades were calculated using the following formula:

where AuEq, Au and Ag are the gold equivalent grade, gold grade, and silver grade, respectively, in g/t.
 
All mineral reserves are reported above a cut-off of 1.94 to 2.51 g/t AuEq (1.08 g/t AuEq for incremental development).  One meter of dilution was applied to the hanging wall, and 0.5 m to the footwall.  No dilution is assigned to ore development. No gold or silver grades were assigned to the rockfill (RF) dilution.  To account for potential ore losses, a factor of 5% was applied to primary, secondary and longitudinal stopes and ore development.
 
The gold and silver prices used in reserve estimation are based on analysis of three-year rolling averages, long-term consensus pricing, and benchmarks to pricing used by industry peers over the past year.  The gold price forecast for the mineral reserve estimate is US$1,400/oz and the silver price forecast is US$20/oz.  The QP considers these prices to be reasonable.
 
1.11.2
Mineral Reserve Statement
 
Mineral reserves are reported using the mineral reserve definitions set out in SK1300.  The reference point for the mineral reserve estimate is the point of delivery to the process plant.  Mineral reserves are reported in Table 1‑3 and are current as at December 31, 2021.  Estimates are reported on a 100% ownership basis.
 
The Qualified Person for the estimate is Mr. Peter Haarala, RM SME, a Coeur employee.
 
Effective Date:  December 31, 2021
 
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Mexico
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Table 1‑3:    Summary Gold and Silver Proven and Probable Mineral Reserve Statement as at December 31, 2021 (based on US$1,400/oz gold price and US$20/oz silver price)
 
Mineral Reserve
Classification
Tonnes
(kt)
Grade
Contained
Ounces
Gold
Equivalent
Cut-off
Grade
(g/t AuEq)
Metallurgical
Recovery
Ag
(g/t)
Au
(g/t)
Ag
(koz)
Au
(koz)
Ag
(%)
Au
(%)
Proven
3,405
151
2.26
16,480
247
1.94–2.51
81.9
93.1
Probable
11,012
130
1.80
45,875
637
1.94–2.51
81.9
93.1
Total proven and probable
14,418
135
1.91
62,355
884
1.94–2.51
81.9
93.1
 
Notes to Accompany Mineral Reserves Table:
 
1.
The Mineral Reserve estimates are current as of December 31, 2021 and are reported using the definitions SK1300.
 
2.
The reference point for the mineral reserve estimate is the point of delivery to the process plant.  The estimate is current as at December 31, 2021.  The Qualified Person for the estimate is Mr. Peter Haarala, RM SME, a Coeur employee.
 
3.
The estimate uses the following key input parameters:  assumption of conventional underground mining; gold price of US$1,400/oz and silver price of US$20/oz; reported above a gold cut-off grade of 1.94–2.51 gold equivalent and an incremental development cut-off grade of 1.08 g/t AuEq; metallurgical recovery assumption of 93.1% for gold and 81.9% for silver; mining dilution assumes 1 meter of hanging wall waste dilution; mining loss of 5% was applied; variable mining costs that range from US$36.01–US$41.75/t, surface haulage costs of US$3.52/t, process costs of US$27.29/t, general and administrative costs of US$11.00/t, and surface/auxiliary support costs of US$3.19/t.  Mineral reserves exclude the impact of the Franco-Nevada gold stream agreement at Palmarejo in estimation.
 
4.
Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
 
1.11.3
Factors That May Affect the Mineral Reserve Estimate
 
Factors that may affect the mineral reserve estimates include:  metal price and exchange rate assumptions; changes to the assumptions used to generate the gold equivalent cut-off grade; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and mineralization shape and geological and grade continuity assumptions; density and domain assignments; changes to geotechnical, mining and metallurgical recovery assumptions; changes to the input and design parameter assumptions supporting for the mineable shapes constraining the estimates, including dilution forecasts; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environment and other regulatory permits, and maintain the social license to operate.
 
1.12
Mining Methods
 
The Guadalupe, Independencia, and La Nación mines use conventional underground mining methods and conventional equipment.  The overall production rate is approximately 165,000 t/month.  Operations commenced in 2008 from now-exhausted open pit sources, and underground mining, which is ongoing, started in 2014. Final design outlines for each of these mines can be found in Chapter 12.
 
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Mexico
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Depending on the deposit, rock mass quality is variable from Poor to Good.  Modifications based on variability and updated geotechnical models were made as the mines develop.  The Palmarejo Operations technical services department maintains a Ground Control Management Plan that is overseen by the technical services department that is updated annually and provides mine personnel with operating, monitoring, and quality control/assurance guidance.  The Ground Control Management Plan specifies ground support standards and identifies where and how they are applied in the mines.
 
Permeability of the volcanic rock units in all mines is low to very low.  Persistent inflows are generally from larger fault structures where flows increase and decrease seasonally because of connections to the surface.  Increases in persistent inflows currently are directly related to opening new developments laterally or ramping to lower levels.  Water management consists of sumps and pumps, with water pumped to a water treatment plant on surface.
 
Primary access to the Guadalupe mine is from surface via two ramps.  The West Decline and East Level are located 700 m north of the deposit in the hanging wall.  A third portal for primary ventilation is the South Portal located in the deposit footwall approximately 2,200 m south–southeast from the main access portals.  The West Decline serves as the primary access for haulage, while the East provides both haulage and support access.  Both main ramps are used for primary ventilation intake while the main fans at South Portal are in operation.  The South portal is used as a primary exhaust for the mine as well as secondary escapeway for extended work areas of Guadalupe and Animas.  Two new developments at Zapata and Animas are underway as extensions of the Guadalupe mine.  The material handling system uses a load-haul-dump (LHD) and truck transport system of ore loading and hauling to a surface interim stockpile.  Ore is separated into stockpiles on surface to support blending prior to transport to the plant run-of-mine (ROM) stockpile.  Waste from development is either directly transported from development to backfilling pockets in active stopes or stockpiled underground for later use as backfill.  The mining methods used at Guadalupe include both transverse and longitudinal sublevel stoping.
 
Primary access to the Independencia mine is via two portals, the North and South, located approximately 270 m north of the main Guadalupe mine portals.  Two declines provide access to the deposit and provide secondary intake (south) and primary exhaust ventilation (north) for the mine.  Primary ventilation intake is from a vertical surface raise and fan system constructed in the La Nación workings and connected via dual ramps to the La Nación orebody.  Mining methods used include both transverse and longitudinal sublevel stoping.  The Independencia deposit is mined using similar equipment, personnel and mining methods as Guadalupe mine.  Preliminary designs were completed for the development of the Hidalgo extension anticipated for production in 2023.
 
The La Nación mine is accessed from two levels, one from the south decline ramp access from Independencia, and the other from a footwall drive at the 1260 level.  The two drifts provide access to the deposit along with primary intake and exhaust ventilation for both the La Nación and Independencia mines.  The La Nación deposit is mined using similar equipment, personnel, and mining methods as the Guadalupe mine.  However, much of the ore mining will be completed using longitudinal sublevel stoping due to the narrow width of the vein.
 
Backfill is a combination of cemented rock fill and straight waste fill.
 
Underground maintenance facilities in Guadalupe and Independencia support field and preventative maintenance activities.  Primary maintenance is conducted in joint facilities located on surface between the mine portals and a large main facility located at the Palmarejo office and plant site.  An additional facility is planned for construction in Zapata in 2023 to support ongoing operations.  An explosives magazine located underground in Guadalupe also support Zapata and Animas, and a magazine in Independencia also supports La Nación.
 
Effective Date:  December 31, 2021
 
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Mexico
Technical Report Summary


The Palmarejo Operations have nine years of mine life remaining.  The Guadalupe mine has a remaining nine-year mine life with the expansion components of Zapata and Animas.  Independencia has a remaining nine-year mine life with expansions to the north and south and addition of the Hidalgo deposit.  La Nación has five years of mine life remaining.
 
1.13
Recovery Methods
 
The process design was based on a combination of metallurgical test work, study designs and industry-standard practices, together with debottlenecking and optimization activities through the operational history of the plant since startup of operations in 2007.  The design is conventional to the silver and gold industry and has no novel parameters.  The plant is designed to operate 365 days per year at 91.3% availability.  The plant design mill throughput is 6,000 t/day of ore with upgrades providing a nominal throughput up to 7,000 t/day.
 
The flow sheet consists of a standard crushing and grinding circuit (jaw crusher, semi-autogenous grind (SAG) mill and ball mill), followed by flotation circuit, where the flotation concentrate is directed to a sequence of clarification tanks and treated in agitated cyanidation tanks.  Floatation tailings are directed to and treated in agitated cyanidation tanks.  A Merrill Crowe circuit recovers gold and silver from the leachates of concentrate solution and tailings solution through a carbon-in-leach (CIL) absorption, desorption, recovery (ADR) system.
 
The average monthly electrical power consumption is 6,218 MWhrs at a cost of $0.081/kWhr.  Power is supplied by the Federal Electricity Commission (CFE).  The processing circuit uses approximately 6,650 m3 of water daily; this consists of approximately 650 m3 of fresh water from a local dam and the remaining 6,000 m3 being water reclaimed from the tailings storage facility (TSF) and reused in the mill.  Consumables used in processing include:  xanthate; frother; Aerofloat 404; sodium cyanide; lime; flocculant; activated carbon; sodium hydroxide; hydrochloric acid; zinc; diatomaceous earth; neutralite; and liquid oxygen.
 
1.14
Infrastructure
 
The key infrastructure to support the LOM plan is in place.  Facilities include:  three operating underground mines; two shotcrete mixing plants; backfill cement mixing plant; water treatment plants and associated infrastructure; ROM pads; process plant; TSF and associated infrastructure; maintenance facilities; materials storage and laydown areas; various support facilities; electrical facilities including an emergency powerhouse; gravel airstrip; and a mine permanent camp and contractor facilities and kitchens.
 
The Palmarejo Operations currently maintain limited ROM stockpiles with multistage load-transport-feed sequencing to manage blending at the mine and plant.
 
A series of WRSFs is located at the currently closed Palmarejo open pit operation.  No mine waste has been added to the WRSFs since 2015 when the pit was closed.  The waste is currently being excavated and processed to support backfill operations underground.
 
The TSF, a zoned downstream earthfill dam, was constructed and commissioned in 2010.  The facility has been raised through a series of stages with the current Stage 5 scheduled for completion in May 2022.  The facility is projected to reach capacity in Q1 2023 at 15.4 Mm3, by which time the operation will transition to disposal of tailings in the mined-out Palmarejo open pit.  The proposed TSF facility in the abandoned open pit will include an underdrain system in the abandoned underground mine below the pit, surface tailings discharge and pump-back systems, and a high compression thickener to provided high solids tails and increased water recovery.
 
Effective Date:  December 31, 2021
 
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Mexico
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The three primary water management structures located at the TSF are a freshwater diversion dam, freshwater diversion channel, and an environmental control dam.  In 2016, a water treatment plant was constructed to treat and release excess water from the tailings pond.  Groundwater from the underground mines is pumped to a surface treatment plant, from where it is cycled back to the underground mine and to the process plant.
 
Electrical power is supplied from the CFE grid, via a 66 km overhead 115 kV distribution line.  Substations were constructed on the surface at the Guadalupe and Independencia mines, and underground at the La Nación mine.  The estimated capacity for Guadalupe, Independencia, and La Nación complexes (at full production) is approximately 5.0 MW.  An emergency powerhouse with 12 diesel generators (21.9 MW capacity) is located near the process plant and operates during main power outages.
 
1.15
Markets and Contracts
 
1.15.1
Market Studies
 
No market studies are currently relevant as the Palmarejo Operations consist of operating mines producing a readily-saleable commodity in the form of doré.  Gold and silver are freely traded at prices that are widely known, and the prospects for the sale of any production are well understood.
 
Together with public documents and analyst forecasts, these data support that there is a reasonable basis to assume that for the LOM plan, that the key products will be saleable at the assumed commodity pricing.
 
Coeur sells its payable silver and gold production on behalf of its subsidiaries on a spot or forward basis, primarily to multi-national banks and bullion trading houses.  Markets for both silver and gold bullion are highly liquid, and the loss of a single trading counterparty would not impact Coeur’s ability to sell its bullion.
 
Coeur’s strategy on hedging silver and gold is focused on providing downside protection.  To accomplish that, the company may enter into derivative contracts to protect the selling price for a certain portion of the production if terms are attractive.
 
1.15.2
Commodity Pricing
 
Coeur uses a combination of historical and current contract pricing, contract negotiations, knowledge of its key markets from a long operations production record, short-term versus long-term price forecasts prepared by the company’s internal marketing group, public documents, and analyst forecasts when considering long-term commodity price forecasts.
 
The long-term gold price forecasts are:
 
Mineral reserves: $1,400 US$/oz;
 
Mineral resources:  $1,700 US$/oz;
 
The long-term silver price forecasts are:
 
Mineral reserves: US$20/oz;
 
Effective Date:  December 31, 2021
 
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Mexico
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Mineral resources:  US$22/oz.
 
The price forecasts used in the cashflow analysis for gold vary from US$1,400/oz to US$1,750/oz and US$22/oz to $US24/oz for silver.
 
The QP considers these prices to be reasonable.
 
1.15.3
Contracts
 
Coeur Mexicana has contracts with one U.S.-based refiner and one Switzerland-based refiner that refine the Palmarejo Operations’ doré bars into silver and gold bullion that meets benchmark standards set by the London Bullion Market Association.
 
Currently, there are contracts in place at the Palmarejo Operations to provide supply for all major commodities used in mining and processing, such as equipment vendors, power, explosives, cyanide, tire suppliers, raise boring, ground support suppliers and drilling contractors.  The terms and rates for these contracts are within industry norms.  These contracts are periodically put up for bid or negotiated to ensure the rates remain favorable to Coeur.
 
1.16
Environmental, Permitting and Social Considerations
 
1.16.1
Environmental Studies and Monitoring
 
Numerous baseline studies were performed in support of Project permitting.  These included:  air quality; weather; landscape; seismicity and natural hazards; groundwater and surface water quality; biodiversity, terrestrial and aquatic flora, and fauna; soils characteristic, uses, and potential use; noise and vibration; geochemical mineral waste characterization; archaeology/cultural heritage; and socioeconomics and cultural aspects.
 
Coeur Mexicana conducts routinary monitoring of physical and biological parameters required in the initial environmental impact statement (MIA) approval resolution and the MIA document itself.  These include groundwater and surface water quality, air quality, emissions to the air, biodiversity, and water discharges.
 
1.16.2
Closure and Reclamation Considerations
 
Coeur conducts an annual review of its potential reclamation responsibilities companywide.  A site-wide Closure Plan was prepared by Knight Piésold Consulting in December 2017.  This document served as the base for closure and reclamation cost estimates prepared by KC Harvey Environmental in October 2021.  The 2021 year-end closure assessment for final reclamation of  the actual disturbance at the Palmarejo Operations, is estimated at US$40.6 M.
 
1.16.3
Permitting
 
Coeur Mexicana submitted its initial environmental impact statement (MIA) for Palmarejo in March 2008 (Palmarejo Phase 1) and received its first environmental authorization from SEMARNAT in May 2008.  This first authorization was extended for an additional 6.5 years in 2017 and is valid for production through October 2023 followed by a two-year closure period.  Coeur Mexicana filed for, and received, approval for a second environmental authorization in 2010; this authorization was extended for five additional years and is valid through November 2025.
 
Effective Date:  December 31, 2021
 
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Coeur Mexicana was granted full authorization for open pit and underground gold and silver mining activities within the areas outlined in the different MIAs. This includes permits for exploration, construction, and operation of the underground gold and silver mines, and land use/disturbance.
 
To cover the LOM, a new environmental authorization was requested of SEMARNAT on March 23, 2021, through the presentation of a Regional MIA (MIA-R).  It is expected that the MIA-R will be approved in the first quarter of 2022.  When approved the MIA-R will add 10 additional years to the current present environmental license, will consolidate 13 different authorizations under a single global license, and will include all future facilities and the mine development expected for the LOM in this Report.
 
1.16.4
Social Considerations, Plans, Negotiations and Agreements
 
Coeur actively engages the local community with cultural, social and economic programs divided into four main categories:  local hiring and local purchases; house improvement program; social investment in vulnerable groups; and productive community programs.  The surrounding communities are supportive of the Palmarejo Operations, and the employment and benefits that the mines provide.
 
1.17
Capital Cost Estimates
 
Capital cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.  Capital costs are based on recent prices or operating data.
 
Capital expenditures consist largely of mining and processing equipment upgrades and replacement, capital leases, TSF construction and raises, small projects to support community or logistics, and general and administrative (G&A) support equipment, leases, and offices.
 
Capital expenditure for the LOM is estimated at US$167.0 M from January 1, 2022.  Estimated capital expenditures are shown in Table 1‑4.
 
1.18
Operating Cost Estimates
 
Operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.
 
Operating costs were developed based on historical cost performance and first principal calculations based on current commodity costs, labor rates, and equipment costs.  The costs are provided for each major cost center: mining, processing, selling expense, and G&A.  The total operating cost estimate includes all site costs, off-site costs associated with gold and silver metal sales, gold stream payments, and corporate overheads.  The cost estimates are based on budgeted and expected LOM costs.
 
Operating expenditure for the LOM is estimated at US$1,500.3 M from January 1, 2022 to the planned end of the LOM in 2030.  Operating costs are summarized in Table 1‑5.
 
Effective Date:  December 31, 2021
 
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Table 1‑4:    Estimated Capital Expenditures by Year (US$ M)
 
Area
2022
2023
2024
2025
2026
2027
2028
2029
2030
Total
Mine development
17.5
17.4
16.4
11.6
0.2
3.9
4.0
0.7
71.7
Infrastructure
6.4
3.6
4.7
3.4
-
2.8
0.8
0.4
15.8
Mobile equipment
5.2
5.2
6.5
6.5
5.3
5.3
34.0
GPE substation
1.8
2.5
4.3
Process equipment
2.7
2.7
Process sustaining capital
1.9
2.1
1.5
1.5
1.5
0.75
9.2
Mine & site capital
3.0
2.3
5.3
G&A & others
1.7
0.7
0.5
0.5
0.5
3.9
Tailings/water treatment
15.8
4.3
20.1
Total Capital Cost Estimate
49.0
37.8
29.7
23.0
8.5
12.7
5.3
1.1
167.0

Note:  Numbers have been rounded.
 
Table 1‑5:    Operating Costs by Year (US$ M)
 
Operating Cost Type
2022
2023
2024
2025
2026
2027
2028
2029
2030
Total
Underground mining
91.0
92.0
97.9
103.8
102.4
81.7
82.9
63.9
28.4
711.8
Surface haulage
5.7
5.9
5.9
6.0
6.0
5.7
5.5
4.8
2.8
48.2
Processing
59.3
59.7
63.6
64.3
61.8
60.2
56.5
44.7
19.9
490.1
General and administrative
27.6
27.6
28.4
28.9
28.1
28.3
26.6
21.3
10
226.8
Transportation, refining, and sales costs
2.9
3.0
3.0
3.0
2.8
2.9
2.6
2.4
0.8
23.4
Total Operating Costs
173.0
192.5
190.1
187.0
186.0
166.8
159.1
132.6
57.0
1,500.3
 
Note:  Numbers have been rounded.
 
1.19
Economic Analysis
 
1.19.1
Forward-Looking Information Caution
 
Results of the economic analysis represent forward-looking information that is subject to several known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented here.
 
Other forward-looking statements in this Report include, but are not limited to: statements with respect to future metal prices and concentrate sales contracts; the estimation of Mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; costs and timing of the development of new ore zones; permitting time lines; requirements for additional capital; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and, limitations on insurance coverage.
 
Effective Date:  December 31, 2021
 
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Factors that may cause actual results to differ from forward-looking statements include: actual results of current reclamation activities; results of economic evaluations; changes in Project parameters as mine and process plans continue to be refined, possible variations in mineral reserves, grade or recovery rates; geotechnical considerations during mining; failure of plant, equipment or processes to operate as anticipated; shipping delays and regulations; accidents, labor disputes and other risks of the mining industry; and, delays in obtaining governmental approvals.
 
1.19.2
Methodology and Assumptions
 
Coeur records its financial costs on an accrual basis and adheres to U.S. Generally Accepted Accounting Principles (GAAP).
 
The economic analysis is reported on a 100% Project ownership basis.
 
The financial costs used for this analysis are based on the 2022 LOM budget model.  The economic analysis assumes constant prices with no inflationary adjustments.
 
The mineral reserves support a mine life of nine years to 2030.
 
1.19.3
Economic Analysis
 
The NPV at a discount rate of 5% is US$229.5 M.  As the cashflows are based on existing operations where all costs are considered sunk, considerations of payback and internal rate of return are not relevant.
 
A summary of the financial results is provided in Table 1‑6.  The active mining operation ceases in 2030.  Closure costs are estimated to 2032; however, for presentation purposes, closure costs are shown in the annualized cashflow Table 19‑2 as occurring between 2027–2030.
 
1.19.4
Sensitivity Analysis
 
The sensitivity of the Project to ± 20% changes in metal prices, grade, sustaining capital costs and operating cost assumptions was tested and can be seen in Table 1‑7.
 
The Project is most sensitive to metal prices, less sensitive to grade, less sensitive to operating costs, and least sensitive to capital costs.
 
Effective Date:  December 31, 2021
 
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Table 1‑6:    Cashflow Summary Table
 
Item
Units
Value
Revenue
Average gold price
US$/oz
1,644
Average silver price
US$/oz
22.56
Gross revenue
US$M
2,230.0
Operating Costs
Mining
US$M
(760.0)
Processing
US$M
(490.1)
General and administrative
US$M
(226.8)
Smelting and refining
US$M
(23.4)
Total Operating Costs
US$M
(1,500.3)
Cash Flow
Operating cash flow*
US$M
729.7
Capital expenditures
US$M
(167.0)
Reclamation
US$M
(40.6)
Total Pre-Tax Cash Flow (Net Cash Flow)
US$M
522.1
30% corporate income tax
US$M
(173.0)
7.5% special mining duty
US$M
(59.5)
0.5% extraordinary mining duty
US$M
(11.2)
Total After-Tax Cashflow (Net Cash Flow)
US$M
278.4
Total After-Tax NPV (5% Discount Rate)
US$M
229.5
 
Note: * Operating cash flow is inclusive of the Franco Nevada encumbrance.  Numbers have been rounded.
 
Table 1‑7:    Sensitivity Analysis (US$ M)
 
Parameter
-20%
-10%
-5%
Base
5%
10%
20%
Metal price
-6.5
111.5
170.5
229.5
288.5
347.4
465.2
Operating cost
388.8
309.3
269.5
229.5
189.6
149.7
69.8
Capital cost
242.3
236.2
232.7
229.5
226.3
223.1
216.7
Grade
-0.1
114.8
172.2
229.5
286.9
344
458.3
 
Note:  Numbers have been rounded.  Base case is highlighted.
 
1.20
Risks and Opportunities
 
Factors that may affect the mineral resource and mineral reserve estimates were identified in Chapter 1.10 and Chapter 1.11.3 respectively and discussed in more detail in Chapter 11 and Chapter 12.
 
Effective Date:  December 31, 2021
 
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1.20.1
Risks
 
Other risks noted include:
 
Commodity price increases for key consumables such diesel, electricity, tires, and other consumables would negatively impact the stated mineral reserves and mineral resources;
 
Labor cost increases or productivity decreases could also impact the stated mineral reserves and mineral resources, or impact the economic analysis that supports the mineral reserves;
 
Metallurgical recovery assumptions used in planning and operations are reasonable and based on historic performance.  Any changes to metallurgical recovery assumptions could affect revenues and operating costs.  This could also require revisions to cut-off grades and mineral reserve estimates;
 
Geotechnical and hydrological assumptions used in mine planning are based on historical performance, and to date historical performance has been a reasonable predictor of current conditions.  Any changes to the geotechnical and hydrological assumptions could affect mine planning, affect capital cost estimates if any major rehabilitation is required due to a geotechnical or hydrological event, affect operating costs due to mitigation measures that may need to be imposed, and impact the economic analysis that supports the mineral reserve estimates;
 
The mineral resource and reserve estimates are sensitive to metal prices.  Lower metal prices require revisions to the mineral resource estimates;
 
Changes in climate could result in drought and associated potential water shortages that could impact operating cost and ability to operate;
 
Assumptions that the long-term reclamation and mitigation of the Palmarejo Operations can be appropriately managed within the estimated closure timeframes and closure cost estimates;
 
Political risk from challenges to:
 

o
Mining licenses;
 

o
Environmental permits;
 

o
Coeur’s right to operate;
 
Changes to assumptions as to governmental tax or royalty rates, such as taxation rate increases or new taxation or royalty imposts.
 
1.20.2
Opportunities
 
Opportunities include:
 
Conversion of some or all the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting studies;
 
Upgrade of some or all the inferred mineral resources to higher-confidence categories, such that such better-confidence material could be used in mineral reserve estimation;
 
Higher metal prices than forecast could present upside sales opportunities and potentially an increase in predicted Project economics;
 
Effective Date:  December 31, 2021
 
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Ability to expand mineralization around known veins through exploration;
 
Discovery and development of new exploration targets across the district;
 
Potential to find or gain access to new mineralization that could be processed at the existing Palmarejo process facilities;
 
Ability to add additional process plant throughput as additional mineral resources are converted to mineral reserves.  Coeur Mexicana has a track record of success on this in recent years as the mill was originally designed for a larger open pit operation.
 
1.21
Conclusions
 
Under the assumptions in this Report, the operations evaluated show a positive cash flow over the remaining LOM.  The mine plan is achievable under the set of assumptions and parameters used.
 
1.22
Recommendations
 
As the Palmarejo Operations consist of operating mines, the QPs have no material recommendations to make.
 
Effective Date:  December 31, 2021
 
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2.0
INTRODUCTION
 
2.1
Registrant
 
Mr. Christopher Pascoe, RM SME, Mr. Miller O’Prey, P. Geo., Mr. Peter Haarala, RM SME, and Mr. Joseph Ruffini, RM SME prepared a technical report summary (the Report) for Coeur Mining, Inc. (Coeur), on the Palmarejo Operations (the Palmarejo Operations or the Project), located in Mexico as shown in Figure 2‑1.
 
Coeur’s wholly-owned subsidiary, Coeur Mexicana S.A. de C.V. (Coeur Mexicana) is the operating entity.
 
2.2
Terms of Reference
 
2.2.1
Report Purpose
 
The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Palmarejo Operations in Coeur’s Form 10-K for the year ended December 31, 2021.
 
Mineral resources and mineral reserves are reported for the Guadalupe, Independencia, and La Nación underground mines.
 
2.2.2
Terms of Reference
 
The Palmarejo Operations consist of the Palmarejo processing facility; the Guadalupe underground mine, located about 8 km southeast of the Palmarejo mine; the Independencia underground mine, located approximately 800 m northeast of the Guadalupe underground mine, and the La Nación underground mine, located adjacent to the Independencia underground mine.  The Guadalupe, Independencia, and La Nación underground mines are primarily silver and gold producers.
 
Mining commenced in 2008 from the Palmarejo open pit and underground mines. Milling operations and metal recovery began in 2009.  Figure 2‑2 shows the location of the current and mined-out open pits, and development prospects.
 
Unless otherwise indicated, all financial values are reported in United States (US) currency (US$) including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions.
 
Unless otherwise indicated, the metric system is used in this Report.  The Report uses US English.
 
Mineral resources and mineral reserves are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) of the United States Securities and Exchange Commission.  Illustrations, where specified in SK1300, are provided in the relevant Chapters of report where that content is requested.
 
Effective Date:  December 31, 2021
 
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Figure 2‑1:
Project Location Plan
 
 
Note: Figure prepared by Coeur, 2021.  Large callout lower right represents zoomed in view of Project area
 
Effective Date:  December 31, 2021
 
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Figure 2‑2:
Mining Operations Layout Plan
 
 
Note: Figure prepared by Coeur, 2021.
 
Effective Date:  December 31, 2021
 
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2.3
Qualified Persons
 
The following Coeur employees serve as the Qualified Persons (QPs) for the Report:
 
Mr. Christopher Pascoe, RM SME, Senior Director, Technical Services;
 
Mr. Miller O’Prey, P. Geo., Director Exploration, Coeur Mexicana;
 
Mr. Peter Haarala, RM SME, P.E., Senior Manager, Mine Planning;
 
Mr. Joseph Ruffini, RM SME, Manager, Resource Estimation.
 
The QPs are responsible for, or co-responsible for, the Report Chapters set out in Table 2-1.
 
2.4
Site Visits and Scope of Personal Inspection
 
Mr. Pascoe most recently visited the operations from October 6–11, 2019.  During his site visit, he reviewed geology, mine planning, and operations.
 
Mr. O’Prey has been employed at the Palmarejo Operations since 2014, and this onsite experience serves as his scope of personal inspection.  In his current role, he provides oversight to ongoing exploration drilling programs and core logging/sampling procedures.
 
Mr. Haarala’s most recent site visit was December 6–10, 2021. He has been employed at Coeur since May 2021.  In his current role he is responsible for overseeing mine planning and designs for Coeur operations.  During his site visit he reviewed mine operations, mine planning and design, mineral processing, and the overall Project area.
 
Mr. Ruffini’s most recent site visit was from June 25 to July 1, 2021, where he reviewed the inputs, assumptions, and procedures that were used to produce the resource estimates.  He also has direct experience working on the site as the Senior Resource Geologist from February 2017 to April 2019.
 
2.5
Report Date
 
Information in the Report is current as at December 31, 2021.
 
2.6
Information Sources and References
 
The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation.
 
2.7
Previous Technical Report Summaries
 
Coeur has not previously filed a technical report summary on the Project.
 
Effective Date:  December 31, 2021
 
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Table 2‑1:    QP Chapter Responsibilities
 
QP Name
Chapter Responsibility
Mr. Chris Pascoe
1.1, 1.2, 1.3, 1.4, 1.9, 1.13, 1.15, 1.16, 1.17, 1.18, 1.19, 1.20, 1.21, 1.22; 2; 3; 4; 10; 14; 16; 17; 18; 19; 20; 21; 22.1, 22.2, 22.6, 22.10, 22.12, 22.13, 22.14, 22.15, 22.16, 22.17, 22.18; 23; 24; 25.
Mr. Peter Haarala
1.1, 1.2, 1.3, 1.11, 1.12, 1.14, 1.15, 1.16, 1.17, 1.18, 1.20, 1.22; 4; 7.3, 7.4; 12; 13; 15; 16; 17; 18; 22.1, 22.22.8, 22.9, 22.11, 22.12, 22.13, 22.14, 22.15, 22.17; 23; 24; 25
Mr. Miller O’Prey
1.1, 1.2, 1.5, 1.6, 1.7, 1.8, 1.20, 1.22; 2; 5; 6; 7.1, 7.2; 8; 9; 22.1, 22.3, 22.4, 22.5, 22.17; 23; 24; 25
Mr. Joseph Ruffini
1.1, 1.2, 1.5, 1.6, 1.7, 1.8, 1.20, 1.22; 2; 5; 6; 7.1, 7.2; 8; 9; 11; 22.1, 22.3, 22.4, 22.5, 22.17; 23; 24; 25
 
Effective Date:  December 31, 2021
 
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3.0
PROPERTY DESCRIPTION
 
3.1
Property Location
 
The Palmarejo Operations are located approximately 420 km by road southwest of the city of Chihuahua, in the state of Chihuahua in northern Mexico.
 
The centroid for the Project is 108o 21.8203’ W longitude and 27o 21.5547’ N latitude (760,781 mE, 3,028,984 mN) in the Universal Transverse Mercator (WGS 84), Zone 12R.
 
Centroid locations for the key Project components include in the Universal Transverse Mercator (WGS 84), Zone 12R:
 
Palmarejo open pit (mined out):  108º 24.126’ W longitude and 27º 23.176’ N latitude (756,800 mE, 3,031,950 mN);
 
Guadalupe:  108º 21.899’ W longitude and 27º 20.996’ N latitude (760,672 mE, 3,027,949 mN);
 
Independencia:  108º 21.752’ W longitude and 27 º 22.078’ N latitude (760,873 mE, 3,029,953 m N);
 
La Nación:  108º 21.809’ W longitude and 27º 21.591’ N latitude (760,797 mE, 3,029,051 mN).
 
The Project falls within the Instituto de Naciónal de Estadística, Geografía y Informática (INEGI) Ciudad Obregón geological sheet (G12-3) and the INEGI Guadalupe Victoria (G12B28), Chínipas de Almada (G12B38), Temoris (G12B39), Milpillas (G12B48), and the Cieneguita Lluvia de Oro topographic maps.
 
3.2
Ownership
 
The Project is held in the name of Coeur’s wholly-owned subsidiary, Coeur Mexicana.
 
3.3
Mineral Title
 
The Palmarejo Operations consist of 71 mining concessions (27,227 ha).  A summary of the claims is provided in Table 3‑1, and an overall tenure location plan provided in Table 3‑2.  Claim details are provided in Appendix A.  A map showing name, ID, and other details of the mineral tenures as well as the location of the mining complexes is also provided in Appendix A.
 
Locations of the areas that have current mineral resource estimates are shown in Figure 3‑2.  Detailed maps are provided in Appendix A. The Guadalupe Complex mining operations are within concessions 188817 and 186009.  The Independencia Complex mining operations are within concessions 186009 and 243762.  The La Nación Complex mining operations are within concessions 221490 and 243762.
 
As per Mexican requirements for grant of tenure, the mining concessions were surveyed on the ground by a licensed surveyor.  Required payments for the concessions were made as required.  Statutory reporting obligations were met as required.

Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


Table 3‑1:    Mineral Tenure Summary Table
 
No
Concession Name
Title No
Valid Through
Area
(ha)
Holder
Royalty
1
Ampl. Trogan Oeste
225223
4/8/2055
1,699.99
Coeur Mexicana
N/A
2
Ampliación Trogan
224118
7/4/2055
703.2318
Coeur Mexicana
N/A
3
Caballero Azteca
209975
30/08/2049
5.051
Coeur Mexicana
N/A
4
Carmelita
209976
30/08/2049
5.343
Coeur Mexicana
N/A
5
El Risco
210163
9/9/2049
24
Coeur Mexicana
N/A
6
La Aurelia
209541
2/8/2049
10
Coeur Mexicana
N/A
7
La Buena Fe
188820
28/11/2040
60
Coeur Mexicana
N/A
8
La Buena Fe Norte
226201
28/11/2055
98.0878
Coeur Mexicana
N/A
9
La Estrella
189692
4/12/2040
59.5863
Coeur Mexicana
N/A
10
La Mexicana
212281
28/09/2050
142.141
Coeur Mexicana
N/A
11
La Moderna
225574
22/09/2055
75.8635
Coeur Mexicana
N/A
12
Lezcura
210479
7/10/2049
14.5465
Coeur Mexicana
N/A
13
Los Tajos
186009
13/12/2039
2.7043
Coeur Mexicana
N/A
14
Maclovia
167282
29/10/2030
6
Coeur Mexicana
N/A
15
Nueva Patria
167281
29/10/2030
11
Coeur Mexicana
N/A
16
Palmarejo
164465
8/5/2029
52.0755
Coeur Mexicana
N/A
17
Patria Vieja
167323
2/11/2030
4
Coeur Mexicana
N/A
18
Reyna De Oro
198543
29/11/2043
27.1791
Coeur Mexicana
2% NSR
19
San Carlos
188817
28/11/2040
160
Coeur Mexicana
N/A
20
San Juan De Dios
167322
2/11/2030
23
Coeur Mexicana
N/A
21
Santo Domingo
194678
6/5/2042
15.3737
Coeur Mexicana
N/A
22
Tres De Mayo
187906
21/11/2040
39.8582
Coeur Mexicana
2% NSR
23
Trogan
221490
18/02/2054
3,844.54
Coeur Mexicana
N/A
24
Trogan Fracción
221491
18/02/2054
7.9682
Coeur Mexicana
N/A
25
Trogan Norte 1
225278
11/8/2055
1,024.00
Coeur Mexicana
N/A
26
Trogan Norte 2
225279
11/8/2055
1,019.22
Coeur Mexicana
N/A
27
Trogan Oeste
225308
15/08/2055
2,699.07
Coeur Mexicana
N/A
28
Unificación Guerra Al Tirano
170588
1/6/2032
27.4471
Coeur Mexicana
2% NSR
29
Unificación Huruapa
195487
13/09/2039
213.7755
Coeur Mexicana
N/A
30
Victoria
210320
23/09/2049
76.0883
Coeur Mexicana
N/A
31
Virginia
214101
9/8/2051
12.0906
Coeur Mexicana
N/A
32
El Rosario
185236
13/12/2039
10.9568
Coeur Mexicana
N/A
33
La Curra
222319
24/06/2054
37.6593
Coeur Mexicana
N/A
34
La Currita
223292
24/11/2054
13.6805
Coeur Mexicana
N/A
35
Sulema No. 2
191332
18/12/2041
15.828
Coeur Mexicana
N/A
36
Ampliación La Buena Fe
209648
2/8/2049
40.8701
Coeur Mexicana
N/A

Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


No Concession Name Title No Valid Through
Area
(ha)
Holder Royalty
37
El Carmen
166426
3/6/2030
59.0864
Coeur Mexicana
N/A
38
El Rosario
166430
3/6/2030
14
Coeur Mexicana
N/A
39
Empalme
166423
3/6/2030
6
Coeur Mexicana
N/A
40
Guadalupe De Los Reyes
172225
26/10/2033
8
Coeur Mexicana
N/A
41
Las Tres B.B.B.
166427
3/6/2030
23.001
Coeur Mexicana
N/A
42
Las Tres S.S.S.
166429
3/6/2030
19.1908
Coeur Mexicana
N/A
43
San Juan
166402
3/6/2030
3
Coeur Mexicana
N/A
44
San Luis
166422
3/6/2030
4
Coeur Mexicana
N/A
45
San Miguel
166401
3/6/2030
12.9458
Coeur Mexicana
N/A
46
Sangre De Cristo
166424
3/6/2030
41
Coeur Mexicana
N/A
47
Santa Clara
166425
3/6/2030
15
Coeur Mexicana
N/A
48
Swanwick
166428
3/6/2030
70.1316
Coeur Mexicana
N/A
49
Constituyentes 1917
199402
18/04/2044
66.2411
Coeur Mexicana
1% NSR
50
Montecristo
213579
17/05/2051
38.056
Coeur Mexicana
1% NSR
51
Montecristo Fraccion
213580
17/05/2051
0.2813
Coeur Mexicana
1% NSR
52
Montecristo Ii
226590
1/2/2056
27.1426
Coeur Mexicana
1% NSR
53
Santa Cruz
186960
16/05/2040
10
Coeur Mexicana
3% NSR
54
Elyca
179842
16/12/2036
10.0924
Coeur Mexicana
N/A
55
Ampl. San Antonio
196127
22/09/2042
20.9174
Coeur Mexicana
2% NSR
56
Cantilito
220788
6/10/2053
37.035
Coeur Mexicana
2% NSR
57
Guazapares
209497
2/8/2049
30.9111
Coeur Mexicana
2% NSR
58
Guazapares 1
212890
12/2/2051
451.9655
Coeur Mexicana
2% NSR
59
Guazapares 2
226217
1/12/2055
404.0016
Coeur Mexicana
2% NSR
60
Guazapares 3
211040
23/03/2050
250
Coeur Mexicana
2% NSR
61
Guazapares 4
223664
1/2/2055
63.9713
Coeur Mexicana
2% NSR
62
Guazapares 5
213572
17/05/2051
88.8744
Coeur Mexicana
2% NSR
63
San Antonio
204385
12/2/2047
14.8932
Coeur Mexicana
2% NSR
64
San Antonio
222869
13/09/2054
105.1116
Coeur Mexicana
2% NSR
65
San Francisco
191486
18/12/2041
38.1598
Coeur Mexicana
2% NSR
66
Vinorama
226884
16/03/2056
474.222
Coeur Mexicana
2% NSR
67
Guazapares
232082
17/05/2057
4,242.12
Coeur Mexicana
N/A
68
Temoris Centro Fracc. 1
243762
17/05/2057
4,940.20
Coeur Mexicana
N/A
69
Temoris Centro Fracc. 2
243763
17/05/2057
2,380.00
Coeur Mexicana
N/A
70
Temoris Centro Fracc. 6 R1a
243767
17/05/2057
956.201
Coeur Mexicana
N/A
71
Temoris Fraccion 4
229553
17/05/2057
18.6567
Coeur Mexicana
N/A
       
27,226.65
   
 
Note:  dates use month/day convention.  N/A = not applicable
 
Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


Figure 3‑1:
Mineral Tenure Location Map
 
 
Note: Figure prepared by Coeur, 2021.
 
Effective Date:  December 31, 2021
 
Page 3-4

Palmarejo Operations
Mexico
Technical Report Summary


Figure 3‑2:
    Deposit Locations Within Mineral Concession Areas

 
Note: Figure prepared by Coeur, 2021.
 
Effective Date:  December 31, 2021
 
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Mexico
Technical Report Summary


3.4
Surface Rights
 
Coeur has occupancy agreements in place with selected ejidos for exploitation or exploration purposes (Table 3‑2), collectively covering an area of 15,111.19 ha (Figure 3‑3).
 
3.5
Water Rights
 
Water rights supporting exploration, mining, and processing activities are summarized in Table 3‑3.
 
Effective Date:  December 31, 2021
 
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Technical Report Summary


Table 3‑2:    Key Surface Rights Agreements
 
Eijido
Purpose
Area
(ha)
Fees
Agreement Duration
Comment
Agua Salada
Exploration, exploitation and beneficiation
443.4
Annual
765,000
(MXN$)
25 years, from November 20, 2013; option to extend for an additional five years
Five scholarships to a maximum of MXN$50,000 to children of members of the ejido
Chínipas
Water pumping station and associated infrastructure
7.8
Annual
24,000
(US$)
11 years, from October 15, 2012; option to extend for an additional 11 years
Five higher-education scholarships to a maximum of MXN$50,000 to children of members of the ejido. It also provides for a contribution of MXN$120,000 annually towards meal programs for senior citizens of the ejido.  Payments subject to annual adjustment for CPI
Guazapares
Exploration, exploitation and beneficiation
1,830.6
Annual
15,432,000
(MXN$)
adjusted for CPI annually
25 years, from October 20, 2013; option to extend for an additional five years
Five higher-education scholarships to a maximum of MXN$50,000 to children of members of the ejido. It also provides for a contribution of MXN$120,000 annually towards meal programs for senior citizens of the ejido and an additional MXN$120,000 annually towards school infrastructure.  Payments subject to annual adjustment for CPI
Guazapares
Exploration and the installation of ventilation infrastructure
1,778.9
One-time rent
595,000
(MXN$)
10 years, from March 29, 2015
Nominal payments made for any surface disturbance to the ejido and any affected ejiditario on a unit cost basis per drill pad, trench and meter of road construction.  Nominal payments subject to annual adjustment for CPI
Guazapares
Exploration and installation of ventilation infrastructure
5,203.0
One-time rent
595,000
(MXN$)
10 years, from March 29, 2015
Nominal payments made for any surface disturbance to the ejido and any affected ejiditario on a unit cost basis per drill pad, trench, and meter of road construction.  Nominal payments subject to annual adjustment for CPI

Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


Eijido Purpose  
Area
(ha)
Fees Agreement Duration Comment
Palmarejo
Exploration, exploitation, and beneficiation
657.5
Annual
7,200,000
(MXN$)
adjusted for CPI annually
17 years, from October 16, 2013; option to extend for an additional five years
Five higher-education scholarships to a maximum of MXN$50,000 to children of members of the ejido
Guerra Al Tirano
Exploration, exploitation, and beneficiation
5,190.39
One-time rent
1,500,000
(MXN$)
10 years, from March 12, 2017
Nominal payments made for any surface disturbance to the ejido and any affected ejiditario on a unit cost basis per drill pad, trench and meter of road construction.  Nominal payments subject to annual adjustment for CPI
 
Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


Figure 3‑3:
Surface Rights Plan
 
 
Note:  Figure prepared by Coeur, 2021.
 
Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


Table 3‑3:    Key Water Rights
 
Permit/Concession
Dates
(from–to)
Comments
03CHI141177/10EBDL16
July 30, 2015 to July 30, 2025
Tailings dam permit for leased area of 42,613.49 m2
03CHI140198/10EDDL13
April 2009 to April 2024
Water treatment plant 1 discharge permit for 34,700 m3 per year
03CHI140900/10ERDL15
November 17, 2012 to November 17, 2022
Water treatment plant 2 discharge permit for 37,230 m3 per year
03CHI156149/10EMDA17
June 10, 2017 to June 10, 2027
Groundwater concession, Palmarejo water well
03CHI140154/10FAGC10
September 18, 2009 to September 18, 2029
Infiltration gallery (tunnel) at Chínipas River riverbed, facility within Federal Area, occupation permit of 1,100 m2
03CHI141257/10FDDL16
March 2, 2016 to March 2, 2026
Water treatment plant at tailings storage facility discharge permit for 2,628,000 m3 per year
03CHI155096/10FBDA15
November 16, 2014 to November 16, 2034
Concession for the extraction of 100,000 m3 per year of surface water.
03CHI141394/10EDD17
December 8, 2016 to December 8 2026
Federal Area 1630; concessional area of 4,302.066 m2
03CHI141393/10EDD17
December 8, 2016 to December 8 2026
Federal Area 1644; concessional area of 28,969.965 m2
CHI818344
December 21, 2020 to December 21, 2050
Federal Area 1654; concessional area of 3,114.020 m2
03CHI141395/10EDD17
December 8, 2016 to December 8, 2026
Federal Area 1647; concessional area of 469.15 m2
03CHI141396/10EDDL17
December 8, 2016 to December 8, 2026
Federal Area 1645; concessional area of 10,673.206 m2
03CHI141392/10EDD17
December 8, 2016 to December 8, 2026
Federal Area 1631; concessional area of 670.649 m2
03CHI141391/10EDDL17
December 8, 2016 to December 8, 2026
Federal Area 1641; concessional area of 2,518.924 m2
03CHI141390/10EDD17
December 8, 2016 to December 8, 2026
Federal Area 1642; concessional area of 2,148.414 m2
CHI832319
October 2, 2014 to October 2, 2024
Federal Area 1885; concessional area of 442,641 m2
03CHI141176/10EBDL15
May 20 2016 to May 20 2026
Environmental control dam, permit for leased area of 45,865.87 m2
03CHI800002/10FPGC10
February 22 2010 to February 22 2029
Water extraction permit of 2,000,000 m3 per year at infiltration gallery, Chínipas River.
8120017
April 16 2021 to April 16 2031
Federal Area 1649; concessional area of 3,211.45 m2

Effective Date:  December 31, 2021
 
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Palmarejo Operations
Mexico
Technical Report Summary


Permit/Concession
Dates
(from–to)
Comments
No Concession title 3, Tillage water
Indefinite
Extraction groundwater at Guadalupe
No Concession title 4, Tillage water
Indefinite
Extraction groundwater at Independencia
 
3.6
Royalties
 
3.6.1
Franco-Nevada
 
On 2 October 2014, a Gold Purchase and Sale Agreement (the Agreement) was entered into by and among Coeur Mexicana, Franco-Nevada (Barbados) Corporation (Franco–Nevada), Ocampo Resources Inc., and Ocampo Services Inc., whereby Coeur Mexicana agreed to sell to Franco–Nevada 50% of the refined gold produced from selected mining concessions at a gold price of $800/oz, in consideration of Franco–Nevada providing investment capital for Project development.
 
The initial term of the Agreement (which became effective in August 2016) is 40 years.  This Agreement encumbers all mining concessions owned or controlled by Coeur Mexicana except for the El Rosario (185236), La Curra (222319), La Currita (223292) and Sulema No. 2 (191332) mining concessions and the mining concessions acquired from Paramount.  There is also an area of interest (AOI), whereby any mining concessions acquired within the boundaries of the AOI are subject to the terms of the Agreement.  The AOI boundary generally follows the exterior boundary of Agrupamiento Unificación Huruapa.
 
This royalty is included in the LOM cashflow analysis.
 
3.6.2
Minera Azteca
 
On 10 October 2011, Coeur Mexicana purchased the Unificación Guerra al Tirano (170588), Reyna de Oro (198543), and Tres de Mayo (187906) mining concessions from Minera Azteca de Oro y Plata S.A. de C.V. (Minera Azteca).  Minera Azteca reserved a 2% net smelter returns royalty (NSR) on production, as defined in the agreement, of all gold and silver mined and produced from these three mining concessions.  Coeur Mexicana may re-acquire, at any time, up to 75% of the NSR (i.e., 1.5%), at a fixed price of US$50,000 per one-tenth of every 1%.  The maximum re-purchase price of this NSR is US$750,000.  Currently, there are no mineral resources or mineral reserves associated with this royalty.
 
3.6.3
Hernández and Gomez
 
Pursuant to a Convenio (Paramount Mexico Royalty Agreement) by and among Isidro Hernández Pompa and wife (Hernández), Victor Manuel Gomez Fregoso (Gomez), and Paramount Mexico, dated December 8, 2009, a 1% NSR was granted to Hernández and Gomez, over the Constituyentes 1917 (199402), Montecristo (213579), Montecristo Fraccion (213580), and Montecristo II (226590) mining concessions.
 
Effective Date:  December 31, 2021
 
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Mexico
Technical Report Summary


Coeur Mexicana (as successor to Paramount Mexico) may purchase this NSR from the Royalty Holders at any time for US$450,000 plus value-added tax (IVA).  Under the terms of the Paramount Mexico Royalty Agreement, Coeur Mexicana (as successor to Paramount Mexico) has a US$190,000 credit against future NSR payments, if any, which may be realized by withholding 50% of the quarterly NSR payments Hernández and Gomez would have otherwise received.  Alternatively, Coeur Mexicana (as successor to Paramount Mexico) may apply the US$190,000 credit to the US$450,000 NSR royalty purchase price.  Currently, there are no mineral resources or mineral reserves associated with this royalty.
 
3.6.4
Rascón
 
The Santa Cruz (T-186960) concession is subject to a 3% NSR royalty payable to Mr. Luis Alberto Rascón Herrera.  The NSR royalty can be purchased at any time, upon the payment of US$200,000 plus value-added tax.  Currently, there are no mineral resources or mineral reserves associated with this royalty.
 
3.6.5
Minera Río Tinto and Astorga
 
The San Antonio (T-222869), San Antonio (T-204385), Ampl. San Antonio (T-196127) concessions are subject to a 0.5% NSR payable to Minera Río Tinto, S.A. de C.V. (Minera Río Tinto) and a 1.5% NSR payable to Mr. Rafael Fernando Astorga Hernández.  Currently, there are no mineral resources or mineral reserves associated with this royalty.
 
3.6.6
Minera Río Tinto and Ayub
 
The Guazapares (T-209497), Guazapares 1 (T-212890), Guazapares 2 (T-226217), Guazapares 3 (T-211040), Guazapares 4 (T-223664), Guazapares 5 (T- 213572), Cantilito (T-220788), and Vinorama (T-226884) concessions are subject to a 2% NSR payable to Minera Río Tinto and Mr. Mario Humberto Ayub Touché.  Currently, there are no mineral resources or mineral reserves associated with this royalty.
 
3.6.7
Minera Río Tinto and Rachasa
 
The San Francisco (T-191486) concession is subject to a 0.5% NSR payable to Minera Río Tinto and a 1.5% NSR payable to Minera Rachasa, S.A. de C.V. (Rachasa).  Currently, there are no mineral resources or mineral reserves associated with this royalty.
 
3.6.8
Mexican Mining Taxes
 
Mexican mining taxes include the following:
 
Special Mining Duty (tax) of 7.5% (Derecho Especial Sobre Mineria) applied to income from mining activities.  The tax is calculated on the basis of earnings before interest, income taxes, depreciation, and amortization (i.e., EBITDA);
 
Extraordinary Mining Duty (tax) of 0.5% (Derecho Extraordinario Sobre Mineria) applied to all revenue from the gold and silver produced.
 
Both of these taxes are assumed to be deductible against income before the calculation of corporate income tax.
 
Effective Date:  December 31, 2021
 
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Mexico
Technical Report Summary


3.7
Encumbrances
 
3.7.1
Permitting Requirements
 
The environmental permitting process in Mexico requires the presentation of two different documents at the federal level: an Environmental Impact Statement (MIA in the Spanish acronym) and a Land Use Change (CUS in the Spanish acronym).  These documents are reviewed by Mexico’s environmental authority, Secretaría del Medio Ambiente y Recursos Naturales (SEMARNAT).  In addition, authorization from Mexico’s water authority CONAGUA (Comisión  Naciónal del Agua) is needed for water use, effluent discharge, and for the construction of facilities in federal watersheds.
 
To cover the life-of-mine (LOM), a new environmental authorization was requested of SEMARNAT on March 23, 2021, through the presentation of a Regional MIA (MIA-R).  A MIA-R is a preventive instrument that defines the environmental and social effects of a project of regional extension which includes several watersheds and different towns or communities. The MIA-R is SEMARNAT’s preferred instrument for large-scale mining projects.
 
Additional information on permitting is provided in Chapter 17.
 
3.7.2
Permitting Timelines
 
In late July 2021, SEMARNAT requested additional information on the MIA-R document; this information was provided by Coeur on August 10, 2021.  It is expected that the MIA-R will be approved in the first quarter of 2022.  When granted, it will add 10 years to the current environmental license and will consolidate all existing authorizations under a single global license.  The MIA-R will also include the new facilities and mine development expected for the LOM plan presented in this Report.
 
No special conditions are anticipated to be imposed in the approval of the MIA-R.
 
3.7.3
Violations and Fines
 
There are no major violations or fines as understood in the United States mining regulatory context that have been reported for the Palmarejo Operations.
 
3.8
Significant Factors and Risks That May Affect Access, Title or Work Programs
 
To the extent known to the QP, there are no other known significant factors and risks that may affect access, title, or the right or ability to perform work on the properties that comprise the Palmarejo Operations that are not discussed in this Report.
 
Effective Date:  December 31, 2021
 
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Mexico
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4.0
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
 
4.1
Physiography
 
The Palmarejo Operations are located on the western flank of the Sierra Madre Occidental, a mountain range that comprises the central spine of northern Mexico.
 
The elevation at Palmarejo is about 1,150 masl, and the elevation at Guadalupe and Independencia is about 1,300 masl.
 
Hills are typically densely vegetated, steep-sided slopes with local stands of cacti.  Conifers occur at high elevations, while oak trees, cacti, and thorny shrubs dominate the vegetation at low levels.
 
Local ranchers and farmers graze cattle and grow corn and other vegetables on small-scale plots.
 
4.2
Accessibility
 
Access to the Palmarejo Operations is from the city of Chihuahua, in the state of Chihuahua, Mexico, via paved Highways 16 and 127 to the town of San Rafael.  From San Rafael, travel is by gravel road through Temoris to the town of Palmarejo which is adjacent to the processing plant.  Access via Temoris is along 35 km of company-maintained gravel road, an extension of Highway 127 that continues on through to Chínipas.  The majority of the supplies and personnel are transported via this road from Chihuahua to the site.  Total driving time from Chihuahua is approximately seven hours.
 
Access to the individual mines and local exploration sites is via a company-controlled road approximately 10 km from the process plant.
 
The Chihuahua–Pacifico rail service operates between Chihuahua and Los Mochis (Topolobampo seaport) on the northwest coast of Mexico.  A passenger train operates weekly, and one freight train operates daily between these cities with nearest stop in Estación Temoris.  The Estación Temoris railway station is located 10 km south of Temoris.
 
An airstrip services light aircraft located at the Palmarejo site.
 
4.3
Climate
 
The climate is moderate, with average maximum and minimum temperatures at 34° C and 5° C, respectively.  Rainfall occurs mainly in the summer and fall months (August through to the end of October), with average annual precipitation of 620 mm (McCullagh and Hall, 2014).
 
Mining operations are conducted year-round.  All anticipated exploration activities can be conducted year-round.

Effective Date:  December 31, 2021
 
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Mexico
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4.4
Infrastructure
 
Local and regional (state) contractors and vendors provide most of the services required to support the Palmarejo Operations.
 
The area around the Palmarejo Operations has moderately well-developed infrastructure and a local workforce familiar with mining operations. Four to five thousand inhabitants reside within a one-hour drive, on all-weather compacted dirt roads (Skeet, 2004).  Chínipas and Temoris are the two nearest towns.  The small village of Palmarejo lies immediately northwest of the Palmarejo mine.  Many of the employees live in these three communities.
 
Electrical power is supplied by the Federal Electricity Commission (CFE).
 
Water is sourced from the tailings storage facility (TSF), the Chínipas River, or is purchased from local municipalities.
 
The Palmarejo Operations currently have all infrastructure in place to support mining and processing activities (see also discussions in Chapter 13, Chapter 14, and Chapter 15 of this Report).  These Report chapters also discuss water sources, electricity, personnel, and supplies.
 
Effective Date:  December 31, 2021
 
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Mexico
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5.0
HISTORY
 
5.1
Project Ownership History
 
The current Project is managed through Coeur’s wholly-owned subsidiary Coeur Mexicana S.A. de C.V. This Project was acquired through a combination of mergers and acquisitions starting in 2007.
 
From 2003 to 2007, Planet Gold S.A.de C.V. (Planet Gold), Bolnisi Gold NL’s operating company, held a majority interest in Palmarejo Silver and Gold Co., which held concessions over the Palmarejo mine, Guadalupe and Independencia Oeste deposits, and surrounding mineral concessions,
 
Paramount Gold and Silver Corp. (Paramount) held the San Miguel project, which included the Independencia Este, La Union Sur, San Miguel, and San Francisco deposits and prospects and surrounding mineral concessions through its operating subsidiaries, Paramount Gold de Mexico S.A. de C.V. (Paramount Mexico) and Minera Gama S.A. de C.V. (Minera Gama).  Coeur acquired Paramount in 2015.  In November 2015, Minera Gama was merged into Paramount Mexico and in October 2016, the combined Paramount Mexico was merged and incorporated into Coeur Mexicana.
 
5.2
Exploration and Development History
 
The Palmarejo Operations are located in the Temoris and Guazapares mining districts.  Silver and gold production from these districts, though poorly documented, has a long, intermittent history dating from at least Spanish colonial exploitation beginning in the 1620s.  Over the 400-year mining history, there has been consolidation and renaming of many of the key areas.  These are summarized in Table 5-1, which provides the historical names and the names that Coeur currently uses for the areas.
 
A summary of the Project exploration and development history is provided in Table 5-2.
 
Effective Date:  December 31, 2021
 
Page 5-1

Palmarejo Operations
Mexico
Technical Report Summary


Table 5‑1:     Project Nomenclature Over Time
 
Area
District
Deposit
Deposit
Palmarejo Operations
Palmarejo District
Palmarejo
La Blanca
La Prieta
Guadalupe
Guadalupe
La Curra
La Currita
Zapata
Las Animas
La Patria
Independencia
Independencia
La Bavisa
Hidalgo
La Nación
La Nación
Los Bancos
Guazapares District
San Miguel
San Miguel
Guazapares
La Union
San Jose
San Luis
San Antonio
Monte Cristo
Sangre de Cristo
San Francisco
Canutillo
 
Table 5‑2:    Exploration and Development History Summary Table
 
Company
Year
Comment
Early artisanal mining, including by the Spanish
1620s to circa 1886
Intermittent small-scale production.
Stamp mill constructed at Palmarejo mine in 1881.
Palmarejo Mining Co; later renamed Palmarejo and Mexican GoldFields, Ltd. (Palmarejo and Mexican GoldFields)
1886–1910
Purchased Palmarejo mine.  Constructed a mill located two miles east of Chínipas, an aqueduct for power, and a railroad from the mine site to the mill. Mining activity halted by Mexican Revolution.
Unknown
Unknown
Historic reports of mining at Guadalupe suggest that approximately 3,700 t grading 458 g/t Ag were mined from the deposit.

Effective Date:  December 31, 2021
 
Page 5-2

Palmarejo Operations
Mexico
Technical Report Summary


Company
Year
Comment
American Smelting and Refining Company
1950s
Reportedly drilled 15 core holes in the San Luis and San Jose Mine areas.  No drill data available.
Hilos de Plata
1957
Restarted the San Luis mine.
Alaska-Juneau Mining Company
1958–1968
Evaluated the San Luis mine. Mining operations accessed via a 270 m inclined shaft, with the gold-silver ore processed in a 150 tons-per-day flotation mill.  No production records located to date.
Earth Resources Company and Industrias Peñoles
1975–1976
Joint venture over concessions in the Guazapares district.  Sampled the most accessible workings; conducted grid-based geochemical sampling; completed 39 short air-track holes (944 m) with poor sample recovery; metallurgical testwork; resource estimation.
Minas Huruapa, S.A. de C.V.
1979–1992
Restarted operations at Palmarejo mine.  Available records show production of 168,352 t grading 297 g/t Ag and 1.37 g/t Au.
Consejo de Recursos Minerales
1985–1988
District-scale sampling of underground workings in the Guazapares district.
Unknown
1985–1998
La Currita mine, located along the southeast extension of the Guadalupe area, produced at a rate of about 100 tons per day
Noranda Exploration Inc.
1990s
Optioned concessions in the Guazapares district.
Kalahari Resources
1991
Exploration drilling at La Currita; number and type of drill holes unknown.
War Eagle Mining Company Inc.
1991–2002
Completed 50 drillholes within the Guazapares 4 concession (Agrupamiento San Francisco) and on ground adjacent to that concession.  No data available.