2020-12-16 Rochester Technical Report
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TECHNICAL REPORT FOR THE ROCHESTER MINE, LOVELOCK, NEVADA, U.S.A. Prepared for Coeur Mining, Inc. NI 43-101 TECHNICAL REPORT Effective Date: December 16, 2020 Report Date: December 16, 2020 Prepared by: Christopher F. Pascoe, RM SME, Coeur Mining, Inc. Josef C. R. Bilant, RM SME, Coeur Rochester, Inc. Robert M. Gray, P.Eng., Moose Mountain Technical Services Matthew S. Bradford, RM SME, Coeur Mining, Inc. Richard J. Yancey, RM SME, Coeur Rochester, Inc. Thomas G. Holcomb, RM SME, Coeur Rochester, Inc. Rochester Mine Lovelock, Nevada, U.S.A. NI 43-101 Technical Report December 16, 2020 CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION This technical report (Report) contains forward-looking statements within the meaning of United States (U.S.) and Canadian securities laws. Such forward-looking statements include, without limitation, statements regarding Coeur Mining, Inc.’s (Coeur’s) expectations for the Rochester Mine, including estimated capital requirements, expected production, economic analyses, cash costs and rates of return; Mineral Reserve and Mineral Resource estimates; estimates of silver and gold grades; recovery rates; and other statements that are not historical facts. These statements may be identified by words such as “may,” “might”, “will,” “expect,” “anticipate,” “believe,” “could,” “intend,” “plan,” “estimate” and similar expressions. Forward-looking statements address activities, events, or developments that Coeur expects or anticipates will or may occur in the future and are based on currently available information. Although management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others: reclamation activities; changes in parameters as mine and process plans continue to be refined; variations in ore reserves, grade, or recovery rates; geotechnical considerations; failure of plant, equipment or processes to operate as anticipated; shipping delays and regulations; risks that Coeur’s exploration and property advancement efforts will not be successful; risks related to fluctuations in the price of silver and gold; the inherently hazardous nature of mining-related activities; uncertainties with reserve and resource estimates; uncertainties related to obtaining approvals and permits from governmental regulatory authorities; and, availability and timing of capital for financing exploration and development activities, including uncertainty of being able to raise capital on favorable terms, or at all; as well as those factors discussed in Coeur’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including Coeur’s latest reports on Forms 10-K and 10-Q and its other SEC filings (and filed in Canada on SEDAR at www.sedar.com). Coeur does not intend to publicly update any forward-looking statements, whether because of new information, future events, or otherwise, except as may be required under applicable securities laws. 2020 Rochester Mine NI 43-101 Technical Report Page │ ii Rochester Mine Lovelock, Nevada, U.S.A. NI 43-101 Technical Report December 16, 2020 CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED, INDICATED, AND INFERRED MINERAL RESOURCES Information concerning the properties and operations of Coeur has been prepared in accordance with Canadian standards under applicable Canadian securities laws and may not be comparable to similar information for U.S. companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” used in this Report are Canadian mining terms as defined in accordance with National Instrument 43-101 (NI 43-101) under definitions set out in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource”, and “Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the SEC. Under U.S. standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the Reserve calculation is made. As such, certain information contained in this Report concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the SEC. Rochester Mine NI 43-101 Technical Report Page │ iii Rochester Mine Lovelock, Nevada, U.S.A. NI 43-101 Technical Report December 16, 2020 Contents 1 SUMMARY ................................................................................................................................. 1 1.1 Introduction ................................................................................................................... 1 1.2 Technical Report ........................................................................................................... 1 1.3 Property Description and Location ................................................................................ 1 1.4 History and Exploration ................................................................................................. 2 1.5 Geology ......................................................................................................................... 2 1.6 Sample Collection ......................................................................................................... 3 1.7 Data Verification ............................................................................................................ 4 1.8 Mineral Resource Estimates ......................................................................................... 4 1.9 Mineral Reserve Estimates ........................................................................................... 6 1.10 Mining Methods ............................................................................................................. 7 1.11 Recovery Method .......................................................................................................... 8 1.12 Project Infrastructure ..................................................................................................... 8 1.13 Marketing ...................................................................................................................... 9 1.14 Environmental, Permitting and Social Considerations .................................................. 9 1.15 Capital and Operating Cost Estimates ........................................................................ 10 1.16 Economic Analysis ...................................................................................................... 10 1.17 Sensitivity Analysis...................................................................................................... 12 1.18 Conclusions ................................................................................................................. 13 1.19 Recommendations ...................................................................................................... 13 1.19.1 2020 Technical Report ................................................................................... 13 2 INTRODUCTION ...................................................................................................................... 15 2.1 Terms of Reference .................................................................................................... 15 2.2 Qualified Persons ........................................................................................................ 15 2.3 Site Visits and Scope of Personal Inspection ............................................................. 16 2.4 Effective Dates ............................................................................................................ 16 2.5 Information Sources and References ......................................................................... 17 2.6 Previous Technical Reports ........................................................................................ 17 2.7 Units ............................................................................................................................ 18 3 RELIANCE ON OTHER EXPERTS ........................................................................................