The following Management's Discussion and Analysis ("MD&A") provides information
that management believes is relevant to an assessment and understanding of the
consolidated financial condition and results of operations of Coeur Mining, Inc.
and its subsidiaries (collectively the "Company", "our", or "we"). We use
certain non-GAAP financial performance measures in our MD&A. For a detailed
description of these measures, please see "Non-GAAP Financial Performance
Measures" at the end of this Item. We provide Costs applicable to sales ("CAS")
allocation, referred to as the co-product method, based on revenue contribution
for Palmarejo, Rochester and Silvertip and based on the primary metal, referred
to as the by-product method, for Wharf. Revenue from secondary metal, such as
silver at Wharf, is treated as a cost credit.

Overview

We are primarily a gold and silver producer with assets located in United States, Canada and Mexico

2021 Highlights

For full year 2021, Coeur reported revenue of $832.8 million and cash flow from
operating activities of $110.5 million. We reported GAAP net loss of $31.3
million, or $0.13 per diluted share. On an adjusted basis1, the Company reported
EBITDA of $210.8 million and net loss of $1.4 million or $0.01 per diluted
share.

•Solid fourth quarter production growth led to full-year production within
guidance ranges - Gold and silver production increased 2% and 6%
quarter-over-quarter, respectively, to 88,946 ounces and 2.6 million ounces.
Full-year gold and silver production totaled 348,529 ounces and 10.1 million
ounces, respectively, within the Company's consolidated production guidance
range for both metals

• Strong primary gold operations cost performance – Full-year costs applicable to sales1 at Palmarejo, Kensington and Wharf were within their 2021 guidance ranges despite inflationary headwinds, resulting in strong free cash flow1 in each of these major gold operations. In 2021, gold sales accounted for 70% of the Company’s total revenue

•Largest exploration program in Company history extended mine lives and drove
resource growth - Coeur increased total exploration investment 41%
year-over-year to $71 million in 2021, bringing its five-year cumulative
investment in exploration to nearly $240 million, which has led to significant
increases in reserves and resources. From the 2021 program, mine life extensions
at Palmarejo and Wharf as well as significant resource additions at Silvertip
and Kensington continue to lay the foundation for future organic growth

•Updated capital and schedule estimates for Rochester expansion provide clarity
- The Company estimates the total capital for the Plan of Operations Amendment
11 ("POA 11") will be approximately $520 million, which is in-line with recent
updates. Approximately $236 million has been incurred on the project as of
December 31, 2021. In addition, Coeur estimates the cost to incorporate
pre-screens into the new crusher circuit and associated re-assessment of project
contingency to be approximately $70 - $80 million. Construction is expected to
be completed mid-2023 with commissioning to follow. Post-expansion, full-year
production is expected to average roughly 8 million ounces of silver and 76,250
ounces of gold with average free cash flow1 of $90 million from 2024 to 20344

•Silvertip trade-off study underway - The Company commenced work to assess the
economics of a potential larger expansion and restart of its high-grade
Silvertip silver-zinc-lead property in British Columbia. The review is
evaluating the potential to target a higher throughput to take advantage of the
significant resource growth and on a timetable that would sequence an expansion
and restart following completion and commissioning of the Rochester expansion.
Results from this ongoing work are expected by the end of the year

•Initial Technical Report Summaries filed under new SEC rules confirm strength
and stability of Coeur's multi-asset portfolio - The Company today filed initial
Technical Report Summaries pursuant to Item 1300 of SEC Regulation S-K.
Highlights from the reports include reserve-only based mine lives of 8 years at
Palmarejo, 13 years at Rochester, 3 years at Kensington and 8 years at Wharf


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Selected financial and operating results

                                                                                 Year Ended December 31,
In thousands                                                                         2021                  2020                 2019
Financial Results:
Gold sales                                                                      $    578,911          $   584,633          $   493,347
Silver sales                                                                    $    253,917          $   200,175          $   191,478
Zinc sales                                                                      $          -          $      (662)         $    12,806
Lead sales                                                                      $          -          $     1,315          $    13,871
Consolidated Revenue                                                            $    832,828          $   785,461          $   711,502
Net income (loss)                                                          

$(31,322) $25,627 ($346,896)
Net earnings (loss) per share, diluted

$(0.13) $0.11 $(1.59)
Adjusted net profit (loss)(1)

$(1,393) $59,013 ($54,583)
Adjusted net earnings (loss) per share, diluted(1)

    $      (0.01)         $      0.24          $     (0.25)
EBITDA(1)                                                                       $    148,402          $   214,767          $  (154,378)
Adjusted EBITDA(1)                                                              $    210,845          $   263,365          $   173,854
Total debt(2)                                                                   $    487,501          $   275,501          $   295,497
Operating Results:
Gold ounces produced                                                                 348,529              355,678              359,418
Silver ounces produced                                                            10,068,112            9,698,236           11,748,734
Zinc pounds produced                                                                       -            2,459,756           17,103,427
Lead pounds produced                                                                       -            2,176,847           16,555,622
Gold ounces sold                                                                     350,347              356,251              367,650
Silver ounces sold                                                                10,133,837            9,628,429           11,914,567
Zinc pounds sold                                                                           -            3,203,446           18,154,521
Lead pounds sold                                                                           -            2,453,485           16,487,847
Average realized price per gold ounce                                       

$1,652 $1,641 $1,342
Average realized price per ounce of silver

$25.06 $20.79 $16.07
Average realized price per pound of zinc, crude(3)

                                 $          -                   NM(3)       $      0.71
Average realized price per lead pound, gross(3)                                 $          -                   NM(3)       $      0.84


(1)See "Non-GAAP Financial Performance Measures."
(2)Includes finance leases. Net of debt issuance costs and premium received.
(3)Due to the suspension of mining and processing activities these amounts are
not meaningful.
(4)  Additional details for Rochester can be found in the Technical Report
Summary filed by the Company with the U.S. Securities and Exchange Commission on
February 16, 2022 which is incorporated by reference into this Report.

Consolidated financial results

Year ended December 31, 2021 compared to the year ended December 31, 2020

Income

We sold 350,347 gold ounces and 10.1 million silver ounces, compared to 356,251
gold ounces, 9.6 million silver ounces, 3.2 million zinc pounds and 2.5 million
lead pounds in the prior year. Revenue increased by $47.4 million, or 6%, as a
result of a 1% and 21% increase in average realized gold and silver prices,
respectively, and higher silver ounces sold (5%), partially offset by lower gold
ounces sold (2%). The increase in silver ounces sold was primarily due to higher
mill throughput at Palmarejo. Gold and silver accounted for 70% and 30% of 2021
sales revenue, respectively. This compares to gold and silver accounting for 74%
and 25% of 2020 sales revenue, respectively, with zinc and lead accounting for
the remaining 2020 sales revenue.

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The following table summarizes consolidated metal sales:

                       Year ended December 31,
  In thousands           2021               2020         Increase (Decrease)       Percentage Change
  Gold sales     $     578,911           $ 584,633      $             (5,722)                   (1) %
  Silver sales         253,917             200,175                    53,742                    27  %
  Zinc sales                 -                (662)                      662                  (100) %
  Lead sales                 -               1,315                    (1,315)                 (100) %
  Metal sales    $     832,828           $ 785,461      $             47,367                     6  %


Costs Applicable to Sales

Costs applicable to sales increased $71.2 million, or 16%, primarily due to
inflationary pressures related to employee-related, maintenance and consumable
costs at all operating sites, higher silver ounces sold primarily at Palmarejo,
the Rochester fourth quarter lower of cost or net realizable value ("LCM")
adjustment of $7.3 million, partially offset by the $13.8 million favorable
impact from foreign currency hedges. For a complete discussion of costs
applicable to sales, see Results of Operations below.

Amortization

Amortization decreased $3.1 million, or 2%, primarily due to longer assumed mine
life based on year-end 2020 mineral reserve growth, partially offset by higher
silver ounces sold.

Expenses

General and administrative expenses increased $6.7 millionor 20%, mainly due to higher compensation, travel costs and external service costs.

Exploration expense increased $8.5 million, or 20%, as the Company maintained
its commitment to a higher-level of exploration investment following the
completion of the largest and most successful drilling campaign in Coeur's
history during 2020. The Company completed 746,900 feet (227,650 meters) of
expansion drilling and 417,200 feet (127,175 meters) of infill drilling in 2021
compared to 617,500 feet (188,225 meters) of expansion drilling and 165,700 feet
(50,475 meters) of infill drilling in 2020.

Pre-development, reclamation, and other expenses decreased $7.0 million, or 13%,
stemming from lower costs incurred in connection with the Company's COVID-19
health and safety protocols, partially offset by full-year ongoing carrying
costs and absence of one-time 2020 costs associated with the suspension of
mining and processing activities at Silvertip.

The following table summarizes pre-development, reclamation, and other expenses:

                                              Year ended December 31,                 Increase
In thousands                                  2021                 2020              (Decrease)            Percentage Change
COVID-19                                $       6,618          $   15,555          $     (8,937)                        (57) %
Silvertip ongoing carrying costs               24,928              16,384                 8,544                          52  %
Silvertip suspension costs                          -              11,199               (11,199)                       (100) %
Gain on modification of right of use
lease                                               -              (4,051)                4,051                        (100) %
Asset retirement accretion                     11,988              11,754                   234                           2  %
Other                                           5,144               4,813                   331                           7  %
Pre-development, reclamation and other
expense                                 $      48,678          $   55,654          $     (6,976)                        (13) %


Other Income and Expenses

During the first quarter of 2021, the Company incurred a $9.2 million loss in
connection with the tender and redemption of the 2024 Senior Notes concurrent
with the completed offering of the 2029 Senior Notes.

Fair value adjustments, net, decreased to a loss of $0.5 million compared to a
gain of $7.6 million as a result of a reduction in value of the Company's equity
investments. The estimated fair values of the Company's equity investments in
Victoria Gold Corp. and Integra Resources Corp. ("Integra Resources") were
$124.2 million and $8.0 million, respectively, at December 31, 2021.
                                       38
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Interest expense (net of capitalized interest of $11.1 million) decreased to
$16.5 million from $20.7 million due to higher capitalized interest associated
with the POA 11 project at Rochester, and lower interest paid under the RCF,
partially offset by higher interest paid under the 2029 Senior Notes compared to
the 2024 Senior Notes and higher interest paid under finance lease obligations.

Other, net increased to a loss of $22.9 million compared to $5.9 million due to
a write-down of a VAT receivable of $26.0 million due to uncertain
collectability, partially offset by an increase in gains on the sale of assets
in 2021 and a one-time fee of $3.8 million related to the novation of certain of
the Company's gold zero cost collars incurred in 2020. For additional details on
the VAT receivable write-down see Note 20 -- Commitments and Contingencies.

Income taxes and mining taxes

The Company’s income and mining tax benefit (expense) consisted of:

                                                                             Year Ended December 31,
In thousands                                                                2021                    2020
Income and mining tax (expense) benefit at statutory rate           $        (764)             $   (13,161)
State tax provision from continuing operations                              2,009                     (152)
Change in valuation allowance                                             (28,615)                 (17,522)

Percentage depletion                                                        4,968                    5,056
Uncertain tax positions                                                       920                    2,321
U.S. and foreign permanent differences                                      4,105                    3,844

Foreign exchange rates                                                       (384)                   1,390
Foreign inflation and indexing                                             (1,087)                     684
Foreign tax rate differences                                               (4,901)                  (3,971)
Mining, foreign withholding, and other taxes                              (12,599)                 (17,457)
Other, net                                                                  1,390                    1,923

Income and mining tax (expense) benefit                             $     (34,958)             $   (37,045)


Income and mining tax expense of approximately $35.0 million resulted in an
effective tax rate of 961.4% for 2021. This compares to income tax expense of
$37.0 million or effective tax rate of 59.1% for 2020. The comparability of the
Company's income and mining tax (expense) benefit and effective tax rate for the
reported periods was impacted by multiple factors, primarily: (i) variations in
our income before income taxes; (ii) geographic distribution of that income;
(iii) mining taxes; (iv) foreign exchange rates; (v) percentage depletion (vi)
the impact of uncertain tax positions; and (vii) the non-recognition of tax
assets. Therefore, the effective tax rate will fluctuate, sometimes
significantly, period to period.

The following table summarizes the components of the Company’s profit (loss) before tax and income and mining tax benefit (expense):

                                               Year ended December 31,
                                                  2021                               2020
                                                            Income (loss)     Tax (expense)           Income (loss)     Tax (expense)
In thousands                                                 before tax          benefit               before tax          benefit
United States                                             $      (34,196)   $       (6,142)         $       40,891    $       (9,361)
Canada                                                           (52,299)            1,224                 (68,730)              232
Mexico                                                            87,233           (30,040)                 90,116           (27,949)
Other jurisdictions                                                2,898                 -                     395                33
                                                          $        3,636    $      (34,958)         $       62,672    $      (37,045)


A valuation allowance is provided for deferred tax assets for which it is more
likely than not that the related tax benefits will not be realized. The Company
analyzes its deferred tax assets and, if it is determined that the Company will
not realize all or a portion of its deferred tax assets, it will record or
increase a valuation allowance. Conversely, if it is determined that the Company
will ultimately be more likely than not able to realize all or a portion of the
related benefits for which a valuation allowance has been provided, all or a
portion of the related valuation allowance will be reduced. There are a number
of factors that impact the Company's ability to realize its deferred tax assets.
For additional information, please see "Item 1A - Risk Factors" in the 2021
10-K.
                                       39
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Net profit (net loss)

Net loss was $31.3 million, or $0.13 per diluted share, compared to net income
of $25.6 million, or $0.11 per share. The decrease in net income was driven by
higher operating costs, a VAT write-down of $26.0 million, higher exploration
expense, a $9.2 million loss on debt extinguishment and higher income and mining
taxes. This was partially offset by a 1% and 21% increase in average realized
gold and silver prices, respectively and higher silver ounces sold (5%).
Adjusted net loss was $1.4 million, or $0.01 per diluted share, compared to an
adjusted net income of $59.0 million, or $0.24 per share (see "Non-GAAP
Financial Performance Measures").

Year ended December 31, 2020 compared to the year ended December 31, 2019

Income

Revenue increased by $74.0 million or 10%, as a result of a 22% and 29% increase
in average realized gold and silver prices, respectively, partially offset by
lower gold and silver ounces sold (3% and 19%, respectively), recovery delays at
Rochester and the suspension of mining and processing activities at Silvertip in
February. We sold 356,251 gold ounces, 9.6 million silver ounces, 3.2 million
zinc pounds and 2.5 million lead pounds compared to 367,650 gold ounces, 11.9
million silver ounces, 18.2 million zinc pounds and 16.5 million lead pounds in
the prior year. Gold and silver accounted for 74% and 25% of 2020 sales revenue,
respectively, with zinc and lead accounting for the remaining sales revenue.
This compares to gold and silver accounting for 69% and 27% of 2019 sales
revenue.

The following table summarizes consolidated metal sales:

                     Year ended December 31,
In thousands           2020               2019         Increase (Decrease)       Percentage Change
Gold sales     $     584,633           $ 493,347      $             91,286                    19  %
Silver sales         200,175             191,478                     8,697                     5  %
Zinc sales              (662)             12,806                   (13,468)                 (105) %
Lead sales             1,315              13,871                   (12,556)                  (91) %
Metal sales    $     785,461           $ 711,502      $             73,959                    10  %


Costs Applicable to Sales

Costs applicable to sales decreased primarily due to the suspension at Silvertip
and lower ounces sold at Palmarejo and Rochester. For a complete discussion of
costs applicable to sales, see Results of Operations below.

Amortization

Amortization decreased $47.5 million, or 27%, primarily due to the suspension at
Silvertip, and longer assumed mine life based on year-end 2019 reserve growth at
Palmarejo and lower ounces sold at Palmarejo and Rochester.

Expenses

General and administrative expenses decreased $0.8 millionor 2%, mainly due to lower travel costs.

Exploration spending increased $20.1 million, or 89%, due to the Company’s multi-year exploration program. The Company completed 617,500 feet (188,225 meters) of expansion drilling and 165,700 feet (50,475 meters) of infill drilling in 2020, compared to 342,500 (104,425 meters) of expansion drilling and 181,600 feet (55,350 meters) of infill drilling in 2019.

Pre-development, reclamation, and other expenses increased $37.2 million, or
202%, stemming from ongoing carrying and suspension costs at Silvertip and
incremental costs incurred to comply with the Company's COVID-19 health and
safety protocols, partially offset by a gain resulting from the modification of
a right of use lease at Silvertip.
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The following table summarizes pre-development, reclamation, and other expenses:
                                              Year ended December 31,                 Increase
In thousands                                  2020                 2019              (Decrease)            Percentage Change
COVID-19                                $      15,555          $        -          $     15,555                         100  %
Silvertip ongoing carrying costs               16,384                   -                16,384                         100  %
Silvertip suspension costs                     11,199                   -                11,199                         100  %
Gain on modification of right of use
lease                                          (4,051)                  -                (4,051)                        100  %
Asset retirement accretion                     11,754              12,154                  (400)                         (3) %
Other                                           4,813               6,267                (1,454)                        (23) %
Pre-development, reclamation and other
expense                                 $      55,654          $   18,421          $     37,233                         202  %


Other Income and Expenses

Fair value adjustments, net, decreased to a gain of $7.6 million compared to
$16.0 million as a result of changes in value related to the Company's equity
investments, primarily Integra Resources and Metalla Royalty & Streaming Ltd.
("Metalla"), which had estimated fair values of $11.9 million and $1.0 million,
respectively, at December 31, 2020.

Interest expense (net of capitalized interest of $1.5 million) decreased to
$20.7 million from $24.8 million due to a lower interest rate paid under the RCF and lower average balances of the RCF and Senior Notes 2024.

Other, net increased to a loss of $5.9 million compared to a loss of $3.2
million due to an increase in losses on the sale of assets and a one-time fee of
$3.8 million related to the novation of certain of the Company's gold zero cost
collars, partially offset by a reduction in foreign exchange losses.

Income taxes and mining taxes

The Company’s income and mining tax benefit (expense) consisted of:

                                                                             Year ended December 31,
In thousands                                                                2020                     2019
Income and mining tax (expense) benefit at statutory rate           $     (13,161)              $    75,185
State tax provision from continuing operations                               (152)                    1,243
Change in valuation allowance                                             (17,522)                  (77,220)

Percentage depletion                                                        5,056                       820
Uncertain tax positions                                                     2,321                     2,358
U.S. and foreign permanent differences                                      3,844                     2,272

Foreign exchange rates                                                      1,390                    (7,066)
Foreign inflation and indexing                                                684                    (2,933)
Foreign tax rate differences                                               (3,971)                   19,729
Mining, foreign withholding, and other taxes                              (17,457)                   (2,746)
Other, net                                                                  1,923                      (513)

Income and mining tax (expense) benefit                             $     (37,045)              $    11,129




Income and mining tax expense of approximately $37.0 million resulted in an
effective tax rate of 59.1% for 2020. This compares to income tax benefit of
$11.1 million or effective tax rate of 3.1% for 2019. The comparability of the
Company's income and mining tax (expense) benefit and effective tax rate for the
reported periods was impacted by multiple factors, primarily: (i) mining taxes;
(ii) variations in our income before income taxes; (iii) geographic distribution
of that income; (iv) foreign exchange rates; (v) percentage depletion; (vi) the
non-recognition of tax assets; and (vii) the impact of uncertain tax positions.
Therefore, the effective tax rate will fluctuate, sometimes significantly,
period to period.
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The following table summarizes the components of the Company’s profit (loss) before tax and income and mining tax benefit (expense):

                                               Year ended December 31,
                                                  2020                               2019
                                                            Income (loss)     Tax (expense)           Income (loss)     Tax (expense)
In thousands                                                 before tax          benefit               before tax          benefit
United States                                             $       40,891    $       (9,361)         $      (16,702)   $       (5,446)
Canada                                                           (68,730)              232                (365,781)           32,203
Mexico                                                            90,116           (27,949)                 25,002           (15,625)
Other jurisdictions                                                  395                33                    (544)               (3)
                                                          $       62,672    $      (37,045)         $     (358,025)   $       11,129


A valuation allowance is provided for deferred tax assets for which it is more
likely than not that the related tax benefits will not be realized. The Company
analyzes its deferred tax assets and, if it is determined that the Company will
not realize all or a portion of its deferred tax assets, it will record or
increase a valuation allowance. Conversely, if it is determined that the Company
will ultimately be more likely than not able to realize all or a portion of the
related benefits for which a valuation allowance has been provided, all or a
portion of the related valuation allowance will be reduced. There are a number
of factors that impact the Company's ability to realize its deferred tax assets.
For additional information, please see the section titled "Risk Factors"
included in Item 1A.

Net income (loss) from continuing operations

Net income from continuing operations was $25.6 million, or $0.11 per diluted
share, compared to net loss of $346.9 million, or $1.59 per share. The increase
in net income from continuing operations was driven by strong operating results
at Wharf and Palmarejo, a 22% and 29% increase in average realized gold and
silver prices, respectively, lower operating costs at Rochester and Silvertip,
and an impairment of long-lived assets at Silvertip of $250.8 million in 2019.
This was partially offset by lower sales of gold and silver (3% and 19%,
respectively), higher exploration expense, ongoing carrying and severance costs
at Silvertip and incremental costs associated with the Company's COVID-19 health
and safety protocols. Adjusted net income was $59.0 million, or $0.24 per
diluted share, compared to adjusted net loss of $54.6 million, or $0.25 per
share (see "Non-GAAP Financial Performance Measures").

2022 Guidance Framework

2022 Production Guidance

                                             Gold                 Silver
                                             (oz)                 (K oz)
                  Palmarejo           100,000 - 110,000        6,000 - 7,000
                  Rochester            35,000 - 43,000         3,000 - 4,000
                  Kensington          110,000 - 120,000              -
                  Wharf                70,000 - 80,000               -

                  Total               315,000 - 353,000       9,000 - 11,000


2022 costs applicable to sales orientation

                                                    Gold             Silver
                                                   ($/oz)            ($/oz)
            Palmarejo (co-product)              $750 - $850      $13.50 - $14.50
            Rochester (co-product)            $1,490 - $1,590    $20.75 - $22.75
            Kensington                        $1,150 - $1,250           -
            Wharf (by-product)                $1,225 - $1,325           -



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2022 Capital, Exploration and G&A Guidance

                                                                   ($M)
                 Capital Expenditures, Sustaining              $115 - $140
                 Capital Expenditures, Development             $205 - $250
                 Exploration, Expensed                          $18 - $23
                 Exploration, Capitalized                       $18 - $23
                 General & Administrative Expenses              $42 - $46



Note: The Company's guidance figures assume estimated prices of $1,800/oz gold
and $24.00/oz silver as well as CAD of 1.25 and MXN of 20.00. Guidance figures
exclude the impact of any metal sales or foreign exchange hedges.

Results of Operations

Palmarejo

                                                        Year Ended December 31,
                                                                        2021                 2020                 2019
Tons milled                                                          2,106,741            1,751,525            1,755,957
Average gold grade (oz/t)                                                 0.06                 0.07                 0.08
Average silver grade (oz/t)                                               3.93                 4.45                 4.85
Average recovery rate - Au                                                92.8  %              89.9  %              84.3  %
Average recovery rate - Ag                                                82.4  %              80.4  %              79.3  %
Gold ounces produced                                                   109,202              110,608              111,932
Silver ounces produced                                               6,820,589            6,269,206            6,762,265
Gold ounces sold                                                       108,806              110,822              116,104
Silver ounces sold                                                   6,805,816            6,301,516            6,841,380
Costs applicable to sales per gold ounce(1)                        $       664          $       610          $       685
Costs applicable to sales per silver ounce(1)                      $     

11.97 $9.14 $9.13

(1)See Non-GAAP Financial Performance Measures.

Year ended December 31, 2021 compared to the year ended December 31, 2020

Gold production decreased 1% as a result of lower gold grade, partially offset
by higher mill throughput and recoveries. Silver production increased 9% as a
result of higher mill throughput and recoveries, partially offset by lower
silver grade. Metal sales were $320.3 million, or 38% of Coeur's metal sales,
compared with $286.6 million, or 36% of Coeur's metal sales. Revenue for the
year ended December 31, 2021 increased by $33.7 million or 12%, of which $23.9
million was due to higher average realized silver prices and $9.8 million was
the result of a higher volume of silver sales. Costs applicable to sales per
gold and silver ounce increased 9% and 31%, respectively, due to the mix of gold
and silver sales, and higher employee-related, maintenance and consumable costs
largely due to inflationary pressures, partially offset by the favorable impact
of foreign currency hedges ($13.8 million). Amortization decreased to $36.1
million due to longer assumed mine life based on year-end 2020 mineral reserve
growth. Capital expenditures increased to $36.5 million from $25.0 million due
to higher underground development and infill drilling activities.
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Year ended December 31, 2020 compared to the year ended December 31, 2019

Gold and silver production decreased 1% and 7%, respectively, as a result of
lower gold and silver grades, partially offset by higher gold and silver
recovery. In the second quarter, Palmarejo temporarily suspended active mining
and processing activities in accordance with a COVID-related government decree.
After receiving guidance from the Mexican government in May that the suspension
decree did not apply to precious metals mining, production began ramping back up
in June, increasing steadily during the month as staffing levels returned to a
pre-shutdown level. Despite the temporary suspension, Palmarejo's milled tons
were in-line with the prior year. Metal sales were $286.6 million, or 36% of
Coeur's metal sales, compared with $252.7 million, or 36% of Coeur's metal
sales. Revenue for the year ended December 31, 2020 increased by $33.9 million
or 13%, of which $52.6 million was due to higher average realized gold and
silver prices, partially offset by a decrease of $18.7 million due to a lower
volume of gold and silver sales. Costs applicable to sales per gold ounce
decreased 11% while costs applicable to sales per silver ounce remained
comparable due to higher revenue contribution from silver sales compared to
gold. Additionally, favorable foreign exchange rates and lower compensation and
consumable costs contributed to an overall favorable movement in costs
applicable to sales. Amortization decreased to $44.9 million due to longer
assumed mine life based on year-end 2019 reserve growth and lower gold and
silver ounces sold. Capital expenditures decreased to $25.5 million from $32.7
million due to lower underground development and lower mining equipment
expenditures.

Rochester

                                                         Year ended December 31,
                                                                         2021                  2020                  2019
Tons placed                                                           13,687,536            15,696,565            10,582,518
Average gold grade (oz/t)                                                  0.002                 0.002                 0.003
Average silver grade (oz/t)                                                 0.42                  0.52                  0.46
Gold ounces produced                                                      27,051                27,147                35,400
Silver ounces produced                                                
3,158,017             3,174,529             3,761,060
Gold ounces sold                                                          27,697                26,257                36,052
Silver ounces sold                                                     3,241,624             3,054,139             3,844,556
Costs applicable to sales per gold ounce(1)                         $      1,801          $      1,377          $      1,251
Costs applicable to sales per silver ounce(1)                       $      

25.10 $16.35 $14.34

(1)See Non-GAAP Financial Performance Measures.

Year ended December 31, 2021 compared to the year ended December 31, 2020

Gold and silver production remained comparable year over year. Metal sales were
$130.8 million, or 16% of Coeur's metal sales, compared with $110.3 million, or
14% of Coeur's metal sales. Revenue for the year ended December 31, 2021
increased by $20.6 million or 19%, of which $13.3 million was the result of
higher average realized gold and silver prices and $7.3 million was the result
of a higher volume of gold and silver sales. Costs applicable to sales per gold
and silver ounce increased 31% and 54%, respectively, due to the mix of gold and
silver sales, higher employee-related, maintenance and consumable costs
partially due to inflationary pressures, and a LCM adjustment of $7.3 million.
Amortization increased to $20.2 million due to higher equipment depreciation
from recently placed-in service assets and an LCM adjustment of $1.1 million in
the fourth quarter. Capital expenditures increased to $166.5 million from $37.5
million due to the commencement of construction activities related to POA 11 in
August 2020.

In the second half of 2021 the Company began seeing inflationary pressures on
bids for remaining unawarded contracts on the POA 11 expansion project at
Rochester during the second half of 2021, most notably on two structural,
mechanical, piping, electrical and instrumentation ("SMPEI") construction
contracts for the Merrill-Crowe process plant and crushing circuit,
respectively. Coeur recently selected the general SMPEI contractor for
construction of the Merrill-Crowe process plant and crusher corridor based on a
revised commercial approach from the previous lump-sum commercial model to a
single contract. SMPEI work under the initial contract is beginning to advance.

Coeur has also advanced work related to implementation of pre-screens as part of
the POA 11 expansion project and has elected to proceed with this scope change
enhancement. As previously disclosed, the Company plans to integrate pre-screens
into the current crushing system at Rochester, which is expected to drive
improved performance while providing valuable operating experience and knowledge
that can be applied to the new crushing circuit as part of the POA 11 expansion.
Coeur has commenced detailed engineering for pre-screens and intends to align
construction of the pre-screens with the completion of the crusher corridor.
Installation of pre-screens on the existing crusher system is scheduled for the
first half of 2022 with commissioning expected to begin around mid-year.
                                       44
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With respect to the items discussed above, the Company has undertaken a complete redefinition of the overall schedule and costs associated with the initial scope of POA 11.

Coeur now estimates the total construction capital for POA 11 to be
approximately $597 million, which includes the 10-15% previously announced
potential cost escalation as well as $70 - $80 million related to pre-screen
implementation and additional project contingency to reflect ongoing COVID and
schedule risk. As of December 31, 2021, the Company has incurred approximately
$236 million in the expansion and 61% of the capital is now committed (excluding
the recently-awarded SMPEI contract, which is expected to be formalized in the
first quarter).

Excluding capital leases, Coeur forecasts capital expenditures related to POA 11
to be approximately $217 - $257 million and $131 - $171 million in 2022 and
2023, respectively. Additional details on expected production and capital
expenditures for Rochester can be found in the Technical Report Summary filed by
the Company with the U.S. Securities and Exchange Commission on February 16,
2022 which is incorporated by reference into this Report.

Year ended December 31, 2020 compared to the year ended December 31, 2019

Gold and silver production decreased 23% and 16%, respectively, due to the
impact of dilution from stacking high-pressure grinding roll ("HPGR") crushed
material on top of historic ore on the Stage IV leach pad and upset conditions
in the Merrill-Crowe process plant due to higher-than-expected fine particulates
in pregnant solution from ore placed on newly constructed inter-lift liners in
the first nine months of 2020. Metal sales were $110.3 million, or 14% of
Coeur's metal sales, compared with $112.0 million, or 16% of Coeur's metal
sales. Revenue for the year ended December 31, 2020 decreased by $1.7 million or
2%, of which $33.8 million was the result of a lower volume of gold and silver
sales, partially offset by an increase of $32.1 million due to higher average
realized gold and silver prices. Costs applicable to sales per gold and silver
ounce increased 10% and 14%, respectively, driven by higher cyanide and outside
service costs and a change in the Company's recovery rate assumptions.
Amortization decreased to $14.3 million due to lower ounces sold. Capital
expenditures increased to $37.5 million from $22.6 million due to the
commencement of construction activities related to POA 11.

Kensington

                                                        Year ended December 31,
                                                                        2021                 2020                 2019
Tons milled                                                            667,560              675,731              658,378
Average gold grade (oz/t)                                                 0.19                 0.20                 0.21
Average recovery rate                                                     93.2  %              93.0  %              91.0  %
Gold ounces produced                                                   121,140              124,867              127,914
Gold ounces sold                                                       122,181              124,793              130,495
Costs applicable to sales per gold ounce(1)                        $     

1,086 $975 $917

(1)See Non-GAAP Financial Performance Measures.

Year ended December 31, 2021 compared to the year ended December 31, 2020

Gold production decreased 3% as a result of lower grade and lower mill
throughput. Metal sales were $215.0 million, or 26% of Coeur's metal sales,
compared to $216.5 million, or 28% of Coeur's metal sales. Revenue for the year
ended December 31, 2021 decreased by $1.5 million or 1%, of which $4.6 million
resulted from lower volume of gold sales, partially offset by an increase of
$3.1 million due to higher average realized gold prices. Costs applicable to
sales per gold ounce increased 11% due to lower production and higher
employee-related, maintenance and consumable costs, partially due to
inflationary pressures. Amortization increased to $54.9 million primarily due to
higher Jualin production, partially offset by lower ounces sold. Capital
expenditures increased to $27.5 million from $19.8 million due to higher infill
drilling and underground development.

Year ended December 31, 2020 compared to the year ended December 31, 2019

Gold production decreased 2% as a result of processing lower grade ore and
COVID-19 response efforts that temporarily impacted mine production in the first
nine months of 2020. Metal sales were $216.5 million, or 28% of Coeur's metal
sales, compared to $181.1 million, or 25% of Coeur's metal sales. Revenue for
the year ended December 31, 2020 increased by $35.4 million or 20%, of which
$45.3 million was due to higher average realized gold prices, partially offset
by a decrease of $9.9 million due to a lower volume of gold sales. Costs
applicable to sales per gold ounce increased 6% due to lower production and
higher compensation, outside service and maintenance costs, partially offset by
lower diesel costs. Amortization decreased to $49.5 million due to lower ounces
sold. Capital expenditures decreased to $19.8 million from $23.5 million due to
lower underground development.
                                       45
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Wharf

                                                         Year ended December 31,
                                                                          2021                 2020                 2019
Tons placed                                                            4,702,882            4,710,875            4,613,359
Average gold grade (oz/t)                                                  0.027                0.027                0.023
Gold ounces produced                                                      91,136               93,056               84,172
Silver ounces produced                                                    89,506              115,214               63,483
Gold ounces sold                                                          91,663               94,379               84,999
Silver ounces sold                                                        86,397              113,790               64,161
Costs applicable to sales per gold ounce(1)                          $      

997 $923 $937

(1)See Non-GAAP Financial Performance Measures.

Year ended December 31, 2021 compared to the year ended December 31, 2020

Gold production decreased 2% driven by the timing of recoveries. Metal sales
were $166.7 million, or 20% of Coeur's metal sales, compared to $170.2 million,
or 22% of Coeur's metal sales. Revenue for the year ended December 31, 2021
decreased by $3.5 million or 2%, of which $5.6 million resulted from a lower
volume of gold sales, partially offset by an increase of $2.1 million due to
higher average realized gold and silver prices. Costs applicable to sales per
gold ounce increased 8% due to higher equipment rental, diesel and
employee-related costs partially due to inflationary pressures. Amortization
decreased to $11.0 million due to lower ounces sold. Capital expenditures were
$8.1 million reflecting $4.0 million of infill drilling.

Year ended December 31, 2020 compared to the year ended December 31, 2019

Gold production increased 11% driven by higher grade. Metal sales were $170.2
million, or 22% of Coeur's metal sales, compared to $121.4 million, or 17% of
Coeur's metal sales. Revenue for the year ended December 31, 2020 increased by
$48.8 million or 40%, of which $31.1 million was due to higher average realized
gold and silver prices and $17.7 million was the result of a higher volume of
gold and silver sales. Costs applicable to sales per gold ounce decreased 2% due
to higher production and lower diesel costs. Amortization increased to $12.5
million due to higher ounces sold. Capital expenditures were $2.4 million.

Silvertip
                                                         Year Ended December 31,
                                                                           2021                 2020 (1)                  2019

Silver ounces produced                                                          -                 139,287              1,161,926
Zinc pounds produced                                                            -               2,459,756             17,103,427
Lead pounds produced                                                            -               2,176,847             16,555,622
Silver ounces sold                                                              -                 158,984              1,164,470
Zinc pounds sold                                                                -               3,203,446             18,154,521
Lead pounds sold                                                                -               2,453,485             16,487,847
Costs applicable to sales per silver ounce(2)                         $         -                       NM (2)       $     31.92
Costs applicable to sales per zinc pound(2)                           $         -                       NM (2)       $      2.34
Costs applicable to sales per lead ounce(2)                           $         -                       NM (2)       $      1.76


(1) Due to the suspension of mining and processing activities these amounts are
not meaningful.
(2) See Non-GAAP Financial Performance Measures.
                                       46
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Year ended December 31, 2021

Silvertip suspended mining and processing activities, unrelated to COVID-19, in
February 2020. Operational results in the table above reflected performance
prior to the suspension. Ongoing carrying and suspension costs are included in
Pre-development, reclamation, and other.

Coeur continues to generate positive results from ongoing exploration as the
Company evaluates various opportunities to enhance the economics of a potential
expansion and restart of Silvertip.

The Company received preliminary capital estimates for an accelerated expansion
and restart in late 2021, which were higher than originally anticipated and
reflect overall inflationary pressures as well as supply disruptions and labor
market tightness consistent with broader macroeconomic themes.

Capital expenditures increased to $70.1 million from $13.1 million due to
planned early civil works construction, higher infill drilling and underground
development. For 2022, capital expenditures are expected to be approximately $15
- 25 million, primarily focusing on the economics of a potential expansion,
including study work to evaluate additional opportunities to enhance and restart
and as well as continued underground development and infill drilling at the
mine.

In June 2021Silvertip acquired from Silvertip Resources Investment Cayman Ltd. a net smelter royalty of 1.429% on the first 1,434,000 metric tonnes of mineral resources mined, and 1.00% thereafter for $7.0 million.

Cash and capital resources

At December 31, 2021, the Company had $58.3 million of cash, cash equivalents
and restricted cash and $200.0 million available under the RCF. Cash and cash
equivalents decreased $36.1 million in the year ended December 31, 2021, due to
higher capital expenditures related to POA 11 at Rochester and the potential
expansion project at Silvertip coupled with higher operating costs, lower gold
ounces sold (2%), higher general and administrative and exploration costs, and
the tender and redemption of the 2024 Senior Notes for $238.3 million, including
premiums. This was partially offset by a 1% and 21% increase in average realized
gold and silver prices, respectively, higher silver ounces sold (5%), $65.0
million drawn from the RCF, and the net proceeds of $367.5 million from the
issuance of the 2029 Senior Notes.

Since the start of the COVID-19 pandemic, the Company has completed various
scenario planning analyses to consider potential impacts of COVID-19 on its
business, including volatility in commodity prices, temporary disruptions and/or
curtailments of operating activities (voluntary or involuntary). To provide
additional flexibility to respond to potential downside scenarios, the Company
has been able to periodically draw and make repayments under its RCF subsequent
to the start of the COVID-19 pandemic. The RCF was amended in March 2021 to
extend the maturity to March 2025 and to potentially allow the Company to obtain
one or more increases of the RCF in an aggregate amount of up to $100.0 million.
At December 31, 2021, the Company had $65.0 million drawn and $35.0 million in
outstanding letters of credit under the RCF. The Company also holds $132.0
million of equity securities including a 17.8% interest in Victoria Gold.
Additionally, Coeur established a $100.0 million ATM Program in April 2020 as a
means to proactively increase its financial flexibility in response to increased
volatility and uncertainty associated with COVID-19. At the date of this filing,
the Company has yet to issue any shares of its common stock under the ATM
Program.

We currently believe we have sufficient sources of funding to meet our business
requirements for the next twelve months and long-term. We expect to use a
combination of cash provided by operating activities, borrowings under our RCF
and additional capital leases to fund near term capital requirements, including
those described in this Report for POA 11 and in our 2022 capital expenditure
guidance. We also have additional potential sources of funding including
proceeds from sales under the ATM program, potential asset sales, and the
monetization of our equity investments, including our investment in Victoria
Gold. Our longer-term plans contemplate the expansion and restart of Silvertip,
as well as the continued exploration and potential development of our other
projects, such as Crown/Sterling and the Lincoln Hill area adjacent to
Rochester.

Coeur now estimates the total construction capital for POA 11 to be
approximately $597 million, which includes the 10-15% previously announced
potential cost escalation as well as $70 - $80 million related to pre-screen
implementation and additional project contingency to reflect ongoing COVID and
schedule risk. As of December 31, 2021, the Company has incurred approximately
$236 million in the expansion and 61% of the capital is now committed (excluding
the recently-awarded SMPEI contract, which is expected to be formalized in the
first quarter).

Excluding capital leases, Coeur forecasts capital expenditures related to POA 11
to be approximately $217 - $257 million and $131 - $171 million in 2022 and
2023, respectively. Additional details on expected production and capital
expenditures for Rochester can be found in the Technical Report Summary filed by
the Company with the U.S. Securities and Exchange Commission on February 16,
2022 which is incorporated by reference into this Report.
                                       47
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We also have additional obligations as part of our ordinary course of business,
beyond those committed for capital expenditures and other purchase obligations
and commitments for purchases of goods and services.

If and to the extent liquidity resources are insufficient to support short- and
long-term expenditures, we may need to incur additional indebtedness or issue
additional equity securities, among other financing options, which may not be
available on acceptable terms or at all. This could have a material adverse
impact on the Company, as discussed in more detail under Item 1A - Risk Factors.

Cash flow from operating activities

Net cash provided by operating activities for the year ended December 31, 2021
was $110.5 million, compared to $148.7 million for the year ended December 31,
2020. Adjusted EBITDA for the year ended December 31, 2021 was $210.8 million,
compared to $263.4 million for the year ended December 31, 2020 (see "Non-GAAP
Financial Performance Measures"). Net cash provided by operating activities was
impacted by the following key factors for the applicable periods:

                                                                  Year Ended December 31,
In thousands                                                           2021                2020                2019
Cash flow before changes in operating assets and                   $  145,615          $  162,434          $  134,234
liabilities
Changes in operating assets and liabilities:
Receivables                                                              (983)             (9,463)             (2,739)
Prepaid expenses and other                                                489              (2,621)                280
Inventories                                                           (27,628)            (34,538)            (62,998)
Accounts payable and accrued liabilities                               (7,011)             32,897              23,103
Cash provided by operating activities                              $  

110,482 $148,709 $91,880



Net cash provided by operating activities decreased $38.2 million for the year
ended December 31, 2021, primarily due to lower gold ounces sold (2%), higher
operating costs, exploration costs, and mining and income taxes at Palmarejo,
partially offset by a 1% and 21% increase in average realized gold and silver
prices, respectively, and higher silver ounces sold (5%). Revenue for the year
ended December 31, 2021 increased by $47.4 million, of which $44.5 million was
the result of higher average realized gold and silver prices and $2.9 million
was due to the higher volume of silver sales.

Net cash provided by operating activities increased $56.8 million in the year
ended December 31, 2020 compared to the year ended December 31, 2019, primarily
due to a 22% and 29% increase in average realized gold and silver prices,
respectively, and lower metal inventory write-downs at Silvertip, partially
offset by lower ounces sold of gold and silver (3% and 19%, respectively).
Revenue for the year ended December 31, 2020 increased by $74.0 million, of
which $151.9 million was the result of higher average realized gold and silver
prices, partially offset by a decrease of $77.9 million due to lower volume of
gold and silver sales.

Cash used in investing activities

Net cash used in investing activities in the year ended December 31, 2021 was
$304.1 million compared to $65.7 million in the year ended December 31, 2020.
Cash used in investing activities increased primarily due to construction
activities related to POA 11 at Rochester and the potential expansion at
Silvertip in the current period and the impact of the net proceeds of $19.4
million from the sale of Metalla Common Shares in the comparable period of 2020.
The Company incurred capital expenditures of $309.8 million in the year ended
December 31, 2021 compared with $99.3 million in the year ended December 31,
2020. Capital expenditures in the year ended December 31, 2021 were primarily
related to POA 11 construction activities at Rochester, potential expansion
expenditures at Silvertip and underground development at Palmarejo and
Kensington. Capital expenditures in the year ended December 31, 2020 were
primarily related to POA 11 at Rochester, which commenced construction
activities during the third quarter, and underground development at Palmarejo
and Kensington.

The Company is experiencing inflationary pressures, specifically with respect to
building materials and fuel as well as overall tightness in the construction
market related to capital projects, most notably the POA 11 project at
Rochester, and to operating costs company-wide.
                                       48
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Net cash used in investing activities in the year ended December 31, 2020 was
$65.7 million compared to $92.6 million in the year ended December 31, 2019.
Cash used in investing activities decreased primarily due to the net proceeds of
$30.1 million from the sale of the Company's equity investments. The Company had
capital expenditures of $99.3 million in the year ended December 31, 2020
compared with $99.8 million in the year ended December 31, 2019. Capital
expenditures in the year ended December 31, 2020 were primarily related to POA
11 at Rochester, which commenced construction activities during the third
quarter, and underground development at Palmarejo and Kensington. Capital
expenditures in the year ended December 31, 2019 were primarily related to
underground development at Silvertip, Palmarejo, and Kensington, a new thickener
at Palmarejo, POA 11 and the new crushing circuit, including the HPGR unit at
Rochester.

Cash provided by (used in) fundraising activities

Net cash provided by financing activities in the year ended December 31, 2021
was $158.1 million compared to net cash used in financing activities of $46.5
million in the year ended December 31, 2020. During the year ended December 31,
2021, the Company received net proceeds of $367.5 million from the issuance of
the 2029 Senior Notes, and drew $65.0 million, net, from the RCF, partially
offset by the tender and redemption of the 2024 Senior Notes for $238.3 million,
including premiums. As of December 31, 2021, there was $65.0 million drawn under
the RCF. During the year ended December 31, 2020, the Company fully repaid the
$150.0 million drawn from the RCF during 2020, and paid contingent cash
consideration of $18.8 million associated with the Silvertip acquisition.

The Company secured a finance lease package for nearly $60 million during the
year, a portion of which has been funded as of December 31, 2021. The package is
earmarked for planned equipment purchases for the POA 11 project in 2021 and
2022, and has an interest rate of 5.22%.

Net cash used in financing activities in the year ended December 31, 2020 was
$46.5 million compared to $60.9 million in the year ended December 31, 2019.
During the year ended December 31, 2020, the Company fully repaid the $150.0
million drawn from the RCF during 2020, and paid contingent cash consideration
of $18.8 million associated with the Silvertip acquisition. During the year
ended December 31, 2019, the Company repaid $135.0 million, net, of outstanding
amounts under the RCF and paid contingent cash consideration of $18.7 million
associated with the Silvertip acquisition, partially offset by net proceeds of
approximately $123.1 million from the sale of 30.9 million shares of its common
stock.


Critical accounting policies and accounting developments

Listed below are the accounting policies that we believe are critical to our
financial statements due to the degree of uncertainty regarding the estimates
and assumptions involved and the magnitude of the asset, liability, revenue, and
expense being reported. For a discussion of recent accounting pronouncements,
see Note 2 -- Summary of Significant Accounting Policies in the notes to the
Consolidated Financial Statements.

Revenue recognition

The Company produces doré and concentrate that is shipped to third-party
refiners and smelters, respectively, for processing. The Company enters into
contracts to sell its metal to various third-party customers which may include
the refiners and smelters that process the doré and concentrate. The Company's
performance obligation in these transactions is generally the transfer of metal
to the customer.

In the case of doré shipments, the Company generally sells refined metal at
market prices agreed upon by both parties. The Company also has the right, but
not the obligation, to sell a portion of the anticipated refined metal in
advance of being fully refined. When the Company sells refined metal or advanced
metal, the performance obligation is satisfied when the metal is delivered to
the customer. Revenue and Costs Applicable to Sales are recorded on a gross
basis under these contracts at the time the performance obligation is satisfied.

Under the Company's concentrate sales contracts with third-party smelters, metal
prices are set on a specified future quotational period, typically one to three
months, after the shipment date based on market prices. When the Company sells
gold concentrate to the third-party smelters, the performance obligation is
satisfied when risk of loss is transferred to the customer. The contracts, in
general, provide for provisional payment based upon provisional assays and
historical metal prices. Final settlement is based on the applicable price for
the specified future quotational period and generally occurs three to six months
after shipment. The Company's provisionally priced sales contain an embedded
derivative that is required to be separated from the host contract for
accounting purposes. The host contract is the receivable from the sale of
concentrates measured at the forward price at the time of sale. The embedded
derivative does not qualify for hedge accounting and is adjusted to fair value
through revenue each period until the date of final metal settlement.

The Company also sells concentrate under off-take agreements to third-party
customers that are responsible for arranging the smelting of the concentrate.
Prices can either be fixed or based on a quotational period. The quotational
period
                                       49
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varies by contract, but is generally a one-month period following the shipment
of the concentrate. The performance obligation is satisfied when risk of loss is
transferred to the customer.

The Company recognizes revenue from sales of concentrates, net of treatment and refining costs, when it satisfies the performance obligation to transfer control of the concentrate to the customer.

For doré and off-take sales, the Company may incur a finance charge related to
advance sales that is not considered significant and, as such, is not considered
a separate performance obligation. In addition, the Company has elected to treat
freight costs as a fulfillment cost under ASC 606 and not as a separate
performance obligation.

The Company's gold stream agreement with Franco-Nevada provided for a $20.0
million deposit paid by Franco-Nevada in exchange for the right and obligation,
commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at
the lesser of $800 or market price per ounce. Because there is no minimum
obligation associated with the deposit, it is not considered financing, and each
shipment is considered to be a separate performance obligation. The stream
agreement represents a contract liability under ASC 606, which requires the
Company to ratably recognize a portion of the deposit as revenue for each gold
ounce delivered to Franco-Nevada.

Estimates

The preparation of the Company's consolidated financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities, disclosure of contingent assets
and liabilities at the date of its financial statements, the reported amounts of
revenue and expenses during the reporting period, and mined reserves. There can
be no assurance that actual results will not differ from those estimates. There
are a number of uncertainties inherent in estimating quantities of reserves,
including many factors beyond the Company's control. Mineral reserve estimates
are based upon engineering evaluations of samplings of drill holes and other
openings. These estimates involve assumptions regarding future silver and gold
prices, mine geology, mining methods and the related costs to develop and mine
the reserves. Changes in these assumptions could result in material adjustments
to the Company's reserve estimates. The Company uses reserve estimates in
determining the units-of-production amortization and evaluating mine assets for
potential impairment. For a discussion of estimates and assumptions used by
management that affect the reported amount of assets and liabilities, disclosure
of contingent assets and liabilities at the date of its financial statements,
the reported amounts of revenue and expenses during the reporting period, and
mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the
notes to the Consolidated Financial Statements.

Amortization

The Company amortizes its property, plant, and equipment, mining properties, and
mine development using the units-of-production method over the estimated life of
the ore body generally based on its proven and probable reserves or the
straight-line method over the useful life, whichever is shorter. The accounting
estimates related to amortization are critical accounting estimates because (1)
the determination of reserves involves uncertainties with respect to the
ultimate geology of its reserves and the assumptions used in determining the
economic feasibility of mining those reserves and (2) changes in estimated
proven and probable reserves and asset useful lives can have a material impact
on net income.

Impairment of long-lived assets

We review and evaluate our long-lived assets for impairment whenever events or
changes in circumstances indicate that the related carrying amounts may not be
recoverable. Asset impairment is considered to exist if the total estimated
undiscounted pretax future cash flows are less than the carrying amount of the
asset. In estimating future cash flows, assets are grouped at the lowest level
for which there is identifiable cash flows that are largely independent of
future cash flows from other asset groups. An impairment loss is measured by
discounted estimated future cash flows, and recorded by reducing the asset's
carrying amount to fair value. Future cash flows are estimated based on
estimated quantities of recoverable minerals, expected gold, silver, lead and
zinc prices (considering current and historical prices, trends and related
factors), production levels, operating costs, capital requirements and
reclamation costs, all based on life-of-mine plans.

In 2019, the Company recognized a non-cash impairment loss of $250.8 million. The impairment was allocated between Property, plant and equipment, net, Mining properties, net and Other non-current assets, for amounts of
$43.6 million, $201.5 million and $5.7 millionrespectively.

Existing proven and probable reserves and value beyond proven and probable
reserves, including mineralization other than proven and probable reserves are
included when determining the fair value of mine site asset groups at
acquisition and, subsequently, in determining whether the assets are impaired.
The term "recoverable minerals" refers to the estimated amount of gold, silver,
lead and zinc that will be obtained after taking into account losses during ore
processing and treatment. Estimates of recoverable minerals from exploration
stage mineral interests are risk adjusted based on management's relative
confidence in such materials. The ability to achieve the estimated quantities of
recoverable minerals from exploration stage
                                       50
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mineral interests involves further risks in addition to those risk factors
applicable to mineral interests where proven and probable reserves have been
identified, due to the lower level of confidence that the identified mineral
reserves and resources could ultimately be mined economically. Assets classified
as exploration potential have the highest level of risk that the carrying value
of the asset can be ultimately realized, due to the still lower level of
geological confidence and economic modeling.

Gold, silver, zinc and lead prices are volatile and affected by many factors
beyond the Company's control, including prevailing interest rates and returns on
other asset classes, expectations regarding inflation, speculation, currency
values, governmental decisions regarding precious metals stockpiles, global and
regional demand and production, political and economic conditions and other
factors may affect the key assumptions used in the Company's impairment testing.
Various factors could impact our ability to achieve forecasted production levels
from proven and probable reserves. Additionally, production, capital and
reclamation costs could differ from the assumptions used in the cash flow models
used to assess impairment. Actual results may vary from the Company's estimates
and result in additional Impairment of Long-lived Assets.

Ore on leach pads

The heap leach process is a process of extracting silver and gold by placing ore
on an impermeable pad and applying a diluted cyanide solution that dissolves a
portion of the contained silver and gold, which are then recovered in
metallurgical processes. The Company uses several integrated steps to
scientifically measure the metal content of ore placed on the leach pads. As the
ore body is drilled in preparation for the blasting process, samples are taken
of the drill residue which are assayed to determine estimated quantities of
contained metal. The Company then processes the ore through crushing facilities
where the output is again weighed and sampled for assaying. A metallurgical
reconciliation with the data collected from the mining operation is completed
with appropriate adjustments made to previous estimates. The crushed ore is then
transported to the leach pad for application of the leaching solution. As the
leach solution is collected from the leach pads, it is continuously sampled for
assaying. The quantity of leach solution is measured by flow meters throughout
the leaching and precipitation process. After precipitation, the product is
converted to doré, which is the final product produced by the mine. The
inventory is stated at lower of cost or net realizable value, with cost being
determined using a weighted average cost method.

The historic cost of metal that is expected to be mined within 12 months is classified as current. Ore on leach pads is valued based on the actual production costs incurred to produce and place the ore on the leach pads, less the costs attributed to minerals recovered through the leach process.

The estimate of both the ultimate recovery expected over time and the quantity
of metal that may be extracted relative to the time the leach process occurs
requires the use of estimates and relies upon laboratory testwork. Testwork
consists of 60-day leach columns from which the Company projects metal
recoveries up to five years in the future. The quantities of metal contained in
the ore are estimated based upon actual weights and assay analysis. The rate at
which the leach process extracts gold and silver from the crushed ore is based
upon laboratory column tests and actual experience occurring over more than 20
years of leach pad operations at the Rochester mine. The assumptions used by the
Company to measure metal content during each stage of the inventory conversion
process includes estimated recovery rates based on laboratory testing and
assaying. The Company periodically reviews its estimates compared to actual
experience and revises its estimates when appropriate. The ultimate recovery
will not be known until leaching operations cease. Variations between actual and
estimated quantities resulting from changes in assumptions and estimates that do
not result in write-downs to net realizable value are accounted for on a
prospective basis. In 2020, the Company revised its recovery rate assumptions in
line with the updated technical report for Rochester filed in December 2020.
This change resulted in an adjustment to the ending Ore on leach pads balance
with the resulting charges allocated between Costs Applicable to Sales and
Amortization in the amounts of $7.2 million and $1.2 million, respectively. In
June 2021, the Company updated the recovery rate assumption on the Stage IV
leach pad at Rochester, based on the historical performance of the leach pad
since the third quarter of 2019. This change resulted in an adjustment to the
ending ore on leach pads balance with the resulting non-cash charges allocated
between Costs Applicable to Sales and Amortization in the amounts of $8.6
million and $2.2 million, respectively.

Complaint

The Company recognizes obligations associated with the retirement of tangible
long-lived assets and the associated asset retirement costs. The fair value of a
liability for an asset retirement obligation will be recognized in the period in
which it is incurred if a reasonable estimate of fair value can be made. The
fair value of the liability is added to the carrying amount of the associated
asset and this additional carrying amount is depreciated over the life of the
asset. An accretion cost, representing the increase over time in the present
value of the liability, is recorded each period in Pre-development, Reclamation,
and Other. As reclamation work is performed or liabilities are otherwise
settled, the recorded amount of the liability is reduced. Future remediation
costs for inactive mines are accrued based on management's best estimate at the
end of each period of the discounted costs expected to be incurred at the site.
Such cost estimates include, where applicable, ongoing care and maintenance and
monitoring costs. Changes in estimates are reflected in earnings in the period
an estimate is revised. See Note 12 -- Reclamation in the notes to the
Consolidated Financial Statements for additional information.
                                       51
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Derivatives

The Company is exposed to various market risks, including the effect of changes
in metal prices and interest rates, and uses derivatives to manage financial
exposures that occur in the normal course of business. The Company may elect to
designate certain derivatives as hedging instruments under U.S. GAAP.

The Company, from time to time, uses derivative contracts to protect the
Company's exposure to fluctuations in metal prices. The Company has elected to
designate these instruments as cash flow hedges of forecasted transactions at
their inception. Assuming normal market conditions, the change in the market
value of such derivative contracts has historically been, and is expected to
continue to be, highly effective at offsetting changes in price movements of the
hedged item. For derivatives not designated as hedging instruments, the Company
recognizes derivatives as either assets or liabilities on the balance sheet and
measures those instruments at fair value. Changes in the value of derivative
instruments not designated as hedging instruments are recorded each period in
the Consolidated Statement of Comprehensive Income (Loss) in Fair value
adjustments, net or Revenue. Management applies judgment in estimating the fair
value of instruments that are highly sensitive to assumptions regarding
commodity prices, market volatilities, and foreign currency exchange rates.

Income taxes and mining taxes

The Company accounts for income taxes in accordance with the guidance of ASC
740. The Company's annual tax rate
is based on income, statutory tax rates in effect and tax planning opportunities
available to us in the various jurisdictions in which the Company operates.
Significant judgment is required in determining the annual tax expense, current
tax assets and liabilities, deferred tax assets and liabilities, and our future
taxable income, both as a whole and in various tax jurisdictions, for purposes
of assessing our ability to realize future benefit from our deferred tax assets.
Actual income taxes could vary from these estimates due to future changes in
income tax law, significant changes in the jurisdictions in which we operate or
unpredicted results from the final determination of each year's liability by
taxing authorities.

The Company's deferred income taxes reflect the impact of temporary differences
between the reported amounts of assets and liabilities for financial reporting
purposes and such amounts measured by tax laws and regulations. In evaluating
the realizability of the deferred tax assets, management considers both positive
and negative evidence that may exist, such as earnings history, reversal of
taxable temporary differences, forecasted operating earnings and available tax
planning strategies in each tax jurisdiction. A valuation allowance may be
established to reduce our deferred tax assets to the amount that is considered
more likely than not to be realized through the generation of future taxable
income and other tax planning strategies.

The Company has asserted indefinite reinvestment of earnings from its Mexican
operations as determined by management's judgment about and intentions
concerning the future operations of the Company. The Company does not record a
U.S. deferred tax liability for foreign earnings that meet the indefinite
reversal criteria. Refer to Note 13 -- Income and Mining Taxes for further
discussion on our assertion.

The Company's operations may involve dealing with uncertainties and judgments in
the application of complex tax regulations in multiple jurisdictions. The final
taxes paid are dependent upon many factors, including negotiations with taxing
authorities in various jurisdictions and resolution of disputes arising from
federal, state, and international tax audits. The Company recognizes potential
liabilities and records tax liabilities for anticipated tax audit issues in the
United States and other tax jurisdictions based on its estimate of whether, and
the extent to which, additional taxes will be due. The Company adjusts these
reserves in light of changing facts and circumstances, such as the progress of a
tax audit; however, due to the complexity of some of these uncertainties, the
ultimate resolution could result in a payment that is materially different from
our current estimate of the tax liabilities. These differences will be reflected
as increases or decreases to income tax expense in the period which they are
determined. The Company recognizes interest and penalties, if any, related to
unrecognized tax benefits in income tax expense.

Other liquidity issues

We believe that our liquidity and capital resources in the U.S. are adequate to
fund our U.S. operations and corporate activities. The Company has asserted
indefinite reinvestment of earnings from its Mexican operations as determined by
management's judgment about and intentions concerning the future operations of
the Company. The Company does not believe that the amounts reinvested will have
a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or
amounts due at maturity or upon redemption and for general working capital
purposes, from time-to-time we may (1) issue equity securities for cash in
public or private offerings or (2) repurchase certain of our debt securities for
cash or in exchange for other securities, which may include secured or unsecured
notes or equity, in each case in open market or privately negotiated
transactions. We evaluate any such transactions in light of prevailing market
conditions, liquidity requirements, contractual restrictions, and other factors.
The
                                       52
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the amounts at stake may be significant and any debt buyback transaction may take place at a substantial discount to the nominal amount of the debt securities.

Non-GAAP Financial Performance Measures

Non-GAAP financial measures are intended to provide additional information only
and do not have any standard meaning prescribed by generally accepted accounting
principles ("GAAP"). Unless otherwise noted, we present the Non-GAAP financial
measures in the tables below. These measures should not be considered in
isolation or as a substitute for performance measures prepared in accordance
with GAAP.

Adjusted Net Income (Loss)

Management uses Adjusted net income (loss) to evaluate the Company's operating
performance, and to plan and forecast its operations. The Company believes the
use of Adjusted net income (loss) reflects the underlying operating performance
of our core mining business and allows investors and analysts to compare results
of the Company to similar results of other mining companies. Management's
determination of the components of Adjusted net income (loss) are evaluated
periodically and is based, in part, on a review of non-GAAP financial measures
used by mining industry analysts. The tax effect of adjustments are based on
statutory tax rates and the Company's tax attributes, including the impact
through the Company's valuation allowance. The combined effective rate of tax
adjustments may not be consistent with the statutory tax rates or the Company's
effective tax rate due to jurisdictional tax attributes and related valuation
allowance impacts which may minimize the tax effect of certain adjustments and
may not apply to gains and losses equally. Adjusted net income (loss) is
reconciled to Net income (loss) in the following table:

                                                                 Year Ended December 31,
In thousands except per share amounts                              2021                2020                2019
Net income (loss)                                              $  (31,322)  

$25,627 ($341,203)
Loss (of income) from discontinued operations, net of tax

                                                                     -                   -              (5,693)
Fair value adjustments, net                                           543              (7,601)            (16,030)
Foreign exchange loss (gain)                                        1,994                 (69)              5,900
(Gain) loss on sale of assets and securities                       (4,111)              2,484                 714
Impairment of long-lived assets                                         -                   -             250,814
VAT write-off                                                      25,982                   -                   -
Loss on debt extinguishment                                         9,173                   -               1,282
Silvertip inventory write-down                                          -              13,717              64,610
Wharf inventory write-down                                              -               3,323               3,596
Silvertip suspension costs                                              -               7,164                   -
Silvertip lease modification                                            -              (4,051)                  -
Silvertip gain on contingent consideration                              -                (955)                  -
Novation                                                                -               3,819                   -
COVID-19 costs                                                      6,618              15,555                   -
Receivable write-down                                                   -                   -               1,040
Interest income on notes receivables                                    -                   -                (198)
Tax effect of adjustments(1)                                      (10,270)                  -             (19,415)
Adjusted net income (loss)                                     $   (1,393)         $   59,013          $  (54,583)

Adjusted net income (loss) per share - Basic                   $    (0.01)         $     0.25          $    (0.25)
Adjusted net income (loss) per share - Diluted                 $    (0.01)  

$0.24 $(0.25)


(1) For the year ended December 31, 2021, tax effect of adjustments of $10.3
million (-27%) is primarily related to the VAT write-off. For the year ended
December 31, 2019, tax effect of adjustments of $19.4 million (-6%) is primarily
related to the write-down of Silvertip inventory.
                                       53
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EBITDA and Adjusted EBITDA

Management uses EBITDA to evaluate the Company's operating performance, to plan
and forecast its operations, and assess leverage levels and liquidity measures.
The Company believes the use of EBITDA reflects the underlying operating
performance of our core mining business and allows investors and analysts to
compare results of the Company to similar results of other mining companies.
Adjusted EBITDA is a measure used in indenture governing the 2029 Senior Notes
and the RCF to determine our ability to make certain payments and incur
additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should
not be considered an alternative to, Net income (Loss) or Cash Flow from
Operations as determined under GAAP. Other companies may calculate Adjusted
EBITDA differently and those calculations may not be comparable to our
presentation. Adjusted EBITDA is reconciled to Net income (loss) in the
following table:

                                                                   Year Ended December 31,
In thousands except per share amounts                                   2021                2020                2019
Net income (loss)                                                   $  

(31,322) $25,627 ($341,203)
Loss (of income) from discontinued operations, net of tax

                                                                          -                   -              (5,693)
Interest expense, net of capitalized interest                           16,451              20,708              24,771
Income tax provision (benefit)                                          34,958              37,045             (11,129)
Amortization                                                           128,315             131,387             178,876
EBITDA                                                                 148,402             214,767            (154,378)
Fair value adjustments, net                                                543              (7,601)            (16,030)
Foreign exchange (gain) loss                                             2,779               2,245               4,346
Asset retirement obligation accretion                                   11,988              11,754              12,154
Inventory adjustments and write-downs                                    9,471               1,144               5,904
(Gain) loss on sale of assets and securities                            (4,111)              2,484                 714
Impairment of long-lived assets                                              -                   -             250,814
VAT write-off                                                           25,982                   -                   -
Loss on debt extinguishment                                              9,173                   -               1,282
Silvertip inventory write-down                                               -              13,717              64,610
Silvertip suspension costs                                                   -               7,164                   -
Silvertip lease modification                                                 -              (4,051)                  -
Silvertip gain on contingent consideration                                   -                (955)                  -
COVID-19 costs                                                           6,618              15,555                   -
Novation                                                                     -               3,819                   -
Wharf inventory write-down                                                   -               3,323               3,596
Receivable write-down                                                        -                   -               1,040
Interest income on notes receivables                                         -                   -                (198)
Adjusted EBITDA                                                     $  210,845          $  263,365          $  173,854



Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows
generated from operations. Free Cash Flow is Cash Provided By (used in)
Operating Activities less Capital expenditures as presented on the Consolidated
Statements of Cash Flows. The Company believes Free Cash Flow is also useful as
one of the bases for comparing the Company's performance with its competitors.
Although Free Cash Flow and similar measures are frequently used as measures of
cash flows generated from operations by other companies, the Company's
calculation of Free Cash Flow is not necessarily comparable to such other
similarly titled captions of other companies.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP
financial measure, to Cash Provided By (used in) Operating Activities, which the
Company believes to be the GAAP financial measure most directly comparable to
Free Cash Flow.
                                       54
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                                                     Year Ended December 31,
            (Dollars in thousands)                          2021           2020           2019
            Cash flow from operations                   $  110,482      $ 148,709      $ 91,880
            Capital expenditures                           309,781         99,279        99,772
            Free cash flow                              $ (199,299)     $  49,430      $ (7,892)


Operating cash flow before change in working capital requirement

Management uses Operating Cash Flow Before Changes in Working Capital as a
non-GAAP measure to analyze cash flows generated from operations. Operating Cash
Flow Before Changes in Working Capital is Cash Provided By (used in) Operating
Activities excluding the change in Receivables, Prepaid expenses and other,
Inventories and Accounts payable and accrued liabilities as presented on the
Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow
Before Changes in Working Capital is also useful as one of the bases for
comparing the Company's performance with its competitors. Although Operating
Cash Flow Before Changes in Working Capital and similar measures are frequently
used as measures of cash flows generated from operations by other companies, the
Company's calculation of Operating Cash Flow Before Changes in Working Capital
is not necessarily comparable to such other similarly titled captions of other
companies.

The following table sets forth a reconciliation of Operating Cash Flow Before
Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By
(used in) Operating Activities, which the Company believes to be the GAAP
financial measure most directly comparable to Operating Cash Flow Before Changes
in Working Capital.

                                                               Year Ended December 31,
(Dollars in thousands)                                              2021                2020                2019
Cash provided by (used in) operating activities                 $  110,482          $  148,709          $   91,880
Changes in operating assets and liabilities:
Receivables                                                            983               9,463               2,739
Prepaid expenses and other                                            (489)              2,621                (280)
Inventories                                                         27,628              34,538              62,998
Accounts payable and accrued liabilities                             7,011             (32,897)            (23,103)
Operating cash flow before changes in working                   $  145,615          $  162,434          $  134,234
capital



Costs Applicable to Sales

Management uses CAS to evaluate the Company's current operating performance and
life of mine performance from discovery through reclamation. We believe these
measures assist analysts, investors and other stakeholders in understanding the
costs associated with producing gold, silver, zinc and lead, assessing our
operating performance and ability to generate free cash flow from operations and
sustaining production. These measures may not be indicative of operating profit
or cash flow from operations as determined under GAAP. Management believes that
allocating CAS to gold, silver, zinc and lead based on gold, silver, zinc and
lead metal sales relative to total metal sales best allows management, analysts,
investors and other stakeholders to evaluate the operating performance of the
Company. Other companies may calculate CAS differently as a result of reflecting
the benefit from selling non-silver metals as a by-product credit, converting to
silver equivalent ounces, and differences in underlying accounting principles
and accounting frameworks such as in International Financial Reporting
Standards.
                                       55
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Year ended December 31, 2021

In thousands (except metal sales,
per ounce and per pound amounts)      Palmarejo           Rochester          Kensington            Wharf             Silvertip              Total

Costs applicable to sales, including depreciation (we GAAP) $189,717 $151,427 $187,998 $104,617 $4,797 $638,556
Amortization

                           (36,062)            (20,187)            (54,933)           (11,038)             (4,797)             (127,017)
Costs applicable to sales           $  153,655          $  131,240          $  133,065          $  93,579          $        -          $    511,539

Metal Sales
Gold ounces                            108,806              27,697             122,181             91,663                                   350,347
Silver ounces                        6,805,816           3,241,624                   -             86,397                   -            10,133,837
Zinc pounds                                                                                                                 -                     -
Lead pounds                                                                                                                 -                     -

Costs applicable to sales
Gold ($/oz)                         $      664          $    1,801          $    1,086          $     997
Silver ($/oz)                       $    11.97          $    25.10                                                 $        -
Zinc ($/lb)                                                                                                        $        -
Lead ($/lb)                                                                                                        $        -


Year Ended December 31, 2020
In thousands (except metal sales,
per ounce and per pound amounts)      Palmarejo           Rochester          Kensington            Wharf             Silvertip             Total

Costs applicable to sales, including depreciation (we GAAP) $170,077 $100,418 $171,204 $102,108 $26,580 $570,387
Amortization

                           (44,873)            (14,306)            (49,477)           (12,473)             (8,923)           (130,052)
Costs applicable to sales           $  125,204          $   86,112          $  121,727          $  89,635          $   17,657          $  440,335

Metal Sales
Gold ounces                            110,822              26,257             124,793             94,379                                 356,251
Silver ounces                        6,301,516           3,054,139                                113,790             158,984           9,628,429
Zinc pounds                                                                                                         3,203,446           3,203,446
Lead pounds                                                                                                         2,453,485           2,453,485

Costs applicable to sales
Gold ($/oz)                         $      610          $    1,377          $      975          $     923
Silver ($/oz)                       $     9.14          $    16.35                                                        NM (1)
Zinc ($/lb)                                                                                                               NM (1)
Lead ($/lb)                                                                                                               NM (1)

(1) Due to the suspension of mining and processing activities, these amounts are not significant.

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Year Ended December 31, 2019
In thousands (except metal sales,
per ounce and per pound amounts)      Palmarejo           Rochester          Kensington            Wharf            Silvertip               Total
Costs applicable to sales,
including amortization (U.S. GAAP)  $  201,306          $  118,246          $  170,194          $ 92,969          $   145,496          $    728,211
Amortization                           (59,379)            (18,041)            (50,592)          (12,280)             (36,738)             (177,030)
Costs applicable to sales           $  141,927          $  100,205          $  119,602          $ 80,689          $   108,758          $    551,181

Metal Sales
Gold ounces                            116,104              36,052             130,495            84,999                                    367,650
Silver ounces                        6,841,380           3,844,556                                64,161            1,164,470            11,914,567
Zinc pounds                                                                                                        18,154,521            18,154,521
Lead pounds                                                                                                        16,487,847            16,487,847

Costs applicable to sales
Gold ($/oz)                         $      685          $    1,251          $      917          $    937
Silver ($/oz)                       $     9.13          $    14.34                                                $     31.92
Zinc ($/lb)                                                                                                       $      2.34
Lead ($/lb)                                                                                                       $      1.76


Reconciliation of costs applicable to sales for the 2022 forecast

In thousands (except metal sales, per
ounce or per pound amounts)                 Palmarejo                Rochester                Kensington                  Wharf
Costs applicable to sales, including
amortization (U.S. GAAP)               $        211,800          $       

148,540 $185,494 $106,175
Amortization

                                    (34,183)                 (20,094)                 (48,763)                   (8,378)
Costs applicable to sales              $        177,617          $       

128,446 $136,731 $97,797 by-product credit

                                     -                        -                        -                    (1,802)
Adjusted costs applicable to sales     $        177,617          $       128,446          $       136,731          $         95,995

Metal Sales
Gold ounces                                     105,255                   38,912                  116,502                    75,261
Silver ounces                                 6,501,289                3,405,155                                             75,093

Revenue Split
Gold                                           49%                      46%                      100%                     100%
Silver                                         51%                      54%

Adjusted costs applicable to sales
Gold ($/oz)                                $750 - $850            $1,490 - $1,590          $1,150 - $1,250           $1,225 - $1,325
Silver ($/oz)                            $13.50 - $14.50          $20.75 - 

$22.75

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