Could you comment on the company’s performance over the last year and outlook fo 2025?

2024 was one of the most important years in Coeur’s nearly century-long history. In the first half of ’24, we wrapped up the Rochester expansion and in the second half we announced the SilverCrest transaction. Combined with the tailwinds in gold and silver prices that started to blow since mid-2024, we became cash flow -positive, generating about US$85 million in free cash flow, which allowed us to begin paying down debt. This year’s results will reflect significant expected production growth on the back of a full year of (expanded) production at Rochester and 10.5 months of production from the Las Chispas operation, with the SilverCrest transaction having closed on February 14th. Our silver output is expected to expand by over 60% compared to last year, while our gold production is expected to increase by approximately 20%. Our 12-month trailing adjusted EBITDA is expected to rise from US$101 million just 20 months ago to over US$700 million in 2025. Similarly, in 2023 we had negative free cash flow of almost US$300 million, while this year is expected to be over US$300 million of positive free cash flow. From our three mines in the US and two in Mexico, our balance sheet is now rapidly improving after several years of heavy investment to position the Company for long-term success. 

What attracted Coeur Mining to the Las Chispas asset?

Mostly, it was the quality of the deposit. Las Chispas is one of the highest-grade silver-gold deposits in the world.  With high grade comes high margins, low costs, and strong free cash flow. Las Chispas adds nearly 6 million oz/y of silver and nearly 60,000 oz/y of gold to our annual production platform. 

Coeur Mining has deployed over US$300 million in exploration over the past five years. What’s the focus for 2025?

Coeur Mining has been sustaining a high level of investment in exploration, and this year will be no exception, with about US$85 million allocated in total. Las Chispas, along with Palmarejo, and Rochester will be our top exploration investments this year. Reinvesting in existing operations through exploration is the single best way to generate higher and higher returns. 

How do you think the high gold prices will influence the M&A cycle?

With higher prices comes more confidence and confidence is key to M&A. Mining stocks are yet to catch up with the spot gold and silver prices, which creates a potential window of opportunity for well-priced acquisitions. On the flip side, many investors remain cautious, recalling the value-destructive M&A boom of 2010–2012. This may offset some of the enthusiasm of higher prices. Acquisitions need to be strategic, with a sound underlying industrial logic. Getting bigger just for the sake of getting bigger won’t cut it. What I’m hearing most from investors now is a desire for capital returns. There’s real pressure to stay disciplined and start returning cash, whether through buybacks or dividends. 

There have been many calls for silver to be recognized as a critical mineral. How do you view this?

Beyond solar panels, silver is vital for energy storage, batteries, charging infrastructure, data centers, robotics, and AI. As the most conductive metal, silver is embedded in everything from drones and missiles to submarines, GPS, and radar. I’d argue all metals are critical. They often coexist geologically, so trying to separate "critical" from "non-critical,” makes little practical sense. The US is heavily dependent on imported silver, mostly from Mexico. That’s why projects like Rochester, which is the largest source of produced and refined silver in the US, are so important. 

Do you have a final message for our readers today?

This year marks my 30th year since first joining Coeur Mining. And in all that time, I have never seen a moment like this. Mining is finally getting its moment in the sun, something that we are not used to as an industry, but I think this is a once-in-a-lifetime opportunity for the industry to step forward, showcase what we do, and how we do it, especially here in the US and Mexico. After years of heavy investment, we have fundamentally transformed the company and everything is aligning in a way that is incredibly exciting.