Good morning, and welcome to the Coeur Mining Third Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mitchell Krebs, President and CEO. Please go ahead.

Good morning, and thanks for joining our third quarter earnings call. With me here in Chicago are Mick Routledge, Tom Whelan, Aoife McGrath, and several other members of our team. Before I begin, please note our cautionary language on forward-looking statements in our slide deck and refer to our SEC filings, which are available on our website. Starting off on slide 3, third quarter production results were in line driven by quarter-over-quarter production growth at Rochester, Kensington and Wharf. While cash flow in the quarter was negatively impacted by lower prices, higher consumable costs and lower grades at Palmarejo along with a $21 million noncash inventory adjustment at Rochester. We’re set up for a strong fourth quarter to finish the year within our full year production and cost guidance ranges and look forward to delivering strong production and cash flow growth on the back of the Rochester expansion that is expected to be completed mid next year, followed by commissioning and ramp-up in the second half. Turning to a few third quarter highlights, Rochester achieved an important milestone with the successful installation of pre-screens into the existing ex-pit crusher circuit. Since it was commissioned, the team has seen meaningful improvements in crush size and has been able to better manage the level of fines, which bodes well for the expansion as we transition from the existing operation to the newly expanded operation next year. The expansion is advancing on schedule with overall completion now at 61%. We’ve updated the total capital estimate to incorporate the cost of adding pre-screens into the new crusher to factor in potential price and quantity risk related to steel, cement and labor needed to complete the project and to add contingency to cover remaining potential project risks. The updated range represents an increase of about…

Thanks, Mitch. It’s great to witness the growing recognition of mining to the 21st Century economy and to everyday lives. I know that the people at our sites take that very seriously and come to work every day with commitment and purpose. That hard work and dedication are apparent in our operating results to date. Through three quarters of 2022 our mines continued to demonstrate growing consistency and stability. Looking forward, we have a tremendous opportunity to further entrench best practices and business improvement in our operating culture to sustain and grow our performance. We have the right assets and the right people in place to accomplish this. Turning to our third quarter production summary on slide 6 and beginning with Palmarejo. Production was affected by lower grades, which were partially offset by higher recoveries due to flotation plant improvements. Costs for most consumables remain elevated but are beginning to trend in the right direction, with recent decreases in diesel and cement costs, reflective of cost control efforts and ongoing efficiency improvements. Lower labor costs in the quarter were due to the tightening of contractor payments. Year-to-date metals production continues to exceed forecast and we remain in good position to achieve production and cost guidance. Moving to Rochester, following a significantly improved second quarter, gold and silver production increased again, driven by strong ore placement rates in the prior period. Gold ounces produced increased 5% quarter-over-quarter, while silver ounces produced increased 8%. Tons placed in the third quarter were impacted by the installation of the prescreened pilot system, which was completed on July 22nd. Third quarter adjusted CAS for gold and silver on a co-product basis were impacted by continued increased fleet maintenance and consumable costs. As Mitch mentioned, ramp-up of the prescreen pilot system continues to progress well, with…

Thanks, Mick. Turning to slide 4, I’ll quickly run through our consolidated financial results before spending some time to review the key initiatives we have taken to bolster our balance sheet over the remaining duration of the Rochester expansion during these uncertain economic and geopolitical times. Our third quarter financial results were impacted by significantly weaker spot gold and silver prices and continued cost inflation. Revenues decreased by $21 million quarter-over-quarter, driven primarily by 24% lower silver sales. This decrease was due to a 16% decrease in average realized silver price and an 8% decrease in silver ounces sold. Gold revenues decreased by 5% quarter-over-quarter due to a 4% decrease in gold ounces sold. During a quarter when the spot gold price decreased by 8%, it is important to note our average realized gold price only decreased by 1% due to the positive impact from the downside protection we have in place via our gold hedging program. We realized an $11 million gain on our gold hedges for the quarter, which equated to a $133 per ounce boost to our average realized gold price this quarter. The estimated market value of the hedge book was approximately $47 million at September 30th. Operating costs were in line with expectations for the quarter, but remain elevated due to ongoing inflationary pressures on diesel, other consumables and labor. We are seeing pockets of cost moderation throughout the portfolio, and our aggressive cost management and business improvement initiatives contributed to a lower increase in 3Q compared to the prior quarter. As we all see in our daily lives, fuel prices remain frustratingly high. Coeur consumes between 16 ,, to 18 million gallons of diesel per year. Our average realized diesel price for the quarter was $4.33 per gallon, which was a modest 5% decrease…

Thanks, Tom. Before moving to the Q&A, I want to quickly highlight slide 14 that summarizes our top priorities for the remainder of the year. On December 15th, Coeur will hold a virtual Investor Day, during which we will provide in depth updates of our progress against these goals, as well as provide a three-year outlook for the company, and a more detailed review of our exciting exploration efforts taking place at Kensington and Silvertip. We continue to believe that the execution of this strategy is the right roadmap for adding significant long-term value for stockholders, and positions Coeur as a truly differentiated opportunity for investors seeking industry-leading organic growth. With that, let’s go ahead and open it up for questions.

Okay. Well, hey, we appreciate everybody’s time this morning. And we hope you’ll join us on our Investor Day on December 15th. Otherwise, we look forward to speaking with you all again in early 2023. And if you have any follow-up questions from today, please don’t hesitate to reach out. Have a healthy and safe holiday season, everyone. Thanks.

The conference has now concluded. Thank you for attending today’s presentation, and you may now disconnect.