Good morning, everyone, and welcome to the Coeur Mining Fourth Quarter 2023 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Mitchell Krebs, President and CEO. Sir, please go ahead.

Hi, everyone. Thank you for joining our call. Before we begin, please note our cautionary language on forward-looking statements in today's slide deck and refer to our SEC filings on our website. I'll kick off with a quick overview on Slide 3 before turning the call over to some of the team who are here with me. By nearly every metric, Coeur’s fourth quarter represented our strongest quarter of 2023. In fact, it was our strongest quarter in over three years. Revenues jumped 35% based on 29% higher gold production and 34% higher silver production. This led to a more than doubling of adjusted EBITDA and fourth quarter operating cash flow, which reached its highest level since late 2020. These results were driven largely by the stepped-up production levels at the expanded Rochester operation and by a strong finish to the year at Wharf. Kensington and Palmarejo also delivered consistent results to end the year, which enabled the company to achieve its full year production guidance. Rochester's fourth quarter provided a glimpse of what the expanded mine is capable of delivering once operating at full strength. Based on expected throughput rates of over 32 million tonnes per year, Rochester will be one of the world's largest operations of its kind and will be the largest source of American produced and refined silver. Mick will provide an update on Rochester in a few minutes. A year ago, I spoke on this call about our expectations for a strong bounce back year at Wharf in 2023, and I'm happy to say that's exactly what the team delivered. Free cash flow reached $27 million in the fourth quarter and $82 million for the year from 94,000 ounces of gold production. As you can see on Slide 12, cumulative free cash flow since we…

Thanks, Mitch and good day to everyone. The foundation of Coeur’s success lies with our people and I also extend my gratitude and appreciation to every employee and contractor that contributed to a great finish for the year. I want to take a moment to stress the importance of keeping our people safe. Coeur has made strides over the last few years in driving down injury frequency rates, overall severity and lost time injury rates, to take our place as a clear safety leader within the sector. While I applaud those results, we must also recognize that redoubling our efforts is absolutely essential to sustaining and improving that track record. We must do more and we will do more to safeguard the well-being of everyone on our sites. There is no higher priority for me and for this company. Turning to a brief recap of our fourth quarter production and cost summary on Slide 4 and beginning with Palmarejo. Higher gold grades due to a greater contribution from Guadalupe in a concerted effort from the team led to a nice finish to the year. Full year gold and silver production trended towards the lower end of the guidance range and CAS for gold and silver met guidance despite a continued strong peso and ongoing inflationary pressures that have been slower to moderate compared to our U.S. operations. Despite these challenges, the team at Palmarejo delivered over $15 million of free cash flow in the fourth quarter, its highest mark of the year. Looking ahead, guidance for 2024 anticipates gold and silver production to be consistent with 2023. Moving to Rochester. The team finished the year off strong, producing 1.3 million ounces of silver and 20,000 ounces of gold in the fourth quarter, representing quarter-over-quarter increases of 120% and 345%, respectively,…

Thanks, Mick, and good morning, everyone. 2023 marked another successful year for exploration with the main priorities being replacement of depletion at Kensington, building the resource pipeline at other sites, and enhancing our ore body knowledge. The teams were enormously successful at this. Measured and indicated resources climbed by double digits at Palmarejo, Rochester and Wharf, while inferred resources climbed by double digits at Rochester, Kensington Wharf and Silvertip. We plan to continue with more of this expansion focus in 2024. And in addition, we expect meaningful growth in reserves at Kensington. For the second year running, we replaced depletion and recorded growth in reserves at Kensington. Reserve grades also increased 5% driven mainly by excellent results from Lower Kensington. This is the first time we've ever achieved back-to-back reserve growth, a clear indication that the multiyear drilling and development program is achieving its objectives. In a year of limited exploration expenditures at Rochester, we still banked growth across all classes, achieving a 7% increase in reserves, a 16% increase in measured and indicated, and a 77% increase in inferred, all on a gold equivalent basis. This was achieved mainly through pit redesigns, which increased the mine life to 16 years. Another standout for the year was strong inferred resource growth at Silvertip with silver lead and zinc increasing 12%, 20% and 27%, respectively. Our recent press release shows the opportunity for extremely high grades in the deposit. And this along with our continually growing understanding of the system, makes us very confident of rapidly increasing the resource base over the next few years. Across the company, exploration investment for 2024 is expected to include $40 million to $50 million on scout and expansion drilling and $7 million to $13 million on infill drilling. This excludes $15 million to $20 million of underground mine development and exploration support costs at Silvertip. The key priorities for the year are a continuation of life of mine additions at Kensington and Wharf testing higher grade structures at Rochester, further building the inferred pipeline at Palmarejo to enable rapid reserve conversion over the coming years, and continuing to grow resources at Silvertip. With that, I'll pass the call over to Tom.

Thanks, Aoife. I will begin with a brief review of our fourth quarter financial results before touching on an important update regarding the balance sheet. Turning to the financial summary on Slide 13. The fourth quarter of 2023 gave us all a sneak peek at what the company can look like once the Rochester ramp-up is complete with quarterly sales of approximately 100,000 ounces of gold and 3 million ounces of silver. This level of production and sales led to quarterly revenues of $262 million and adjusted EBITDA of $64 million, which were 35% and 110% higher compared to the third quarter. On an annualized basis, this type of run rate would lead to annual revenues and EBITDA exceeding $1 billion and $250 million [ph] respectively. With our expansion capital behind us, we look forward to the arrival of strong free cash flow generation in the second half of the year, which will be allocated to pay down debt. Lower metal sales are anticipated in the first quarter, consistent with the Rochester ramp-up and Wharf's seasonally driven slower first quarter. In addition, our first quarter operating cash flow is impacted annually by three key items, Mexican EBITDA tax payments, annual incentive payouts and the semiannual interest payments on our 5.125% notes. Turning to costs on Slide 15, there is good news at our U.S. operations where we are seeing inflationary pressures moderating. However, as Mick mentioned at Palmarejo, continuing inflationary pressure coupled with a strong Mexican peso are likely to present headwinds in the months ahead. Our unit costs for 2024 at Palmarejo have been guided to $1075 to $1250 per ounce of gold, which will likely lead to lower free cash flow in 2024 at Palmarejo, especially on the approximately 30,000 ounces to 40,000 ounces of gold where we…

Thanks, Tom. As we look to our key deliverables for 2024 on Slide 17, we see several major catalysts converging this year. Significant U.S.-based production growth, particularly silver production, and a transition to positive free cash flow followed by a period of sustained debt reduction. While these near-term catalysts play out, we’ll remain focused on further improving our industry-leading safety performance, delivering consistent results from all of our operations and investing in high-return, high-impact exploration. Combined, these drivers offer a highly differentiated value proposition that features production and cash flow growth from a stable platform of four North American operations, growing silver exposure, a declining cost profile, a strengthening balance sheet and significant exploration upside. The last three years have represented a period of heavy investment by the company, and we’ve repeatedly talked about a coming inflection point. That point has now arrived, and we look forward to delivering the expected results and payoff from these investments and from the incredibly hard work by the team. With that, let’s go ahead and open it up for questions.

[Operator Instructions] : :

Ladies and gentlemen, at this time, showing no questions, I would like to turn the floor back over to Mitchell Krebs for any closing remarks.

Okay. Well, I know it’s a busy reporting day. I appreciate you all taking the time to join our call. We look forward to speaking again with everyone in early May, when we release our first quarter results. Until then, have a good day and best of luck. Bye.

Ladies and gentlemen, with that, we’ll conclude today’s conference call and presentation. We thank you for joining. You may now disconnect your lines.