SilverCrest Metals: Transaction Information

Coeur Mining and SilverCrest Combine to Create Global Leading Silver Company

On October 4, 2024, SilverCrest Metals Inc. (“SilverCrest”) and Coeur Mining, Inc. (“Coeur”) announced that they have entered into a definitive agreement, pursuant to which SilverCrest would be acquired by a wholly-owned subsidiary of Coeur and create a leading global silver company. For more information, the announcement can be found here.

The following transaction highlights are sourced from the October 4, 2024 announcement:

Creates a Leading Global Silver Company – Together with Coeur’s growing silver production from its recently expanded Rochester mine in Nevada and its Palmarejo underground mine in northern Mexico, the addition of Las Chispas is expected to generate peer-leading 2025 silver production of approximately 21 million ounces from five North American operations, with approximately 56% of revenue generated from U.S.-based mines and approximately 40% of revenue from silver. In addition to the peer-leading silver production, the combined company is expected to produce approximately 432,000 ounces of gold next year⁽¹⁾.
Adds World-Class Las Chispas Operation to Coeur’s Portfolio – SilverCrest’s Las Chispas underground mine in Sonora, Mexico is one of the world’s highest-grade, lowest cost, and highest-margin silver and gold operations. Las Chispas commenced production in late 2022 and has delivered strong operational and financial results in 2023, selling approximately 10.25 million silver equivalent ounces at average cash costs of US$7.73 per ounce.
Significant and Immediate Addition to Coeur’s Rising Free Cash Flow – The combined company is expected to generate approximately US$700 million of EBITDA⁽¹⁾ and US$350 million of free cash flow⁽¹⁾ in 2025 at lower overall costs and higher overall margins.
Dramatically Accelerates Coeur’s Deleveraging Initiatives – The combination of SilverCrest’s strong balance sheet consisting of total treasury assets of US$122 million (cash and equivalents position of US$98 million and US$24 million of bullion) and no debt and its strong cash flow profile are expected to accelerate Coeur’s debt reduction initiative and result in an immediate 40% expected reduction in Coeur’s leverage ratio upon closing.
Bolsters Coeur Board by Adding Two SilverCrest Directors – Upon closing, current SilverCrest Chief Executive Officer and Director, N. Eric Fier and one other current SilverCrest Director will join Coeur’s board of directors, adding extensive and relevant experience to an already distinguished board of directors.
Continued Commitment to ESG Leadership – A shared commitment to ESG with a specific focus on water usage, emissions, community and workforce development, and leading governance practices.

1. Source: FactSet, street research, public disclosure.
Note: Please see “Key Documents” below for further information, including with regard to Forward Looking Statements.

Key Documents

October 4, 2024

News Release

Meeting Logistics

Record Date

December 19, 2024

Meeting Date

February 06, 2025

Stock Information