Exploration update. Coeur provided an update on its exploration activities at Rochester in northern Nevada and the Crown properties in southern Nevada. Through October 2021, Coeur drilled 307,925 meters at six different locations and expects full year exploration expenditures of $65 million to $75 million. In late 2021, the company turned its attention to West Rochester, specifically the Gold Ridge and Lincoln Hill zones which could be a source of future higher-grade gold resources and to provide greater optionality for processing material from the larger Rochester district. The West Rochester property includes Lincoln Hill, Independence Hill, and Gold Ridge, and is west of infrastructure under construction as part of the Rochester expansion.Expanding the scope at Rochester. Mapping, sampling, and geophysical surveys supported a focused drilling program over a much larger area at Rochester than undertaken previously. Through October, Coeur drilled 74 holes in the Rochester pit and NV Packard areas. Two rigs recently began drilling at Lincoln Hill and Gold Ridge. In early 2022, Coeur expects to receive approval for a 250-acre drilling plan of operations in the West Rochester target areas that will unlock new areas for drilling in the Gold Ridge, Lincoln Hill, and Independence Hill zones.Two core rigs added at Crown. At the Crown Block, the company used 3 reverse circulation rigs for most of the year and added 2 core rigs in late November. The 2021 Crown exploration program focused on resource growth from the Daisy, Secret Pass, SNA, and C-Horst zones. Through October, Coeur drilled 202 holes at Crown. The focus has shifted to expansion drilling within a 300-acre plan of operation covering the Daisy, Secret Pass, and SNA targets. For the remainder of the year, Coeur plans to begin testing for deeper feeder structures with higher gold grade potential beneath C-Horst.Rating remains Market Perform. Coeur’s exploration team continues to build a greater understanding of the Rochester geologic model with the goal of bringing forward higher-grade gold production over a potentially longer mine life to further enhance the economics of the ongoing expansion at Rochester. Year-to-date, CDE shares have declined ~55% in price. While the valuation is more appealing, we are maintaining our Market Perform rating based on what we perceive as a balanced risk and reward profile. Read More >>