- Coeur Mining released its FY2021 Reserve/Resource update earlier this year, reporting a slight dip in gold reserves at similar grades, and a slight decline in silver reserves at lower grades.
- The highlights were increased reserves at Wharf and Palmarejo, offset by a decline in reserves at Rochester due to higher cut-off grades, and limited reserve replacement at Kensington.
- Fortunately, Kensington does have a decent amount of resources backing it up, and while Silvertip is unlikely to contribute until at least 2025, we saw meaningful resource increases.
- However, with the possibility of additional share dilution this year and limited free cash flow generation with elevated spending at Rochester, I continue to see more attractive bets elsewhere in the sector.
For further details see:
Coeur Mining: Satisfactory Reserve Replacement In FY2021