Coeur Mining Inc.?s (Coeur) EBITDA increased more than 200% in 2024 compared with 2023 due to increased gold and silver production at the Rochester mine and higher-than-expected gold and silver prices. We expect significant improvement in gold and silver volumes from Rochester and the addition of the Las Chispas mine following Coeur?s acquisition of SilverCrest Metals Inc. Coeur?s leverage could strengthen below 1.5x over the next 12-24 months based on our expectation of further expansion in company?s earnings. Management?s commitment to prioritizing debt reduction using free cash flows in 2025 could create an additional cushion in credit metrics beyond our forecast. We have therefore raised our issuer credit rating on Coeur to ?B+? from ?B-?. At the same time, we
