You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Our results were released after yesterday's market close.
2020 was quite the year.
Obviously, COVID-19 was the main headline for everyone and of course we were no exception.
COVID had a big impact on the first half of our year by sharply driving down prices and forcing a government-mandated shutdown in Mexico, which impacted us at our Palmarejo mine.
Of course, prices have strengthened considerably since their April lows and Mexico allowed mining to resume in the second quarter.
And together with solid production and effective cost and balance sheet management, we delivered a strong second half of 2020, which Mick and Tom will talk more about shortly.
I first want to take a minute to recognize our people for how they've risen to the occasion over the past 12 months.
We've asked a lot of everyone and our entire organization has responded incredibly well to the challenges.
I can't help but have immense pride for how well our culture has served us, the talent we've attracted, the ESG leadership we've established and the overall performance we delivered during such an unprecedented year.
Now starting off on Slide 3 and 4.
There were a lot of highlights and accomplishments last year that led to adjusted EBITDA jumping over 50%, to $263 million and free cash flow climbing to $49 million.
For starters, we achieved production guidance at all of our sites and unit costs were at or below full year guidance ranges at each of our primary gold operations.
Palmarejo's results were truly remarkable, the way they ramped back up mid-year and really never looked back.
And Kensington and Wharf also had fantastic years with both operations breaking their previous free cash flow records.
Rochester finished the year much stronger than it started, with fourth quarter silver production increasing nearly 40%, and gold production up almost 50% quarter-over-quarter.
And just to add a bit more color on Rochester, the big highlight last year was kicking off the expansion and providing the details of this project late in the year.
The updated mine plan reflects a reserves-only 18-year mine life with an NPV of $634 million and an anticipated IRR of 31%.
Production rates are also expected to double, driving average free cash flow to over $100 million per year.
Until this expansion is completed late next year, Rochester will remain in a state of transition while we balance near-term performance with gathering and applying key learnings to ensure Rochester's long-term success.
During this time, we'll also remain focused on further expanding Rochester's silver and gold reserves beyond the 58% and 65% growth we saw last year.
It was the largest drilling program in our history, and it was wildly successful.
Gold reserves grew by over 20%, and silver reserves increased by over 40% to the highest levels in Company history.
We've now dramatically increased our overall average mine life from just over seven years in 2015 to well over 12 years currently.
And with over $65 million allocated to exploration this year, we expect to see this number extend out even further.
These investments in exploration rank among our most attractive capital allocation priorities and should help drive higher returns on invested capital going forward.
On top of our reserve success, we made a new discovery in Southern Nevada called C-Horst, located in the Crown district, which has the potential to become a significant asset for the Company.
We included several recent drill holes in yesterday's release from C-Horst, including one that was over 216 meters, averaging just about 1 gram per ton of oxide gold.
An aggressive drilling program has already begun at C-Horst this year.
And we plan to invest approximately $10 million to continue growing this new discovery.
Another big success from last year's exploration program was the substantial resource growth at Silvertip in British Columbia.
With only around half of the assays back at the end of the year, total resource tons increased over 40% and we more than tripled the strike length of the high-grade deposit to over 3.5 kilometers.
We plan to invest roughly $14 million in exploration at Silvertip this year, aimed at further expanding the resource and beginning to convert some of this material to reserves.
I'm sticking with Silvertip for a minute.
We ended 2020 feeling confident in the resource and in our ability to continue expanding Silvertip's mine life with further drilling.
We also have identified and expect to lock down the flow sheet for a straightforward 1,750 ton a day process plant that can reliably deliver consistent recoveries and generate high-quality concentrates.
The team is now focused on optimizing capital costs, the mine plan and operating costs to incorporate everything we learned from last year's PFS.
We're also working through how best to slot in a potential expansion and restart to maximize the likelihood of success without distracting us from our Rochester expansion.
Our goal is to end the year with a solid, compelling business case to justify a decision to move forward at silver tip.
Our three-year outlook reflects strong returns and a step change in production and cash flow.
If you didn't get a chance to listen to our Investor Day in December, I encourage you to go to our website, look at the materials or watch the replay to find out more about our culture, strategy and outlook.
Before passing the call to Mick, I want to quickly highlight Slides 18 and 19 which provide a good high-level overview of our deep-rooted community relationships.
We strive to maintain strong relations with all of our partner communities and other local stakeholders with the goal of a mutual long-term prosperity.
Wow, what a great quarter and a strong finish to the year.
Building on our momentum, we expect to deliver another strong year from our operations in 2021.
Now taking a look at Slide 6 and 7 and beginning with Palmarejo.
Strong results during the second half helped us finish the year on a high note, despite being down for roughly 45 days in the second quarter.
Full-year gold production finished above the high end of its guidance range, while silver production was in line with expectations.
Additionally, the team did an excellent job balancing operating and financial results during the year which resulted in the unit costs for both gold and silver to come in below the low end of their guidance ranges.
Together, these great accomplishments helped to generate nearly $93 million of free cash flow; Palmarejo's largest free cash flow year since 2017.
Looking at the year ahead, we plan to increase our mining and throughput rates to help offset some lower grades and expect Palmarejo to have another great year in 2021.
Turning over to Rochester.
We're going to see positive results from our revised stacking plan, which leverages inter-lift liners to maximize the placement of HPGR-crushed ore on shallower portions of the leach pad.
This strategy directly led to higher production during the second half of 2020, helping us to achieve the low end of our production guidance for both silver and gold.
Unit costs came in slightly higher than expected, largely due to additional cyanide dosing as well as higher metallurgical outside services costs for modeling the test work and the consultant support, we used to drive the improvement program in the second half.
Going forward, we are continuing to focus on performance enhancements and driving sustained improvements in our results.
Before moving on, I want to quickly highlight two important items for Rochester in 2021.
We plan to swap out the existing secondary crusher in the second quarter to further optimize gradiation of crushed material at higher throughput rates.
This will give us the opportunity to dial in the new unit before it goes into the expanded crusher corridor as part of POA 11.
We also plan to begin crushing over liner material for the new Stage VI leach pad during the second half of the year and we have solid plans for both of these projects to mitigate some of the operational impacts.
It's important to remember that we are effectively using inter-lift liners and the existing crushing circuit as a full-scale test bed to optimize performance, helping to derisk our ability to achieve the expected results from the expansion in the coming years.
Switching over to Kensington.
2020 was an excellent year for the operation.
The team's diligent focus and efforts helped us achieve our full year production and cost guidance, which led to a record $60 million of free cash flow.
We expect another strong performance from Kensington in 2021, aided by the inclusion of Eureka and Elmira into the operation's production profile.
Lastly, at Wharf, the team did a great job accomplishing their goals for the year, and achieved guidance by producing over 93,000 ounces of gold at an average cost around $890 per ounce.
More importantly, Wharf generated $73 million of free cash flow, shattering its previous record by over 25%.
Looking ahead, we plan to move some additional tons during 2021.
While this is expected to result in marginally higher costs, we anticipate Wharf will have another great free cash flow year.
With that, I'll pass the call over to Tom.
Slide 5 highlights our fantastic financial results.
As Mitch and Mick mentioned, strong performances from Palmarejo, Kensington and Wharf, along with higher realized prices led to significant improvements in our annual financial results.
Margin expansion from top line growth and prudent cost management helped us generate over $260 million in adjusted EBITDA and nearly $150 million in operating cash flow.
Both metrics were over 50% higher year over year.
These results showcase the power of our portfolio, especially during the second half of 2020 when our assets generated $86 million of free cash flow.
The strong second half more than offset the slower start to the year, leading to nearly $50 million of free cash flow in 2020, our highest annual figure since 2017.
Looking ahead, as highlighted on Slide 15, we issued our 2021 guidance consistent with our recent Investor Day outlook.
These guidance ranges signal another solid year of operating cash flow and EBITDA.
I do want to flag that we are anticipating a relatively weaker first quarter, driven by, one, our mine plans, production profile and buildup of inventories on our leach pad; secondly, timing of tax payments in Mexico combined to be roughly $30 million to $35 million of cash outflow; and third, annual incentive payouts across the Company.
Turning over to Slide 13, I wanted to emphasize a few key takeaways from our balance sheet.
We bolstered our financial flexibility during the fourth quarter by fully repaying our revolving credit facility borrowings and expanding the capacity of the revolver to $300 million.
Together with our significantly improved cash position, this led to nearly $360 million of liquidity at the end of the year.
Looking at our leverage levels, both total debt and net debt-to-EBITDA decreased steadily during 2020.
Particularly, our key leverage metric, net debt-to-EBITDA was cut in half year-over-year ending 2020 at 0.7 times.
We are targeting a net debt-to-EBITDA ratio of under 2 times, while maintaining at least $100 million of liquidity over the next two years as we complete major construction at Rochester.
By using a combination of cash on hand, operating cash flow and debt capacity, we are confident in our game plan, leaving us very well positioned to fund this phase of significant capital investment.
I'll now pass the call back to Mitch.
Slide 14 shows our top priorities for 2021.
And by following this road map, we believe we can deliver solid results over the short, medium and long term from our balanced portfolio of North American precious metals assets.
With that, let's go ahead and open it up for any questions.

user
full-year 2021 capital expenditures, sustaining are expected to be about $80 million - $100 million.

assistant