Coeur Reports First Quarter 2026 Results

Published: 2026-05-06 16:32:06 ET CDE

Record financial results; eleven-fold increase in cash; New Gold transaction closed March 20th; Full-year guidance ranges reaffirmed

Published on 05/06/2026 at 04:32 pm EDT

Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today reported first quarter 2026 financial results, including revenue of $856 million and cash flow from operating activities of $341 million. The Company reported quarterly GAAP net income from continuing operations of $247 million, or $0.35 per share. On an adjusted basis1, Coeur reported record quarterly EBITDA of $475 million, record cash flow from operating activities before changes in working capital of $445 million and net income from continuing operations of $254 million, or $0.36 per share.

Key Highlights

“Coeur delivered a strong start to what is expected to be a record year, with every mine in the portfolio contributing to record first quarter results,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Adjusted EBITDA reached a new quarterly record and free cash flow remained robust, leading to a quarter-end cash balance of over $840 million – nearly an eleven-fold year-over-year increase. Our recently updated financial policy is designed to maintain flexible liquidity levels while also returning capital to stockholders through prudent share repurchases and the initiation of a sustainable dividend policy. Our results were especially impressive given the quarter was our softest of the year as expected, with several first quarter-specific outflows totaling over $200 million, and only eleven days of contribution from New Afton and Rainy River following the close of the New Gold transaction on March 20th.

“Starting with the second quarter, Coeur is equipped to deliver on the full potential of our enhanced platform, built through a combination of investments in exploration and expansions and two well-timed M&A transactions. With our well-balanced platform of seven operations, Coeur remains exceptionally well positioned as the sector’s only senior all-North America precious metals company and top-five global silver producer.”

Financial and Operating Highlights (Unaudited)

(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Gold Sales

$

475.2

$

424.8

$

360.5

$

323.1

$

235.3

Silver Sales

$

362.2

$

250.1

$

194.1

$

157.5

$

124.7

Copper Sales

$

18.8

$

—

$

—

$

—

$

—

Consolidated Revenue

$

856.2

$

674.7

$

554.6

$

480.7

$

360.1

Costs Applicable to Sales2

$

330.0

$

215.9

$

248.7

$

229.5

$

204.3

General and Administrative Expenses

$

21.7

$

15.2

$

14.8

$

13.3

$

13.9

Net Income

$

246.8

$

215.0

$

266.8

$

70.7

$

33.4

Net Income Per Share

$

0.35

$

0.33

$

0.41

$

0.11

$

0.06

Adjusted Net Income1

$

253.5

$

227.3

$

122.7

$

102.9

$

40.5

Adjusted Net Income1 Per Share

$

0.36

$

0.35

$

0.19

$

0.16

$

0.08

Weighted Average Shares Outstanding

698.7

645.9

644.9

643.1

521.2

EBITDA1

$

455.0

$

407.2

$

249.1

$

203.0

$

105.3

Adjusted EBITDA1

$

474.9

$

424.5

$

265.6

$

213.8

$

121.9

Cash Flow from Operating Activities

$

340.8

$

374.6

$

237.7

$

207.0

$

67.6

Capital Expenditures

$

74.1

$

61.4

$

49.0

$

60.8

$

50.0

Free Cash Flow1

$

266.8

$

313.2

$

188.7

$

146.2

$

17.6

Cash Income and Mining Taxes

$

132.2

$

41.2

$

36.4

$

38.2

$

62.6

Cash, Equivalents & Short-Term Investments

$

843.2

$

553.6

$

266.3

$

111.6

$

77.6

Total Debt3

$

761.4

$

340.5

$

363.5

$

380.7

$

498.3

Average Realized Price Per Ounce – Gold

$

4,383

$

3,818

$

3,148

$

3,021

$

2,635

Average Realized Price Per Ounce – Silver

$

82.85

$

54.30

$

38.93

$

33.72

$

32.05

Average Realized Price Per Pound – Copper

$

5.55

$

—

$

—

$

—

$

—

Gold Ounces Produced

96,503

112,429

111,364

108,487

86,766

Silver Ounces Produced

4.4

4.7

4.8

4.7

3.7

Copper Pounds Produced

1.4

—

—

—

—

Gold Ounces Sold

108,420

111,273

114,495

106,948

89,316

Silver Ounces Sold

4.4

4.6

5.0

4.7

3.9

Copper Pounds Sold

3.4

—

—

—

—

Adjusted CAS per AuOz1

$

2,032

$

1,207

$

1,355

$

1,405

$

1,476

Adjusted CAS per AgOz1

$

20.01

$

17.29

$

18.45

$

16.48

$

17.94

Adjusted CAS per CuLb1

$

5.36

$

—

$

—

$

—

$

—

Financial Results

First quarter 2026 revenue totaled $856 million compared to $675 million in the prior period and $360 million in the first quarter of 2025. The Company produced 96,503 and 4.4 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 108,420 ounces of gold and 4.4 million ounces of silver. Average realized gold and silver prices for the quarter were $4,383 and $82.85 per ounce, respectively, compared to $3,818 and $54.30 per ounce in the prior period and $2,635 and $32.05 per ounce in the first quarter of 2025.

Gold and silver sales represented 56% and 42% of quarterly revenue, while copper represented 2% of revenue for the quarter.

Adjusted costs applicable to sales per ounce1 of gold and silver totaled $2,032 and $20.01, respectively. Adjusted CAS1 per gold ounce includes the non-cash impact of the $74.8 million related to purchase price allocation ascribed to inventory, which added $689 per ounce to the gold CAS1. General and administrative expenses increased 43% quarter over quarter to $22 million, driven by higher stock-based compensation, annual incentive payouts, and audit fees paid in the first quarter.

Coeur invested approximately $32 million ($26 million expensed and $6 million capitalized) in exploration during the quarter, compared to approximately $25 million ($19 million expensed and $7 million capitalized) in the prior period. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.

The Company recorded income tax expense of approximately $102 million during the first quarter. Cash income and mining taxes paid during the period totaled approximately $132 million. Cash taxes paid in the quarter primarily reflect income and mining tax payments in Mexico.

Quarterly operating cash flow decreased to $341 million from $375 million in the prior period, primarily due to higher costs applicable to sales and lower metal sales volumes, partially offset by higher realized metal prices. Changes in working capital during the quarter were $104 million, reflecting tax payments in Mexico, semi-annual interest payments on the Company’s 2029 5.125% Senior Notes and New Gold’s 2032 6.875% Senior Notes, as well as New Gold transaction-related and annual incentive compensation payments.

First quarter capital expenditures were $74 million compared to $61 million in the prior period. Sustaining and development capital expenditures accounted for approximately $63 million and $11 million, or 85% and 15%, respectively, of Coeur’s total capital investment during the quarter.

Operations

First quarter 2026 highlights for each of the Company’s operations are provided below.

New Afton, Canada

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Tonnes milled

134,385

—

—

—

—

Average gold grade (grams/tonne)

0.44

—

—

—

—

Average copper grade (grams/tonne)

0.48

—

—

—

—

Average recovery rate – Au

87.4

%

—

%

—

%

—

%

—

%

Average recovery rate – Cu

94.8

%

—

%

—

%

—

%

—

%

Gold ounces produced

1,651

—

—

—

—

Silver ounces produced (000’s)

4

—

—

—

—

Copper pounds produced (000’s)

1,360

—

—

—

—

Gold ounces sold

3,906

—

—

—

—

Silver ounces sold (000’s)

9

—

—

—

—

Copper pounds sold (000’s)

3,385

—

—

—

—

Average realized price per gold ounce

$

4,733

$

—

$

—

$

—

$

—

Average realized price per copper pound

$

5.55

$

—

$

—

$

—

$

—

Metal sales

$

37.8

$

—

$

—

$

—

$

—

Costs applicable to sales2

$

36.2

$

—

$

—

$

—

$

—

Adjusted CAS per AuOz1

$

4,488

$

—

$

—

$

—

$

—

Adjusted CAS per CuLb1

$

5.36

$

—

$

—

$

—

$

—

Exploration expense

$

0.3

$

—

$

—

$

—

$

—

Cash flow from operating activities

$

24.6

$

—

$

—

$

—

$

—

Sustaining capital expenditures (excludes capital lease payments)

$

—

$

—

$

—

$

—

$

—

Development capital expenditures

$

—

$

—

$

—

$

—

$

—

Total capital expenditures

$

—

$

—

$

—

$

—

$

—

Free cash flow1

$

24.6

$

—

$

—

$

—

$

—

Operational

Financial

Exploration

Guidance

Rainy River, Canada

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Tonnes milled

225,632

—

—

—

—

Average gold grade (grams/tonne)

0.87

—

—

—

—

Average recovery rate – Au

90.1

%

—

%

—

%

—

%

—

%

Gold ounces produced

12,494

—

—

—

—

Silver ounces produced (000’s)

19

—

—

—

—

Gold ounces sold

21,407

—

—

—

—

Silver ounces sold (000’s)

32

—

—

—

—

Average realized price per gold ounce

$

4,401

$

—

$

—

$

—

$

—

Metal sales

$

96.4

$

—

$

—

$

—

$

—

Costs applicable to sales2

$

92.4

$

—

$

—

$

—

$

—

Adjusted CAS per AuOz1

$

4,215

$

—

$

—

$

—

$

—

Exploration expense

$

0.4

$

—

$

—

$

—

$

—

Cash flow from operating activities

$

90.0

$

—

$

—

$

—

$

—

Sustaining capital expenditures (excludes capital lease payments)

$

6.4

$

—

$

—

$

—

$

—

Development capital expenditures

$

—

$

—

$

—

$

—

$

—

Total capital expenditures

$

6.4

$

—

$

—

$

—

$

—

Free cash flow1

$

83.6

$

—

$

—

$

—

$

—

Operational

Financial

Exploration

Guidance

Las Chispas, Mexico

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Tonnes milled

119,197

114,814

126,930

107,410

53,857

Average gold grade (grams/tonne)

4.0

4.4

3.7

5.0

4.4

Average silver grade (grams/tonne)

389

411

354

457

436

Average recovery rate – Au

99.1

%

89.9

%

97.9

%

98.6

%

98.6

%

Average recovery rate – Ag

99.4

%

90.3

%

97.8

%

98.5

%

98.1

%

Gold ounces produced

15,031

14,719

16,540

16,271

7,175

Silver ounces produced (000’s)

1,481

1,371

1,572

1,489

714

Gold ounces sold

14,898

14,819

17,800

16,025

9,607

Silver ounces sold (000’s)

1,461

1,367

1,675

1,479

924

Average realized price per gold ounce

$

4,857

$

4,131

$

3,427

$

3,315

$

2,902

Average realized price per silver ounce

$

83.03

$

53.68

$

38.89

$

33.48

$

32.63

Metal sales

$

193.6

$

134.6

$

126.1

$

102.7

$

58.0

Costs applicable to sales2

$

31.5

$

33.1

$

68.1

$

57.7

$

42.8

Adjusted CAS per AuOz1

$

775

$

1,010

$

1,836

$

1,857

$

2,095

Adjusted CAS per AgOz1

$

13.46

$

13.37

$

21.13

$

18.57

$

23.61

Exploration expense

$

3.5

$

2.7

$

2.5

$

3.3

$

1.9

Cash flow from operating activities4

$

88.7

$

92.3

$

75.9

$

58.6

$

97.1

Sustaining capital expenditures (excludes capital lease payments)

$

12.5

$

13.8

$

9.8

$

9.2

$

5.3

Development capital expenditures

$

—

$

—

$

—

$

—

$

—

Total capital expenditures

$

12.5

$

13.8

$

9.8

$

9.2

$

5.3

Free cash flow1,4

$

76.2

$

78.5

$

66.1

$

49.4

$

91.8

Operational

Financial

Exploration

Guidance

Palmarejo, Mexico

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Tonnes milled

441,721

470,127

440,227

438,968

399,996

Average gold grade (grams/tonne)

1.7

1.8

1.8

2.1

1.9

Average silver grade (grams/tonne)

116

117

119

139

149

Average recovery rate – Au

96.2

%

93.9

%

95.0

%

92.9

%

95.2

%

Average recovery rate – Ag

89.6

%

88.8

%

89.9

%

88.6

%

87.4

%

Gold ounces produced

22,918

25,662

24,802

27,272

23,032

Silver ounces produced (000’s)

1,475

1,566

1,514

1,741

1,680

Gold ounces sold

22,935

24,378

26,850

26,782

22,713

Silver ounces sold (000’s)

1,468

1,510

1,633

1,720

1,636

Average realized price per gold ounce

$

2,811

$

2,492

$

2,144

$

2,093

$

1,924

Average realized price per silver ounce

$

84.29

$

54.26

$

38.97

$

33.76

$

31.85

Metal sales

$

188.3

$

142.7

$

121.2

$

114.1

$

95.8

Costs applicable to sales2

$

51.2

$

48.3

$

51.0

$

48.7

$

43.7

Adjusted CAS per AuOz1

$

758

$

847

$

887

$

888

$

882

Adjusted CAS per AgOz1

$

22.99

$

18.13

$

16.44

$

14.39

$

14.37

Exploration expense

$

4.6

$

4.9

$

5.7

$

4.0

$

3.9

Cash flow from operating activities

$

72.8

$

70.8

$

52.6

$

47.9

$

8.7

Sustaining capital expenditures (excludes capital lease payments)

$

6.8

$

5.2

$

4.3

$

3.6

$

2.5

Development capital expenditures

$

1.7

$

3.1

$

1.4

$

2.0

$

3.4

Total capital expenditures

$

8.5

$

8.3

$

5.7

$

5.6

$

5.9

Free cash flow1

$

64.3

$

62.5

$

46.9

$

42.3

$

2.8

Operational

Financial

Exploration

Other

Guidance

Rochester, United States

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Ore tonnes placed

6,724,626

9,275,732

7,535,326

7,122,912

6,338,796

Average silver grade (grams/tonne)

12

17

19

20

20

Average gold grade (grams/tonne)

0.1

0.1

0.1

0.1

0.1

Silver ounces produced (000’s)

1,394

1,748

1,644

1,456

1,284

Gold ounces produced

14,112

17,722

14,801

14,302

13,353

Silver ounces sold (000’s)

1,387

1,701

1,656

1,438

1,282

Gold ounces sold

14,090

18,043

13,975

13,881

14,713

Average realized price per silver ounce

$

81.59

$

54.85

$

38.95

$

33.88

$

31.86

Average realized price per gold ounce

$

4,843

$

4,139

$

3,431

$

3,333

$

2,840

Metal sales

$

181.4

$

167.9

$

112.5

$

95.0

$

82.6

Costs applicable to sales2

$

53.8

$

60.7

$

52.0

$

47.9

$

48.5

Adjusted CAS per AgOz1

$

23.74

$

19.69

$

17.73

$

16.83

$

18.41

Adjusted CAS per AuOz1

$

1,432

$

1,458

$

1,585

$

1,675

$

1,670

Prepayment, working capital cash flow

$

—

$

—

$

—

$

—

$

(17.5

)

Exploration expense

$

0.9

$

2.7

$

3.2

$

1.2

$

1.5

Cash flow from operating activities

$

84.7

$

92.6

$

41.2

$

39.6

$

(7.0

)

Sustaining capital expenditures (excludes capital lease payments)

$

18.6

$

13.1

$

7.5

$

20.7

$

8.5

Development capital expenditures

$

4.2

$

1.7

$

4.1

$

3.8

$

6.4

Total capital expenditures

$

22.8

$

14.8

$

11.6

$

24.5

$

14.9

Free cash flow1

$

61.9

$

77.8

$

29.6

$

15.1

$

(21.9

)

Operational

Financial

Exploration

Guidance

Kensington, United States

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Tonnes milled

157,253

178,513

171,190

174,333

168,142

Average gold grade (grams/tonne)

4.5

5.6

5.5

5.2

4.5

Average recovery rate

91.2

%

92.7

%

90.5

%

91.8

%

93.3

%

Gold ounces produced

20,525

29,567

27,231

26,555

22,715

Gold ounces sold

21,267

28,715

28,011

26,751

22,205

Average realized price per gold ounce, gross

$

5,187

$

4,379

$

3,588

$

3,410

$

2,990

Treatment and refining charges per gold ounce

$

70

$

67

$

56

$

56

$

53

Average realized price per gold ounce, net

$

5,117

$

4,312

$

3,532

$

3,354

$

2,937

Metal sales

$

108.8

$

123.8

$

98.9

$

89.8

$

65.2

Costs applicable to sales2

$

47.8

$

44.1

$

46.7

$

46.1

$

42.2

Adjusted CAS per AuOz1

$

2,246

$

1,533

$

1,659

$

1,713

$

1,882

Prepayment, working capital cash flow

$

—

$

—

$

—

$

—

$

(12.1

)

Exploration expense

$

2.5

$

0.8

$

2.2

$

1.5

$

3.3

Cash flow from operating activities

$

53.3

$

69.0

$

46.4

$

36.0

$

5.9

Sustaining capital expenditures (excludes capital lease payments)

$

8.5

$

9.4

$

9.4

$

12.3

$

15.2

Development capital expenditures

$

0.6

$

8.8

$

6.2

$

4.0

$

0.3

Total capital expenditures

$

9.1

$

18.2

$

15.6

$

16.3

$

15.5

Free cash flow1

$

44.2

$

50.8

$

30.8

$

19.7

$

(9.6

)

Operational

Financial

Exploration

Guidance

Wharf, United States

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Ore tonnes placed

366,184

595,737

1,220,764

1,002,988

937,756

Average gold grade (grams/tonne)

1.1

0.9

1.0

1.2

0.7

Gold ounces produced

9,772

24,759

27,990

24,087

20,491

Silver ounces produced (000’s)

15

24

25

36

51

Gold ounces sold

9,917

25,318

27,859

23,509

20,078

Silver ounces sold (000’s)

15

27

22

35

50

Average realized price per gold ounce

$

4,902

$

4,120

$

3,412

$

3,315

$

2,827

Metal sales

$

49.9

$

105.8

$

95.9

$

79.1

$

58.4

Costs applicable to sales2

$

17.0

$

30.0

$

30.9

$

29.0

$

27.0

Adjusted CAS per AuOz1

$

1,588

$

1,121

$

1,079

$

1,175

$

1,260

Prepayment, working capital cash flow

$

—

$

—

$

—

$

—

$

(12.5

)

Exploration expense

$

3.2

$

0.6

$

0.7

$

3.5

$

2.6

Cash flow from operating activities

$

15.3

$

65.9

$

57.2

$

41.4

$

15.7

Sustaining capital expenditures (excludes capital lease payments)

$

10.0

$

2.9

$

1.2

$

2.3

$

6.4

Development capital expenditures

$

3.1

$

0.7

$

2.0

$

1.3

$

1.0

Total capital expenditures

$

13.1

$

3.6

$

3.2

$

3.6

$

7.4

Free cash flow1

$

2.2

$

62.3

$

54.0

$

37.8

$

8.3

Operational

Financial

Exploration

Guidance

Exploration

During the first quarter, Coeur invested approximately $32 million ($26 million expensed and $6 million capitalized), compared to roughly $25 million ($19 million expensed and $7 million capitalized) in the prior period.

The Company’s exploration investment in 2026 is expected to total $118 - $132 million for expansion drilling (classified as exploration expense) and $29 - $37 million for infill drilling (capitalized exploration) for a total expected investment of $147 - $169 million.

Top exploration priorities for 2026 are: (i) continuing to extend and infill known deposits to support future life of mine, and building the inferred pipeline at Las Chispas, in addition to restarting regional exploration; (ii) infill drilling at Hidalgo and Independencia Sur to support near-term life of mine additions at Palmarejo, also building the inferred pipeline to provide optionality to the operation, with particular emphasis on East Palmarejo outside the Franco-Nevada gold stream area of interest; (iii) completing drilling to support the next stage of mine permit expansion at Rochester, along with regional studies and scout drilling across the district to build the exploration pipeline; (iv) maintaining a five-year reserve-based mine life at Kensington and increasing focus on scout drilling to add inferred resources; (v) continuing the expansion and infill programs at Wharf to further add to the life of mine and conduct district-scale work to support long-term mine life additions; (vi) drilling programs to support the study program and continue expanding the resource base at Silvertip through a combination of scout, expansion and infill drilling, totaling approximately $35 million; (vii) infill and expansion drilling at the K-Zone at New Afton and (viii) expansion drilling of underground shoots at Rainy River, testing of additional open-pit opportunities and commencing more aggressive regional exploration.

2026 Guidance

The Company has reaffirmed its full-year 2026 guidance, including production, CAS, capital expenditures, depreciation, depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax.

Overall cost guidance reflects higher expected royalty expense driven by stronger realized metal prices, particularly at Rochester, the impact of a stronger Mexican peso, inflation of 3% to 5% across the portfolio, and higher planned maintenance costs. For our co-product mines (New Afton, Las Chispas, Palmarejo, and Rochester), costs are allocated to gold, silver, and copper based on their relative revenue contribution. Given the higher expected contribution of silver to total revenue due to the outperformance of silver’s price relative to the gold price, silver CAS per ounce is expected to be higher in 2026, consistent with the trend seen in the second half of 2025.

2026 Production Guidance

Gold

Silver

Copper

(oz)

(K oz)

(M lbs)

New Afton

60,000 - 80,000

130 - 180

50 - 65

Rainy River

230,000 - 275,000

350 - 450

—

Las Chispas

55,000 - 65,000

5,500 - 6,300

—

Palmarejo

95,000 - 105,000

6,250 - 7,000

—

Rochester

70,000 - 90,000

6,400 - 7,800

—

Kensington

98,000 - 110,000

—

—

Wharf

72,000 - 90,000

50 - 200

—

Total

680,000 - 815,000

18,680 - 21,930

50 - 65

2026 Adjusted Costs Applicable to Sales Guidance

Gold

Silver

Copper

($/oz)

($/oz)

($/lb)

New Afton (co-product)5

$1,000 - $1,200

—

$1.20 - $1.35

Rainy River (by-product)6

$2,150 - $2,350

—

—

Las Chispas (co-product)

$750 - $950

$12.50 - $14.50

—

Palmarejo (co-product)

$700 - $900

$21.50 - $23.50

—

Rochester (co-product)

$1,350 - $1,550

$23.00 - $25.00

—

Kensington

$1,750 - $1,950

—

—

Wharf (by-product)

$1,400 - $1,600

—

—

2026 Capital, DD&A, Exploration, G&A and Income and Mining Tax Guidance

($M)

Capital Expenditures, Sustaining

$291 - $337

Capital Expenditures, Development

$146 - $189

Exploration, Expensed

$118 - $132

Exploration, Capitalized

$29 - $37

General & Administrative Expenses

$90 - $100

Cash Income and Mining Taxes

$475 - $600

Amortization

$1,200 - $1,400

Effective Tax Rate (%)

30% - 36%

Note: The Company’s guidance figures assume estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.

Financial Results and Conference Call

Coeur will host a conference call to discuss its first quarter 2026 financial results on May 7, 2026 at 11:00 a.m. Eastern Time.

Dial-In Numbers:

(855) 560-2581 (U.S./Canada)

(412) 542-4166 (International)

Conference ID:

Coeur Mining

Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Executive Vice President and Chief Financial Officer, Michael “Mick” Routledge, Executive Vice President and Chief Operating Officer, and other members of management. A replay of the call will be available through May 14, 2026.

Replay numbers:

(855) 669-9658 (U.S./Canada)

(412) 317-0088 (International)

Conference ID:

197 07 92

About Coeur

Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned operations: the New Afton gold-copper mine in British Columbia, Canada, the Rainy River gold-silver mine in Ontario, Canada, the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver mine in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.

Cautionary Statements

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding EBITDA, cash flow, production, costs, capital expenditures, tax rates and treatment, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the Franco-Nevada gold stream agreement at Palmarejo, anticipated production, and costs and expenses and operations at New Afton, Rainy River, Las Chispas, Palmarejo, Rochester, Kensington and Wharf. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold, silver and copper, and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur’s future acquisition of new mining properties or businesses, risks associated with the integration of the New Afton and Rainy River mines following the acquisition of New Gold Inc., the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations, impacts from tariffs or other trade barriers, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, the ability to maintain positive relationships with indigenous groups and other community stakeholders, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.

The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Vice President, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.

Non-U.S. GAAP Measures

We supplement the reporting of our financial information determined under United States generally accepted accounting principles (“U.S. GAAP”) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2025.

Notes

1.

EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s RCF. Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. The amounts shown in this news release for costs applicable to sales (CAS) per ounce for Las Chispas, adjusted EBITDA, and adjusted net income from continuing operations are presented on a different basis compared to the amounts reported in the news releases reporting results for the first, second, and third quarters of 2025 as a result of revisions to “Acquisition Accounting”. Based on discussions with the SEC staff in the course of a regular review of Company disclosures, the staff has provided its view that, under its guidance on non-GAAP financial measures, the Company is required to calculate Las Chispas CAS, adjusted EBITDA and adjusted net income using the fair value of Las Chispas’ legacy inventory held as of the Las Chispas acquisition closing date, February 14, 2025, except when calculating the net leverage ratio under the Company’s revolving credit facility (“RCF”) since the RCF contractually provides for certain adjustments to be made. As a result, except when calculating the net leverage ratio under the RCF, the Company is not making adjustments that were intended to calculate non-GAAP financial measures using SilverCrest Metals Inc.’s historical costs of producing legacy inventory as such inventory is sold. In our view, the historical cost remains more indicative of the costs Las Chispas incurred in producing this legacy inventory, and is a better measure of performance, than the acquisition accounting measures of these costs. As a result of removing these adjustments, for the three months ended September 30, June 30, and March 31, 2025, adjusted EBITDA (including last-twelve-months (“LTM”) adjusted EBITDA) and adjusted net income in this release are lower than previously reported, and Las Chispas CAS are higher, except as used in calculation of the net leverage ratio under the RCF, including the impact of the amortization of acquired inventory purchase price allocation of $3.3 million, $33.4 million, $29.7 million, and $27.0 million for the three months ended December 31, September 30, June 30, and March 31, 2025, respectively and an impact of $93.5 million for last-twelve-months. In each case we are also providing separately the amount of the relevant impact of amortizing the non-cash, non-recurring step-up in cost basis for legacy inventory from the acquisition-related fair value accounting, so readers can supplementally assess such amounts to the extent they deem appropriate to understand the normal, recurring cost performance of Las Chispas as well as Company-wide adjusted EBITDA and adjusted net income. To calculate amounts comparable to first, second and third quarter disclosures, which is the methodology the Company’s management uses to assess normal, recurring performance and our lenders use for purposes of calculating the net leverage ratio covenant under our RCF, readers would need to subtract the step-up in cost basis from Las Chispas CAS, and add back the impact of the step-up in cost basis to adjusted EBITDA and adjusted net income.

2.

Excludes amortization.

3.

Includes capital leases. Net of debt issuance costs and premium received.

4.

Includes $72.0 million of monetized finished goods following the SilverCrest acquisition on February 14, 2025.

5.

New Afton CAS per gold ounce includes the non-cash impact of the $21 million total of the preliminary purchase price allocation ascribed to inventory, split between gold ($134 per ounce) and copper ($0.15 per pound).

6.

Rainy River CAS per gold ounce includes the non-cash impact of $180 million ($675 per ounce) of the preliminary purchase price allocation ascribed to inventory. It also includes $41 million ($155 per ounce) of stripping costs which are required to be capitalized under U.S. GAAP and $93 million ($239 per ounce) related to how the streaming arrangement with Royal Gold A.G., a wholly-owned subsidiary of Royal Gold, Inc. (“Royal Gold”) is reported under U.S. GAAP.

Average Spot Prices

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Average Gold Spot Price Per Ounce

$

4,873

$

4,135

$

3,457

$

3,280

$

2,860

Average Silver Spot Price Per Ounce

$

84.33

$

54.73

$

39.40

$

33.68

$

31.88

Average Copper Spot Price Per Pound

$

5.83

$

5.03

$

4.44

$

4.32

$

4.24

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2026

December 31, 2025

ASSETS

In thousands, except share data

CURRENT ASSETS

Cash and cash equivalents

$

843,169

$

553,597

Receivables

88,195

69,160

Inventory

567,951

163,330

Ore on leach pads

160,433

157,461

Prepaid expenses and other

50,430

29,129

1,710,178

972,677

NON-CURRENT ASSETS

Property, plant and equipment and mining properties, net

12,336,584

2,744,884

Goodwill

625,812

625,812

Ore on leach pads

155,357

119,446

Restricted assets

9,139

9,114

Receivables

19,857

19,683

Deferred tax assets

144,586

140,553

Long-term stockpile

237,872

42,076

Other

21,942

21,437

TOTAL ASSETS

$

15,261,327

$

4,695,682

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

258,161

$

148,872

Accrued liabilities and other

166,814

212,213

Debt

14,072

16,996

Reclamation

19,331

15,063

458,378

393,144

NON-CURRENT LIABILITIES

Debt

747,304

323,537

Reclamation

400,720

262,448

Deferred tax liabilities

3,158,651

322,983

Other long-term liabilities

83,949

80,519

4,390,624

989,487

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Common stock, par value $0.01 per share; authorized 1,300,000,000 shares, 1,034,497,016 issued and outstanding at March 31, 2026 and 642,092,761 at December 31, 2025

10,345

6,421

Additional paid-in capital

12,631,608

5,783,019

Accumulated deficit

(2,229,628

)

(2,476,389

)

10,412,325

3,313,051

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

15,261,327

$

4,695,682

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,

2026

2025

In thousands, except share data

Revenue

$

856,192

$

360,062

COSTS AND EXPENSES

Costs applicable to sales(1)

330,009

204,266

Amortization

99,825

43,093

General and administrative

21,662

13,912

Exploration

25,699

19,682

Pre-development, reclamation, and other

29,827

16,953

Total costs and expenses

507,022

297,906

Income from operations

349,170

62,156

OTHER INCOME (EXPENSE), NET

Gain (loss) on debt extinguishment

(1,554

)

—

Fair value adjustments, net

—

(346

)

Interest expense, net of capitalized interest

(6,443

)

(10,450

)

Other, net

7,542

406

Total other expense, net

(455

)

(10,390

)

Income before income and mining taxes

348,715

51,766

Income and mining tax expense

(101,954

)

(18,413

)

NET INCOME

$

246,761

$

33,353

OTHER COMPREHENSIVE INCOME:

Other comprehensive loss

—

—

COMPREHENSIVE INCOME

$

246,761

$

33,353

NET INCOME PER SHARE

Basic income per share:

Basic

$

0.36

$

0.06

Diluted

$

0.35

$

0.06

(1) Excludes amortization.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

2026

2025

In thousands

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

246,761

$

33,353

Adjustments:

Amortization

99,825

43,093

Accretion

4,839

4,732

Deferred taxes

(1,565

)

(17,353

)

(Gain) loss on debt extinguishment

1,554

—

Fair value adjustments, net

—

346

Stock-based compensation

8,627

3,298

Deferred revenue recognition

(160

)

(42,316

)

Acquired inventory purchase price allocation

85,362

27,039

Other

(493

)

1,524

Changes in operating assets and liabilities:

Receivables

(4,733

)

3,945

Prepaid expenses and other current assets

(427

)

82,065

Inventory and ore on leach pads

(26,803

)

(8,348

)

Accounts payable and accrued liabilities

(71,951

)

(63,743

)

CASH PROVIDED BY OPERATING ACTIVITIES

340,836

67,635

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(74,079

)

(50,002

)

Acquisitions, net

128,259

103,396

Proceeds from the sale of assets

1,263

—

Other

(70

)

(90

)

CASH USED IN INVESTING ACTIVITIES

55,373

53,304

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of common stock

401

302

Issuance of notes and bank borrowings, net of issuance costs

—

99,500

Payments on debt, finance leases, and associated costs

(10,283

)

(192,234

)

Performance share cash settlement

(41,031

)

—

Stock-based compensation tax withholdings and other financing activities

(53,959

)

(5,721

)

CASH USED IN FINANCING ACTIVITIES

(104,872

)

(98,153

)

Effect of exchange rate changes on cash and cash equivalents

(1,042

)

(292

)

INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

290,295

22,494

Cash, cash equivalents and restricted cash at beginning of period

555,705

56,874

Cash, cash equivalents and restricted cash at end of period

$

846,000

$

79,368

Adjusted EBITDA Reconciliation

(Dollars in thousands except per share amounts)

LTM 1Q 2026

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Net income

$

799,280

$

246,761

$

214,969

$

266,824

$

70,726

$

33,353

Interest expense, net of capitalized interest

26,935

6,443

5,968

6,273

8,251

10,450

Income tax provision (benefit)

180,207

101,954

112,539

(96,881

)

62,595

18,413

Amortization

307,831

99,825

73,655

72,930

61,421

43,093

EBITDA

1,314,253

454,983

407,131

249,146

202,993

105,309

Fair value adjustments, net

(4

)

—

—

—

(4

)

346

Foreign exchange (gain) loss

(3,065

)

(878

)

(4,021

)

2,080

(246

)

758

Asset retirement obligation accretion

19,804

4,839

5,077

4,988

4,900

4,732

Inventory adjustments and write-downs

5,434

1,097

1,541

1,198

1,598

1,928

(Gain) loss on sale of assets

537

25

282

113

117

186

RMC bankruptcy distribution

(37

)

—

—

—

(37

)

—

(Gain) loss on debt extinguishment

1,667

1,554

107

6

—

—

Transaction costs

37,432

19,910

14,248

451

2,823

8,887

Kensington royalty settlement

29

—

1

—

28

(95

)

Wage and hour litigation settlement

6,542

(517

)

61

6,998

—

—

Mexico arbitration matter

2,635

95

57

743

1,740

410

Flow-through share premium

(223

)

—

—

(111

)

(112

)

(585

)

Interest income

(6,225

)

(6,225

)

—

—

—

—

Adjusted EBITDA

$

1,378,779

$

474,883

$

424,484

$

265,612

$

213,800

$

121,876

Revenue

$

2,264,631

$

554,567

$

674,847

$

554,567

$

480,650

$

360,062

Adjusted EBITDA Margin

61

%

86

%

63

%

48

%

44

%

34

%

Adjusted Net Income Reconciliation

(Dollars in thousands except per share amounts)

1Q 2026

4Q25

3Q 2025

2Q 2025

1Q 2025

Net income

$

246,761

$

214,969

$

266,824

$

70,726

$

33,353

Fair value adjustments, net

—

—

—

(4

)

346

Foreign exchange loss (gain)(1)

(2,600

)

1,563

11,831

28,072

574

(Gain) loss on sale of assets

25

282

113

117

186

RMC bankruptcy distribution

—

—

—

(37

)

—

(Gain) loss on debt extinguishment

1,554

107

6

—

—

Transaction costs

19,910

14,248

451

2,823

8,887

Kensington royalty settlement

—

1

—

28

(95

)

Wage and hour litigation settlement

(517

)

61

6,998

—

—

Mexico arbitration matter

95

57

743

1,740

410

Flow-through share premium

—

—

(111

)

(112

)

(585

)

Interest income

(6,225

)

—

—

—

—

Valuation allowance and tax effect of adjustments

(5,506

)

(3,992

)

(164,162

)

(467

)

(2,590

)

Adjusted net income

$

253,497

$

227,296

$

122,693

$

102,886

$

40,486

Adjusted net income per share - Basic

$

0.37

$

0.36

$

0.19

$

0.16

$

0.08

Adjusted net income per share - Diluted

$

0.36

$

0.35

$

0.19

$

0.16

$

0.08

(1) Includes the impact of foreign exchange rates on deferred tax balances of $(1.7) million, $5.9 million, $9.8 million, $28.3 million, $(0.2) million for the three months ended March 31, 2026 and three months end December 31 September 30, June 30 and March 31, 2025, respectively.

Consolidated Free Cash Flow Reconciliation

(Dollars in thousands)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Cash flow from operations

$

340,836

$

374,587

$

237,706

$

206,951

$

67,635

Capital expenditures

74,079

61,319

49,034

60,807

50,002

Free cash flow

$

266,757

$

313,268

$

188,672

$

146,144

$

17,633

Consolidated Operating Cash Flow

Before Changes in Working Capital Reconciliation

(Dollars in thousands)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Cash provided by operating activities

$

340,836

$

374,587

$

237,706

$

206,951

$

67,635

Changes in operating assets and liabilities:

Receivables

4,733

(1,265

)

7,132

4,766

(3,945

)

Prepaid expenses and other

427

4,366

7,489

(2,424

)

(82,065

)

Inventories

26,803

24,314

5,011

14,125

8,348

Accounts payable and accrued liabilities

71,951

(84,436

)

(18,636

)

(61,845

)

63,743

Operating cash flow before changes in working capital

$

444,750

$

317,566

$

238,702

$

161,573

$

53,716

Net Debt and Leverage Ratio

(Dollars in thousands)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Total debt

$

761,376

$

340,533

$

363,516

$

380,722

$

498,269

Cash and cash equivalents

(843,169

)

(553,597

)

(266,342

)

(111,646

)

(77,574

)

Net debt

$

(81,793

)

$

(213,064

)

$

97,174

$

269,076

$

420,695

Net debt

$

(81,793

)

$

(213,064

)

$

97,174

$

269,076

$

420,695

Last Twelve Months Adjusted EBITDA

$

1,378,779

$

1,025,772

$

807,817

$

634,803

$

443,729

Leverage ratio

(0.1

)

(0.2

)

0.1

0.4

0.9

Reconciliation of Costs Applicable to Sales

for Three Months Ended March 31, 2026

In thousands (except metal sales, per ounce or per pound amounts)

New Afton (1)

Rainy River (2)

Las Chispas

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

50,453

$

109,133

$

66,777

$

58,037

$

69,826

$

56,482

$

17,917

$

956

$

429,581

Amortization

(14,214

)

(16,689

)

(35,319

)

(6,789

)

(16,043

)

(8,669

)

(893

)

(956

)

(99,572

)

Costs applicable to sales

$

36,239

$

92,444

$

31,458

$

51,248

$

53,783

$

47,813

$

17,024

$

—

$

330,009

Inventory Adjustments

—

—

(244

)

(105

)

(681

)

(75

)

(22

)

(1,127

)

By-product credit

(556

)

(2,203

)

—

—

—

22

(1,250

)

—

(3,987

)

Adjusted costs applicable to sales

$

35,683

$

90,241

$

31,214

$

51,143

$

53,102

$

47,760

$

15,752

$

—

$

324,895

Metal Sales

Gold ounces

3,906

21,407

14,898

22,935

14,090

21,267

9,917

—

108,420

Silver ounces

9,132

31,990

1,460,512

1,468,463

1,386,919

—

14,540

—

4,371,556

Copper pounds

3,385,075

3,385,075

Revenue Split

Gold

49

%

100

%

37

%

34

%

38

%

100

%

100

%

Silver

63

%

66

%

62

%

Copper

51

%

Adjusted costs applicable to sales

Gold ($/oz)

$

4,488

$

4,215

$

775

$

758

$

1,432

$

2,246

$

1,588

$

2,032

Silver ($/oz)

$

13.46

$

22.99

$

23.74

$

—

$

20.01

Copper

$

5.36

$

—

$

5.36

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $21 million.

(2) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $65 million.

Reconciliation of Costs Applicable to Sales

for Three Months Ended December 31, 2025

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas(1)

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

65,377

$

56,553

$

79,791

$

55,272

$

31,745

$

1,040

$

289,778

Amortization

(31,995

)

(8,312

)

(19,127

)

(11,167

)

(1,774

)

(1,040

)

(73,415

)

Costs applicable to sales

$

33,382

$

48,241

$

60,664

$

44,105

$

29,971

$

—

$

216,363

Inventory Adjustments

(131

)

(242

)

(861

)

(115

)

(123

)

—

(1,472

)

By-product credit

—

—

—

18

(1,478

)

—

(1,460

)

Adjusted costs applicable to sales

$

33,251

$

47,999

$

59,803

$

44,008

$

28,370

$

—

$

213,431

Metal Sales

Gold ounces

14,819

24,378

18,044

28,715

25,318

—

111,274

Silver ounces

1,367,427

1,508,856

1,700,956

27,370

—

4,604,609

Zinc pounds

—

—

Lead pounds

—

—

Revenue Split

Gold

45

%

43

%

44

%

100

%

100

%

Silver

55

%

57

%

56

%

—

%

Zinc

—

%

Lead

—

%

Adjusted costs applicable to sales

Gold ($/oz)

$

1,010

$

847

$

1,458

$

1,533

$

1,121

$

1,207

Silver ($/oz)

$

13.37

$

18.13

$

19.69

$

—

$

17.29

Zinc ($/lb)

$

—

$

—

Lead ($/lb)

$

—

$

—

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $3 million.

Reconciliation of Costs Applicable to Sales

for Three Months Ended September 30, 2025

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

99,012

$

61,125

$

70,487

$

57,144

$

32,689

$

989

$

321,446

Amortization

(30,908

)

(10,115

)

(18,501

)

(10,435

)

(1,762

)

(989

)

(72,710

)

Costs applicable to sales

$

68,104

$

51,010

$

51,986

$

46,709

$

30,927

$

—

$

248,736

Inventory Adjustments

(36

)

(358

)

(473

)

(272

)

(23

)

—

(1,162

)

By-product credit

—

—

—

41

(846

)

—

(805

)

Adjusted costs applicable to sales

$

68,068

$

50,652

$

51,513

$

46,478

$

30,058

$

—

$

246,769

Metal Sales

Gold ounces

17,800

26,850

13,975

28,011

27,859

—

114,495

Silver ounces

1,674,770

1,633,196

1,656,336

—

21,650

—

4,985,952

Zinc pounds

—

—

Lead pounds

—

—

Revenue Split

Gold

48

%

47

%

43

%

100

%

100

%

Silver

52

%

53

%

57

%

—

%

Zinc

—

%

Lead

—

%

Adjusted costs applicable to sales

Gold ($/oz)

$

1,836

$

887

$

1,585

$

1,659

$

1,079

$

1,355

Silver ($/oz)

$

21.13

$

16.44

$

17.73

$

—

$

18.45

Zinc ($/lb)

$

—

$

—

Lead ($/lb)

$

—

$

—

Reconciliation of Costs Applicable to Sales

for Three Months Ended June 30, 2025

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

80,122

$

58,109

$

64,676

$

56,304

$

30,542

$

928

$

290,681

Amortization

(22,375

)

(9,406

)

(16,748

)

(10,221

)

(1,549

)

(928

)

(61,227

)

Costs applicable to sales

$

57,747

$

48,703

$

47,928

$

46,083

$

28,993

$

—

$

229,454

Inventory Adjustments

(523

)

(147

)

(489

)

(222

)

(191

)

—

(1,572

)

By-product credit

—

—

—

(41

)

(1,188

)

—

(1,229

)

Adjusted costs applicable to sales

$

57,224

$

48,556

$

47,439

$

45,820

$

27,614

$

—

$

226,653

Metal Sales

Gold ounces

16,025

26,782

13,881

26,751

23,509

—

106,948

Silver ounces

1,479,410

1,720,383

1,437,811

—

34,916

—

4,672,520

Zinc pounds

—

—

Lead pounds

—

—

Revenue Split

Gold

52

%

49

%

49

%

100

%

100

%

Silver

48

%

51

%

51

%

—

%

Zinc

—

%

Lead

—

%

Adjusted costs applicable to sales

Gold ($/oz)

$

1,857

$

888

$

1,675

$

1,713

$

1,175

$

1,405

Silver ($/oz)

$

18.57

$

14.39

$

16.83

$

—

$

16.48

Zinc ($/lb)

$

—

$

—

Lead ($/lb)

$

—

$

—

Reconciliation of Costs Applicable to Sales

for Three Months Ended March 31, 2025

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas

Palmarejo

Rochester

Kensington

Wharf

Silvertip

Total

Costs applicable to sales, including amortization (U.S. GAAP)

$

51,770

$

52,884

$

63,443

$

49,627

$

28,511

$

946

$

247,181

Amortization

(8,936

)

(9,181

)

(14,907

)

(7,471

)

(1,474

)

(946

)

(42,915

)

Costs applicable to sales

$

42,834

$

43,703

$

48,536

$

42,156

$

27,037

$

—

$

204,266

Inventory Adjustments

(900

)

(164

)

(372

)

(339

)

(131

)

—

(1,906

)

By-product credit

—

—

—

(36

)

(1,608

)

—

(1,644

)

Adjusted costs applicable to sales

$

41,934

$

43,539

$

48,164

$

41,781

$

25,298

$

—

$

200,716

Metal Sales

Gold ounces

9,607

22,713

14,713

22,205

20,078

—

89,316

Silver ounces

923,723

1,636,386

1,282,010

—

50,034

—

3,892,153

Zinc pounds

—

—

Lead pounds

—

—

Revenue Split

Gold

48

%

46

%

51

%

100

%

100

%

Silver

52

%

54

%

49

%

—

%

Zinc

—

%

Lead

—

%

Adjusted costs applicable to sales

Gold ($/oz)

$

2,095

$

882

$

1,670

$

1,882

$

1,260

$

1,476

Silver ($/oz)

$

23.61

$

14.37

$

18.41

$

—

$

17.94

Zinc ($/lb)

$

—

$

—

Lead ($/lb)

$

—

$

—

Reconciliation of Costs Applicable to Sales for 2026 Guidance

In thousands (except metal sales and per ounce amounts)

New Afton

Rainy River

Las Chispas

Palmarejo

Rochester

Kensington

Wharf

Costs applicable to sales, including amortization (U.S. GAAP)

$

723,147

$

930,884

$

397,764

$

161,390

$

365,418

$

233,583

$

142,683

Amortization

(557,321

)

(309,164

)

(174,548

)

(36,491

)

(88,753

)

(41,722

)

(8,965

)

Costs applicable to sales

$

165,826

$

621,720

$

223,216

$

124,899

$

276,665

$

191,861

$

133,718

By-product credit

(14,325

)

(26,950

)

—

—

—

—

(6,132

)

Adjusted costs applicable to sales

$

151,501

$

594,770

$

223,216

$

124,899

$

276,665

$

191,861

$

127,586

Metal Sales

Gold ounces

70,071

267,315

59,521

100,000

81,143

105,137

86,868

Silver ounces

187,153

664,427

5,934,277

6,796,223

7,136,315

79,401

Copper pounds

57,921,066

Revenue Split

Gold

53

%

100

%

34

%

37

%

40

%

100

%

100

%

Silver

66

%

63

%

60

%

Copper

47

%

Adjusted costs applicable to sales

Gold ($/oz)

$1,000-$1,200

$2,150 - $2,350

$750 - $950

$700 - $900

$1,350 - $1,550

$1,750 - $1,950

$1,400 - $1,600

Silver ($/oz)

$12.50 - $14.50

$21.50 - $23.50

$23.00 - $23.50

Copper ($lb)

$1.20 - $1.35

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506602744/en/