What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-11-06 compared with 2024-08-07 · 221 added, 198 removed, 405 unchanged (51% of the section changed)

7 unchanged sentences

We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada.

Second Quarter Highlights

Third Quarter Highlights

For the quarter, Coeur reported revenue of $313.5 million and cash provided by operating activities of $111.1 million.

We reported GAAP net income of $48.7 million, or $0.12 per diluted share.

On a non-GAAP adjusted basis 1 , the Company reported EBITDA of $52.4 million and net loss of $3.4 million, or $0.01 per diluted share.

For the six months ended June 30, 2024, Coeur reported revenue of $435.1 million and cash used in operating activities of $0.6 million.

We reported GAAP net loss of $27.7 million, or $0.07 per diluted share.

On a non-GAAP adjusted basis 1 , the Company reported EBITDA of $96.7 million and net loss of $22.4 million or $0.06 per diluted share.

• Recently expanded Rochester achieves mid-year target run rates – Rochester successfully completed ramp-up activities by achieving throughput rates of over 88,000 tons per day.

Annual throughput levels are expected to be approximately 2.5 times higher than historical levels, or roughly 32 million tons per year, leading to expected strong increases in production and free cash flow and substantially lower unit costs.

Rochester’s second quarter silver and gold production both increased 39% compared to the first quarter

• Higher prices drove strong revenue and adjusted EBITDA 1 increases – The Company’s average realized gold and silver prices increased by approximately 11% and 10% year-over-year, respectively.

Together with a 76% year-over-year increase in gold production at Kensington, second quarter revenue increased 25% and adjusted EBITDA 1 jumped 136% year-over-year.

• Continued positive results from Kensington’s multi-year exploration program – The Company’s June 27, 2024 update highlighted Kensington’s successful multi-year development and exploration program, which is expected to be completed in the first half of 2025 and is targeting a year-end reserves-based mine life of over five years at year-end 2024 and a return to positive free cash flow during the second half of next year

• Closed the acquisition of key concessions near Palmarejo – On July 8, 2024, the purchase of two strategic blocks of mining concessions adjacent to the Palmarejo gold-silver complex was completed.

The purchase from a subsidiary of Fresnillo plc (“Fresnillo”) unlocks significant near-term and longer-term potential to extend Palmarejo’s mine life to the east of the existing operation

• Hedging program concluded - The Company’s gold and silver hedging program that was utilized during the construction and ramp-up of Rochester was completed during the second quarter;

Coeur is fully exposed to commodity prices going forward

• Silvertip summer exploration program now underway - The robust 2024 program includes large step-out drilling on known structures, significant mapping and sampling, and geophysics to rapidly explore a wider portion of the permitted ground.

The program aims to grow near-mine resources through underground drilling, take large step-outs on known structures to assist with rapid resource growth, identify the outer edges of the system, and identify additional, nearby structures with potential to host mineralization similar to Silvertip

• 2024 production guidance ranges maintained;

cost guidance adjusted - The Company is maintaining its full-year production guidance ranges of 310,000 - 355,000 gold ounces and 10.7 - 13.3 million silver ounces.

Full-year CAS 1 guidance at Palmarejo and Wharf have been reduced to reflect strong cost management efforts, while Rochester’s second half CAS 1 guidance ranges have been increased to reflect timing of ounces placed under leach.

Additionally, the Company is increasing its full-year exploration guidance to reflect additional investment at Wharf and Kensington based on recent results, while capital expenditure guidance is being increased to reflect the accelerated timing of certain equipment purchases and final payments related to the Rochester expansion

On a non-GAAP adjusted basis 1 , the Company reported EBITDA of $126.0 million and net income of $47.2 million, or $0.12 per diluted share.

For the nine months ended September 30, 2024, Coeur reported revenue of $748.6 million and cash provided by operating activities of $110.4 million.

We reported GAAP net income of $21.0 million, or $0.05 per diluted share.

On a non-GAAP adjusted basis 1 , the Company reported EBITDA of $222.8 million and net income of $24.7 million or $0.06 per diluted share.

• Strong production increases and lower costs across the portfolio – Higher production at all four operations drove a 21% increase in gold production and 15% increase in silver production, totaling 94,993 and 3.0 million ounces of gold and silver, respectively.

Costs applicable to sales per gold and silver ounce both declined 12% compared to the prior quarter, leading to margins more than double the prior period.

Based on strong year-to-date production and cost performance, the Company reaffirmed its full-year guidance ranges

• Robust quarterly financial performance driven by higher production and metals prices – Revenue of $313 million and adjusted EBITDA 1 of $126 million increased 41% and 140% quarter-over-quarter, respectively.

Operating cash flow totaled $111 million and free cash flow reached $69 million during the quarter, their highest levels in over a decade.

Net income was $49 million and Adjusted EBITDA 1 over the last twelve months (“LTM”) increased 2.5x to $287 million compared to a year ago

• Rochester remains on-track to achieve year-end throughput and production guidance – The recently expanded Rochester silver and gold operation placed approximately 7.1 million tons under leach during the quarter leading to production of 1.2 million ounces of silver and 9,690 ounces of gold, representing quarter-over-quarter increases of 19% and 21%, respectively.

The Company has reaffirmed full-year Rochester production guidance ranges and expects approximately 7.0 - 8.0 million tons to be placed under leach in the fourth quarter

• Announced acquisition of SilverCrest to create leading global silver company – On October 4, 2024, Coeur announced an agreement to acquire SilverCrest Metals Inc.

(“SilverCrest”) in an all-stock transaction with an implied value of approximately $1.7 billion as of the announcement date.

The acquisition is anticipated to close in the first quarter of 2025 and is expected to materially enhance the Company’s cost and cash flow profile and immediately accelerate the Company’s balance sheet de-leveraging initiative

• Debt reduction initiative underway – During the third quarter, the Company reduced its outstanding revolving credit facility (“RCF”) balance by $50 million to $225 million, leading to total liquidity of $222 million, including $77 million of cash, and a net debt to EBITDA ratio below 2.0x for the first time in three years

Selected Financial and Operating Results

Three Months Ended Six Months Ended

June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Financial Results:

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Consolidated Financial Results

Three Months Ended June 30, 2024 compared to Three Months March 31, 2024

Three Months Ended September 30, 2024 compared to Three Months June 30, 2024

We sold 96,913 gold ounces and 3.0 million silver ounces, compared to 76,932 gold ounces and 2.6 million silver ounces.

Revenue increased by $9.0 million, or 4%, as a result of a 7% and 11% increase in average realized gold and silver prices, respectively, partially offset by a 6% decrease in gold ounces sold, while silver ounces sold remained comparable.

The Company benefited from the higher gold and silver spot prices that were partially offset by higher realized losses from gold and silver hedges in the second quarter of 2024.

The Company’s hedge program was concluded as of June 30, 2024.

The higher grade and the ramp-up of the new three-stage crusher at Rochester, and higher mill throughput and grade at Kensington increased gold ounces sold but that was more than offset by lower mill throughput and grade at Palmarejo.

Silver ounces sold remained comparable with Palmarejo’s lower mill throughput being offset by the successful ramp-up at Rochester.

Gold and silver represented 69% and 31% of second quarter 2024 sales revenue, respectively, compared to 71% and 29% of first quarter 2024 sales revenue, respectively.

Revenue increased by $91.5 million, or 41%, as a result of a 15% and 14% increase in average realized gold and silver prices, respectively, and a 26% and 16% increase in gold and silver ounces sold, respectively.

The Company benefited from higher gold and silver spot prices.

The increase in gold ounces sold was due to higher gold production at all sites, specifically higher grade and recovery rates at Palmarejo, the successful completion of the ramp-up of the new three-stage crusher and increased production from the new leach pad at Rochester, and higher tons and grade placed on pads at Wharf.

The increase in silver ounces sold was due to higher grade and recovery at Palmarejo and the successful completion of the ramp-up of the new three-stage crusher and increased production from the new leach pad at Rochester.

Gold and silver represented 71% and 29% of third quarter 2024 sales revenue, respectively, compared to 69% and 31% of second quarter 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:

Three Months Ended Increase (Decrease) Percentage Change

In thousands June 30, 2024 March 31, 2024

In thousands September 30, 2024 June 30, 2024

Gold sales $ 223,772 $ 154,085 $ 69,687 45 %

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Costs Applicable to Sales

Costs applicable to sales decreased $1.3 million, or 1%, primarily due to lower gold ounces sold, favorable foreign exchange rates at Palmarejo, and a lower of cost or net realizable value (“LCM”) adjustment at Rochester in the first quarter of 2024.

Costs applicable to sales increased $12.0 million, or 8%, primarily due to higher gold and silver ounces sold at all sites.

For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization increased $0.6 million, or 2%, primarily due to higher gold and silver ounces sold at Rochester and higher gold ounces sold at Kensington, partially offset by lower gold and silver ounces sold at Palmarejo and a lower LCM adjustment at Rochester in the first quarter of 2024.

General and administrative expenses decreased $3.2 million, or 22%, primarily due to lower employee incentive and stock-based compensation costs.

Exploration expense increased $2.4 million, or 23%, driven by the commencement of surface drilling at Silvertip and higher resource expansion drilling activity at Wharf.

Pre-development, reclamation, and other expenses decreased $9.6 million, or 53%, stemming from completion of the dismantling and disposal of the legacy crusher at Rochester and the Kensington royalty settlement of $6.8 million in the first quarter of 2024.

Amortization increased $5.3 million, or 19%, and resulted primarily from higher gold and silver ounces sold at all sites.

General and administrative expenses decreased $0.3 million, or 2%, primarily due to lower employee incentive related costs.

Exploration expense increased $6.7 million, or 52%, driven by the continued surface drilling at Silvertip and higher investment at Palmarejo and Wharf.

Pre-development, reclamation, and other expenses remained comparable to the second quarter of 2024.

The following table summarizes pre-development, reclamation, and other expenses:

Three Months Ended Increase (Decrease) Percentage Change

In thousands June 30, 2024 March 31, 2024

In thousands September 30, 2024 June 30, 2024

Silvertip ongoing carrying costs $ 1,675 $ 2,055 $ (380) (18) %

(Gain) loss on sale of assets 640 3,536 (2,896) (82) %

Loss on sale of assets 176 640 (464) (73) %

Asset retirement accretion 4,233 4,154 79 2 %

Kensington royalty settlement — 6,750 (6,750) (100) %

Transaction costs 976 — 976 100 %

Other 1,523 1,741 (218) (13) %

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Other Income and Expenses

During the first quarter of 2024, the Company incurred a $0.4 million gain in connection with the exchange of $5.9 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 1.8 million shares of common stock.

Interest expense (net of capitalized interest of $0.4 million) increased to $13.2 million from $12.9 million due to higher interest paid under the RCF and finance lease obligations.

Other, net increased to a gain of $5.1 million compared to $2.8 million as a result of foreign exchange gains primarily in Mexico and the receipt of the $1.2 million distribution from the Republic Metal Corporation bankruptcy proceedings (the “RMC Bankruptcy Distribution”).

Interest expense (net of capitalized interest of $0.3 million) remained comparable at $13.3 million.

Other, net decreased to a gain of $3.4 million compared to $5.1 million primarily due to the receipt of the $1.2 million distribution from the Republic Metal Corporation bankruptcy proceedings (the “RMC Bankruptcy Distribution”) during the second quarter of 2024.

Income and Mining Taxes

Income and mining tax expense of approximately $7.2 million resulted in an effective tax rate of 83.4% for three months ended June 30, 2024.

This compares to income tax expense of $16.0 million for an effective tax rate of (122.4)% for three months ended March 31, 2024.

Income and mining tax expense of approximately $25.8 million resulted in an effective tax rate of 34.6% for three months ended September 30, 2024.

This compares to income tax expense of $7.2 million for an effective tax rate of 83.4% for three months ended June 30, 2024.

The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily:

(i) variations in our income before income taxes;

(ii) geographic distribution of that income;

(iii) mining taxes;

(i) mining taxes;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) percentage depletion;

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The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

Three Months Ended June 30, Three Months Ended March 31,

Three Months Ended September 30, Three Months Ended June 30,

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

9 unchanged sentences

For additional information, please see “Item 1A - Risk Factors”.

Net Income (Loss)

Net income was $1.4 million, or $0.00 per diluted share, compared to a net loss of $29.1 million, or $0.08 per diluted share.

The decrease in net loss was driven by a 7% and 11% increase in average realized gold and silver prices, respectively, lower employee incentive and stock-based compensation costs, lower income and mining taxes, a lower LCM adjustment at Rochester and the Kensington royalty settlement of $6.8 million in the first quarter of 2024.

This was partially offset by a 6% decrease in gold ounces sold and higher interest and exploration expense.

Adjusted net loss was $3.4 million, or $0.01 per diluted share, compared to $19.0 million, or $0.05 per diluted share (see “Non-GAAP Financial Performance Measures”).

Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023

Net income was $48.7 million, or $0.12 per diluted share, compared to $1.4 million, or $0.00 per diluted share.

The increase in net income was driven by a 15% and 14% increase in average realized gold and silver prices, respectively, and a 26% and 16% increase in gold and silver ounces sold, respectively.

This was partially offset by higher exploration and income and mining taxes expense.

Adjusted net income was $47.2 million, or $0.12 per diluted share, compared to adjusted net loss of $3.4 million, or $0.01 per diluted share (see “Non-GAAP Financial Performance Measures”).

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023

We sold 255,261 gold ounces and 8.2 million silver ounces, compared to 215,971 gold ounces and 7.1 million silver ounces.

Revenue increased by $70.6 million, or 19%, as a result of a 15% and 5% increase in gold and silver ounces sold, respectively, and a 7% and 6% increase in average realized gold and silver prices, respectively.

The Company benefited from the higher gold and silver spot prices that were partially offset by realized losses from gold and silver hedges in the second quarter of 2024 compared to realized gains in the prior year.

Revenue increased by $189.4 million, or 34%, as a result of an 18% and 15% increase in gold and silver ounces sold, respectively, and a 16% and 11% increase in average realized gold and silver prices, respectively.

The Company benefited from the higher gold and silver spot prices that were partially offset by realized losses from gold and silver hedges in the first half of 2024 compared to realized gains in the prior year.

The Company’s hedge program was concluded as of June 30, 2024.

The increase in gold and silver ounces sold was primarily due to higher gold and silver grades and higher recoveries at Palmarejo, higher mill throughput and grades at Kensington and higher tons placed and timing of recoveries at Wharf.

Additionally, Rochester produced higher silver ounces while gold production remained comparable following the successful commissioning and ramp-up of the new three stage crusher at Rochester in 2024.

Additionally, Rochester produced higher gold and silver ounces following the successful commissioning and ramp-up of the new three stage crusher at Rochester in 2024 and increased production from the new leach pad.

Gold and silver represented 71% and 29% of 2024 sales revenue, respectively, compared to 69% and 31% of 2023 sales revenue, respectively.

The following table summarizes consolidated metal sales:

Six Months Ended Increase (Decrease) Percentage Change

In thousands June 30, 2024 June 30, 2023

Nine Months Ended September 30, Increase (Decrease) Percentage Change

In thousands 2024 2023

Gold sales $ 529,626 $ 387,959 $ 141,667 37 %

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Costs Applicable to Sales

Costs applicable to sales decreased $2.0 million, or 1%, primarily due to the favorable impact of the estimated recoverable ounces on the legacy leach pad and lower LCM adjustments at Rochester, partially offset by higher gold and silver ounces sold.

Costs applicable to sales increased $6.9 million, or 2%, primarily due to higher gold and silver ounces sold, partially offset by the favorable impact of the increase in estimated recoverable ounces on the legacy leach pad and lower adjustments for lower of cost or market (“LCM”) at Rochester.

For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization increased $12.9 million, or 31%, primarily due to higher gold and silver ounces sold and the commencement of production of the new leach pad in mid-September 2023 at Rochester, partially offset by lower LCM adjustments at Rochester.

General and administrative expenses increased $3.8 million, or 17%, primarily due to higher employee incentive and stock-based compensation costs, and higher outside service and legal costs.

Amortization increased $23.3 million, or 36%, primarily due to higher gold and silver ounces sold and the commencement of production of the new leach pad in mid-September 2023 and the three-stage crushing circuit in March 2024 at Rochester, partially offset by lower LCM adjustments at Rochester.

General and administrative expenses increased $5.2 million, or 17%, primarily due to higher employee incentive, outside service and legal costs.

Exploration expense increased $22.9 million, or 115%, as a result of planned drilling activity at Palmarejo, Kensington, Wharf and Silvertip.

1 unchanged sentence

The following table summarizes pre-development, reclamation, and other expenses:

Six Months Ended June 30, Increase (Decrease) Percentage Change

Nine Months Ended September 30, Increase (Decrease) Percentage Change

In thousands 2024 2023

Silvertip ongoing carrying costs $ 6,091 $ 13,569 $ (7,478) (55) %

(Gain) loss on sale of assets 4,176 312 3,864 1,238 %

Loss on sale of assets 4,352 331 4,021 1,215 %

Asset retirement accretion 12,463 12,219 244 2 %

Kensington royalty settlement 6,750 — 6,750 100 %

Transaction costs 976 — 976 100 %

Other 4,769 3,830 939 25 %

1 unchanged sentence

Other Income and Expenses

During the six months ended June 30, 2024, the Company incurred a $0.4 million gain in connection with the exchange of $5.9 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 1.8 million shares of common stock compared to $3.0 million incurred during the six months ended June 30, 2023.

The Company did not have fair value adjustments, net, in the first six months of 2024 following the sale of the Company’s equity investments in 2023.

During the nine months ended September 30, 2024, the Company recognized a $0.4 million gain in connection with the exchange of $5.9 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 1.8 million shares of common stock compared to $3.7 million recognized during the nine months ended September 30, 2023.

The Company did not have fair value adjustments, net, in the first nine months of 2024 following the sale of the Company’s equity investments in 2023.

Interest expense (net of capitalized interest of $0.7 million) increased to $39.4 million from $21.7 million due to higher interest paid under the RCF attributable to higher average debt levels, and lower capitalized interest, partially offset by lower interest paid under the 2029 Senior Notes.

1 unchanged sentence

Income and Mining Taxes

During the first half of 2024, income and mining tax expense of approximately $23.2 million resulted in an effective tax rate of (518.4)% for 2024.

During the nine months of 2024, income and mining tax expense of approximately $49.0 million resulted in an effective tax rate of 70.0% for 2024.

This compares to income tax expense of $26.7 million for an effective tax rate of (51.9)% for 2023.

2 unchanged sentences

(ii) geographic distribution of that income;

(iii) foreign exchange rates;

(iv) mining taxes;

(v) the prior year sale of non-core assets;

(iii) mining taxes;

(iv) foreign exchange rates;

(v) the sale of non-core assets;

(vi) percentage depletion;

2 unchanged sentences

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

Six Months Ended June 30,

Nine Months Ended September 30,

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

9 unchanged sentences

For additional information, please see “Item 1A - Risk Factors”.

Net loss was $27.7 million, or $0.07 per diluted share, compared to $57.0 million, or $0.18 per diluted share.

The decrease in net loss was driven by a 15% and 5% increase in gold and silver ounces sold, respectively, a 7% and 6% increase in average realized gold and silver prices, respectively, lower ongoing costs at Silvertip, the recognition of the FT Premium Liability income of $3.9 million, lower LCM adjustments at Rochester, and the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration in 2023.

This was partially offset by the Kensington royalty settlement of $6.8 million, higher exploration, general and administrative and interest expense, and favorable changes in the fair value of the Company’s equity investments in the first six months of 2023.

Adjusted net loss was $22.4 million, or $0.06 per diluted share, compared to $53.2 million, or $0.17 per diluted share (see “Non-GAAP Financial Performance Measures”).

Net Income (Loss)

Net income was $21.0 million, or $0.05 per diluted share, compared to a net loss of $78.1 million, or $0.24 per diluted share.

The increase in net income was driven by a 18% and 15% increase in gold and silver ounces sold, respectively, a 16% and 11% increase in average realized gold and silver prices, respectively, lower ongoing costs at Silvertip, the recognition of the FT Premium Liability income of $5.2 million, lower LCM adjustments at Rochester, and the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration in 2023.

This was partially offset by the Kensington royalty settlement of $6.8 million, higher exploration, general and administrative, interest expense and income and mining tax expense, and favorable changes in the fair value of the Company’s equity investments in the first nine months of 2023.

Adjusted net income was $24.7 million, or $0.06 per diluted share, compared to adjusted net loss of $71.8 million, or $0.22 per diluted share (see “Non-GAAP Financial Performance Measures”).

2024 Guidance

The Company has reaffirmed its 2024 production guidance.

Due to strong operational performance and cost control measures, Coeur has lowered cost guidance at Palmarejo and Wharf.

With the ramp-up of the new Merrill-Crowe facility and three-stage crusher corridor at Rochester completed, the Company has provided updated cost guidance for Rochester for the second half of 2024, which is reflected below.

In addition, Coeur was able to conclude final negotiations with the key construction contractor during the second quarter, leading to an increase in expected 2024 development capital expenditures as certain costs that were originally planned for 2025 were paid during the second quarter.

The Company has now paid $725 million of the total $730 million capital cost of the expansion.

Coeur has increased its planned exploration program at Wharf as the Company has identified opportunities to extend mine life at the Juno and North Foley deposits as well as at Kensington.

Production during the third quarter was in-line with Coeur’s expectations, leading the Company to reaffirm 2024 production and cost guidance.

The below exploration expense guidance excludes $15 - $20 million of underground mine development and support costs associated with Silvertip

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2024 Costs Applicable to Sales Guidance

Previous Updated

Gold Silver Gold Silver

($/oz) ($/oz) ($/oz) ($/oz)

($/oz) ($/oz)

Palmarejo (co-product) $950 - $1,150 $15.50 - $16.50

3 unchanged sentences

2024 Capital, Exploration and G&A Guidance

Previous Updated

Capital Expenditures, Sustaining $124 - $158

3 unchanged sentences

General & Administrative Expenses $36 - $40

The Company’s previous guidance figures assume estimated prices of $2,000/oz gold and $23.75/oz silver as well as CAD of 1.25 and MXN of 17.00.

Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

The Company’s updated guidance figures assume estimated prices of $2,300/oz gold and $27.00/oz silver as well as CAD of 1.25 and MXN of 17.00.

The Company’s guidance figures assume estimated prices of $2,300/oz gold and $27.00/oz silver as well as CAD of 1.25 and MXN of 17.00.

Guidance figures exclude the impact of any metal sales or foreign exchange hedges

Results of Operations

Three Months Ended Six Months Ended

June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Tons milled 413,463 429,561 1,343,771 1,507,950

12 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended June 30, 2024 compared to Three Months Ended March 31, 2024

Gold and silver production decreased 23% and 12%, respectively, as a result of 14% decrease in mill throughput due to mine sequencing, lower recovery rates and a 6% decrease in gold grade, partially offset by a 3% increase in silver grade.

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024

Gold and silver production increased 8% and 14%, respectively, as a result of a 6% and 15% increase in gold and silver grades, respectively, and higher gold and silver recovery rates, partially offset by a 4% decrease in mill throughput due to mine sequencing.

Metal sales were $110.4 million, or 35% of Coeur’s metal sales, compared with $83.2 million, or 37% of Coeur’s metal sales.

Revenue decreased by $13.1 million, or 14%, of which $22.7 million was due to lower volume of gold and silver production, partially offset by an increase of $9.6 million due to higher gold and silver prices.

Costs applicable to sales per gold and silver ounce increased 11% and 15%, respectively, due to lower production, partially offset by lower operating costs, favorable foreign exchange rates and the mix of gold and silver sales which impacted co-product cost allocation.

Amortization decreased by $1.7 million to $10.8 million due to lower gold and silver ounces sold.

Capital expenditures decreased to $5.9 million from $6.8 million due to lower equipment expenditures.

Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023

Gold and silver production increased 21% and 1%, respectively, as a result of a 26% and 9% increase in gold and silver grades, respectively, and higher gold recoveries, partially offset by 8% decrease in mill throughput.

Metal sales were $179.6 million, or 41% of Coeur’s metal sales, compared with $155.0 million, or also 43% of Coeur’s metal sales.

Revenue increased by $24.6 million, or 16%, of which $15.6 million was due to a higher volume of gold production and $9.0 million was due to higher gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 2% and 3%, respectively, due to higher production and the mix of gold and silver sales which impacted co-product cost allocation, partially offset by higher operating costs.

Amortization increased by $6.7 million to $23.4 million due to a 20% increase in gold ounces sold.

Capital expenditures decreased to $12.6 million from $22.1 million due to lower open pit backfill project and equipment expenditures.

Three Months Ended Six Months Ended

June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Revenue increased by $27.1 million, or 33%, of which $17.8 million was due to higher volume of gold and silver production, and $9.3 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 18% and 17%, respectively, due to higher production and lower operating costs that benefited from favorable foreign exchange rates.

Amortization increased by $1.1 million to $12.0 million due to an 18% and 21% increase in gold and silver ounces sold, respectively.

Capital expenditures increased to $8.0 million from $5.9 million due to equipment expenditures and higher underground development focused on Hidalgo.

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023

Gold and silver production increased 15% and 5%, respectively, as a result of a 28% and 18% increase in gold and silver grades, respectively, and higher gold and silver recoveries, partially offset by an 11% decrease in mill throughput.

Metal sales were $290.0 million, or 39% of Coeur’s metal sales, compared with $232.3 million, or 42% of Coeur’s metal sales.

Revenue increased by $57.7 million, or 25%, of which $29.7 million was due to a higher volume of gold and silver production and $28.0 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 5% and 8%, respectively, due to higher production and lower operating costs that benefited from favorable foreign exchange rates.

Amortization increased by $9.7 million to $35.4 million due to a 16% and 6% increase in gold and silver ounces sold.

Capital expenditures decreased to $20.7 million from $32.8 million due to lower expenditures related to the open pit backfill project, underground development and equipment.

Three Months Ended Nine Months Ended

September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Tons placed (1)

10 unchanged sentences

$ 21.17 $ 21.95 $ 21.57 $ 27.38

(1) During the three months ended June 30, 2024, 4.3 million and 0.8 million tons of crushed ore were placed on the new leach pad and legacy leach pad, respectively.

During the three months ended March 31, 2024, 1.9 million and 1.2 million tons of crushed ore were placed on the new leach pad and legacy leach pad, respectively.

During the six months ended June 30, 2024, 6.2 million and 2.0 million tons of crushed ore were placed on the new leach pad and legacy leach pad, respectively.

During the six months ended June 30, 2023, 3.5 million and 1.6 million tons of crushed ore were placed on the new leach pad and legacy leach pad, respectively.

(1) During the three months ended September 30, 2024, 7.1 million tons of ore were placed on the new leach pad.

During the three months ended June 30, 2024, 4.3 million and 0.8 million tons of ore were placed on the new leach pad and legacy leach pad, respectively.

During the nine months ended September 30, 2024, 13.3 million and 2.0 million tons of ore were placed on the new leach pad and legacy leach pad, respectively.

During the nine months ended September 30, 2023, 6.2 million and 2.4 million tons of ore were placed on the new leach pad and legacy leach pads, respectively.

(2) See Non-GAAP Financial Performance Measures.

Three Months Ended June 30, 2024 compared to Three Months Ended March 31, 2024

Gold and silver production increased 39% primarily driven by the commissioning and ramp-up of the new three-stage crusher.

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024

Gold and silver production increased 21% and 19%, respectively, driven by the successful completion of the ramp-up of the new three-stage crusher at the end of the second quarter and increased production from the new leach pad.

Metal sales were $56.0 million, or 18% of Coeur’s metal sales, compared with $42.8 million, or 19% of Coeur’s metal sales.

Revenue increased by $12.9 million, or 43%, of which $10.6 million was due to a higher volume of gold and silver production, and $2.3 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 2% and increased 5%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and higher consumable and outside service costs.

Revenue increased by $13.2 million, or 31%, of which $7.2 million was due to higher average realized gold and silver prices and $6.0 million was attributable to a higher volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 5% and 4%, respectively, as a result of the increase in tons placed on the new leach pad, partially offset by higher operating costs.

Amortization increased by $1.7 million to $10.2 million due to higher gold and silver ounces sold.

Capital expenditures increased to $27.5 million from $21.2 million due to ramp up activities and timing of payments related to the Rochester expansion project.

Capital expenditures decreased to $10.1 million from $27.5 million due to ramp up activities and timing of payments related to the Rochester expansion project in the second quarter.

Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024 leading to declaration of commercial production and $528 million of construction in process placed into service in the first quarter of 2024.

The Company successfully completed the ramp-up of all three stages of the crushing circuit by the end the second quarter by achieving throughput rates of over 88,000 tons per day.

Ore tons placed increased 63% quarter-over-quarter to 5.1 million tons, including approximately 4.3 million tons through the new crushing circuit and placed on the stage 6 leach pad and roughly 0.8 million tons of run-of-mine material placed on the legacy stage 4 leach pad.

Crushing and placement rates were lighter than initially planned for the full quarter primarily driven by down days to address ramp up related adjustments that were identified while mining rates exceeded plan.

Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023

Gold and silver production decreased 5% and increased 16%, respectively, as a result of the fewer ounces produced from the legacy leach pads in the first quarter of 2024 as Rochester transitioned to the new leach pad in 2023.

Ore tons placed increased 38% quarter-over-quarter to 7.1 million tons, including approximately 6.4 million tons through the new crushing circuit and placed on the new leach pad.

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023

Gold and silver production increased 24% and 38%, respectively, due to the successful completion of the ramp-up of the new three-stage crusher at the end of the second quarter and increased production from the new leach pad.

Metal sales were $128.6 million, or 17% of Coeur’s metal sales, compared with $86.6 million, or 15% of Coeur’s metal sales.

Revenue increased by $9.6 million, or 15%, of which $5.3 million was due to a higher volume of silver production, and $4.3 million resulting from higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 15% and 14%, respectively, due to the favorable impact of an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024, an increase in tons placed and a LCM adjustments of $3.1 million compared to $14.7 million in the prior year, which benefited from higher gold and silver prices, and the increase in recoverable ounces on the legacy leach pads.

Amortization increased by $6.3 million to $15.2 million due to higher silver ounces sold and the commencement of production from the new leach pad in mid-September 2023 and the three-stage crushing circuit in March 2024, partially offset by lower gold ounces sold.

Revenue increased by $41.9 million, or 48%, of which $29.6 million was due to a higher volume of gold and silver production, and $12.3 million resulting from higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 19% and 21%, respectively, due to the favorable impact of an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024, an increase in tons placed on the new stage 6 leach pad and a reduction in LCM adjustments compared to the prior year.

Amortization increased by $12.4 million to $25.4 million due to higher gold and silver ounces sold, the commencement of production from the new stage 6 leach pad in mid-September 2023 and the three-stage crushing circuit in March 2024.

Capital expenditures decreased to $58.9 million from $197.8 million due to reduced spending related to the Rochester expansion project.

Three Months Ended Six Months Ended

June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Tons milled 165,916 182,043 515,398 474,194

6 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended June 30, 2024 compared to Three Months Ended March 31, 2024

Gold production increased 8% as a result of 9% increase in mill throughput and higher recovery rates.

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024

Gold production increased 4% as a result of higher grade, partially offset by a 9% decrease in mill throughput and lower recovery rates.

Metal sales were $62.2 million, or 20% of Coeur’s metal sales, compared to $51.1 million, or 23% of Coeur’s metal sales.

Revenue increased by $7.5 million, or 17%, of which $5.1 million resulting from a higher volume of gold production, and $2.4 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 7% due to higher production.

Amortization increased by $0.8 million to $6.4 million primarily due to the increase in gold ounces sold.

Capital expenditures increased to $16.5 million from $13.3 million reflecting continued investment associated with the multi-year underground development and exploration program designed to extend and enhance the mine life, which began in 2022 and is expected to be completed in 2025 and tailings dam expansion expenditures.

Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023

Revenue increased by $11.1 million, or 22%, of which $8.0 million was due to higher average realized gold prices and $3.1 million resulting from a higher volume of gold production.

Costs applicable to sales per gold ounce decreased 11% due to higher production and lower operating costs.

Amortization increased by $1.2 million to $7.6 million primarily due to an increase in gold ounces sold.

Capital expenditures increased to $20.0 million from $16.5 million reflecting continued investment associated with the multi-year underground development and exploration program designed to extend and enhance the mine life, which began in 2022 and is expected to be completed in 2025, as well as underground development and tailings dam expansion expenditures.

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023

Gold production increased 18% as a result of 15% higher grade and 9% higher mill throughput.

1 unchanged sentence

Revenue increased by $45.4 million, or 41%, of which $24.4 million resulting from a higher volume of gold production, and $21.0 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 20% due to higher production.

Costs applicable to sales per gold ounce decreased 13% due to higher production, partially offset by higher operating costs partially driven by higher royalties.

Amortization increased by $2.2 million to $19.7 million primarily due to the increase in gold ounces sold, partially offset the favorable impact of a longer assumed mine life.

Capital expenditures increased to $49.7 million from $38.2 million reflecting continued investment associated with the multi-year underground development and exploration program designed to extend and enhance the mine life, which began in 2022 and is expected to be completed in 2025.

Three Months Ended Six Months Ended

June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Tons placed 1,424,649 1,162,437 3,839,041 3,452,907

7 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended June 30, 2024 compared to Three Months Ended March 31, 2024

Gold production increased 8% driven by higher grade and timing of recoveries.

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024

Gold production increased 53% driven by higher tons placed and grade, and timing of recoveries.

Metal sales were $85.0 million, or 27% of Coeur’s metal sales, compared to $45.0 million, or 20% of Coeur’s metal sales.

Revenue increased by $1.6 million, or 4%, of which $0.6 million was due to a higher gold production, and $1.0 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 28% due to higher grade and lower operating costs.

Amortization decreased to $1.1 million due to favorable impact of higher grade.

Revenue increased by $40.0 million, or 89%, of which $32.0 million was due to a higher gold production and $8.0 million attributable to higher average realized gold prices.

Costs applicable to sales per gold ounce increased 7% due to higher operating costs driven by higher royalties, partially offset by higher tons and grade placed on the pads.

Amortization increased to $2.4 million driven by increased gold ounces sold.

Capital expenditures were $2.8 million.

Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023

Gold production increased 3% driven by higher tons placed and timing of recoveries, partially offset by lower grade.

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023

Gold production increased 19% driven by higher tons placed, grade and timing of recoveries.

Metal sales were $173.3 million, or 23% of Coeur’s metal sales, compared to $128.8 million, or 23% of Coeur’s metal sales.

Revenue increased by $44.4 million, or 35%, of which $26.6 million was due to a higher gold production and $17.8 million was due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 17% due to higher tons placed.

Amortization decreased to $2.5 million due to higher tons placed and the favorable impact of a longer assumed mine life.

Costs applicable to sales per gold ounce decreased 23% due to higher tons and grade placed on the pads.

Amortization remained comparable at $4.9 million due to higher tons and grade placed on the pads, partially offset by the favorable impact of a longer assumed mine life.

Capital expenditures were $4.2 million.

Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023

Exploration expense totaled $11.7 million in the first half of 2024 as the Company continues to focus on increasing the mineral resources at Silvertip, which were supported by 271 meters of underground mine development.

Ongoing carrying costs at Silvertip totaled $4.4 million in the first half of 2024 and $10.8 million in 2023.

Capital expenditures in the first half of 2024 totaled $0.9 million.

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023

Exploration expense totaled $21.1 million in the first nine months of 2024 as the Company continued to focus on increasing the mineral resources at Silvertip, which were supported by 376 meters of underground mine development.

Ongoing carrying costs at Silvertip totaled $6.1 million in the first nine months of 2024 compared to $13.6 million in 2023.

Capital expenditures in the first nine months of 2024 totaled $1.9 million.

Liquidity and Capital Resources

At June 30, 2024, the Company had $75.9 million of cash, cash equivalents and restricted cash and $95.5 million available under the RCF.

At September 30, 2024, the Company had $78.7 million of cash, cash equivalents and restricted cash and $145.4 million available under the RCF.

Future borrowing under the RCF may be subject to certain financial covenants.

Cash and cash equivalents increased $12.5 million in the six months ended June 30, 2024 due to a 15% and 5% increase in gold and silver ounces sold, respectively, a 7% and 6% increase in average realized gold and silver prices, respectively, the net proceeds of $23.7 million from the sale of 7.7 million shares of common stock in the Private Placement Offering (as defined below), and net draws of $100.0 million under the RCF.

This was partially offset by $93.5 million of capital expenditures primarily related to the completion of the Rochester expansion project.

Cash and cash equivalents increased $15.3 million in the nine months ended September 30, 2024 due to an 18% and 15% increase in gold and silver ounces sold, respectively, a 16% and 11% increase in average realized gold and silver prices, respectively, the net proceeds of $23.7 million from the sale of 7.7 million shares of common stock in the Private Placement Offering (as defined below), and net draws of $50.0 million under the RCF.

This was partially offset by $135.5 million of capital expenditures primarily related to the completion of the Rochester expansion project, and the initial payment of $10.0 million due at closing for the $25.0 million acquisition of mining concessions at Palmarejo.

On February 21, 2024, the Company entered into an agreement to extend and enhance its RCF (the “February 2024 Amendment”).

2 unchanged sentences

The proceeds of the issuance of FT Shares will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)), in conducting an exploration and mineral resource evaluation program on the Silvertip property in British Columbia and Yukon to determine the existence, location, extent, and quality of the silver, lead, and zinc on the Silvertip property.

The Company had no outstanding forward contracts at June 30, 2024 following the final settlement in June 2024.

The Company had no outstanding forward contracts at September 30, 2024 following the final settlement in June 2024.

The Company has no current plans to implement new hedges but may in the future add new hedges as circumstances warrant.

During the six months ended June 30, 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock.

During the nine months ended September 30, 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock.

We currently believe we have sufficient sources of funding to meet our business requirements for the next 12 months and longer-term.

We expect to use a combination of cash provided by operating activities additional equity financing, and borrowings under our RCF depending on future commodity prices to fund near term capital requirements, including those described in this report for the Rochester expansion project and in our 2024 capital expenditure guidance.

Our longer-term plans contemplate the expansion and restart of Silvertip, as well as the continued exploration to extend mine lives at all of our operating sites.

Our long-term target leverage of Net Debt to the Last Twelve Months Adjusted EBITDA is 0.0 times Adjusted EBITDA .

Our current leverage ratio is 1.8 times Adjusted EBITDA as of September 30, 2024.

We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.

If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available

on acceptable terms or at all.

This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.

Cash Provided by (Used in) Operating Activities

Net cash provided by operating activities for the three months ended June 30, 2024 was $15.2 million, compared to net cash used in operating activities of $15.9 million for the three months ended March 31, 2024.

Net cash used in operating activities for the six months ended June 30, 2024 was $0.6 million, compared to net cash provided by operating activities of $4.4 million for six months ended June 30, 2023.

Adjusted EBITDA for the three months ended June 30, 2024 was $52.4 million, compared to $44.3 million for three months ended March 31, 2024.

Adjusted EBITDA for the six months ended June 30, 2024 was $96.7 million, compared to $47.4 million for the six months ended June 30, 2023 (see “Non-GAAP Financial Performance Measures”).

Net cash provided by (used in) operating activities was impacted by the following key factors for the applicable periods:

Three Months Ended Six Months Ended

In thousands June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Cash Provided by Operating Activities

Net cash provided by operating activities for the three months ended September 30, 2024 was $111.1 million, compared to $15.2 million for the three months ended June 30, 2024.

Net cash provided by operating activities for the nine months ended September 30, 2024 was $110.4 million, compared to $2.0 million for nine months ended September 30, 2023.

Adjusted EBITDA for the three months ended September 30, 2024 was $126.0 million, compared to $52.4 million for three months ended June 30, 2024.

Adjusted EBITDA for the nine months ended September 30, 2024 was $222.8 million, compared to $78.0 million for the nine months ended September 30, 2023 (see “Non-GAAP Financial Performance Measures”).

Net cash provided by operating activities was impacted by the following key factors for the applicable periods:

Three Months Ended Nine Months Ended

In thousands September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Cash flow before changes in operating assets and liabilities $ 86,932 $ 27,482 $ 83,807 $ 13,490

5 unchanged sentences

Cash provided by (used in) operating activities $ 111,063 $ 15,249 $ 110,441 $ 2,011

Net cash provided by operating activities increased $31.1 million for the three months ended June 30, 2024 compared to the three months ended March 31, 2024, primarily due to a 7% and 11% increase in average realized gold and silver prices, respectively, timing of VAT collections in Mexico, lower prepaid insurance, and timing of interest and income and mining tax payments.

Revenue for the three months ended June 30, 2024 compared to the three months ended March 31, 2024 increased by $9.0 million, of which $18.1 million was due to higher average realized gold and silver prices, partially offset by $9.2 million resulting from lower volume of gold and silver sales.

Net cash used in operating activities increased $5.0 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, primarily due to the timing of VAT collections in Mexico, higher exploration, general and administrative, and interest expense, partially offset by a 15% and 5% increase in gold and silver ounces sold, respectively, and a 7% and 6% increase in average realized gold and silver prices, respectively.

Revenue for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 increased by $70.6 million, of which $46.0 million was due to higher volume of gold sales, and $24.5 million as the result of higher average gold and silver prices.

Net cash provided by operating activities increased $95.8 million for the three months ended September 30, 2024 compared to the three months ended June 30, 2024, primarily as a result of a 26% and 16% increase in gold and silver ounces sold, respectively, a 15% and 14% increase in average realized gold and silver prices, respectively, timing of account payable payments at Palmarejo, a $25.0 million prepayment received at Kensington, and the receipt of exploration credit refunds at Silvertip, partially offset by higher prepaid insurance, timing of interest payments, and higher exploration expense.

Revenue for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 increased by $91.5 million, of which $58.4 million resulting from higher volume of gold and silver sales, and $33.0 million was due to higher average realized gold and silver prices.

Net cash provided by operating activities increased $108.4 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily due to a 18% and 15% increase in gold and silver ounces sold, respectively, a 16% and 11% increase in average realized gold and silver prices, respectively, and an additional $25.0 million prepayment received at Kensington, partially offset higher exploration, general and administrative, and interest expense.

Revenue for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 increased by $189.4 million, of which $109.7 million was due to higher volume of gold sales, and $79.7 million as the result of higher average gold and silver prices.

Cash Used in Investing Activities

Net cash used in investing activities in the three months ended June 30, 2024 was $51.6 million compared to $42.1 million in the three months ended March 31, 2024.

Cash used in investing activities increased due to the timing of payments related to the Rochester expansion project.

The Company incurred capital expenditures of $51.4 million in the three months ended June 30, 2024 compared with $42.1 million in the three months ended March 31, 2024 primarily related to ramp-up activities and timing of payments related to the Rochester expansion project at Rochester and underground development at Palmarejo and Kensington in both periods.

Net cash used in investing activities in the six months ended June 30, 2024 was $93.7 million compared to $105.0 million in the six months ended June 30, 2023.

Cash used in investing activities decreased due to net proceeds of $39.8 million received from the sale of its remaining Victoria Gold Common Shares, net proceeds of $7.0 million received from the sale of the La Preciosa Deferred Consideration, and $5.0 million received from the sale of the La Preciosa project in 2023, partially offset by a decrease in capital expenditures at Rochester.

The Company incurred capital expenditures of $93.5 million in the six months ended June 30, 2024 compared with $159.6 million in the six months ended June 30, 2023 primarily related to expansion construction and ramp-up activities at Rochester and underground development and exploration at Palmarejo and Kensington in both periods.

Cash Provided by Financing Activities

Net cash provided by financing activities in the three months ended June 30, 2024 was $43.3 million compared to $63.8 million in the three months ended March 31, 2024.

Net cash used in investing activities in the three months ended September 30, 2024 was $52.0 million compared to $51.6 million in the three months ended June 30, 2024.

Cash used in investing activities increased due to the initial payment of $10.0 million due at closing for the $25.0 million acquisition of mining concessions at Palmarejo, partially offset by lower capital expenditures.

The Company incurred capital expenditures of $42.0 million in the three months ended September 30, 2024 compared with $51.4 million in the three months ended June 30, 2024 primarily related to ramp-up activities and timing of payments related to the Rochester expansion project at Rochester and underground development at Palmarejo and Kensington in both periods.

Net cash used in investing activities in the nine months ended September 30, 2024 was $145.7 million compared to $217.1 million in the nine months ended September 30, 2023.

Cash used in investing activities decreased due to net proceeds of $39.8 million received from the sale of the Company’s remaining Victoria Gold Common Shares, net proceeds of $7.0 million received from the sale of the La Preciosa Deferred Consideration, $5.0 million received from the sale of the La Preciosa project in 2023, and lower capital expenditures, partially offset by the initial payment of $10.0 million due at closing for the $25.0 million acquisition of mining concessions at Palmarejo.

The Company incurred capital expenditures of $135.5 million in the nine months ended September 30, 2024 compared with $271.9 million in the nine months ended September 30, 2023 primarily related to expansion construction and ramp-up activities at Rochester and underground development and exploration at Palmarejo and Kensington in both periods.

Cash Provided by (Used in) Financing Activities

Net cash used in financing activities in the three months ended September 30, 2024 was $56.0 million compared to net cash provided by financing activities of $43.3 million in the three months ended June 30, 2024.

During the three months ended September 30, 2024, the Company repaid $50.0 million, net, to the RCF.

During the three months ended June 30, 2024, the Company drew $50.0 million, net, from the RCF.

During the three months ended March 31, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $50.0 million, net, from the RCF.

Net cash provided by financing activities in the six months ended June 30, 2024 was $107.1 million compared to $95.3 million in the six months ended June 30, 2023.

During the six months ended June 30, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $100.0 million, net, from the RCF.

During the six months ended June 30, 2023, the Company received net proceeds of $98.4 million from the sale of 32.9 million shares of its common stock in the March 2023 Equity Offering, and received net proceeds of $13.1 million from the sale of 5.3 million shares of its common stock issued as the FT Shares.

Net cash provided by financing activities in the nine months ended September 30, 2024 was $51.2 million compared to $206.5 million in the nine months ended September 30, 2023.

During the nine months ended September 30, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $50.0 million, net, from the RCF.

During the nine months ended September 30, 2023, the Company drew $60.0 million, net, under the RCF, received aggregate net proceeds of $147.7 million from the sale of 54.6 million shares of its common stock in the March 2023 Equity Offering, and received net proceeds of $20.9 million from the sale of 8.3 million shares of its common stock in the Private Placement Offering.

Critical Accounting Policies and Accounting Developments

26 unchanged sentences

The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively.

As of June 30, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 38,092 and 5.6 million, respectively.

As of September 30, 2024, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 48,175 and 6.7 million, respectively.

Other Liquidity Matters

18 unchanged sentences

Adjusted net income (loss) is reconciled to Net income (loss) in the following table:

Three Months Ended Six Months Ended

In thousands except per share amounts June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

In thousands except per share amounts September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Net income (loss) $ 48,739 $ 1,426 $ 21,048 $ (78,107)

4 unchanged sentences

(Gain) loss on debt extinguishment — 21 (417) (3,735)

Transaction costs 976 — 976 —

Other adjustments 81 104 5,644 2,739

4 unchanged sentences

Adjusted net income (loss) per share, Diluted $ 0.12 $ (0.01) $ 0.06 $ (0.22)

(1) For the three months ended June 30, 2024, tax effect of adjustments of $1.4 million 333% is primarily related to the RMC Bankruptcy Distribution.

For the three months ended March 31, 2024, tax effect of adjustments of $1.1 million (12.3%) is primarily related to the Kensington royalty settlement and LCM adjustment recorded at Rochester.

For the six months ended June 30, 2024, tax effect of adjustments of $0.4 million (-5%) is primarily related to the RMC Bankruptcy Distribution, Kensington royalty settlement and LCM adjustment recorded at Rochester.

For the six months ended June 30, 2023, tax effect of adjustments of $1.2 million (-41%) is primarily related to the fair value adjustments on the Company’s equity investments, loss on the sale of the La Preciosa Deferred Consideration and LCM adjustment recorded at Rochester.

(1) For the three months ended September 30, 2024, tax effect of adjustments of $0.6 million (-46%) are primarily related to nonrecurring expenses at Palmarejo.

For the three months ended June 30, 2024, tax effect of adjustments of $1.4 million 333% are primarily related to the RMC Bankruptcy Distribution.

For the nine months ended September 30, 2024, tax effect of adjustments of $1.0 million (-10%) are primarily related to the RMC Bankruptcy Distribution, Kensington royalty settlement, nonrecurring expenses at Palmarejo, and LCM adjustment recorded at Rochester.

For the nine months ended September 30, 2023, tax effect of adjustments of $1.4 million (-25%) are primarily related to the fair value adjustments on the Company’s equity investments, loss on the sale of the La Preciosa Deferred Consideration and LCM adjustment recorded at Rochester.

EBITDA and Adjusted EBITDA

5 unchanged sentences

Adjusted EBITDA is reconciled to Net income (loss) in the following table:

Three Months Ended Six Months Ended

In thousands except per share amounts June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

In thousands except per share amounts September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Net income (loss) $ 48,739 $ 1,426 $ 21,048 $ (78,107)

(Income) loss from discontinued operations, net of tax — — — —

Interest expense, net of capitalized interest 13,280 13,162 39,389 21,703

9 unchanged sentences

(Gain) loss on debt extinguishment — 21 (417) (3,735)

Transaction costs 976 — 976 —

Other adjustments 81 104 5,644 2,739

6 unchanged sentences

The following table sets forth a reconciliation of Free Cash Flow , a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities , which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.

Consolidated Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Consolidated Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Cash flow from operations $ 111,063 $ 15,249 $ 110,441 $ 2,011

7 unchanged sentences

The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital , a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities , which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.

Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Cash provided by (used in) operating activities $ 111,063 $ 15,249 $ 110,441 $ 2,011

5 unchanged sentences

Operating cash flow before changes in working capital $ 86,932 $ 27,482 $ 83,807 $ 13,490

Net Debt and Leverage Ratio

Management defines Net Debt , a non-GAAP financial measure, as Total Debt , less Cash and Cash Equivalents .

We define Leverage Ratio , a non-GAAP financial measure, as the ratio of Net Debt to the Last Twelve Months Adjusted EBITDA .

Management believes Net Debt and Leverage Ratio are important measures to monitor our financial flexibility and evaluate the strength of our Condensed Consolidated Balance Sheets.

Net Debt and Leverage Ratio have limitations as analytical tools and may vary from similarly titled measures used by other companies.

Net Debt and Leverage Ratio should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP.

The following table presents a reconciliation of Total Debt , the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented.

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023

Total debt $ 605,183 $ 629,327 $ 605,183 $ 512,241

Cash and cash equivalents (76,916) (74,136) (76,916) (53,223)

Net debt $ 528,267 $ 555,191 $ 528,267 $ 459,018

Last Twelve Months Adjusted EBITDA $ 287,079 $ 191,686 $ 287,079 $ 113,809

Leverage ratio 1.8 $ 2.9 $ 1.8 $ 4.0

Costs Applicable to Sales

4 unchanged sentences

Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in IFRS Accounting Standards.

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total

8 unchanged sentences

Silver ($/oz) $ 12.75 $ 21.17 $ —

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total

8 unchanged sentences

Silver ($/oz) $ 15.32 $ 21.95 $ —

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total

8 unchanged sentences

Silver ($/oz) $ 13.84 $ 21.57 $ —

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

In thousands (except metal sales, per ounce and per pound amounts) Palmarejo Rochester Kensington Wharf Silvertip Total

45 unchanged sentences

Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, expectations regarding the Rochester expansion project (including future LCM adjustments), the tax treatment of the FT Shares and the risk that related exploration efforts at Silvertip will not occur on a timely basis or at all, inflation, hedging strategies, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, timing of completion of obligations under prepayment agreements, liquidity management, financing plans, risk management strategies, capital allocation and anticipated production, costs, expenses, and cash flow.

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, the tax treatment of the FT Shares and the risk that related exploration efforts at Silvertip will not occur on a timely basis or at all, inflation, hedging strategies, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, timing of completion of obligations under prepayment agreements, liquidity management, financing plans, risk management strategies, capital allocation, expectations regarding the planned acquisition of SilverCrest Metals, Inc.

including impact on production, cash flow, financial condition and timing of closing, if at all, and anticipated production, costs, expenses, and cash flow.

Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words.

Actual results could differ materially from those projected in the forward-looking statements.

The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2023 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, and inflationary pressures, (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt.

The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2023 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, and inflationary pressures, (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, and (xiv) the risk that the planned acquisition of SilverCrest Metals Inc.

will not occur or achieve the expected benefits to the Company.

Readers are cautioned not to put undue reliance on forward-looking statements.

The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

Communications in the news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Important Additional Information

In connection with the Transaction, Coeur and SilverCrest intend to file materials with the Securities and Exchange Commission (the “SEC”) and on SEDAR+, as applicable.

Coeur intends to file a definitive proxy statement on Schedule 14A (the “Proxy Statement”) with the SEC in connection with the solicitation of proxies to obtain Coeur stockholder approval of (A) the issuance of shares of common stock of Coeur in connection with the Transaction (the “Stock Issuance”) and (B) the amendment of the Coeur certificate of incorporation to increase the number of authorized shares of Coeur common stock (the “Charter Amendment”), and SilverCrest intends to file a notice of the SilverCrest shareholder meeting and accompanying management information circular (the “Circular”) with the Toronto Stock Exchange and on SEDAR+ and with the SEC in connection with the solicitation of proxies to obtain SilverCrest shareholder approval of the Transaction.

After the Proxy Statement is cleared by the SEC, Coeur intends to mail a definitive Proxy Statement to the stockholders of Coeur.

This communication is not a substitute for the Proxy Statement, the Circular or for any other document that Coeur or SilverCrest may file with the SEC or on SEDAR+ and/or send to Coeur stockholders and/or SilverCrest’s shareholders in connection with the Transaction.

INVESTORS AND SECURITY HOLDERS OF COEUR AND SILVERCREST ARE URGED TO CAREFULLY AND THOROUGHLY READ THE PROXY STATEMENT AND THE CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY COEUR AND/OR SILVERCREST WITH THE SEC OR ON SEDAR+, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT COEUR, SILVERCREST, THE TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.

Stockholders of Coeur and shareholders of SilverCrest will be able to obtain free copies of the Proxy Statement and the Circular, as each may be amended from time to time, and other relevant documents filed by Coeur and/or SilverCrest with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov or on SEDAR+ at www.sedarplus.ca, as applicable.

Copies of documents filed with the SEC by Coeur will be available free of charge from Coeur’s website at www.coeur.com under the “Investors” tab or by contacting Coeur’s Investor Relations Department at (312) 489-5800 or investors@coeur.com.

Copies of documents filed with the SEC or on SEDAR+ by SilverCrest will be available free of charge from SilverCrest’s website at www.silvercrestmetals.com under the “Investors” tab or by contacting SilverCrest’s Investor Relations Department at (604) 694-1730 ext.

Participants in the Solicitation

Coeur, SilverCrest and their respective directors and certain of their executive officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Coeur’s stockholders and SilverCrest’s shareholders in connection with the Transaction.

Information regarding the executive officers and directors of Coeur is included in its definitive proxy statement for its 2024 annual meeting under the headings “Proposal No.

1 – Election of Directors”, “Information about our Executive Officers”, “Compensation Discussion and Analysis”, and “Director Compensation”, which was filed with the SEC on April 4, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/215466/000114036124017966/ny20018623x1_def14a.htm.

Information regarding the directors and certain executive officers of SilverCrest is included in its information circular and proxy statement for its 2024 annual meeting under the headings “Compensation of Executive Officers and Directors” and “Compensation Discussion and Analysis”, which was filed on SEDAR+ on April 18, 2024 and is available at https://www.silvercrestmetals.com/_resources/agm/2024-Information-Circular.pdf?v=093009.

Additional information regarding the persons who may be deemed participants and their direct and indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement, the Circular and other materials when they are filed with the SEC or on SEDAR+ in connection with the Transaction.

Free copies of these documents may be obtained as described in the paragraphs above.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis