What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-02-19 compared with 2024-02-21 · 258 added, 317 removed, 1108 unchanged (34% of the section changed)

5 unchanged sentences

We have audited the accompanying consolidated balance sheets of Coeur Mining, Inc.

(a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 21, 2024 expressed an unqualified opinion.

(a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Change in accounting principle

As discussed in Note 2 to the consolidated financial statements, the Company has adopted new accounting guidance in 2024 related to the disclosure of segment information in accordance with ASU 2023-07, Segment Reporting (Topic 280).

The adoption was retrospectively applied to 2023 and 2022.

Basis for opinion

These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

These consolidated financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

1 unchanged sentence

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

2 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical audit matters

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

1 unchanged sentence

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Ore on Leach Pads and long-term stockpile – Rochester mine

Ore on Leach Pads and Long-Term Stockpile

As described further in Notes 2 and 5 to the consolidated financial statements, the Company’s ore on leach pads balance was $199 million, which includes $168 million at the Company’s Rochester mine, as of December 31, 2024.

2 unchanged sentences

The measurement and valuation of the ore on leach pads and long-term stockpile balances involve significant management estimates and assumptions related to the measurement of metal content of ore placed on the leach pads and long-term stockpile, including estimates pertaining to recovery rates and ore grades.

The balances are determined based on actual production costs incurred to produce and place ore on the leach pads and long-term stockpile, less costs allocated to minerals recovered through the leach process.

The balances are determined based on actual production costs incurred to produce and place ore on the leach pads and long-term

stockpile, less costs allocated to minerals recovered through the leach process.

The historical cost of metal expected to be extracted within twelve months is classified as current on the balance sheet.

4 unchanged sentences

• We obtained and tested Rochester’s 2024 roll forward of the estimated ounces and costs added to, and recovered from the Company’s leach pads and stockpile and reconciled the ending amounts of ounces and costs to the Company’s inventory and production records and tested certain assumptions, such as estimated recovery rates, and ore grades.

• We tested the Company’s lower of cost or market analysis and related adjustments.

• We assessed the Company’s lower of cost or market analysis and related adjustments.

• For the roll forward of estimated ounces, we assessed the completeness and accuracy of mining production information, including tests of daily tonnage processed.

44 unchanged sentences

Ore on leach pads 5 92,724 79,400

Equity securities 6 — 32,032

Prepaid expenses and other 16,741 18,526

4 unchanged sentences

Restricted assets 8,512 9,115

Equity securities 6 — 12,120

Receivables 4, 12 19,583 23,140

39 unchanged sentences

Total costs and expenses 889,824 859,921 824,887

Income (loss) from operations 164,182 ( 38,715 ) ( 39,251 )

OTHER INCOME (EXPENSE), NET

33 unchanged sentences

Gain on the sale of Sterling/Crown — — ( 62,249 )

Loss on the sale of assets 25,197 — —

Loss on the sale or disposition of assets 14 4,250 25,197 —

Write-downs 5 3,235 40,247 45,978

9 unchanged sentences

Capital expenditures ( 183,188 ) ( 364,617 ) ( 352,354 )

Acquisitions, net ( 10,000 ) — —

Proceeds from the sale of assets 37 8,546 165,829

Purchase of investments — — ( 1,955 )

Sale of investments — 47,611 40,469

1 unchanged sentence

Other ( 362 ) ( 239 ) ( 107 )

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES ( 303,699 ) ( 146,163 ) ( 304,076 )

CASH USED IN INVESTING ACTIVITIES ( 193,513 ) ( 303,699 ) ( 146,163 )

CASH FLOWS FROM FINANCING ACTIVITIES:

22 unchanged sentences

Other comprehensive income (loss) — — — — 13,555 13,555

Common stock issued for investment 12,786 128 118,649 118,777

Common stock issued/canceled under long-term incentive plans and director fees and options, net 381 3 9,401 — — 9,404

Balances at December 31, 2021 256,919 $ 2,569 $ 3,738,347 $ ( 2,939,442 ) $ ( 1,212 ) $ 800,262

Net income (loss) — — — ( 78,107 ) — ( 78,107 )

Other comprehensive income (loss) — — — — 13,555 13,555

Common stock issued under "at the market"

10 unchanged sentences

Balances at December 31, 2023 386,283 $ 3,863 $ 4,139,870 $ ( 3,121,161 ) $ 1,331 $ 1,023,903

Net income (loss) — — — 58,900 — 58,900

Other comprehensive income (loss) — — — — ( 1,331 ) ( 1,331 )

Debt-for-Equity Exchange 1,772 18 5,350 — — 5,368

Common stock issued under Private Placement Offering 7,705 77 22,992 — — 23,069

Kensington royalty settlement 738 7 3,399 — — 3,406

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,738 27 9,910 — — 9,937

Balances at December 31, 2024 399,236 $ 3,992 $ 4,181,521 $ ( 3,062,261 ) $ — $ 1,123,252

The accompanying notes are an integral part of these Consolidated Financial Statements.

14 unchanged sentences

A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.

In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and impacts of global events such as future pandemics could result in material impairment charges related to these assets.

In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and impacts of global events could result in material impairment charges related to these assets.

Use of Estimates

8 unchanged sentences

All intercompany balances and transactions have been eliminated.

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

Cash and Cash Equivalents

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At certain times, amounts on deposit may exceed federal deposit insurance limits.

Trade receivables and other receivable balances are recognized net of an allowance for credit losses.

The allowance represents the portion of the amortized cost basis that the Company does not expect to collect due to credit over the contractual life of the receivables, taking into consideration past events, current conditions and reasonable and supportable forecasts of future economic conditions.

As of December 31, 2024, the amount of credit loss recognized is not significant.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

Trade receivables and other receivable balances are recognized net of an allowance for credit losses.

The allowance represents the portion of the amortized cost basis that the Company does not expect to collect due to credit over the contractual life of the receivables, taking into considered past events, current conditions and reasonable and supportable forecasts of future economic conditions.

As of December 31, 2023, the amount of credit loss recognized is not significant.

Ore on Leach Pads

18 unchanged sentences

Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.

As of December 31, 2023, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 25,659 and 3.9 million, respectively.

In the first quarter of 2024, the Company completed a review of the estimated recoverable ounces of gold and silver on its leach pads and determined that as a result of longer expected leach time and favorable recoveries relative to previous estimates, that the estimated recoverable gold and silver on the Rochester legacy leach pads (Stages 2, 3 and 4) supported an upward revision.

An additional 6,000 ounces of gold and 900,000 ounces of silver were added to the legacy leach pads in the first quarter of 2024.

There are five reusable heap leach pads (load/offload) used at Wharf.

Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process.

During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant.

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

As of December 31, 2024, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 49,575 and 6.9 million, respectively.

Metal and Other Inventory

9 unchanged sentences

Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed.

Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines.

Costs incurred before mineralization are classified as proven and probable reserves are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production.

Mine development costs are amortized using the units-of-production method over the

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves.

other infrastructure at underground mines.

Mine development costs are amortized using the units-of-production method over the estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves.

Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.

12 unchanged sentences

Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body.

The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including:

location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices.

The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices.

If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves.

11 unchanged sentences

Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling.

Gold, silver, zinc and lead prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing.

Gold, silver, zinc and lead prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors that may affect the key assumptions used in the Company’s impairment testing.

Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves.

1 unchanged sentence

Actual results may vary from the Company’s estimates and result in additional Impairment of Long-lived Assets .

Restricted Assets

The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations.

The Company has collateralized these

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies.

Restricted Assets

The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies.

At December 31, 2024 and 2023, the Company held certificates of deposit and cash under these agreements of $ 8.5 million and $ 9.1 million, respectively.

37 unchanged sentences

Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized.

Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs applicable to sales or Pre-development, reclamation and other in the same period the related expenses are incurred.

For derivatives not designated as hedging instruments, the Company recognizes derivatives as either assets or liabilities on the Consolidated Balance Sheets and measures those instruments at fair value.

Changes in the value of derivative

Deferred gains and losses associated

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

instruments not designated as hedging instruments are recorded each period in the Consolidated Statements of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue .

with cash flow hedges of foreign currency transactions are recognized as a component of Costs applicable to sales or Pre-development, reclamation and other in the same period the related expenses are incurred.

Changes in the value of derivative instruments not designated as hedging instruments are recorded each period in the Consolidated Statements of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue .

Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates.

31 unchanged sentences

The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate.

2 unchanged sentences

The performance obligation is satisfied when risk of loss is transferred to the customer.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer.

7 unchanged sentences

The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting.

The Company adopted the new derivatives and hedging standards effective January 1, 2023 and does not expect the new derivatives and hedging standard to have a material effect on our financial position, results of operations or cash flows.

Recently Issued Accounting Standards

The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280):

4 unchanged sentences

Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.

We are currently evaluating the potential impact of adopting this new guidance on our Consolidated Financial Statements and related disclosures.

We have adopted the new standard effective December 31, 2024 retrospectively for all periods presented.

See Note 3 -- Segment Reporting for all periods presented with the new required disclosures.

The new standard did not impact our Consolidated Financial Statements.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

2 unchanged sentences

The guidance is effective for annual periods beginning after December 15, 2024.

Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.

ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted.

We are currently evaluating the potential impact of adopting this new guidance on our Consolidated Financial Statements and related disclosures.

Although early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance, the Company believes that there is no material impact to the reader in early adoption.

The Company plans to adopt this new guidance on our Consolidated Financial Statements and related disclosures on reporting year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220):

Expense Disaggregation Disclosures , which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement.

Specific costs and expenses that would be required to be disclosed include:

purchases of inventory, employee compensation, depreciation and intangible asset amortization.

Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs.

The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company.

We are evaluating the impact of the amendments on our Consolidated Financial Statements and related disclosures.

Coeur Mining, Inc.

2 unchanged sentences

NOTE 3 – SEGMENT REPORTING

The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration property.

Except for the Silvertip exploration property, all operating segments are engaged in the discovery, mining, and production of gold and/or silver.

The Silvertip exploration property, which suspended mining and processing activities in February 2020, is engaged in the discovery of silver, zinc and lead.

Other includes the Sterling/Crown exploration properties (which were sold in the fourth quarter of 2022), other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

In 2022, the Company disposed of the Sterling/Crown exploration properties and La Preciosa project, see Note 20 -- Dispositions for additional information.

The Company’s operating segments at December 31, 2024 included the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project.

Following consummation of the acquisition of SilverCrest Metals, Inc.

on February 14, 2025, the Company will add the Las Chispas operating segment.

Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver.

The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals.

“ Other ” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

The Company’s Chief Operating Decision Maker (“CODM”), comprised of Mitchell J.

Krebs, Chairman, President and Chief Executive Officer, Thomas S.

Whelan, Chief Financial Officer, and Michael Routledge, Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations .

The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes.

The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments.

The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies.

Financial information relating to the Company’s segments is as follows (in thousands):

9 unchanged sentences

Other operating expenses (2)

8,665 12,963 9,753 4,519 9,923 53,177 99,000

Costs and expenses 262,332 213,937 201,205 115,564 40,490 56,296 889,824

Income (loss) from operations 116,728 1,875 23,924 118,441 ( 40,490 ) ( 56,296 ) 164,182

Other income (expense)

4 unchanged sentences

7,074 ( 363 ) ( 312 ) ( 509 ) ( 43 ) 7,180 13,027

Income (loss) before income and mining taxes 124,126 ( 3,569 ) 21,931 117,388 ( 40,544 ) ( 92,982 ) 126,350

Income and mining tax (expense) benefit ( 45,765 ) ( 1,778 ) ( 576 ) ( 10,679 ) — ( 8,652 ) ( 67,450 )

4 unchanged sentences

(1) Excludes amortization.

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests .

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Year Ended December 31, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

8 unchanged sentences

Other operating expenses (2)

8,064 26,005 3,440 4,157 17,104 37,471 96,241

Costs and expenses 245,922 224,889 189,904 125,508 33,373 40,325 859,921

Income (loss) from operations 67,285 ( 68,867 ) ( 27,426 ) 63,991 ( 33,373 ) ( 40,325 ) ( 38,715 )

Other income (expense)

Gain on debt extinguishment — — — — — 3,437 3,437

Fair value adjustments, net — — — — — 3,384 3,384

2 unchanged sentences

4,590 ( 293 ) ( 311 ) ( 396 ) ( 129 ) ( 10,924 ) ( 7,463 )

Income (loss) before income and mining taxes 72,719 ( 70,763 ) ( 29,481 ) 63,266 ( 33,565 ) ( 70,632 ) ( 68,456 )

Income and mining tax (expense) benefit ( 26,016 ) ( 816 ) — ( 7,047 ) — ( 1,277 ) ( 35,156 )

4 unchanged sentences

(1) Excludes amortization.

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

Year Ended December 31, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total

8 unchanged sentences

Other operating expenses (2)

4,372 7,540 1,685 1,379 22,322 42,809 80,107

Costs and expenses 228,985 199,959 203,079 112,689 31,862 48,313 824,887

Income (loss) from operations 74,449 ( 70,296 ) ( 586 ) 37,357 ( 31,862 ) ( 48,313 ) ( 39,251 )

Other income (expense)

Loss on debt extinguishment — — — — — ( 9,173 ) ( 9,173 )

Fair value adjustments, net — — — — — ( 66,668 ) ( 66,668 )

2 unchanged sentences

3,204 ( 306 ) ( 206 ) ( 62 ) ( 354 ) 64,055 66,331

Income (loss) before income and mining taxes 77,641 ( 71,412 ) ( 2,238 ) 37,229 ( 32,392 ) ( 72,277 ) ( 63,449 )

Income and mining tax (expense) benefit ( 28,771 ) 876 127 ( 2,868 ) — 15,978 ( 14,658 )

4 unchanged sentences

(1) Excludes amortization.

(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Assets December 31, 2024 December 31, 2023

15 unchanged sentences

Total $ 1,054,006 $ 821,206 $ 785,636

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The Company’s doré, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets.

1 unchanged sentence

The Company had seven trading counterparties at December 31, 2024.

The Company's sales of doré or electrolytic cathodic sludge product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 80 %, 74 %, and 74 %, of total metal sales for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company's sales of doré and electrolytic cathodic sludge product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 79 %, 80 %, and 74 %, of total metal sales for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company’s gold concentrate product from the Kensington mine is sold under a long-term offtake agreement and is shipped to geographically diverse third-party smelters who are responsible for arranging the smelting of the concentrate.

5 unchanged sentences

Bank of Montreal $ 445.6 $ 367.2 $ 341.5 Palmarejo, Rochester, Wharf

Ocean Partners $ 346.2 $ 168.9 $ 176.4 Palmarejo, Kensington

Ocean Partners $ 484.5 $ 346.2 $ 168.9 Palmarejo, Rochester, Kensington, Wharf

Asahi $ 104.9 $ 63.7 $ 125.3 Palmarejo, Rochester, Kensington, Wharf

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 4 – RECEIVABLES

5 unchanged sentences

Income tax receivable 8,509 10,207

Avino note receivable (1)

Gold and silver forwards realized gains (1)

3 unchanged sentences

Other tax receivable (2)

$ 5,554 $ 9,111

Deferred cash consideration (3)

3 unchanged sentences

Total receivables $ 49,513 $ 54,175

(1) See Note 13 -- Fair Value Measurements for additional details on the Avino note receivable, deferred cash consideration and contingent consideration.

(2) Represents realized gains on gold and silver forward hedges from December 2023 that contractually settle in subsequent months.

See Note 14 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.

(1) Represents realized gains on gold and silver forward hedges from December 2023 that contractually settled in subsequent months.

See Note 13 -- Derivative Financial Instruments & Hedging Activities for additional details on the gold and silver forward hedges.

(2) Consists of exploration credit refunds at Silvertip.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

(3) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project.

The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

(4) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million should the buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties.

The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

NOTE 5 – INVENTORY AND ORE ON LEACH PADS

13 unchanged sentences

Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method.

In the year ended December 31, 2023, the cost of stock pile, leach pad and metal inventory at Rochester exceeded its net realizable value, which resulted in non-cash write down of $ 45.6 million ($ 39.9 million was recognized in Costs applicable to sales and $ 5.8 million in Amortization ) .

NOTE 6 – INVESTMENTS

Equity Securities

From time to time, the Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies or receives securities as transaction consideration.

The Company had no outstanding investments in equity securities as of December 31, 2023.

At December 31, 2023 At December 31, 2022

In thousands Cost Estimated

Fair Value Cost Gross

Gains Estimated

Equity Securities

Victoria Gold Corp.

$ — $ — $ 70,560 $ ( 38,528 ) $ — $ 32,032

Integra Resources Corp.

— — 9,455 ( 7,115 ) — 2,340

Avino Silver & Gold Mines Ltd — — 13,720 ( 4,199 ) — 9,521

Other — — 2,233 ( 1,974 ) — 259

Equity securities $ — $ — $ 95,968 $ ( 51,816 ) $ — $ 44,152

Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net .

See Note 13 -- Fair Value Measurements for additional details.

In January 2023, the Company sold 6.0 million shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $ 6.70 per share, for net proceeds of $ 39.8 million.

In May 2023, the Company sold 3.7 million shares of common stock of Integra Resources Corporation (“Integra Common Shares”) at a price of $ 0.48 per share, for net proceeds of $ 1.8 million.

In October and November 2023, the Company sold 14.0 million shares of common stock of Avino Silver & Gold Mines (“Avino Common Shares”) at a price of $ 0.43 per share, for net proceeds of $ 6.1 million.

In the year ended December 31, 2024, the cost associated with the stockpile at Rochester exceeded its net realizable value, which resulted in non-cash write down of $ 4.0 million ($ 3.2 million was recognized in Costs applicable to sales and $ 0.8 million in Amortization ).

Coeur Mining, Inc.

16 unchanged sentences

(1) Includes $ 170.1 million and $ 127.6 million associated with facilities and equipment assets under finance leases at December 31, 2024 and December 31, 2023, respectively.

(2) Includes $ 471.7 million and $ 139.7 million of construction costs related to the Rochester Expansion project at December 31, 2023 and December 31, 2022, respectively.

(2) Includes $ 471.7 million of construction costs related to the Rochester expansion project at December 31, 2023.

(3) Includes $ 63.3 million and $ 37.6 million of accumulated amortization related to assets under finance leases at December 31, 2024 and December 31, 2023, respectively.

On July 8, 2024, the Company closed on the purchase of mining concessions adjacent to the Palmarejo mine from a subsidiary of Fresnillo plc.

Total consideration under the purchase agreement consisted of a cash payment of approximately $ 25 million, with $ 10 million paid at closing, an additional $ 10 million payable twelve months after closing (“Deferred Cash Due 2025”), and an additional $ 5 million payable 24 months after closing (“Deferred Cash Due 2026”).

The concessions are also subject to an inflation-adjusted royalty payment of $ 25 per ounce for each new gold-equivalent ounce of resource discovered between 450,000 and two million gold equivalent ounces.

This resulted in a $ 23.7 million increase to Mineral interest and the recognition of $ 9.3 million of Accrued liabilities and other and $ 4.4 million of Other long-term liabilities for amounts due after closing.

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.

NOTE 7 – LEASES

9 unchanged sentences

Total finance lease cost $ 39,268 $ 31,747 $ 26,655

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Supplemental cash flow information related to leases was as follows:

6 unchanged sentences

Financing cash flows from finance leases $ 24,524 $ 24,505 $ 31,316

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Supplemental balance sheet information related to leases was as follows:

30 unchanged sentences

Net lease obligation $ 26,395 $ 105,000

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 8 – DEBT

9 unchanged sentences

(2) Unamortized debt issuance costs of $ 3.4 million and $ 2.8 million at December 31, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets .

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

2029 Senior Notes

9 unchanged sentences

During the year ended December 31, 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.

Based on the closing price of the Company’s common stock on the dates of the exchanges, the exchanges resulted in an aggregate gain of $ 3.4 million on debt extinguishment.

The exchange transactions represent non-cash financing activity in the Consolidated Statement of Cash Flow.

Based on the closing price of the Company’s common stock on the dates of the exchange, the exchanges resulted in a gain of $ 0.4 million on debt extinguishment.

Revolving Credit Facility

In September 2017, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into a $ 200.0 million senior secured revolving credit facility (“RCF”) pursuant to a credit agreement, dated as of September 29, 2017 (as subsequently amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders (the “Credit Agreement”) with an original term of four years.

In September 2017, the Company entered into a senior secured revolving credit facility (“RCF”) pursuant to a credit agreement, dated as of September 29, 2017 (as subsequently amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders with an original term of four years.

Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 1.00 % to 1.75 % or an adjusted LIBOR rate plus a margin ranging from 2.00 % to 2.75 %, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period.

In October 2018, the Company entered into an amendment to the Credit Agreement to increase the RCF by $ 50.0 million from $ 200.0 million to $ 250.0 million and extend the term by approximately one year to October 2022.

In April and August of 2019, the Company entered into amendments to the Credit Agreement to, among other items, modify the financial covenants to provide greater flexibility in 2019.

On December 14, 2020, the Company entered into an amendment to the Credit Agreement to increase the RCF from $ 250.0 million to $ 300.0 million and to include ING Capital LLC as an incremental lender on the RCF.

On March 1, 2021, the Company entered into a fifth amendment to the Credit Agreement to, among other things, (i) extend the maturity date of the RCF to March 2025 and (ii) permit the Company to obtain one or more increases of the RCF, then-currently in the amount of $ 300.0 million, in an aggregate amount of up to $ 100.0 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase.

On May 2, 2022, the Company entered into an amendment (the “May Amendment”) to the Credit Agreement to increase the RCF from $ 300.0 million to $ 390.0 million and to include Goldman Sachs Bank USA as a lender on the RCF.

On November 9, 2022, the Company entered into an amendment (the “November Amendment”) to the RCF.

The November Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility under the consolidated net leverage ratio requirement through December 31, 2023, with the ratio returning to the original level as outlined in the RCF starting with March 31, 2024 (the “Amendment Period”), (2) allows up to $ 50 million for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through early 2023, (4) requires the Company to repay outstanding amounts under the RCF if cash-on-hand exceeds $ 60 million during the Amendment Period, and (5) restricts certain payments and the incurrence of certain liens during the Amendment Period.

The RCF was subsequently amended in 2018, 2019, 2021, 2022, 2023 and 2024, including amendments to extend the term of the RCF, increase its capacity, add and remove lenders, modify restrictive covenants, and address other matters.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

On August 9, 2023, the Company entered into an amendment (the “August Amendment”) to the RCF.

The August Amendment, among other things, (1) modifies the financial covenants to provide greater flexibility during the final stages of the Rochester expansion under (a) the consolidated net leverage and consolidated senior secured leverage ratios at September 30, 2023 through March 31, 2024, with the ratios returning to the previous levels at June 30, 2024 and (b) the consolidated interest coverage ratio at June 30, 2023 through September 30, 2023 with the ratio returning to the previous level at December 31, 2023, (2) allows up to $ 50 million, through June 30, 2024, stepping down to $ 40 million in September 31, 2024, $ 30 million in December 31, 2024 and $ 15 million thereafter, for integration costs or costs associated with establishing new facilities and certain costs associated with LCM adjustments at Rochester to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF, (3) increases the interest rate on certain borrowings through June 30, 2024, and (4) restricts certain acquisitions through March 31, 2024.

On February 21, 2024, the Company entered into an amendment (the “February 2024 Amendment”) to the RCF.

The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately 2 years so that it now matures in February 2027, (2) increases the RCF by $ 10 million from $ 390 million to $ 400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $ 100.0 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $ 15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.

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

The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF to $ 400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $ 100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $ 15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.

The RCF is secured by substantially all of the assets of the Company and its U.S.

7 unchanged sentences

From time to time, the Company acquires mining equipment and facilities under finance lease agreements.

In the year ended December 31, 2023, the Company entered into new lease financing arrangements for mining equipment at Rochester and Kensington for $ 35.2 million.

The new finance lease arrangements represent non-cash investing activities in the Consolidated Statement of Cash Flow.

In the year ended December 31, 2024, the Company entered into multiple new lease financing arrangements for mining equipment, primarily at Rochester for $ 54.3 million at a weighted average interest rate of 7.0 %.

Coeur secured a finance lease package for nearly $ 60.0 million in 2021, all of which has been funded as of December 31, 2024.

6 unchanged sentences

2029 Senior Notes $ 15,086 $ 17,288 19,219

2029 Senior Notes 17,288 19,219 16,016

Revolving Credit Facility 26,749 17,752 8,503

1 unchanged sentence

Amortization of debt issuance costs 2,360 2,709 2,052

Other debt obligations 2,149 166 303

Other obligations 3,293 2,149 166

Capitalized interest ( 1,056 ) ( 14,561 ) ( 11,163 )

8 unchanged sentences

The estimated reclamation and mine closure costs were discounted using credit-adjusted, risk-free interest rates ranging from 6.7 % to 9.6 %.

The asset retirement obligation increased in 2023 due to overall inflationary impacts, increased reclamation and mine closure costs at Rochester associated with the POA 11 expansion project and additional costs at Wharf and Rochester associated with the existing open pit and leach pad operations.

This was partially offset by a decrease at Kensington attributable to the timing of reclamation and mine closure costs resulting from the mine life extension.

The asset retirement obligation increased in 2024 due to increased reclamation and mine closure costs associated with the continued build-out of the new leach pad at Rochester and the extended duration of water treatment as a result of new permitting requirements at Silvertip.

Changes to the Company’s asset retirement obligations for its operating sites are as follows:

4 unchanged sentences

Additions and changes to estimates 35,455 991

Disposition of Sterling/Crown exploration properties — ( 1,840 )

Settlements ( 5,754 ) ( 5,814 )

Asset retirement obligation - Ending $ 260,492 $ 214,013

$ 214,013 $ 202,431

(1) December 31, 2023 includes $11.0 million of asset retirement obligation that is expected to be paid in the next twelve months.

NOTE 10 – INCOME AND MINING TAXES

18 unchanged sentences

Income tax (expense) benefit $ ( 67,450 ) $ ( 35,156 ) $ ( 14,658 )

The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:

Year Ended December 31,

9 unchanged sentences

Foreign tax rate differences ( 8,923 ) ( 3,911 ) ( 4,994 )

Mining, foreign withholding, and other taxes ( 18,265 ) ( 11,070 ) ( 12,599 )

Foreign withholding and other taxes ( 8,307 ) ( 1,381 ) 169

Mining taxes ( 26,901 ) ( 16,884 ) ( 11,239 )

Sale of non-core assets — ( 1,322 ) 15,447

Enactment of 1% increase in Mexico special mining duty tax ( 1,696 ) — —

Other, net 2,326 ( 970 ) ( 801 )

4 unchanged sentences

Deferred tax liabilities:

Other $ — $ —

Property, plant, and equipment $ 5,529 $ —

Deferred tax assets:

5 unchanged sentences

Asset retirement obligation 49,306 45,155

Unrealized foreign currency loss and other — —

Accrued expenses 18,117 25,321

43 unchanged sentences

federal tax credits and state net operating losses may potentially be limited as well.

We continue to maintain a full valuation allowance on our US net deferred tax assets since it is more likely than not that the related tax benefits will not be realized.

We continue to maintain a full valuation allowance on our U.S.

net deferred tax assets since it is more likely than not that the related tax benefits will not be realized.

The Company may also experience ownership changes in the future as a result of subsequent shifts in our stock ownership.

2 unchanged sentences

Under the Tax Cuts and Jobs Act of 2017 (“TCJA”), federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such federal net operating losses is limited to 80% of future taxable income.

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act suspended the 80% limitation on losses incurred in 2018 and in future years, for tax years beginning before January 1, 2021.

The Company does not expect this to impact its net operating loss usage.

In prior years, the Company had asserted that earnings from its Mexican operations were indefinitely reinvested;

however, the Company now intends to repatriate certain earnings from its Mexican operations and has provided deferred income taxes on the planned distributions.

The Company intends to continue repatriating certain earnings from its Mexican operations and has provided deferred income taxes on the planned distributions.

Prior to 2023, the Company had asserted that earnings from its Mexican operations were indefinitely reinvested.

Coeur Mining, Inc.

11 unchanged sentences

Unrecognized tax benefits at December 31, 2024 $ —

At December 31, 2023, 2022, and 2021, $ 2 thousand, $ 4 thousand, and $ 0.3 million, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate.

At December 31, 2024, 2023, and 2022, nil , $ 2 thousand, and $ 4 thousand, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate.

The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates.

4 unchanged sentences

federal and state jurisdictions, in all identified foreign jurisdictions, and various others.

The statute of limitations remains open from 2020 for the US federal jurisdiction and from 2016 for certain other foreign jurisdictions.

As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease less than $ 0.1 million in the next 12 months.

The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of nil , nil , and $ 0.4 million at December 31, 2023, 2022, and 2021, respectively.

The statute of limitations remains open from 2021 for the U.S.

federal jurisdiction, for 2016 and from 2019 for the Mexico federal jurisdiction, and from 2018 for certain other foreign jurisdictions.

Our 2016 federal tax return is currently under audit in Mexico.

As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that there will be no impact on its unrecognized income tax liability in the next 12 months.

The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of nil , nil , and nil at December 31, 2024, 2023, and 2022, respectively.

In 2021, the Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%.

The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax.

Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal.

The Company’s worldwide revenues did not exceed the thresholds necessary to be subject to the Pillar Two rules during its year ended December 31, 2024.

After considering 2025 business expansions, including the planned Q1 2025 closing of acquisition of SilverCrest Metals Inc., the Company may fall within the scope of the Pillar Two rules as of January 1, 2025.

The Company will continue to monitor developments and evaluate the potential impact on future periods.

At this time, because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material future impact to its Consolidated Financial Statements.

NOTE 11 – STOCK-BASED COMPENSATION

3 unchanged sentences

At December 31, 2024, there was $ 8.9 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

Restricted Stock

Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vest in equal installments annually over three years .

Restricted stock awards are accounted for as equity awards.

Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

Restricted Stock

Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vests in equal installments annually over three years .

Restricted stock awards are accounted for as equity awards.

Holders of restricted stock are entitled to vote and to receive any dividends declared on the shares.

The following table summarizes restricted stock activity for the years ended December 31, 2024, 2023, and 2022:

17 unchanged sentences

Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model.

Performance shares granted during and subsequent to 2020 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric.

Performance shares granted will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric.

The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares;

however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics.

Performance shares granted prior to 2020 vested at the end of the three-year service period if relative stockholder return and internal performance metrics were met.

The existence of a market condition required recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric was met.

Coeur Mining, Inc.

20 unchanged sentences

Outstanding at December 31, 2024 4,641,512 $ 3.24

(1) Includes 1,421 additional shares granted and 141,894 shares cancelled in connection with the vesting of the 2018 award in 2021 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(1) Includes 175,828 additional shares granted in connection with the vesting of the 2019 award in 2022 due to above-target in accordance with the terms of the award.

(3) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance in accordance with the terms of the award.

(2) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(3) Includes 22,351 additional shares granted and 187,809 shares cancelled in connection with the vesting of the 2021 award in 2024 due to above-target and below target performance, respectively, in accordance with the terms of the award.

At December 31, 2024, there was $ 4.4 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.8 years.

8 unchanged sentences

Outstanding at December 31, 2021 131,253 $ 16.91

Exercised ( 57,721 ) 7.74

Canceled/forfeited ( 5,598 ) 11.88

5 unchanged sentences

Canceled/forfeited ( 10,908 ) 9.31

Expired ( 39,658 ) 23.90

Exercised ( 14,292 ) 5.57

Outstanding at December 31, 2024 29,130 $ 7.75

7 unchanged sentences

Life (Years) Aggregate Intrinsic Value (in thousands)

$ 0.00-$10.00 54,330 $ 7.49 2.4 NA

$10.00-$20.00 — $ — 0.0 NA

$20.00-$30.00 — $ — 0.0 NA

$ 0.00-$10.00 29,130 $ 7.75 2.8 —

Outstanding 29,130 $ 7.75 2.8 $ —

1 unchanged sentence

Exercisable 29,130 $ 7.75 2.8 $ —

The total intrinsic value of options exercised for the year ended December 31, 2023 was nil .

Cash received from options exercised for the year ended December 31, 2023 was nil and there was no related tax benefit.

The total intrinsic value of options exercised for the year ended December 31, 2024 was $ 6 thousand.

Cash received from options exercised for the year ended December 31, 2024 was $ 0.1 million and there was no related tax benefit.

The grant date fair value for stock options vested during the years ended December 31, 2024, 2023, and 2022 was nil .

4 unchanged sentences

$ — $ 3,384 $ ( 63,529 )

Exchange agreement embedded derivative — — 9,933

Termination of gold zero cost collars — — ( 3,139 )

Fair value adjustments, net $ — $ 3,384 $ ( 66,668 )

(1) Includes unrealized losses on held equity securities of nil, $47.9 million, and $10.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(1) Includes unrealized losses on held equity securities of nil , nil and $ 47.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

5 unchanged sentences

Provisional metal sales contracts $ 222 $ — $ 222 $ —

Silver forwards 3,312 — 3,312 —

$ 3,630 $ — $ 3,630 $ —

Gold forwards

$ 1,981 $ — $ 1,981 $ —

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Provisional metal sales contracts $ 70 $ — $ 70 $ —

Fair Value at December 31, 2023

In thousands Total Level 1 Level 2 Level 3

Equity securities including warrants $ 44,152 $ 43,893 $ 259 $ —

Provisional metal sales contracts $ 318 $ — $ 318 $ —

Gold forwards 12,343 — 12,343 —

Silver forwards 3,312 — 3,312 —

$ 3,630 $ — $ 3,630 $ —

Provisional metal sales contracts $ 10 $ — $ 10 $ —

The Company’s investments in equity securities were recorded at fair market value in the financial statements based primarily on quoted market prices.

Such instruments are classified within Level 1 of the fair value hierarchy.

The common share purchase warrants the Company received as consideration in the La Preciosa project sale were valued using a pricing model with inputs derived from observable market data, including quoted market prices and quoted interest curve rates.

The model inputs can generally be verified and do not involve significant management judgment.

Such instruments are classified within Level 2 of the fair value hierarchy.

Gold forwards $ 1,981 $ — $ 1,981 $ —

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

1 unchanged sentence

No assets or liabilities were transferred between fair value levels in the year ended December 31, 2024.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2024 and December 31, 2023 is presented in the following table:

5 unchanged sentences

$ 195,000 $ 195,000 $ — $ 195,000 $ —

Deferred Cash Due 2025 $ 9,644 $ 9,673 $ — $ 9,673 $ —

Deferred Cash Due 2026 $ 4,505 $ 4,533 $ — $ 4,533 $ —

(1) Net of unamortized debt issuance costs of $ 3.1 million.

2 unchanged sentences

In thousands Book Value Fair Value Level 1 Level 2 Level 3

Promissory note $ 4,926 $ 4,579 $ — $ 4,579 $ —

Deferred cash consideration $ 7,677 $ 7,317 $ — $ 7,317 $ —

2029 Senior Notes (1)

6 unchanged sentences

The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

In March 2022, the Company completed the sale of the La Preciosa project.

The consideration for the sale of La Preciosa project included a promissory note payable to the Company that matured in March 2023 and was paid in full, and deferred cash consideration payable on the first anniversary of initial production from any portion of the La Preciosa project.

These assets were valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate.

The model inputs can generally be verified and do not involve significant management judgment.

Such instruments are classified within Level 2 of the fair value hierarchy.

The consideration for the sale of La Preciosa project also included two royalties:

a 1.25 % net smelter returns royalty on properties covering the Gloria and

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Abundancia areas of the La Preciosa project and a 2.00 % gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, and contingent consideration of $ 0.25 per silver equivalent ounce (adjusted for inflation) on any new mineral reserves discovered and declared outside of the current resources area at the La Preciosa project, up to a maximum payment of $ 50.0 million.

These assets were initially measured at fair value at inception and remeasured at fair value on a nonrecurring basis.

The fair value of the royalties and the contingent consideration assets were $ 11.2 million and $ 1.2 million, respectively, valued as of the date of closing of the transaction and were measured at fair value on a non-recurring basis.

The fair value of the royalties and the contingent consideration were valued using Monte Carlo simulation models.

The model inputs included significant unobservable inputs and involve significant management judgment.

The significant unobservable inputs included assumptions related to metal prices which assumed silver prices ranging from $ 22 to $ 25 per ounce and gold prices ranging from $ 1,700 to $ 1,930 per ounce as well as volatility assumptions for silver and gold prices ( 33.5 % and 19.0 %, respectively), and an assumed weighted average cost of capital of 15.5 %.

Such instruments are classified as Level 3 of the fair value hierarchy.

In May 2023, the Company sold the La Preciosa Deferred Consideration for cash consideration of $ 7.0 million and deferred consideration of $ 1.0 million payable on the first anniversary of initial production from any portion of the La Preciosa project resulting in a loss on the sale of $ 12.3 million, which was recognized in Other, Net in the Consolidated Statement of Comprehensive Income (Loss).

The deferred cash consideration was measured at a fair value of $ 0.8 million at inception and will be remeasured at fair value on a nonrecurring basis.

It was valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate.

In July 2024, the Company completed the purchase of the Fresnillo mining concessions.

Total consideration includes a cash payment of $ 10 million paid at closing, the Deferred Cash Due 2025 of $ 10 million, and the Deferred Cash Due 2026 of $ 5 million.

The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable and unobservable data, including yield curves and credit spreads.

The model inputs can generally be verified and do not involve significant management judgment.

Such instruments are classified within Level 2 of the fair value hierarchy.

The consideration for the sale of Sterling/Crown exploration properties included the right to an additional payment of $ 50.0 million should the Buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties (including any in-situ ounces mined after the closing of the Transaction) equal to or greater than 3,500,000 gold ounces, subject to certain additional terms and conditions detailed in the stock purchase agreement.

The fair value of the contingent consideration asset of $ 13.0 million valued as of the date of closing of the transaction was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

The model inputs include significant unobservable inputs, involve significant management judgment and is classified as Level 3 of the fair value hierarchy.

The significant unobservable inputs included managements assumption related to the probability (75%) and timing (ranging from 5 years to 30 years) of achieving reported gold resources equal to or greater than 3,500,000 gold ounces and a discount rate of 8.1 %.

NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

6 unchanged sentences

Derivatives Designated as Cash Flow Hedging Strategies

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company enters into forward contracts.

The contracts are net settled monthly and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it would result in a realized gain or loss, respectively.

The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company has entered into forward contracts.

The contracts were net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it resulted in a realized gain or loss, respectively.

The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.

At December 31, 2024, the Company had no outstanding derivative cash flow hedge instruments.

The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings.

Deferred gains and losses associated with cash flow hedges of metal sales revenue were recognized as a component of Revenue in the same period as the related sale is recognized.

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective.

Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions

Coeur Mining, Inc.

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Notes to Consolidated Financial Statements

At December 31, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces 2024 2025 and Thereafter

Gold forwards

Average gold fixed price per ounce $ 2,076 $ —

Notional ounces 94,950 —

Silver forwards

Average silver fixed price per ounce $ 25.16 $ —

Notional ounces 3,099,999 —

The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings.

Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized.

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective.

Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments.

There have been no such changes in critical terms or adverse developments.

As of December 31, 2023, the Company had $ 1.3 million of net after-tax gains in AOCI related to gains from cash flow hedge transactions, of which $ 1.3 million of net after-tax gains is expected to be recognized in its Consolidated Statement of Comprehensive Income (Loss) during the next 12 months.

Actual amounts ultimately reclassified to net income are dependent on the price of gold and silver for metal contracts.

remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments.

There were no such changes in critical terms or adverse developments.

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

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Gold forwards $ — $ — $ 1,981

Silver forwards $ 3,312 $ — $ —

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2024 and 2023, respectively (in thousands):

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Year Ended December 31,

4 unchanged sentences

Gold zero cost collars — — ( 4,598 )

Foreign currency forward exchange contracts — — 50

$ ( 18,507 ) $ ( 318 ) $ 37,445

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Gold zero cost collars — — 4,598

Foreign currency forward exchange contracts — — ( 13,797 )

$ 17,176 $ ( 10,694 ) $ ( 23,890 )

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The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.

Zero Cost Collars

To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements.

The contracts were net cash settled monthly and, if the price of gold at the time of expiration was between the put and call prices, it would expire at no cost to the Company.

If the price of gold at the time of expiration was lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively.

The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.

In the first quarter of 2022, the Company voluntarily de-designated hedge accounting for the zero cost collars and subsequently terminated the arrangements.

The cost to terminate the zero cost collars was $ 7.7 million, of which $ 3.1 million was recognized in earnings and the remaining $ 4.6 million, which represents the fair value of the zero cost collars on the date of de-designation, was retained in AOCI and was recognized in earnings in 2022 as the forecasted transactions occurred.

At December 31, 2024, the Company had the following derivative instruments that settle as follows:

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Provisional metal sales contracts $ 222 $ 70

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and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2023

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The following represent mark-to-market gains (losses) on derivative instruments in the years ended December 31, 2024 and 2023, respectively (in thousands):

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and Subsidiaries

Notes to Consolidated Financial Statements

Year Ended December 31,

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Revenue Provisional metal sales contracts $ ( 166 ) $ 30 $ 365

Fair value adjustments, net Exchange agreement embedded derivative — — 9,933

Fair value adjustments, net Terminated zero cost collars — — ( 3,139 )

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In thousands 2024 2023 2022

COVID-19 $ 111 $ 1,739 $ 6,618

Silvertip ongoing carrying costs $ 8,513 $ 15,616 20,963

(Gain) loss on sale of assets 12,879 ( 640 ) ( 4,111 )

Loss on sale of assets 4,250 12,879 ( 640 )

Asset retirement accretion 16,778 16,405 14,232

Kensington royalty settlement (1)

Transaction costs 8,517 — —

Other 6,059 9,736 6,092

Pre-development, reclamation and other $ 51,273 $ 54,636 $ 40,647

(1) See Note 17 -- Commitments and Contingencies for additional details on the Kensington royalty settlement .

Other, net consists of the following:

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Foreign exchange gain (loss) $ 4,753 $ ( 459 ) $ ( 850 )

Gain (loss) on dispositions (1)

( 12,318 ) 63,789 —

VAT write-down — — ( 25,982 )

Loss on dispositions — ( 12,318 ) 63,789

Flow-through shares 5,563 2,057 —

RMC bankruptcy distribution 1,294 1,516 1,651

1 unchanged sentence

Other, net $ 13,027 $ ( 7,463 ) $ 66,331

(1) See Note 13 -- Fair Value Measurements and Note 20 — Dispositions for additional details on the gain (loss) on dispositions.

NOTE 15 – NET INCOME (LOSS) PER SHARE

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Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the years ended December 31, 2023, 2022 and 2021, there were 1,777,273 , 952,664 and 634,419 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.

For the years ended December 31, 2024, 2023 and 2022, there were 61,467 , 1,777,273 and 952,664 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as

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Notes to Consolidated Financial Statements

the shares would be antidilutive.

Year ended December 31,

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Diluted $ 0.15 $ ( 0.30 ) $ ( 0.28 )

On September 13, 2023, the Company completed a $ 50.0 million “at the market” offering of its common stock, par value $ 0.01 per share (the “September 2023 Equity Offering”).

The September 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on August 10, 2023 between the Company and BMO Capital Markets Corp., BofA Securities, Inc.

and RBC Capital Markets, LLC as sales agents.

The Company sold a total of 21,699,856 shares of its common stock in the September 2023 Equity Offering at an average price of $ 2.30 per share, raising net proceeds (after sales commissions) of $ 49.3 million.

Proceeds from the September 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

On June 21, 2023, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 5,276,154 shares of common stock, par value $ 0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on June 27, 2023.

The Company granted an over-allotment option of up to 3,000,000 additional flow-through shares, which was exercised in full and closed on July 20, 2023.

The proceeds of the Private Placement Offering will be used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)).

On February 26, 2024, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 7,704,725 shares of common stock, par value $ 0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on March 8, 2024.

The proceeds of the Private Placement Offering are used for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)) at the Company’s Silvertip exploration project.

The initial Private Placement Offering raised net proceeds of $ 23.7 million, of which $ 0.9 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”).

During the year ended December 31, 2024, the Company recognized the remaining FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $ 5.6 million included in Other, net.

The FT Premium Liability is included in Accrued liabilities and other on the Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred.

The over-allotment raised net proceeds of $ 10.5 million, including an additional $ 2.7 million of FT Premium Liability.

In 2023, the Company incurred qualifying Canadian Exploration Expenditures which resulted in the recognition of $ 2.3 million of the FT Premium Liability as a gain in the Income Statement.

The remaining outstanding FT Premium Liability was $ 5.5 million as of December 31, 2023.

The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act.

On March 17, 2023, the Company completed a $ 100.0 million “at the market” offering of its common stock, par value $ 0.01 per share (the “March 2023 Equity Offering”).

The March 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on February 23, 2023 between the Company and BMO Capital Markets Corp.

and RBC Capital Markets, LLC as sales agents.

The Company sold a total of 32,861,580 shares of its common stock in the March 2023 Equity Offering at an average price of $ 3.04 per share, raising net proceeds (after sales commissions) of $ 98.4 million.

Proceeds from the March 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

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and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION

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Coeur Mining, Inc.

Guarantor Subsidiaries

Subsidiary Guarantors

In thousands December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023

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(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

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and Subsidiaries

Notes to Consolidated Financial Statements

SUMMARIZED STATEMENTS OF INCOME

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In thousands Coeur Mining, Inc.

Guarantor Subsidiaries

Subsidiary Guarantors

Revenue $ — $ 674,946

8 unchanged sentences

Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied.

The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that was due, litigation and international arbitration).

Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous.

While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021.

Coeur has elected to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages.

Coeur has initiated an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages.

Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results.

Palmarejo Gold Stream

Coeur Mexicana sells 50 % of Palmarejo gold production (excluding production from certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $ 800 or spot price per ounce.

In 2016, Coeur Mexicana received a $ 22.0 million deposit toward future deliveries under the gold stream agreement.

Coeur Mexicana currently sells 50 % of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $ 800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”).

The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50 % of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $ 78.0 million, consisting of $ 75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $ 3.0 million (the “Prior Gold Stream Agreement”).

The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced.

Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $ 22.0 million deposit toward future deliveries.

In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada.

3 unchanged sentences

The following table presents a roll forward of the Franco-Nevada contract liability balance:

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Year Ended December 31,

6 unchanged sentences

From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments.

In December 2022, the Company received a $ 25.0 million prepayment, all of which was recognized as revenue in the first half of 2023.

In June 2023, the Company exercised an option to receive a further $ 25.0 million prepayment, all of which was recognized as revenue in the first half of 2023.

In December 2023, the Company received a $ 25.0 million prepayment.

Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty to allow for a $ 10.0 million prepayment for deliveries of electrolytic cathodic sludge from its Wharf mine and a $ 10.0 million prepayment for deliveries of gold and silver doré from its Rochester mine, all of which were recognized as revenue in the third quarter of 2023.

In September 2023, the contracts related to Wharf and Rochester were amended to increase the maximum amount available in prepayments to $ 12.5 million and $ 17.5 million, respectively, all of which were recognized as revenue in the fourth quarter of 2023.

In December 2023, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively.

In September 2024, the Company received an additional prepayment of $ 25.0 million, following the fulfillment of the previous received prepayments.

Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine, both of which were amended in September 2023 to increase the maximum amount available in prepayments to $ 12.5 million and $ 17.5 million, respectively.

In December 2024, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively, following the fulfillment of the previous received prepayments received at Wharf and Rochester.

The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer.

The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet.

Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by December 2024.

Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and silver and expects to recognize the remaining value of the accrued liability by December 2025.

The following table presents a roll forward of the prepayment contract liability balance:

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Kensington Royalty Matter

The Company’s subsidiary Coeur Alaska, Inc.

(“Coeur Alaska”) is currently engaged in litigation with Maverix Metals Inc.

On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc.

(“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc.

and Maverix Metals (Nevada) Inc.

(collectively “Maverix”) regarding the appropriate costs to be included in the cost recoupment calculation under a royalty deed before the royalty is payable on production from a portion of the Kensington mine

(collectively “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”).

While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters.

In consideration for the dismissal of the Maverix Litigation and pursuant to other customary terms of settlement, Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty.

The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine at a rate of:

(i) 1.25 % for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5 % for production occurring on or after January 1, 2027.

The Company also agreed to issue up to 2,455,000 shares of its common stock to an affiliate of Maverix, including common stock having a then-current fair market value of $ 3.0 million by April 2, 2024, and common stock having a then-current fair market value of $ 3.75 million by March 28, 2025 (collectively, the “Settlement Shares”), with a cash-settlement of any shortfall in value if all 2,455,000 shares of common stock are issued.

The settlement provides that credit for the value of certain portions of equity issued to be credited against the royalty, as amended, as payment in arrears for production prior to January 1, 2024.

In April 2024, the Company issued 737,210 shares to settle the first equity issuance.

The issuance of the Settlement Shares is being made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes.

As of December 31, 2024 and December 31, 2023, the Company had surety bonds totaling $ 363.7 million and $ 324.8 million,

Coeur Mining, Inc.

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Notes to Consolidated Financial Statements

property (the “Maverix Litigation”).

While the Company continues to believe in the validity of its claims and counterclaims in the matter, it has determined that settlement is appropriate given the inherent uncertainty presented in litigation matters.

Accordingly, on February 15, 2024, Coeur Alaska and Maverix entered into a settlement agreement term sheet (“Settlement Term Sheet”) and the court granted their joint request to vacate the upcoming trial date and pretrial deadlines while the parties finalize definitive documentation of the settlement.

Although the Settlement Term Sheet outlines key terms for dismissing the Maverix Litigation, definitive documentation has not yet been finalized.

The Company believes that it is reasonably possible that the final terms of the settlement could result in a potential loss that the Company estimates to be between $1 million and $7 million.

Mining Concession

On November 20, 2023, Coeur Mexicana S.A.

signed a purchase agreement with a subsidiary of Fresnillo plc to acquire mining concessions adjacent to the Palmarejo mine.

Total consideration includes a cash payment of approximately $ 25 million, with $ 10 million due at closing, an additional $ 10 million payable 12 months after closing, and an additional $ 5 million payable 24 months after closing.

The concessions will be subject to an inflation-adjusted royalty payment of $ 25 per ounce for each new gold-equivalent ounce of resource discovered between 450,000 and two million gold equivalent ounces.

Closing is subject to applicable regulatory approvals in Mexico.

Other Commitments and Contingencies

As of December 31, 2023 and December 31, 2022, the Company had surety bonds totaling $ 324.8 million and $ 326.8 million, respectively, in place as financial support for future reclamation and closure costs.

respectively, in place as financial support for future reclamation and closure costs.

The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments.

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Accrued salaries and wages $ 31,151 $ 31,722

Flow-through share premium received (including over-allotment) 5,563 —

Flow-through share premium received 853 5,563

Deferred revenue (1)

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Income and mining taxes 36,490 11,766

Kensington royalty settlement (1)

Deferred Cash Due 2025 9,644 —

Accrued operating costs 6,577 11,081

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(1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities.

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and Subsidiaries

Notes to Consolidated Financial Statements

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that total the same such amounts shown in the Consolidated Statements of Cash Flows in the years ended December 31, 2024 and 2023:

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Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 56,874 $ 63,378

(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet.

Year ended December 31,

5 unchanged sentences

Debt for equity exchange $ 5,867 $ 76,018 $ —

Non-cash acquisition of Victoria Gold Corp common stock $ — $ — $ 118,777

Other cash flow information:

1 unchanged sentence

Income and mining taxes paid $ 45,100 $ 35,000 $ 41,600

NOTE 20 – DISPOSITIONS

On September 18, 2022, the Company entered into a Stock Purchase Agreement with AngloGold Ashanti (U.S.A.) Holdings Inc.

and its affiliate (the “Buyer”) for the sale of 100 % of the issued and outstanding shares of Coeur Sterling, Inc., a subsidiary of Coeur that operates the Sterling/Crown exploration properties near Beatty, Nevada, in exchange for:

(A) a cash payment of $ 150.2 million at the closing of the transaction, subject to a customary purchase price adjustment and (B) the right to an additional payment of $ 50.0 million, valued at $ 13.0 million, should the Buyer, its affiliates or its successors report gold resources in the Sterling/Crown exploration properties (including any in-situ ounces mined after the closing of the Transaction) equal to or greater than 3,500,000 gold ounces, subject to certain additional terms and conditions detailed in the stock purchase agreement.

The transaction was consummated on November 4, 2022.

The Sterling/Crown sale resulted in a gain on the sale of $ 62.2 million, which was recognized in Other, Net in the Consolidated Statements of Comprehensive Income (Loss).

On October 27, 2021 the Company entered into a definitive agreement (the “La Preciosa Agreement”) to sell its La Preciosa project located in the State of Durango, Mexico to Avino (the “La Preciosa Sale”).

On March 21, 2022, the La Preciosa Sale was completed.

Coeur and its subsidiaries received the following consideration at closing:

• $ 15.3 million cash,

• $ 5.0 million promissory note that matures prior to the first anniversary of the transaction closing, valued at $ 4.7 million,

• Equity consideration of 14.0 million units, consisting of one share of Avino common stock and one half of one common share purchase warrant of Avino common stock, valued at $ 13.7 million and $ 2.2 million, respectively.

Common share purchase warrants are exercisable at $ 1.09 per share and expire September 2023.

• In addition, under the La Preciosa Agreement, Coeur is entitled to the following additional consideration:

• $ 8.8 million deferred cash consideration to be paid no later than the first anniversary of initial production from any portion of the La Preciosa project, valued at $ 7.4 million,

• Contingent payments of $ 0.25 per silver equivalent ounce (subject to an inflationary adjustment) on any new mineral reserves discovered and declared outside of the current resource area at the La Preciosa project, up to a maximum payment of $ 50.0 million, valued at $ 1.2 million, and

Coeur Mining, Inc.

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Notes to Consolidated Financial Statements

• Two royalties, valued at $ 11.2 million, covering the La Preciosa land package, including (i) a 1.25 % net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and (ii) a 2.00 % gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, offset by the amount of any new mineral reserve contingent payments made to Coeur.

The La Preciosa sale resulted in a gain on the sale of $ 1.5 million, which was recognized in Other, Net in the Consolidated Statements of Comprehensive Income (Loss).

In May 2023, the Company sold the La Preciosa Deferred Consideration for cash consideration of $ 7.0 million and deferred consideration of $ 1.0 million payable on the first anniversary of initial production from any portion of the La Preciosa project, resulting in a loss on the sale of $ 12.3 million, which was recognized in Other, Net in the Consolidated Statement of Comprehensive Income (Loss).

NOTE 19 – SUBSEQUENT EVENTS

On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur would acquire all of the issued and outstanding shares of SilverCrest Metals Inc.

(“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”).

Under the terms of the Agreement, SilverCrest shareholders were to receive 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

On February 14, 2025, the Company completed the closing of the Transaction after receiving regulatory approval on February 3, 2025 followed by shareholder approval on February 6, 2025.

Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares.

Based on the closing price of Coeur common shares on the NYSE on February 14, 2025, the implied total equity value was approximately $ 1.58 billion based on SilverCrest’s common shares outstanding and the Exchange Ratio.

Given the timing of the completion of the Transaction, we are currently in the process of valuing the assets acquired and liabilities assumed in the Transaction.

As a result, we are unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed and other disclosures.

In connection with the Transaction, Coeur increased the authorized common shares for issuance to 900,000,000 common shares.

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and Subsidiaries

Notes to Consolidated Financial Statements

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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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-K

Item 8. Financial Statements and Supplementary Data