What changed in this filing

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Item 1. Financial Statements

2025-05-07 compared with 2024-11-06 · 872 added, 295 removed, 544 unchanged (68% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

ASSETS Notes In thousands, except share data

8 unchanged sentences

Property, plant and equipment and mining properties, net 7 2,799,755 1,817,616

Goodwill 3 567,045 —

Ore on leach pads 6 93,199 106,670

19 unchanged sentences

Common stock, par value $ 0.01 per share;

authorized 600,000,000 shares, 399,287,506 issued and outstanding at September 30, 2024 and 386,282,957 at December 31, 2023

authorized 900,000,000 shares, 639,060,751 issued and outstanding at March 31, 2025 and 399,235,632 at December 31, 2024

Additional paid-in capital 5,771,030 4,181,521

Accumulated other comprehensive income (loss) — 1,331

Accumulated deficit ( 3,028,908 ) ( 3,062,261 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

Notes In thousands, except share data

8 unchanged sentences

Total costs and expenses 297,906 216,417

Income (loss) from operations 62,156 ( 3,357 )

OTHER INCOME (EXPENSE), NET

21 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

Notes In thousands

7 unchanged sentences

Stock-based compensation 11 3,298 4,248

Loss on the sale or disposition of assets 13 — 19 — 12,650

Write-downs — 3,235

11 unchanged sentences

Proceeds from the sale of assets — 24

Sale of investments — — — 41,558

Proceeds from notes receivable 4 — — — 5,000

Other ( 90 ) ( 67 )

CASH USED IN INVESTING ACTIVITIES ( 52,049 ) ( 112,184 ) ( 145,728 ) ( 217,135 )

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 53,304 ( 42,126 )

CASH FLOWS FROM FINANCING ACTIVITIES:

21 unchanged sentences

Net income (loss) — — — 33,353 — 33,353

Other comprehensive income (loss) — — — — ( 7,478 ) ( 7,478 )

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

Issuance of flow-through shares 7,705 77 22,908 — — 22,985

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,823 28 2,440 — — 2,468

Balances at March 31, 2024 398,583 $ 3,986 $ 4,170,568 $ ( 3,150,278 ) $ ( 6,147 ) $ 1,018,129

Net income (loss) — — — 1,426 — 1,426

Other comprehensive income (loss) — — — — 6,147 6,147

SilverCrest Acquisition 239,489 2,395 1,587,696 — — 1,590,091

Kensington Royalty Settlement 595 6 3,649 — — 3,655

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net ( 259 ) ( 3 ) ( 1,836 ) — — ( 1,839 )

Balances at June 30, 2024 399,241 $ 3,992 $ 4,176,668 $ ( 3,148,852 ) $ — $ 1,031,808

Net income (loss) — — — 48,739 — 48,739

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 47 1 2,602 — — 2,603

Balances at September 30, 2024 399,288 $ 3,993 $ 4,179,270 $ ( 3,100,113 ) $ — $ 1,083,150

Balances at March 31, 2025 639,061 $ 6,390 $ 5,771,030 $ ( 3,028,908 ) $ — $ 2,748,512

In thousands Common

8 unchanged sentences

Other comprehensive income (loss) — — — — ( 7,478 ) ( 7,478 )

Common stock issued under "at the market"

stock offering 32,862 329 98,100 — — 98,429

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

Issuance of flow-through shares 7,705 77 22,908 — — 22,985

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,823 28 2,440 — — 2,468

Balances at March 31, 2024 398,583 $ 3,986 $ 4,170,568 $ ( 3,150,278 ) $ ( 6,147 ) $ 1,018,129

Net income (loss) — — — ( 32,412 ) — ( 32,412 )

Other comprehensive income (loss) — — — — 14,066 14,066

Common stock issued for the extinguishment of Senior Notes 13,941 140 45,328 — — 45,468

Common stock issued under Private Placement Offering 5,276 53 12,603 — — 12,656

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net ( 92 ) ( 1 ) 2,449 — — 2,448

Balances at June 30, 2023 350,167 $ 3,502 $ 4,050,460 $ ( 3,074,547 ) $ 9,347 $ 988,762

Net income (loss) — — — ( 21,109 ) — ( 21,109 )

Other comprehensive income (loss) — — — — 2,307 2,307

Common stock issued under "at the market” stock offering 21,700 217 48,920 — — 49,137

Common stock issued for the extinguishment of Senior Notes 7,619 76 18,228 — — 18,304

Common stock issued under Private Placement Offering 3,000 30 8,332 — — 8,362

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 207 2 2,613 — — 2,615

Balances at September 30, 2023 382,693 $ 3,827 $ 4,128,553 $ ( 3,095,656 ) $ 11,654 $ 1,048,378

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

1 unchanged sentence

and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements

NOTE 1 - BASIS OF PRESENTATION

34 unchanged sentences

and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements

actual experience and revises its estimates when appropriate.

1 unchanged sentence

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.

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 (Stages 2, 3 and 4) leach pads 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.

1 unchanged sentence

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

Recently Issued Accounting Standards

Updated recoverable ounce estimates are considered a change in estimate and was accounted for prospectively.

As of March 31, 2025, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 54,208 and 7.4 million, respectively.

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition.

Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value.

Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

The Company may elect to perform a qualitative assessment if it is more likely than not that the fair value exceeds the carrying value.

If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit.

The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties.

These approaches are considered Level 3 fair value measurements.

If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Recently Adopted Accounting Standards

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

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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 reportable segment disclosures but is not expected to impact our Condensed Consolidated Financial Statements or disclosures.

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

See Note 4 -- 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 Condensed 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 Condensed Consolidated Financial Statements and related disclosures.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements

NOTE 3 – ACQUISITIONS

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 received 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.

The Company retained an independent appraiser to assist with the determination of the preliminary fair value of assets acquired and liabilities assumed.

In accordance with the acquisition method of accounting, the purchase price of SilverCrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values.

The fair value estimates were based on income, market and cost valuation methods.

The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes and was assigned to the Las Chispas segment.

The goodwill balance is comprised of amounts attributable to the assembled workforce, potential strategic and financial benefits, including the financial flexibility to execute capital priorities, and new book to tax basis differences of assets acquired and liabilities assumed.

The acquisition of SilverCrest increased the Company’s gold and other metal reserves and expanded our footprint in a jurisdiction where the Company has significant experience.

As of March 31, 2025, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for SilverCrest is preliminary.

At March 31, 2025, remaining items to finalize include the fair value of property plant and mine development, goodwill, reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities.

The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the acquisition date.

These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed.

The purchase price allocation adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the acquisition date.

Prior to the closing of the Transaction, the Company entered into a loan with SilverCrest through which Coeur Rochester, Inc., a subsidiary of the Company, owed $ 72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction.

The acquired bullion and metal inventory was sold during Q1 2025 for proceeds of $ 72.0 million.

The proceeds are included in the operating cash flows for the first quarter and the $ 0.3 million loss was recorded in Fair value adjustments, net.

Total transaction costs were $ 17.5 million with $ 8.9 million incurred in the three months ended March 31, 2025.

These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income (loss) and are reflected in pro forma earnings in the table below for the three months ended March 31, 2024.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The following table summarizes the preliminary purchase price allocation for the Transaction as of March 31, 2025:

(Amounts in thousands, except shares and share price amounts )

Common shares issued ( 239,331,799 at $ 6.61 )

Fair value of replacement stock-based compensation awarded (1)

Fair value of Coeur payable to SilverCrest repurchased ( 72,311 )

Total purchase price $ 1,518,238

Cash and cash equivalents $ 103,441

Short-term receivables 22,996

Inventory 153,826

Prepaid expenses and other 15,213

Property, plant and equipment and mining properties 1,005,828

Total Assets $ 1,306,900

Accounts payable 16,774

Accrued liabilities and other 24,866

Reclamation 8,644

Deferred tax liabilities (2)

Other long-term liabilities 18,354

Total liabilities $ 355,709

Net identifiable assets acquired $ 951,191

Goodwill 567,047

Net assets acquired $ 1,518,238

(1) As of March 31, 2025, 0.2 million common shares were issued related to the exercise of 0.6 million replacement options.

(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the preliminary fair value of the assets acquired in Mexico and the historical carryover tax basis of assets and liabilities in all other jurisdictions.

No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill.

Pro Forma Financial Information

SilverCrest contributed revenue of $ 58.0 million and net income of $ 2.9 million from February 15, 2025 to March 31, 2025.

The following unaudited pro forma financial information presents consolidated results assuming the Transaction occurred on January 1, 2024.

Three Months Ended

March 31, 2025 March 31, 2024

Revenue $ 415,039 $ 276,706

Net income (loss) $ 47,577 $ ( 66,395 )

These pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of SilverCrest to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties had been applied from January 1, 2024, with the consequential tax effects.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 4 – SEGMENT REPORTING

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

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

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

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“ 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”), composed 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):

Three Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Three Months Ended March 31, 2025 Las Chispas (5)

Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 27,882 $ 43,695 $ 41,783 $ 65,207 $ 56,760 $ — $ — $ 235,327

7 unchanged sentences

Other operating expenses (2)

Other income (expense)

Gain on debt extinguishment — — — — — — —

Fair value adjustments, net — — — — — — —

Interest expense, net ( 30 ) ( 1,113 ) ( 245 ) ( 128 ) ( 1 ) ( 11,763 ) ( 13,280 )

Other, net (3)

67 1,629 2,754 570 1,188 3,078 21,579 30,865

Income and mining tax (expense) benefit ( 18,919 ) ( 283 ) — ( 4,164 ) — ( 2,451 ) ( 25,817 )

Net Income (loss) $ 26,292 $ 1,302 $ 13,492 $ 42,944 $ ( 12,185 ) $ ( 23,106 ) $ 48,739

Segment assets (2)

$ 320,271 $ 1,180,633 $ 208,858 $ 107,526 $ 212,607 $ 53,374 $ 2,083,269

Capital expenditures $ 8,048 $ 10,121 $ 19,996 $ 2,773 $ 1,035 $ 7 $ 41,980

(1) Excludes amortization.

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

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Three Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 38,994 $ 8,719 $ 46,474 $ 45,316 $ — $ — $ 139,503

Silver sales 38,294 14,929 56 1,801 — — 55,080

Metal sales 77,288 23,648 46,530 47,117 — — 194,583

Costs and expenses 53,715 58,373 67,664 53,498 32,328 10,131 22,197 297,906

Costs applicable to sales (1)

48,059 30,532 38,286 31,026 — — 147,903

Amortization 9,024 4,176 6,894 1,588 919 283 22,884

Exploration 2,160 303 2,856 — 6,703 415 12,437

Other operating expenses 2,611 2,188 900 1,049 3,163 8,301 18,212

Income (loss) from operations 4,304 37,433 14,962 11,745 26,040 ( 10,131 ) ( 22,197 ) 62,156

Other income (expense)

Gain on debt extinguishment — — — — — 774 774

Fair value adjustments, net — — ( 346 ) — — — — ( 346 )

2 unchanged sentences

428 ( 688 ) ( 88 ) ( 85 ) ( 43 ) 97 785 406

Income (loss) before income and mining taxes 4,715 36,760 12,270 11,483 25,899 ( 10,034 ) ( 29,327 ) 51,766

Income and mining tax (expense) benefit ( 1,852 ) ( 11,099 ) ( 613 ) ( 488 ) ( 2,522 ) — ( 1,839 ) ( 18,413 )

4 unchanged sentences

(1) Excludes amortization.

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

(2) Other operating expenses include 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, mineral interests, and goodwill .

(5) Las Chispas was acquired through the SilverCrest Transaction.

Financial results presented correspond to the period after the acquisition.

See Note 3 - Acquisitions for further information.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Nine Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 53,902 $ 12,681 $ 43,485 $ 41,701 $ — $ — $ 151,769

7 unchanged sentences

Other operating expenses (2)

Other income (expense)

Gain on debt extinguishment — — — — — 417 417

Fair value adjustments, net — — — — — — —

Interest expense, net 341 ( 3,508 ) ( 1,215 ) ( 405 ) ( 11 ) ( 34,591 ) ( 39,389 )

Other, net (3)

2,254 5,750 7,626 1,101 2,705 13,196 32,632

Income and mining tax (expense) benefit ( 37,913 ) 623 — ( 7,172 ) — ( 4,568 ) ( 49,030 )

Net Income (loss) $ 54,991 $ ( 16,551 ) $ 3,290 $ 77,385 $ ( 30,711 ) $ ( 67,356 ) $ 21,048

Segment assets (2)

$ 320,271 $ 1,180,633 $ 208,858 $ 107,526 $ 212,607 $ 53,374 $ 2,083,269

Capital expenditures $ 20,680 $ 58,894 $ 49,731 $ 4,237 $ 1,894 $ 32 $ 135,468

(1) Excludes amortization.

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

(3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail.

Nine Months Ended September 30, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 114,897 $ 37,404 $ 111,136 $ 124,522 $ — $ — $ 387,959

Silver sales 117,426 49,245 193 4,293 — — 171,157

Metal sales 232,323 86,649 111,329 128,815 — — 559,116

Costs and expenses 71,635 39,813 54,056 28,032 8,837 14,044 216,417

Costs applicable to sales (1)

143,915 99,465 114,817 82,399 — — 440,596

Amortization 25,760 13,043 17,539 4,802 3,161 882 65,187

Exploration 5,087 965 6,179 — 6,572 1,204 20,007

Other operating expenses 6,370 6,613 2,844 3,092 14,670 27,745 61,334

Income (loss) from operations 24,743 ( 9,984 ) ( 10,537 ) 15,302 ( 8,837 ) ( 14,044 ) ( 3,357 )

Other income (expense)

4 unchanged sentences

546 30 ( 81 ) ( 42 ) ( 58 ) 2,378 2,773

Income (loss) before income and mining taxes 25,263 ( 11,294 ) ( 11,089 ) 15,108 ( 8,901 ) ( 22,180 ) ( 13,093 )

Income and mining tax (expense) benefit ( 11,683 ) 234 — ( 1,136 ) — ( 3,439 ) ( 16,024 )

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.

Assets September 30, 2024 December 31, 2023

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

Assets March 31, 2025 December 31, 2024

Total assets for reportable segments $ 3,898,776 $ 2,161,881

2 unchanged sentences

Total consolidated assets $ 4,066,893 $ 2,301,747

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Geographic Information

Long-Lived Assets September 30, 2024 December 31, 2023

Long-Lived Assets March 31, 2025 December 31, 2024

United States $ 1,310,753 $ 1,312,976

3 unchanged sentences

Total $ 3,366,800 $ 1,817,616

Revenue Three months ended September 30, Nine months ended September 30,

2024 2023 2024 2023

Revenue Three months ended March 31,

United States $ 206,237 $ 116,682

1 unchanged sentence

Total $ 360,062 $ 213,060

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 5 – RECEIVABLES

Receivables consist of the following:

In thousands September 30, 2024 December 31, 2023

In thousands March 31, 2025 December 31, 2024

Current receivables:

2 unchanged sentences

Income tax receivable 8,489 8,509

Gold and silver forwards realized gains (2)

Other 620 721

$ 54,908 $ 29,930

1 unchanged sentence

Other tax receivable (1)

$ 6,132 $ 9,111

Deferred cash consideration (2)

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Total receivables $ 68,937 $ 49,513

(1) See Note 11 -- Fair Value Measurements for additional details on deferred cash consideration and contingent consideration in the 2023 10-K.

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

See Note 12 -- Derivative Financial Instruments & Hedging for additional details on the gold and silver forward hedges.

(1) Consists of exploration credit refunds at Silvertip.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

(2) 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.

(3) 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 6 – INVENTORY AND ORE ON LEACH PADS

Inventory consists of the following:

In thousands September 30, 2024 December 31, 2023

In thousands March 31, 2025 December 31, 2024

Concentrate $ 4,136 $ 2,663

Stockpile ore (1)

116,892 6,773

Precious metals 34,372 16,034

8 unchanged sentences

Total Inventory and Ore on Leach Pads $ 476,257 $ 319,729

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 first quarter of 2024, the cost associated with the stock-pile 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 ).

(1) Includes $ 113.3 million, $ 2.2 million, $ 0.8 million, and $ 0.5 million at Las Chispas, Kensington, Palmarejo, and Wharf at March 31, 2025, respectively.

Includes $ 3.1 million, $ 0.5 million, and $ 3.2 million at Kensington, Palmarejo, and Wharf at December 31, 2024, respectively.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET

Property, plant and equipment and mining properties, net consist of the following:

In thousands September 30, 2024 December 31, 2023

In thousands March 31, 2025 December 31, 2024

Mine development $ 1,554,357 $ 1,502,457

4 unchanged sentences

Construction in progress 117,691 145,732

170,256 612,865

Total $ 5,051,424 $ 4,007,923

2 unchanged sentences

Property, plant and equipment and mining properties, net $ 2,799,755 $ 1,817,616

(1) Includes $ 149.2 million and $ 127.6 million associated with facilities and equipment assets under finance leases at September 30, 2024 and December 31, 2023, respectively.

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

(3) Includes $ 54.1 million and $ 37.6 million of accumulated amortization related to assets under finance leases at September 30, 2024 and December 31, 2023, respectively.

On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur will 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 will receive 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

The Exchange Ratio implies consideration of $ 11.34 per SilverCrest common share, based on the closing price of Coeur common shares on the New York Stock Exchange (“NYSE”) on October 3, 2024.

This implies a total equity value of approximately $ 1.7 billion based on SilverCrest’s common shares outstanding.

Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63 % and 37 % of the outstanding common stock of the combined company, respectively.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including Mexican antitrust approval, approval of the listing of the Coeur common shares to be issued under the Transaction on the NYSE, and the satisfaction of certain other closing conditions customary for a transaction of this nature.

Subject to the satisfaction of such conditions, the Transaction is expected to close in late Q1 2025.

The Agreement includes customary deal protections, including reciprocal fiduciary-out provisions, non-solicitation covenants, and the right to match any superior proposals.

Additionally, break fees in the amount of $ 60 million and $ 100 million are payable by SilverCrest and Coeur, respectively, and a reciprocal expense reimbursement fee is payable by one party to the other party in certain circumstances if the Transaction is not completed.

On November 20, 2023, Coeur Mexicana 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 (“Deferred Cash Due 2025”), and an additional $ 5 million payable 24 months after closing (“Deferred Cash Due 2026”).

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.

On July 8, 2024, the Company closed on the purchase after receiving an applicable regulatory approval in Mexico and provided payment of the $ 10 million due at closing.

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.

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

(1) Includes $ 164.7 million and $ 170.1 million associated with facilities and equipment assets under finance leases at March 31, 2025 and December 31, 2024, respectively.

(2) Includes $ 67.4 million and $ 63.3 million of accumulated amortization related to assets under finance leases at March 31, 2025 and December 31, 2024, respectively.

NOTE 8 – DEBT

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

In thousands Current Non-Current Current Non-Current

5 unchanged sentences

$ 31,748 $ 466,521 $ 31,380 $ 558,678

(1) Net of unamortized debt issuance costs of $ 3.2 million and $ 3.9 million at September 30, 2024 and December 31, 2023, respectively.

(2) Unamortized debt issuance costs of $ 3.8 million and $ 2.8 million at September 30, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets .

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

(1) Net of unamortized debt issuance costs of $ 2.9 million and $ 3.1 million at March 31, 2025 and December 31, 2024, respectively.

(2) Unamortized debt issuance costs of $ 3.0 million and $ 3.4 million at March 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets .

2029 Senior Notes

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For more details, please see Note 8 -- Debt contained in the 2024 10-K.

In March 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 exchange, the exchanges resulted in a gain of $ 0.4 million on debt extinguishment.

The exchange transaction represents a non-cash financing activity in the Condensed Consolidated Statement of Cash Flow.

Revolving Credit Facility

At September 30, 2024, the Company had $ 225.0 million drawn at a weighted-average interest rate of 7.5 %, $ 29.6 million in outstanding letters of credit and $ 145.4 million available under its $ 400.0 million revolving credit facility (the “RCF”).

At March 31, 2025, the Company had $ 110.0 million drawn at a weighted-average interest rate of 6.7 %, $ 29.1 million in outstanding letters of credit and $ 260.9 million available under the revolving credit facility (“RCF”).

Future borrowing may be subject to certain financial covenants.

For more details, please see Note 9 -- Debt contained in the 2023 10-K.

On February 21, 2024, the Company entered into an agreement to extend and enhance its 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 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 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.

Finance Lease Obligations

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

In the nine months ended September 30, 2024, the Company entered into multiple new lease financing arrangements for mining equipment primarily at Rochester for $ 32.4 million at a weighted average interest rate of 6.89%.

In the three months ended March 31, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for $ 0.8 million at an interest rate of 7.2 %.

All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments.

For more details, please see Note 7 -- Leases in the 2024 10-K.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Interest Expense

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2025 2024

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Amortization of debt issuance costs 581 619

Other debt obligations 770 710 2,324 1,450

Other obligations 645 797

Capitalized interest ( 396 ) ( 2 )

Total interest expense, net of capitalized interest $ 10,450 $ 12,947

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 9 – RECLAMATION

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On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates.

The asset retirement obligation increased in 2025 due to increased reclamation and mine closure costs associated with Las Chispas.

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2025 2024

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NOTE 10 - INCOME AND MINING TAXES

The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2024 and 2023 by significant jurisdiction:

Three months ended September 30, Nine months ended September 30,

2024 2023 2024 2023

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

The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2025 and 2024 by significant jurisdiction:

Three months ended March 31,

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

United States $ 20,325 $ ( 5,305 ) $ ( 30,553 ) $ ( 3,819 )

3 unchanged sentences

$ 51,766 $ ( 18,413 ) $ ( 13,093 ) $ ( 16,024 )

During the third quarter of 2024, the Company reported estimated income and mining tax expense of approximately $ 25.8 million, resulting in an effective tax rate of 34.6 %.

This compares to income tax expense of $ 6.1 million for an effective tax rate of ( 40.6 )% during the third quarter of 2023.

During the first quarter of 2025, the Company reported estimated income and mining tax expense of approximately $ 18.4 million, resulting in an effective tax rate of 35.6 %.

This compares to income tax expense of $ 16.0 million for an effective tax rate of ( 122.4 )% during the first quarter of 2024.

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

(i) variations in the Company’s income before income taxes;

(ii) geographic distribution of that income;

(iii) mining taxes;

(iv) percentage depletion;

(v) foreign exchange rates;

and (vi) the impact of uncertain tax positions.

(i) mining taxes;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) the impact of uncertain tax positions;

(v) percentage depletion;

and (vi) foreign exchange rates.

Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

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The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance.

Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced.

There are a number of factors that impact the Company’s ability to realize its deferred tax assets.

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

The Company or one of its subsidiaries files income tax returns in the U.S.

federal jurisdiction, and various state and foreign jurisdictions.

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

federal jurisdiction and from 2017 forward for certain other foreign jurisdictions.

Regarding the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that there will be no further decrease in any unrecognized income tax benefits.

At September 30, 2024 and December 31, 2023, the unrecognized tax benefits and accrued income-tax-related interest and penalties were not significant.

The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense.

Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced.

There are a number of factors that impact the Company’s ability to realize its deferred tax assets.

For additional information, please see the section titled “Item 1A - Risk Factors” in the 2024 10-K.

The Company or one of its subsidiaries files income tax returns in the U.S.

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

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

federal jurisdiction, for 2016 and from 2020 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 the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $1.0 and $1.5 million in the next twelve months.

At March 31, 2025 and December 31, 2024, the Company had $ 15.4 million and $ 0.0 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate.

The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense.

At March 31, 2025 and December 31, 2024, the amount of accrued income-tax-related interest and penalties was $ 3.3 million and $ 0.0 million , 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.

As a result of 2025 business expansions, including the first quarter of 2025 closing of acquisition of SilverCrest Metals Inc., the Company expects to fall within the scope of the Pillar Two rules from January 1, 2025.

The Company will continue to monitor developments and evaluate the potential impact on 2025 and future periods.

At this time, based on the Company’s current analysis of the Pillar Two provisions and because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its Consolidated Financial Statements.

NOTE 11 – STOCK-BASED COMPENSATION

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Stock awards include performance shares, restricted stock and stock options.

Stock-based compensation expense in the three and nine months ended September 30, 2024 was $ 2.8 million and $ 9.8 million, respectively, compared to $ 2.6 million and $ 8.5 million in the three and nine months ended September 30, 2023.

At September 30, 2024, there was $ 11.3 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

The following table summarizes the grants awarded during the nine months ended September 30, 2024:

Stock-based compensation expense in the three months ended March 31, 2025 was $ 3.3 million, compared to $ 4.2 million in the three months ended March 31, 2024.

At March 31, 2025, there was $ 7.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

The following table summarizes the grants awarded during the three months ended March 31, 2025:

Grant date Restricted

stock Grant date fair

restricted stock Performance

restricted stock Stock options (1)

Grant date fair

stock options (1)

shares Grant date fair

February 14, 2025 — $ — 3,488,137 $ 6.61 — $ —

August 9, 2024 77,354 $ 5.44 3,568 $ 2.77

March 12, 2025 80,954 $ 5.71 — $ — 32,520 $ 5.71

(1) Includes 3.3 million shares of Coeur Options granted as replacement awards for SilverCrest Options that are fully vested and are exercisable at the Transaction date.

See Note 3 - Acquisitions for additional detail on the Transaction.

NOTE 12 – FAIR VALUE MEASUREMENTS

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2025 2024

Change in the value of equity securities (1)

$ — $ ( 2,010 ) $ — $ 4,629

Acquired bullion and metal inventory monetization ( 346 ) —

Fair value adjustments, net $ ( 346 ) $ —

(1) Includes unrealized losses on held equity securities of $ 2.0 million and $ 2.3 million for the three and nine months ended September 30, 2023, respectively.

Coeur Rochester, Inc., a subsidiary of the Company, had a loan payable of $ 72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction.

The acquired bullion and metal inventory was sold during Q1 2025 for proceeds of $ 72.0 million.

The proceeds are included in the operating cash flows for the first quarter and the $ 0.3 million loss was recorded in Fair value adjustments, net.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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

2 unchanged sentences

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

Fair Value at September 30, 2024

Fair Value at March 31, 2025

In thousands Total Level 1 Level 2 Level 3

4 unchanged sentences

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

Silver forwards 3,312 — 3,312 —

$ 3,630 $ — $ 3,630 $ —

Gold forwards $ 1,981 $ — $ 1,981 $ —

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

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.

The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, and credit spreads.

No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2024.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2024 and December 31, 2023 is presented in the following table:

September 30, 2024

No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2025.

The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2025 and December 31, 2024 is presented in the following table:

March 31, 2025

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

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$ 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

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

Total consideration includes a cash payment of $ 10 million due 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.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

In July 2024, the Company completed the purchase of mining concessions adjacent to the Palmarejo complex from Fresnillo.

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 data, including yield curves and credit spreads.

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

8 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 has entered into forward contracts.

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, in the past 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 September 30, 2024, the Company had no outstanding derivative cash flow hedge instruments.

At March 31, 2025 and 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.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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:

September 30, 2024

In thousands Prepaid expenses and other Other assets Accrued liabilities and other

Gold forwards $ — $ — $ —

Silver forwards $ — $ — $ —

December 31, 2023

In thousands Prepaid expenses and other Other assets Accrued liabilities and other

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 Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

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 Condensed Consolidated Statement of Comprehensive Income (Loss) for the years ended March 31, 2025 and 2024, respectively (in thousands):

Three Months Ended March 31,

Amount of Gain (Loss) Recognized in AOCI

1 unchanged sentence

Silver forwards — ( 633 )

Gold zero cost collars — —

$ — $ ( 7,625 )

2 unchanged sentences

Silver forwards — ( 832 )

$ — $ ( 4,920 ) $ 17,176 $ ( 7,830 )

Gold zero cost collars — —

Derivatives Not Designated as Hedging Instruments

4 unchanged sentences

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

At September 30, 2024, the Company had the following derivative instruments that settle as follows:

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest that settled monthly through March 2025.

The Company had no outstanding gold or silver hedging contracts at March 31, 2025.

At March 31, 2025, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces 2025 2026 and Thereafter

3 unchanged sentences

The following summarizes the classification of the fair value of the derivative instruments:

September 30, 2024

March 31, 2025

In thousands Prepaid expenses and other Accrued liabilities and other

Provisional metal sales contracts $ 448 $ 89

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

December 31, 2024

1 unchanged sentence

Provisional metal sales contracts $ 222 $ 70

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2025 and 2024, respectively (in thousands):

Three Months Ended March 31,

Financial statement line Derivative 2025 2024

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The Company does not anticipate non-performance by any of its counterparties.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

Pre-development, reclamation, and other consists of the following:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2025 2024

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Other, net consists of the following:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2025 2024

Foreign exchange gain (loss) $ ( 758 ) $ ( 365 )

Loss on dispositions — — — ( 12,319 )

Flow-through shares 630 2,490

RMC bankruptcy distribution — — 1,199 1,516

Other 534 648

3 unchanged sentences

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 three and nine months ended September 30, 2024, there were 29,130 and 103,916 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.

Similarly, 1.1 million and 1.6 million common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2023, respectively.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Three months ended September 30, Nine months ended September 30,

For the three months ended March 31, 2025 and 2024, there were 29,130 and 43,422 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.

Three months ended March 31,

In thousands except per share amounts 2025 2024

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Diluted $ 0.06 $ ( 0.08 )

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 will be 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 nine months ended September 30, 2024, the Company recognized a portion of the FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $ 5.2 million included in Other, net.

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

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.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION

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Subsidiary Guarantors

In thousands September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023

In thousands March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024

Current assets $ 20,798 $ 13,782 $ 192,832 $ 164,627

6 unchanged sentences

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

SUMMARIZED STATEMENTS OF INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2024

THREE MONTHS ENDED MARCH 31, 2025

In thousands Coeur Mining, Inc.

5 unchanged sentences

Mexico Litigation Matters

As of September 30, 2024, $ 26.9 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A.

As of March 31, 2025, $ 26.0 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A.

de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016.

3 unchanged sentences

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 were 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.

Despite a favorable ruling from Mexican tax courts in this matter in 2019, Mexico still has not returned the payments.

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.

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.

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.

Coeur initiated an arbitration proceeding against Mexico under Annex 14-C of the United States-Mexico-Canada Agreement, or USMCA, for violations of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages.

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Palmarejo Gold Stream

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 life of mine gold to be 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 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 under the gold stream agreement.

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.

Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation.

The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada.

The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet.

The Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada.

The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2025 2024

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Metal Sales Prepayments

In December 2024, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively, all of which were recognized as revenue in the first quarter of 2025.

At March 31, 2025, there was no remaining contract liability.

In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”).

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

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 September 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 Condensed Consolidated Balance Sheet.

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 September 2024.

See Note 2 -- Summary of Significant Accounting Policies contained in the 2023 10-K for additional detail.

The metal sales prepayments represented a contract liability under ASC 606, which required 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 was included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet.

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2025 2024

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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.

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 at a rate of:

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

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

September 30, 2024 and December 31, 2023, the Company had surety bonds totaling $ 349.5 million and $ 324.8 million, respectively, in place as financial support for future reclamation and closure costs.

for production occurring on or after January 1, 2027.

The Company also agreed to issue shares of its common stock to an affiliate of Maverix (“Settlement Shares”), consisting of 737,210 shares that were issued in April 2024 and 595,267 shares that were issued in March 2025.

The issuances of the Settlement Shares were 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 of March 31, 2025 and December 31, 2024, the Company had surety bonds totaling $ 363.5 million and $ 363.7 million, 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.

4 unchanged sentences

Accrued liabilities and other consist of the following:

In thousands September 30, 2024 December 31, 2023

In thousands March 31, 2025 December 31, 2024

Accrued salaries and wages $ 24,939 $ 31,151

1 unchanged sentence

Deferred revenue (1)

55,664 55,547

Income and mining taxes 23,529 36,490

8 unchanged sentences

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

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2024 and 2023:

In thousands September 30, 2024 September 30, 2023

In thousands March 31, 2025 March 31, 2024

Cash and cash equivalents $ 77,574 $ 67,489

2 unchanged sentences

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

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc.

and its subsidiaries (collectively the “Company”, “our”, or “we”).

We use certain non-GAAP financial performance measures in our MD&A.

For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item.

We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Wharf.

Revenue from secondary metal, such as silver at Wharf, is treated as a cost credit.

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

First Quarter Highlights

For the quarter, Coeur reported revenue of $360.1 million and cash provided by operating activities of $67.6 million.

We reported GAAP net income of $33.4 million, or $0.06 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA of $148.9 million and net income of $59.9 million, or $0.11 per diluted share.

• Solid quarterly production and cost performance in-line with 2025 guidance – Contributions from Coeur’s portfolio of five North American operations led to a strong start to the year and position the Company to deliver guided 2025 production of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver.

Quarterly silver production of 3.7 million ounces was 17% higher quarter-over-quarter and 44% higher year-over-year, driven by the newly expanded Rochester operation and a partial quarter of contribution from the newly acquired Las Chispas mine.

Quarterly gold production of 86,766 ounces was flat quarter-over-quarter and 7% higher year-over-year

• Strong free cash flow and adjusted EBITDA – Strong silver production growth combined with higher average realized prices helped generate positive quarterly free cash flow of $18 million, which included several one-time and quarter-specific outlays totaling approximately $130 million.

Quarterly adjusted EBITDA totaled $149 million, which was 28% higher quarter-over-quarter and more than triple the first quarter of 2024.

Adjusted EBITDA over the last twelve months totaled $444 million

• Significant debt reduction and strengthening liquidity – The Company’s quarter-end cash balance increased to $78 million and the revolving credit facility (“RCF”) balance was reduced by 44%, or $85 million, to $110 million.

$42 million of metals sales prepayments were also closed out during the quarter.

Coeur’s net leverage ratio was 0.9x at quarter-end

• Las Chispas integration proceeding smoothly – During the six weeks of the first quarter after the SilverCrest transaction was completed, Las Chispas contributed production of 714,239 ounces of silver and 7,175 ounces of gold.

Additionally, the Company monetized the acquired gold and silver bullion portfolio and finished goods for proceeds of approximately $72 million during the quarter.

New high-grade discoveries were made in the first quarter in the Las Chispas block and in the area between the Babicanora and Las Chispas blocks

• Rochester continues to advance toward steady-state and remains on-track to achieve 2025 guidance ranges – The Rochester silver-gold operation in Nevada produced 1.3 million ounces of silver and 13,353 ounces of gold during the quarter, which were in-line with expectations and down slightly from the prior quarter.

Full-year 2025 production is expected to be 7.0 - 8.3 million ounces of silver and 60,000 - 75,000 ounces of gold

Selected Financial and Operating Results

Three Months Ended

March 31, 2025 December 31, 2024 March 31, 2024

Financial Results:

(in thousands, except per share amounts)

Gold sales $ 235,327 $ 205,235 $ 151,769

Silver sales $ 124,735 $ 100,209 $ 61,291

Consolidated revenue $ 360,062 $ 305,444 $ 213,060

Net income (loss) $ 33,353 $ 37,852 $ (29,117)

Net income (loss) per share, diluted $ 0.06 $ 0.08 $ (0.08)

Adjusted net income (loss) (1)

$ 59,886 $ 45,386 $ (19,021)

Adjusted net income (loss) per share, diluted (1)

$ 0.11 $ 0.11 $ (0.05)

$ 105,309 $ 104,692 $ 27,151

Adjusted EBITDA (1)

$ 148,916 $ 116,365 $ 44,339

Total debt (2)

$ 498,269 $ 590,058 $ 585,552

Operating Results:

Gold ounces produced 86,766 87,149 80,744

Silver ounces produced 3,729,218 3,146,243 2,584,760

Gold ounces sold 89,316 85,555 81,416

Silver ounces sold 3,892,153 3,221,158 2,600,435

Average realized price per gold ounce $ 2,635 $ 2,399 $ 1,864

Average realized price per silver ounce $ 32.05 $ 31.11 $ 23.57

(1) See “Non-GAAP Financial Performance Measures”.

(2) Includes finance leases.

Net of debt issuance costs and premium received.

Consolidated Financial Results

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

We sold 89,316 gold ounces and 3.9 million silver ounces, compared to 85,555 gold ounces and 3.2 million silver ounces.

Revenue increased by $54.6 million, or 18%, as a result of a 4% and 21% increase in gold and silver ounces sold, respectively, and a 10% and 3% increase in average realized gold and silver prices, respectively.

The increase in gold ounces sold was due to the post-acquisition sales at Las Chispas, and higher mill throughput and recovery rates at Palmarejo, partially offset by lower grades at Kensington and Wharf, and fewer gold ounces recovered at Rochester due to higher placement levels of direct to pad (“DTP”) material in the prior quarter.

The increase in silver ounces sold was the result of the post-acquisition sales at Las Chispas, and higher mill throughput and grades at Palmarejo, partially offset by fewer silver ounces recovered at Rochester due to higher placement levels of DTP material in the prior quarter.

Gold and silver represented 65% and 35% of first quarter 2025 sales revenue, respectively, compared to 67% and 33% of fourth quarter 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:

Three Months Ended Increase (Decrease) Percentage Change

In thousands March 31, 2025 December 31, 2024

Gold sales $ 235,327 $ 205,235 $ 30,092 15 %

Silver sales 124,735 100,209 24,526 24 %

Metal sales $ 360,062 $ 305,444 $ 54,618 18 %

Costs Applicable to Sales

Costs applicable to sales increased $45.5 million, or 29%, primarily due to the post-acquisition gold and silver ounces sold at Las Chispas, which includes the impact of the preliminary purchase price allocation (“PPA”) ascribed to Inventory of $27.0 million, and higher unit costs at Kensington and Wharf due to lower grades, partially offset by lower operating costs at Palmarejo and fewer silver ounces sold at Rochester.

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

Amortization increased $6.6 million, or 18%, as a result of the post-acquisition gold and silver ounces sold at Las Chispas, partially offset by fewer gold and silver ounces sold at Rochester, Kensington and Wharf.

General and administrative expenses increased $2.8 million, or 25%, primarily due to higher employee incentive and stock-based compensation.

Exploration expense increased $3.0 million, or 18%, mostly due to increased drilling at Kensington and post-acquisition exploration at Las Chispas.

Pre-development, reclamation, and other expenses increased $1.1 million, or 7%, due to transaction costs related to the acquisition of SilverCrest and higher asset retirement accretion following the 2024 year-end changes to estimates.

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

Three Months Ended Increase (Decrease) Percentage Change

In thousands March 31, 2025 December 31, 2024

Silvertip ongoing carrying costs $ 2,626 $ 2,415 $ 211 9 %

Loss (gain) on sale of assets 186 (102) 288 (282) %

Asset retirement accretion 4,732 4,315 417 10 %

Kensington royalty litigation settlement (95) — (95) (100) %

Transaction costs 8,887 7,541 1,346 100 %

Other 617 1,703 (1,086) (64) %

Pre-development, reclamation and other expense $ 16,953 $ 15,872 $ 1,081 7 %

Other Income and Expenses

Interest expense (net of capitalized interest of $0.4 million) decreased to $10.5 million from $11.9 million due to lower interest paid under the RCF attributable to lower average debt levels, partially offset by higher interest paid under finance lease obligations.

Other, net decreased to a gain of $0.4 million compared to $1.7 million as a result of lower gains on foreign exchange rates.

Income and Mining Taxes

Income and mining tax expense of approximately $18.4 million resulted in an effective tax rate of 35.6% for three months ended March 31, 2025.

This compares to income tax expense of $18.4 million for an effective tax rate of 32.7% for three months ended December 31, 2024.

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

(i) mining taxes;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) enactment of 1% increase in Mexico Special Mining Duty;

(v) foreign exchange rates;

(vi) percentage depletion;

and (vii) the impact of uncertain tax positions.

Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

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

Three Months Ended March 31, Three Months Ended December 31,

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

United States $ 20,325 $ (5,305) $ 42,696 $ (6,458)

Canada (9,952) (118) (15,982) (757)

Mexico 41,090 (12,990) 31,376 (11,205)

Other jurisdictions 303 — (1,818) —

$ 51,766 $ (18,413) $ 56,272 $ (18,420)

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized.

The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance.

Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced.

There are a number of factors that impact the Company’s ability to realize its deferred tax assets.

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

Net income was $33.4 million, or $0.06 per diluted share, compared to $37.9 million, or $0.08 per diluted share.

The decrease in net income was driven by post-acquisition cost applicable to sales at Las Chispas, higher general and administrative and exploration costs, and higher income and mining tax expense.

This was partially offset by a 10% and 3% increase in average realized gold and silver prices, respectively, and a 4% and 21% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, and lower interest expense.

Adjusted net income was $59.9 million, or $0.11 per diluted share, compared to $45.4 million, or $0.11 per diluted share (see “Non-GAAP Financial Performance Measures”).

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

We sold 89,316 gold ounces and 3.9 million silver ounces, compared to 81,416 gold ounces and 2.6 million silver ounces.

Revenue increased by $147.0 million, or 69%, as a result of a 10% and 50% increase in gold and silver ounces sold, respectively, and a 41% and 36% increase in average realized gold and silver prices, respectively.

The increase in gold ounces sold was primarily due to the post-acquisition sales at Las Chispas, and from higher production at Rochester, partially offset by lower mill throughput and grades at Palmarejo.

The increase in silver ounces sold resulted from the post-acquisition sales at Las Chispas and from higher production at Rochester, partially offset by lower mill throughput at Palmarejo.

Gold and silver represented 65% and 35% of first quarter 2025 sales revenue, respectively, compared to 71% and 29% of first quarter 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:

Three Months Ended March 31, Increase (Decrease) Percentage Change

In thousands 2025 2024

Gold sales $ 235,327 $ 151,769 $ 83,558 55 %

Silver sales 124,735 61,291 63,444 104 %

Metal sales $ 360,062 $ 213,060 $ 147,002 69 %

Costs Applicable to Sales

Costs applicable to sales increased $58.3 million, or 40%, primarily due to the post-acquisition gold and silver ounces sold at Las Chispas, which includes the PPA ascribed to Inventory of $27.0 million and an increase in gold and silver ounces sold at Rochester, partially offset lower gold and silver ounces sold at Palmarejo.

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

Amortization increased $15.8 million, or 58%, as a result of the post-acquisition gold and silver ounces sold at Las Chispas, higher gold and silver ounces sold at Rochester and Kensington and the impact of the commissioning of the newly expanded crushing circuit in March 2024 at Rochester.

General and administrative expenses decreased $0.5 million, or 3%, primarily due to lower stock-based compensation and outside service costs.

Exploration expense increased $9.2 million, or 88%, driven by planned higher drilling activity at Kensington, higher greenfield exploration near mining operations and post-acquisition exploration at Las Chispas.

Pre-development, reclamation, and other expenses decreased $1.3 million, or 7%, stemming from the sale of assets in 2024 and the loss related to the Kensington royalty settlement, partially offset by transaction costs related to the acquisition of SilverCrest and higher asset retirement accretion following the 2024 year-end changes to estimates.

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

Three Months Ended March 31, Increase (Decrease) Percentage Change

In thousands 2025 2024

Silvertip ongoing carrying costs $ 2,626 $ 2,362 $ 264 11 %

(Gain) Loss on sale of assets 186 3,536 (3,350) (95) %

Asset retirement accretion 4,732 4,076 656 16 %

Kensington royalty settlement (95) 6,750 (6,845) 100 %

Transaction costs 8,887 — 8,887 100 %

Other 617 1,504 (887) (59) %

Pre-development, reclamation and other expense $ 16,953 $ 18,228 $ (1,275) (7) %

Other Income and Expenses

Interest expense (net of capitalized interest of $0.4 million) decreased to $10.5 million from $12.9 million due to lower interest paid under the RCF attributable to lower average debt levels, partially offset by higher interest paid under finance lease obligations.

Other, net decreased to a gain of $0.4 million compared to $2.8 million as a result of higher FT Premium Liability income following the renouncement of Silvertip exploration expenditures recognized in 2024.

Income and Mining Taxes

Income and mining tax expense of approximately $18.4 million resulted in an effective tax rate of 35.6% for first quarter of 2025.

This compares to income tax expense of $16.0 million for an effective tax rate of (122.4)% for first quarter of 2024.

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

(i) mining taxes;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) the impact of uncertain tax positions;

(v) percentage depletion;

and (vi) foreign exchange rates.

Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

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

Three Months Ended March 31,

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

United States $ 20,325 $ (5,305) $ (30,553) $ (3,819)

Canada (9,952) (118) (7,584) (114)

Mexico 41,090 (12,990) 25,204 (12,091)

Other jurisdictions 303 — (160) —

$ 51,766 $ (18,413) $ (13,093) $ (16,024)

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized.

The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance.

There are a number of factors that impact the Company’s ability to realize its deferred tax assets.

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

Net Income (Loss)

Net income was $33.4 million, or $0.06 per diluted share, compared to net loss $29.1 million, or $0.08 per diluted share.

The increase in net income was driven by a 10% and 50% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, a 41% and 36% increase in average realized gold and silver prices, respectively, and lower interest expense.

This was partially offset by post-acquisition cost applicable to sales at Las Chispas, higher exploration and Transaction costs, and higher income and mining tax expense.

Adjusted net income was $59.9 million, or $0.11 per diluted share, compared to a loss of $19.0 million, or $0.05 per diluted share (see “Non-GAAP Financial Performance Measures”).

2025 Guidance

The Company has reaffirmed its 2025 guidance ranges as shown below.

Gold and silver production is expected to increase 20% and 62%, respectively, compared to 2024 based on the midpoint of guidance ranges.

The increase is primarily driven by the completion and ramp-up of Rochester last year and the addition of Las Chispas in mid-February.

Overall cost guidance has increased slightly at Palmarejo, Kensington and Wharf, compared to 2024.

The below exploration expense guidance excludes $17 - $22 million of underground mine development and support costs associated with Silvertip.

Note that Las Chispas guidance reflects results from the February 14 closing of the acquisition.

Additionally, Las Chispas cost guidance excludes the effects of the SilverCrest purchase price allocation.

2025 Production Guidance

Las Chispas 42,500 - 52,500 4,250 - 5,250

Palmarejo 95,000 - 105,000 5,400 - 6,500

Rochester 60,000 - 75,000 7,000 - 8,300

Kensington 92,500 - 107,500 —

Wharf 90,000 - 100,000 50 - 200

Total 380,000 - 440,000 16,700 - 20,250

2025 Adjusted Costs Applicable to Sales Guidance

($/oz) ($/oz)

Las Chispas (co-product) $850 - $950 $9.25 - $10.25

Palmarejo (co-product) $950 - $1,150 $17.00 - $18.00

Rochester (co-product) $1,250 - $1,450 $14.50 - $16.50

Kensington $1,700 - $1,900 —

Wharf (by-product) $1,250 - $1,350 —

2025 Capital, Exploration and G&A Guidance

Capital Expenditures, Sustaining $132 - $156

Capital Expenditures, Development $55 - $69

Exploration, Expensed $67 - $77

Exploration, Capitalized $10 - $16

General & Administrative Expenses $44 - $48

The Company’s guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50.

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

Results of Operations

Three Months Ended

March 31, 2025 December 31, 2024 March 31, 2024

Tons milled 59,368 — —

Average gold grade (oz/t) 0.130 — —

Average silver grade (oz/t) 12.71 — —

Average recovery rate – Au 94.8 % — % — %

Average recovery rate – Ag 94.6 % — % — %

Gold ounces produced 7,175 — —

Silver ounces produced 714,239 — —

Gold ounces sold 9,607 — —

Silver ounces sold 923,723 — —

CAS per gold ounce (1)

CAS per silver ounce (1)

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025

Las Chispas results represent post-acquisition activity subsequent to the acquisition of SilverCrest on February 14, 2025.

Daily average throughput of approximately 1,320 tons per day at average gold and silver grades of 0.130 ounces per ton and 12.71 ounces per ton, respectively, were slightly better than plan and lead to production of 7,175 and 714,239 gold and silver ounces, respectively.

Metal sales were $58.0 million, or 16% of Coeur’s metal sales.

Costs applicable to sales per gold and silver ounce sold were $2,140 and $24.11, respectively, which includes the impact of $1,351 and $15.22 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $27.0 million.

Amortization totaled $8.9 million.

Capital expenditures were $5.3 million.

Three Months Ended

March 31, 2025 December 31, 2024 March 31, 2024

Tons milled 440,920 419,008 500,747

Average gold grade (oz/t) 0.050 0.060 0.070

Average silver grade (oz/t) 4.36 4.17 4.34

Average recovery rate – Au 95.2 % 91.2 % 95.2 %

Average recovery rate – Ag 87.4 % 88.3 % 83.7 %

Gold ounces produced 23,032 22,490 33,160

Silver ounces produced 1,680,316 1,541,955 1,818,297

Gold ounces sold 22,713 22,353 33,462

Silver ounces sold 1,636,386 1,596,876 1,796,468

CAS per gold ounce (1)

$ 885 $ 895 $ 909

CAS per silver ounce (1)

$ 14.42 $ 15.95 $ 13.30

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold and silver production increased 2% and 9%, respectively, as a result of a 5% increase in mill throughput and higher silver grade, partially offset by lower average gold grade and silver recoveries.

Metal sales were $95.8 million, or 27% of Coeur’s metal sales, compared with $89.1 million, or 29% of Coeur’s metal sales.

Revenue increased by $6.7 million, or 8%, of which $4.8 million was due to higher average realized gold and silver prices and $1.9 million was the result of higher volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 1% and 10%, respectively, due to

higher production, and lower consumable, maintenance and outside costs.

Amortization decreased by $0.4 million to $9.2 million as a result of a lower depletion rate.

Capital expenditures decreased to $5.9 million from $9.9 million due to lower underground development expenditures and lower mining equipment purchases.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold and silver production decreased 31% and 8%, respectively, as a result of a 29% decrease in gold grade, and a 12% decrease in mill throughput.

Metal sales were $95.8 million, or 27% of Coeur’s metal sales, compared with $96.4 million, or 45% of Coeur’s metal sales.

Revenue decreased by $0.6 million, or 1%, of which $25.8 million was due to lower volume of gold and silver production, partially offset by an increase of $25.2 million due to higher gold and silver prices.

Costs applicable to sales per gold and silver ounces decreased 3% and increased 8%, respectively, due to lower production and the mix of gold and silver sales which impacted co-product cost allocation.

Amortization decreased by $3.4 million to $9.2 million due to lower gold and silver ounces sold.

Capital expenditures decreased to $5.9 million from $6.8 million due to lower underground development expenditures and lower mining equipment purchases.

Three Months Ended

March 31, 2025 December 31, 2024 March 31, 2024

Tons placed (1)

6,987,324 8,226,820 3,135,571

Average gold grade (oz/t) 0.003 0.003 0.002

Average silver grade (oz/t) 0.59 0.44 0.52

Gold ounces produced 13,353 15,752 5,755

Silver ounces produced 1,283,722 1,550,444 699,190

Gold ounces sold 14,713 14,824 6,185

Silver ounces sold 1,282,010 1,570,448 735,254

CAS per gold ounce (2)

$ 1,682 $ 1,530 $ 1,877

CAS per silver ounce (2)

$ 18.55 $ 18.38 $ 20.93

(1) Includes 5.5 million, 5.1 million and 1.9 million of crushed ore tons placed on the new leach pad in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

(2) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold and silver production decreased 15% and 17%, respectively, driven by higher placement rates of DTP material in the prior quarter, which impacted the timing and recovery rates for both silver and gold during the quarter.

Ore tons placed during the quarter totaled 7.0 million tons, consisting of approximately 5.5 million tons through the crushing circuit, up from 5.1 million tons in the prior quarter.

Additionally, the Company placed approximately 1.5 million tons of DTP material, down from 3.1 million tons of DTP material placed in the prior quarter.

The Company began the partial removal of approximately eight million tons from the legacy leach pads to facilitate exploration drilling and future planned mining activities.

Metal sales were $82.6 million, or 23% of Coeur’s metal sales, compared with $87.2 million, or 29% of Coeur’s metal sales.

Revenue decreased by $4.6 million, or 5%, of which $9.5 million was due to lower volume of gold and silver production, partially offset by $4.9 million attributable to a higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce increased 10% and 1%, respectively, as a result of fewer ounces sold and higher labor, maintenance, and royalty costs.

Amortization decreased by $1.0 million to $14.9 million due to fewer gold and silver ounces sold.

Capital expenditures remained comparable at $14.9 million.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold and silver production increased 132% and 84%, respectively, as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates since then.

Metal sales were $82.6 million, or 23% of Coeur’s metal sales, compared with $29.8 million, or 14% of Coeur’s metal sales.

Revenue increased by $52.8 million, or 177%, of which $41.6 million was due to a higher volume of gold and silver production, and $11.2 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 10% and 11%, respectively, as a result of higher production, and LCM adjustments of $3.1 million in 2024.

Amortization increased to $14.9 million due to higher gold and silver ounces sold and the commissioning of the newly expanded crushing circuit in March 2024.

Capital expenditures decreased to $14.9 million from $21.2 million due to Rochester expansion project spending in 2024.

Three Months Ended

March 31, 2025 December 31, 2023 March 31, 2024

Tons milled 185,344 183,639 167,439

Average gold grade (oz/t) 0.13 0.16 0.14

Average recovery rate 93.3 % 91.8 % 90.8 %

Gold ounces produced 22,715 26,931 21,434

Gold ounces sold 22,205 25,839 21,183

CAS per gold ounce (1)

$ 1,897 $ 1,536 $ 1,853

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold production decreased 16% as a result of a 19% decrease in grade due to stope sequencing, partially offset by higher average recovery rates and increased tons milled.

Metal sales were $65.2 million, or 18% of Coeur’s metal sales, compared to $68.4 million, or 22% of Coeur’s metal sales.

Revenue decreased by $3.2 million, or 5%, of which $10.7 million was due to lower volume of gold production, partially offset by an increase of $7.5 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce increased 24% due to lower production levels and higher expensed development costs.

Amortization decreased to $7.5 million primarily due to a decrease in gold ounces sold.

Capital expenditures decreased to $15.5 million as a result of lower underground development and mining equipment purchases.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold production increased 6% as a result of 11% higher mill throughput, partially offset by a 7% decrease in gold grade.

Metal sales were $65.2 million, or 18% of Coeur’s metal sales, compared to $43.5 million, or 20% of Coeur’s metal sales.

Revenue increased by $21.7 million, or 50%, of which $18.8 million was due to higher average realized gold prices, and $2.9 million was due to higher volume of gold production.

Costs applicable to sales per gold ounce increased 2% due to higher labor and outside service costs, partially offset by higher production.

Amortization increased to $7.5 million primarily due to an increase in gold ounces sold.

Capital expenditures increased to $15.5 million from $13.3 million due to construction of the expanded tailings impoundment.

Three Months Ended

March 31, 2025 December 31, 2024 March 31, 2024

Tons placed 1,033,699 1,164,894 1,251,955

Average gold grade (oz/t) 0.020 0.023 0.021

Gold ounces produced 20,491 21,976 20,395

Silver ounces produced 50,941 53,844 67,273

Gold ounces sold 20,078 22,539 20,586

Silver ounces sold 50,034 53,834 68,713

CAS per gold ounce (1)

$ 1,267 $ 904 $ 1,155

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold production decreased 7% driven by fewer tons placed, lower grade material placed on the pads, and timing of recoveries.

Metal sales were $58.4 million, or 16% of Coeur’s metal sales, compared to $60.7 million, or 20% of Coeur’s metal sales.

Revenue decreased by $2.4 million, or 4%, of which $7.1 million attributable to lower gold production, partially offset by $4.7 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce increased 40% due to fewer tons and lower grade material placed on the pads.

Amortization remained comparable at $1.5 million.

Capital expenditures increased to $7.4 million from $2.9 million due to the construction of a water treatment plant and mining equipment purchases.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold production remained comparable.

Metal sales were $58.4 million, or 16% of Coeur’s metal sales, compared to $43.3 million, or 20% of Coeur’s metal sales.

Revenue increased by $15.0 million, or 35%, of which $17.1 million was due to higher average realized gold prices, partially offset by fewer gold ounces sold.

Costs applicable to sales per gold ounce increased 10% due to lower grade and fewer tons placed.

Amortization remained comparable at $1.5 million.

Capital expenditures increased to $7.4 million from $0.3 million as a result of the construction of a waste water treatment facility and mining equipment purchases.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Exploration expense totaled $6.1 million in 2025 as the Company continued to focus on expanding the mineral resources at Silvertip, which were supported by 188 meters of underground mine development in the quarter.

Ongoing carrying costs at Silvertip totaled $2.6 million in 2025 compared to $2.4 million in 2024.

Capital expenditures in 2025 totaled $0.9 million.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Ongoing carrying costs at Silvertip totaled $2.6 million in 2025 and $2.4 million in the prior year.

Capital expenditures in 2025 totaled $0.9 million compared to $0.5 million in the prior year.

Liquidity and Capital Resources

At March 31, 2025, the Company had $79.4 million of cash, cash equivalents and restricted cash and $260.9 million available under the RCF.

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

Cash and cash equivalents increased $22.5 million in the three months ended March 31, 2025 due to the cash acquired in the SilverCrest Transaction of $103.4 million, sale of SilverCrest acquired bullion and metal inventory for $72.0 million, a 4% and 21% increase in gold and silver ounces sold, respectively, and a 10% and 3% increase in average realized gold and silver prices, respectively.

This was partially offset by RCF net repayments of $85.0 million, SilverCrest acquisition transaction cost payments of $14.8 million, full repayment of outstanding prepayment at Rochester, Kensington and Wharf, and $50.0 million of capital expenditures.

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

We expect to use cash provided by operating activities to fund near term capital requirements, including those described in this Report for our 2025 capital expenditure guidance.

The acquisition of SilverCrest included acquiring a significant amount of cash and gold and silver bullion which was used along with our cash provided by operating activities to repay debt.

Our longer-term plans contemplate continued exploration to extend the mine lives at our operating sites, repayment of the remaining RCF balance, and additional investment to determine the viability of the Silvertip project.

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

Our current net leverage ratio is 0.9 times Adjusted EBITDA as of March 31, 2025.

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

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

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

Cash Provided by (Used in) Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2025 was $67.6 million, compared to $63.8 million for the three months ended December 31, 2024 and net cash used in operating activities of $15.9 million for the three months ended March 31, 2024.

Adjusted EBITDA for the three months ended March 31, 2025 was $148.9 million, compared to $116.4 million for the three months ended December 31, 2024 and $44.3 million for the three months ended March 31, 2024 (see “Non-GAAP Financial Performance Measures”).

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

Three Months Ended

In thousands March 31, 2025 December 31, 2024 March 31, 2024

Cash flow before changes in operating assets and liabilities $ 53,716 $ 78,552 $ (30,607)

Changes in operating assets and liabilities:

Receivables 3,945 16 (5,316)

Prepaid expenses and other 82,065 (408) (639)

Inventories (8,348) (15,852) (19,694)

Accounts payable and accrued liabilities (63,743) 1,485 40,385

Cash provided by operating activities $ 67,635 $ 63,793 $ (15,871)

Net cash provided by operating activities increased $3.8 million for the three months ended March 31, 2025 compared to the three months ended December 31, 2024, primarily due to a 4% and 21% increase in gold and silver ounces sold, respectively, a 10% and 3% increase in average realized gold and silver prices, respectively, and the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, partially offset by the receipt of $30.0 million of prepayments in December 2024, increased general and administrative and exploration expenses, and income and mining taxes paid at Palmarejo and Las Chispas.

Revenue for the three months ended March 31, 2025 compared to the three months ended December 31, 2024 increased by $54.6 million, of which $31.4 million was due to higher volume of gold and silver sales and $23.2 million was due to higher average gold and silver prices.

Net cash provided by operating activities increased $83.5 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to a 10% and 50% increase in gold and silver ounces sold, respectively, a 41% and 36% increase in average realized gold and silver prices, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, timing of recoveries at Rochester and VAT collections at Palmarejo in 2024.

This was partially offset by higher exploration expense, the receipt of $25.0 million of prepayments in March 2024 and timing of interest and income and mining tax payments.

Revenue for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 increased by $147.0 million, of which $84.8 million was due to higher average realized gold and silver prices and $62.2 million was due to higher volume of gold and silver sales.

Cash Provided by (Used in) Investing Activities

Net cash provided by investing activities in the three months ended March 31, 2025 was $53.3 million compared to net cash used in investing activities of $47.8 million in the three months ended December 31, 2024.

Cash provided by investing activities increased due to the cash acquired in the SilverCrest Transaction of $103.4 million, partially offset by an increase in capital expenditures.

The Company incurred capital expenditures of $50.0 million in the three months ended March 31, 2025 compared with $47.7 million in the three months ended December 31, 2024 primarily related to capitalized exploration at Rochester and Kensington and underground development and exploration at Palmarejo and Kensington in both periods.

Net cash provided by investing activities in the three months ended March 31, 2025 was $53.3 million compared to net cash used in investing activities of $42.1 million in the three months ended March 31, 2024.

Cash provided by investing activities increased due to the cash acquired in the SilverCrest Transaction of $103.4 million and the expansion project and subsequent ramp-up activities at Rochester during 2024.

Cash Provided by (Used in) Financing Activities

Net cash used in financing activities in the three months ended March 31, 2025 was $98.2 million compared to $37.3 million in the three months ended December 31, 2024.

During the three months ended March 31, 2025, the Company repaid $85.0 million, net, under the RCF compared to $30.0 million in the three months ended December 31, 2024.

Additionally, the Company made cash payments of $5.7 million in connection with tax withholding on vested share-based compensation.

Net cash used in financing activities in the three months ended March 31, 2025 was $98.2 million compared to net cash provided by financing activities of $63.8 million in the three months ended March 31, 2024.

During the three months ended March 31, 2025, the Company repaid $85.0 million, net, under the RCF.

During the three months ended March 31, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock pursuant to subscription agreements with certain Canadian accredited investors for a private placement offering issued as “flow-through shares”, as defined in subsection 66(15) of the Income Tax Act (Canada), and drew $50.0 million, net, from the RCF.

Critical Accounting Policies and Accounting Developments

See Note 2 -- Summary of Significant Accounting Policies contained in the 2024 10-K and Note 2 - Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.

Ore on Leach Pads

The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes.

The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads.

As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal.

The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying.

A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates.

The crushed ore is then transported to the leach pad for application of the leaching solution.

As the leach solution is collected from the leach pads, it is continuously sampled for assaying.

The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process.

After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine.

The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.

The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current.

Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.

The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process.

The quantities of metal contained in the ore are based upon actual weights and assay analysis.

The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine.

The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying.

The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate.

The ultimate recovery will not be known until leaching operations cease.

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.

Updated recoverable ounce estimates are considered a change in estimate and was accounted for prospectively.

As of March 31, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 54,208 and 7.4 million, respectively.

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition.

Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

The Company may elect to perform a qualitative assessment if it is more likely than not that the fair value exceeds the carrying value.

These approaches are considered Level 3 fair value measurements.

Other Liquidity Matters

We believe that our liquidity and capital resources in the U.S.

are adequate to fund our U.S.

operations and corporate activities.

The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company.

The Company does not believe that the amounts reinvested will have a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time to time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions.

We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors.

The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.

Non-GAAP Financial Performance Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”).

Unless otherwise noted, we present the Non-GAAP financial measures in the tables below.

These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Adjusted Net Income (Loss)

Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations.

The Company believes the use of Adjusted net income (loss) reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies.

Management’s determination of the components of Adjusted net income (loss ) is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts.

The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance.

The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally.

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

Three Months Ended

In thousands except per share amounts March 31, 2025 December 31, 2024 March 31, 2024

Net income (loss) $ 33,353 $ 37,852 $ (29,117)

Fair value adjustments, net 346 — —

Foreign exchange loss (gain) 574 265 484

(Gain) loss on sale of assets and securities 186 (102) 3,536

RMC bankruptcy distribution — (95) —

(Gain) loss on debt extinguishment — — (438)

Transaction costs 8,887 7,541 —

Acquired inventory purchase price 27,040 — —

Other adjustments (270) (217) 5,461

Tax effect of adjustments (1)

(10,230) 142 1,053

Adjusted net income (loss) $ 59,886 $ 45,386 $ (19,021)

Adjusted net income (loss) per share, Basic $ 0.12 $ 0.12 $ (0.05)

Adjusted net income (loss) per share, Diluted $ 0.11 $ 0.11 $ (0.05)

(1) For the three months ended March 31, 2025, tax effect of adjustments of $10.2 million (28.3%) are primarily related to the Transaction costs at Corporate and the impact of the PPA ascribed to Inventory at Las Chispas.

For the three months ended December 31, 2024, tax effect of adjustments of $0.1 million (2%) is primarily related to nonrecurring expenses at Palmarejo.

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

EBITDA and Adjusted EBITDA

Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures.

The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies.

Adjusted EBITDA is the basis of a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness.

EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP.

Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation.

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

Three Months Ended

In thousands March 31, 2025 December 31, 2024 March 31, 2024

Net income (loss) $ 33,353 $ 37,852 $ (29,117)

Interest expense, net of capitalized interest 10,450 11,887 12,947

Income tax provision (benefit) 18,413 18,420 16,024

Amortization 43,093 36,533 27,297

EBITDA 105,309 104,692 27,151

Fair value adjustments, net 346 — —

Foreign exchange (gain) loss 758 (1,321) 365

Asset retirement obligation accretion 4,732 4,315 4,076

Inventory adjustments and write-downs 1,928 1,552 4,188

(Gain) loss on sale of assets and securities 186 (102) 3,536

RMC bankruptcy distribution — (95) —

(Gain) loss on debt extinguishment — — (438)

Transaction costs 8,887 7,541 —

Acquired inventory purchase price allocation 27,040 — —

Other adjustments (270) (217) 5,461

Adjusted EBITDA $ 148,916 $ 116,365 $ 44,339

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations.

Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows.

The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors.

Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

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

Consolidated Three Months Ended

(Dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024

Cash flow from operations $ 67,635 $ 63,793 $ (15,871)

Capital expenditures 50,002 47,720 42,083

Free cash flow $ 17,633 $ 16,073 $ (57,954)

Operating Cash Flow Before Changes in Working Capital

Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations.

Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables , Prepaid expenses and other , Inventories and Accounts payable and

accrued liabilities as presented on the Consolidated Statements of Cash Flows.

The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors.

Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.

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

Three Months Ended

(Dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024

Cash provided by (used in) operating activities $ 67,635 $ 63,793 $ (15,871)

Changes in operating assets and liabilities:

Receivables (3,945) (16) 5,316

Prepaid expenses and other (82,065) 408 639

Inventories 8,348 15,852 19,694

Accounts payable and accrued liabilities 63,743 (1,485) (40,385)

Operating cash flow before changes in working capital $ 53,716 $ 78,552 $ (30,607)

Net Debt and Leverage Ratio

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

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

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

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

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

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

Three Months Ended

(Dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024

Total debt $ 498,269 $ 590,058 $ 585,552

Cash and cash equivalents (77,574) (55,087) (67,489)

Net debt $ 420,695 $ 534,971 $ 518,063

Last Twelve Months Adjusted EBITDA $ 443,729 $ 339,152 $ 161,514

Leverage ratio 0.9 1.6 3.2

Costs Applicable to Sales

Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation.

We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold and silver, as well as assessing our operating performance and ability to generate free cash flow from operations and sustaining production.

These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP.

Management believes that allocating CAS to gold and silver based on gold and silver metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company.

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

Three Months Ended March 31, 2025

In thousands (except metal sales and per ounce amounts) Las Chispas (1)

Palmarejo Rochester Kensington Wharf Silvertip Total

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

GAAP) $ 51,770 $ 52,884 $ 63,443 $ 49,627 $ 28,511 $ 946 $ 247,181

Amortization (8,936) (9,181) (14,907) (7,471) (1,474) (946) (42,915)

Costs applicable to sales $ 42,834 $ 43,703 $ 48,536 $ 42,156 $ 27,037 $ — $ 204,266

Gold ounces 9,607 22,713 14,713 22,205 20,078 — 89,316

Silver ounces 923,723 1,636,386 1,282,010 — 50,034 — 3,892,153

Costs applicable to sales

Gold ($/oz) $ 2,140 $ 885 $ 1,682 $ 1,897 $ 1,267

Silver ($/oz) $ 24.11 $ 14.42 $ 18.55 $ —

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $27.0 million.

Three Months Ended December 31, 2024

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

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

GAAP) $ 55,032 $ 67,406 $ 48,195 $ 23,665 $ 799 $ 195,097

Amortization (9,550) (15,858) (8,547) (1,607) (799) (36,361)

Costs applicable to sales $ 45,482 $ 51,548 $ 39,648 $ 22,058 $ — $ 158,736

Gold ounces 22,353 14,824 25,839 22,539 — 85,555

Silver ounces 1,596,876 1,570,448 53,834 — 3,221,158

Costs applicable to sales

Gold ($/oz) $ 895 $ 1,530 $ 1,536 $ 904

Silver ($/oz) $ 15.95 $ 18.38 $ —

Three Months Ended March 31, 2024

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

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

GAAP) $ 66,896 $ 33,632 $ 44,885 $ 26,808 $ 852 $ 173,073

Amortization (12,602) (6,633) (5,596) (1,393) (852) (27,076)

Costs applicable to sales $ 54,294 $ 26,999 $ 39,289 $ 25,415 $ — $ 145,997

Gold ounces 33,462 6,185 21,183 20,586 — 81,416

Silver ounces 1,796,468 735,254 — 68,713 — 2,600,435

Costs applicable to sales

Gold ($/oz) $ 909 $ 1,877 $ 1,853 $ 1,155

Silver ($/oz) $ 13.30 $ 20.93 $ —

Reconciliation of Costs Applicable to Sales for 2025 Guidance

In thousands (except metal sales and per ounce amounts) Las Chispas Palmarejo Rochester Kensington Wharf

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

GAAP) $ 144,729 $ 245,767 $ 275,743 $ 222,569 $ 130,856

Amortization (45,992) (38,779) (75,033) (43,903) (7,105)

Costs applicable to sales $ 98,737 $ 206,988 $ 200,710 $ 178,666 $ 123,751

By-product credit — — — — (2,824)

Adjusted costs applicable to sales $ 98,737 $ 206,988 $ 200,710 $ 178,666 $ 120,927

Gold ounces 52,000 100,018 68,000 104,271 95,454

Silver ounces 5,240,757 6,006,911 7,752,237 94,138

Revenue Split

Gold 48% 50% 44% 100% 100%

Silver 52% 50% 56%

Adjusted costs applicable to sales

Gold ($/oz) $850 - $950 $950 - $1,150 $1,250 - $1,450 $1,700 - $1,900 $1,250 - $1,350

Silver ($/oz) $9.25 - $10.25 $17.00 - $18.00 $14.50 - $16.50

Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, timing of completion of obligations under prepayment agreements, the gold stream agreement at Palmarejo, liquidity management, financing plans, risk management strategies, capital allocation, and anticipated production, costs, expenses, and cash flow.

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

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

The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2024 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, inflationary pressures, and impacts from tariffs or other trade barriers (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt.

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

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

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

What changed 10-Q

Item 1. Financial Statements