What changed in this filing

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Item 1. Financial Statements

2025-08-06 compared with 2025-05-07 · 483 added, 321 removed, 1095 unchanged (42% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

ASSETS Notes In thousands, except share data

30 unchanged sentences

Common stock, par value $ 0.01 per share;

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

authorized 900,000,000 shares, 642,701,753 issued and outstanding at June 30, 2025 and 399,235,632 at December 31, 2024

Additional paid-in capital 5,780,143 4,181,521

6 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Notes In thousands, except share data

8 unchanged sentences

Total costs and expenses 340,542 205,350 638,448 421,767

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

Income from operations 140,108 16,676 202,264 13,319

OTHER INCOME (EXPENSE), NET

5 unchanged sentences

Income (loss) before income and mining taxes 133,321 8,615 185,087 ( 4,478 )

Income and mining tax (expense) benefit 10 ( 18,413 ) ( 16,024 )

Income and mining tax expense 10 ( 62,595 ) ( 7,189 ) ( 81,008 ) ( 23,213 )

NET INCOME (LOSS) $ 70,726 $ 1,426 $ 104,079 $ ( 27,691 )

13 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Notes In thousands

9 unchanged sentences

Deferred revenue recognition 17 ( 192 ) ( 118 ) ( 42,508 ) ( 55,277 )

Acquired inventory purchase price allocation 3 29,680 — 56,720 —

Other 3,029 556 4,552 11,378

15 unchanged sentences

Payments on debt, finance leases, and associated costs 8 ( 164,731 ) ( 71,653 ) ( 356,965 ) ( 163,878 )

Other ( 5,721 ) ( 1,779 )

Share repurchases 15 ( 2,004 ) — ( 2,004 ) —

Other financing activities 15 ( 2,184 ) ( 31 ) ( 7,905 ) ( 1,810 )

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ( 112,772 ) 43,316 ( 210,925 ) 107,135

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

In thousands Common

In thousands Notes Common

Shares Common

5 unchanged sentences

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

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

Net income — — — 33,353 — 33,353

SilverCrest acquisition 3 239,489 2,395 1,587,696 — — 1,590,091

2 unchanged sentences

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

In thousands Common

Net income — — — 70,726 — 70,726

Stock options exercise 2,139 21 7,201 — — 7,222

Stock repurchase program 15 ( 216 ) ( 2 ) ( 2,002 ) — — ( 2,004 )

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 1,718 17 3,914 — — 3,931

Balances at June 30, 2025 642,702 $ 6,426 $ 5,780,143 $ ( 2,958,182 ) $ — $ 2,828,387

In thousands Notes Common

Shares Common

11 unchanged sentences

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

Net income — — — 1,426 — 1,426

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

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

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net ( 80 ) ( 1 ) 2,701 — — 2,700

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

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

45 unchanged sentences

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.

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.

Updated recoverable ounce estimates are considered changes in estimate and were accounted for prospectively.

As of June 30, 2025, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 61,533 and 8.3 million, respectively.

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

37 unchanged sentences

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.

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

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

4 unchanged sentences

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 goodwill balance comprises 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.

As of June 30, 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 June 30, 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.

2 unchanged sentences

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 acquired bullion and metal inventory was sold during the first quarter of 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.

Total transaction costs were $ 20.3 million with $ 11.7 million incurred in the six months ended June 30, 2025.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

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

The following table summarizes the preliminary purchase price allocation for the Transaction as of June 30, 2025:

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

18 unchanged sentences

Net assets acquired $ 1,518,211

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

(1) As of June 30, 2025, 2.3 million common shares were issued related to the exercise of 3.2 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.

1 unchanged sentence

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.

Sales and net income in the Condensed Consolidated Statement of Operations includes SilverCrest revenue of $ 102.7 million and $ 160.7 million and SilverCrest net loss of $ 16.0 million and $ 13.2 million in the three and six months ended June 30, 2025, respectively.

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

Three Months Ended Six Months Ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Revenue $ 480,650 $ 294,767 $ 895,689 $ 571,473

Net income (loss) $ 103,230 $ ( 38,360 ) $ 177,847 $ ( 98,625 )

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.

Pro forma amounts assume that transaction costs were incurred in the first quarter of 2024.

The pro forma results 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 and the impact of purchase price allocation on acquired inventory which have been applied from January 1, 2024, with the consequential tax effects.

Coeur Mining, Inc.

8 unchanged sentences

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 .

Whelan, Senior Vice President and Chief Financial Officer, and Michael Routledge, Senior Vice President and 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.

2 unchanged sentences

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

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

Palmarejo Rochester Kensington Wharf Silvertip Other Total

Three Months Ended June 30, 2025 Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 53,125 $ 56,067 $ 46,267 $ 89,726 $ 77,929 $ — $ — $ 323,114

25 unchanged sentences

(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.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

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

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

Gold sales $ 42,411 $ 17,368 $ 51,104 $ 43,202 $ — $ — $ 154,085

23 unchanged sentences

(1) Excludes amortization.

(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.

Six Months Ended June 30, 2025 Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 81,007 $ 99,762 $ 88,050 $ 154,933 $ 134,689 $ — $ — $ 558,441

Silver sales 79,662 110,183 89,553 76 2,797 — — 282,271

Metal sales 160,669 209,945 177,603 155,009 137,486 — — 840,712

Costs and Expenses

Costs applicable to sales (1)

100,581 92,406 96,464 88,239 56,030 — — 433,720

Amortization 31,311 18,587 31,655 17,692 3,023 1,874 372 104,514

Exploration 5,140 7,874 2,691 4,836 6,108 15,335 954 42,938

Other operating expenses (2)

992 4,618 5,405 1,192 2,306 6,007 36,756 57,276

Costs and expenses 138,024 123,485 136,215 111,959 67,467 23,216 38,082 638,448

Income (loss) from operations 22,645 86,460 41,388 43,050 70,019 ( 23,216 ) ( 38,082 ) 202,264

Other income (expense)

Fair value adjustments, net — — ( 342 ) — — — — ( 342 )

Interest expense, net ( 1 ) ( 69 ) ( 4,873 ) ( 257 ) ( 117 ) — ( 13,384 ) ( 18,701 )

Other, net (3)

1,232 ( 1,952 ) ( 240 ) ( 261 ) ( 72 ) 13 3,146 1,866

Income (loss) before income and mining taxes 23,876 84,439 35,933 42,532 69,830 ( 23,203 ) ( 48,320 ) 185,087

Income and mining tax (expense) benefit ( 37,058 ) ( 20,514 ) ( 4,434 ) ( 2,885 ) ( 11,863 ) — ( 4,254 ) ( 81,008 )

Net Income (loss) $ ( 13,182 ) $ 63,925 $ 31,499 $ 39,647 $ 57,967 $ ( 23,203 ) $ ( 52,574 ) $ 104,079

Segment assets (4)

$ 1,725,990 $ 308,483 $ 1,253,548 $ 246,478 $ 124,995 $ 221,675 $ 58,061 $ 3,939,230

Capital expenditures $ 14,538 $ 11,500 $ 39,319 $ 31,791 $ 10,955 $ 2,382 $ 324 $ 110,809

(1) Excludes amortization.

(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 .

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Six Months Ended June 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 96,313 $ 30,049 $ 94,589 $ 84,903 $ — $ — $ 305,854

Silver sales 83,311 42,544 ( 16 ) 3,393 — — 129,232

Metal sales 179,624 72,593 94,573 88,296 — — 435,086

Costs and Expenses

Costs applicable to sales (1)

102,521 63,654 80,010 44,529 — — 290,714

Amortization 23,445 15,203 12,041 2,460 1,642 434 55,225

Exploration 5,063 1,408 2,836 1,249 11,725 1,084 23,365

Other operating expenses (2)

4,700 8,576 8,755 2,245 5,109 23,078 52,463

Costs and expenses 135,729 88,841 103,642 50,483 18,476 24,596 421,767

Income (loss) from operations 43,895 ( 16,248 ) ( 9,069 ) 37,813 ( 18,476 ) ( 24,596 ) 13,319

Other income (expense)

Gain on debt extinguishment — — — — — 417 417

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

Interest expense, net 371 ( 2,395 ) ( 970 ) ( 277 ) ( 10 ) ( 22,828 ) ( 26,109 )

Other, net (3)

3,427 ( 116 ) ( 163 ) ( 87 ) ( 40 ) 4,874 7,895

Income (loss) before income and mining taxes 47,693 ( 18,759 ) ( 10,202 ) 37,449 ( 18,526 ) ( 42,133 ) ( 4,478 )

Income and mining tax (expense) benefit ( 18,994 ) 906 — ( 3,008 ) — ( 2,117 ) ( 23,213 )

Net Income (loss) $ 28,699 $ ( 17,853 ) $ ( 10,202 ) $ 34,441 $ ( 18,526 ) $ ( 44,250 ) $ ( 27,691 )

Segment assets (4)

$ 302,034 $ 1,125,586 $ 196,671 $ 108,268 $ 213,833 $ 51,885 $ 1,998,277

Capital expenditures $ 12,632 $ 48,773 $ 29,735 $ 1,464 $ 859 $ 25 $ 93,488

(1) Excludes amortization.

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

1 unchanged sentence

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

Assets March 31, 2025 December 31, 2024

Assets June 30, 2025 December 31, 2024

Total assets for reportable segments $ 3,939,230 $ 2,161,881

3 unchanged sentences

Geographic Information

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

Long-Lived Assets June 30, 2025 December 31, 2024

United States $ 1,327,020 $ 1,312,976

3 unchanged sentences

Total $ 3,408,042 $ 1,817,616

Revenue Three months ended March 31,

Revenue Three months ended June 30, Six months ended June 30,

2025 2024 2025 2024

United States $ 263,861 $ 138,780 $ 470,098 $ 255,462

6 unchanged sentences

Receivables consist of the following:

In thousands March 31, 2025 December 31, 2024

In thousands June 30, 2025 December 31, 2024

Current receivables:

5 unchanged sentences

Other tax receivable (1)

$ 418 $ 5,554

Deferred cash consideration (2)

6 unchanged sentences

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.

(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 based on gold resources reported in the Sterling/Crown exploration properties by the buyer, its affiliates or its successors.

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.

1 unchanged sentence

Inventory consists of the following:

In thousands March 31, 2025 December 31, 2024

In thousands June 30, 2025 December 31, 2024

Concentrate $ 3,543 $ 2,663

Stockpile ore (1)

116,892 6,773

Precious metals 40,919 16,034

8 unchanged sentences

Total Inventory and Ore on Leach Pads $ 475,192 $ 319,729

(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.

(1) Includes $ 88.9 million, $ 2.8 million, $ 2.5 million, and $ 0.5 million at Las Chispas, Kensington, Palmarejo, and Wharf at June 30, 2025, respectively.

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

4 unchanged sentences

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

In thousands March 31, 2025 December 31, 2024

In thousands June 30, 2025 December 31, 2024

Mine development $ 1,587,846 $ 1,502,457

8 unchanged sentences

Property, plant and equipment and mining properties, net $ 2,794,687 $ 1,817,616

(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.

(1) Includes $ 164.7 million and $ 170.1 million associated with facilities and equipment assets under finance leases at June 30, 2025 and December 31, 2024, respectively.

(2) Includes $ 77.5 million and $ 63.3 million of accumulated amortization related to assets under finance leases at June 30, 2025 and December 31, 2024, respectively.

NOTE 8 – DEBT

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

In thousands Current Non-Current Current Non-Current

5 unchanged sentences

$ 29,889 $ 350,833 $ 31,380 $ 558,678

(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 .

(1) Net of unamortized debt issuance costs of $ 2.7 million and $ 3.1 million at June 30, 2025 and December 31, 2024, respectively.

(2) Unamortized debt issuance costs of $ 2.7 million and $ 3.4 million at June 30, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets .

2029 Senior Notes

2 unchanged sentences

Revolving Credit Facility

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”).

At June 30, 2025, the Company had no outstanding draws, $ 20.2 million in outstanding letters of credit and $ 379.8 million available under the revolving credit facility (“RCF”).

Future borrowing may be subject to certain financial covenants.

1 unchanged sentence

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

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 %.

In the six months ended June 30, 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.

4 unchanged sentences

Interest Expense

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2025 2024 2025 2024

12 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2025 2024 2025 2024

5 unchanged sentences

NOTE 10 - INCOME AND MINING TAXES

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

The following table summarizes the components of Income and mining tax (expense) benefit for the three and six months ended June 30, 2025 and 2024 by significant jurisdiction:

Three months ended June 30, Six months ended June 30,

2025 2024 2025 2024

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

United States $ 82,138 $ ( 15,229 ) $ ( 4,660 ) $ 1,677 $ 102,463 $ ( 20,534 ) $ ( 33,890 ) $ ( 2,142 )

3 unchanged sentences

$ 133,321 $ ( 62,595 ) $ 8,615 $ ( 7,189 ) $ 185,087 $ ( 81,008 ) $ ( 4,478 ) $ ( 23,213 )

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.

During the second quarter of 2025, the Company reported estimated income and mining tax expense of approximately $ 62.6 million, resulting in an effective tax rate of 47.0 %.

This compares to income tax expense of $ 7.2 million for an effective tax rate of 83.4 % during the second 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.

(i) variations in our income before income taxes;

(ii) geographic distribution of that income;

(iii) foreign exchange rates;

(iv) mining taxes;

(v) the impact of uncertain tax positions;

and (vi) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $ 28.3 million and decreased income and mining tax expense by $ 0.9 million for the three months ended June 30, 2025 and 2024, respectively.

The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

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

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 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.

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 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.

6 unchanged sentences

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 $2.2 and $2.7 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.

At June 30, 2025 and December 31, 2024, the Company had $ 17.5 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.

At June 30, 2025 and December 31, 2024, the amount of accrued income-tax-related interest and penalties was $ 4.8 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%.

5 unchanged sentences

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.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures.

The Company is currently evaluating OBBBA;

however, it is not expected to have a material impact on the Company’s consolidated financial statements.

NOTE 11 – STOCK-BASED COMPENSATION

1 unchanged sentence

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

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:

Stock-based compensation expense in the three and six months ended June 30, 2025 was $ 4.2 million and $ 7.5 million, respectively, compared to $ 2.7 million and $ 6.9 million in the three and six months ended June 30, 2024.

At June 30, 2025, there was $ 24.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.9 years.

Performance shares granted during 2025 vest at the end of a three-year service period if relative stockholder return and internal performance metrics are met.

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

On the other hand, the existence of a performance condition requires recognition of compensation cost for the performance share awards based on the performance achieved ranging from 0%-200%.

Outstanding performance shares granted prior to 2025 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric.

The following table summarizes the grants awarded during the six months ended June 30, 2025:

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Grant date Restricted

6 unchanged sentences

March 12, 2025 80,954 $ 5.71 — $ — 32,520 $ 9.94

(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.

May 14, 2025 1,722,782 $ 7.39 — $ — 1,074,680 $ 10.42

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

During the six months ended June 30, 2025, 3,202,452 Coeur Options were exercised at a weighted average price of $ 6.76 .

NOTE 12 – FAIR VALUE MEASUREMENTS

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2025 2024 2025 2024

2 unchanged sentences

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 acquired bullion and metal inventory was sold during the first quarter of 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 March 31, 2025

Fair Value at June 30, 2025

In thousands Total Level 1 Level 2 Level 3

6 unchanged sentences

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.

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

No assets or liabilities were transferred between fair value levels in the six months ended June 30, 2025.

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 June 30, 2025 and December 31, 2024 is presented in the following table:

June 30, 2025

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

1 unchanged sentence

$ 290,425 $ 283,528 $ — $ 283,528 $ —

Revolving Credit Facility (2)

$ 110,000 $ 110,000 $ — $ 110,000 $ —

Deferred Cash Due 2025 $ 10,000 $ 10,000 $ — $ 10,000 $ —

1 unchanged sentence

(1) Net of unamortized debt issuance costs of $ 2.7 million.

(2) Unamortized debt issuance costs of $ 3.0 million included in Other Non-Current Assets .

December 31, 2024

10 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.

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.

Total consideration includes a cash payment of $ 10 million paid at closing, the Deferred Cash Due 2025 of $ 10 million, which was paid in July 2025, 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.

12 unchanged sentences

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

At March 31, 2025 and December 31, 2024, the Company had no outstanding derivative cash flow hedge instruments.

At June 30, 2025 and December 31, 2024, the Company had no outstanding derivative cash flow hedge instruments.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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.

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,

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 six months ended June 30, 2025 and 2024, respectively (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Amount of Gain (Loss) Recognized in AOCI

1 unchanged sentence

Silver forwards — ( 6,988 ) — ( 7,621 )

Gold zero cost collars — —

$ — $ ( 10,881 ) $ — $ ( 18,507 )

2 unchanged sentences

Silver forwards — 5,141 — 4,309

Gold zero cost collars — —

$ — $ 17,028 $ — $ 17,176

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.

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:

The Company had no outstanding gold or silver hedging contracts at June 30, 2025.

At June 30, 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:

March 31, 2025

June 30, 2025

In thousands Prepaid expenses and other Accrued liabilities and other

Provisional metal sales contracts $ 299 $ 62

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 months ended March 31, 2025 and 2024, respectively (in thousands):

Three Months Ended March 31,

The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2025 and 2024, respectively (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Financial statement line Derivative 2025 2024 2025 2024

Revenue Provisional metal sales contracts $ ( 122 ) $ ( 998 ) $ 85 $ ( 508 )

$ ( 122 ) $ ( 998 ) $ 85 $ ( 508 )

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices.

1 unchanged sentence

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 March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2025 2024 2025 2024

3 unchanged sentences

Kensington royalty settlement (1)

— — ( 95 ) 6,750

Transaction costs 2,823 — 11,710 —

3 unchanged sentences

Other, net consists of the following:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2025 2024 2025 2024

1 unchanged sentence

Flow-through shares 112 1,455 741 3,945

RMC bankruptcy distribution 38 1,199 38 1,199

Other 1,064 379 1,599 1,027

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 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,

For the three and six months ended June 30, 2025, there were 1.1 million and 2.8 million 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, 29,130 and 4.6 million common stock equivalents were excluded in the diluted earnings per share calculation for the three and six months ended June 30, 2024, respectively.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Three months ended June 30, Six months ended June 30,

In thousands except per share amounts 2025 2024 2025 2024

7 unchanged sentences

Diluted $ 0.11 $ 0.00 $ 0.18 $ ( 0.07 )

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

On May 27, 2025, the Company announced a $ 75.0 million share repurchase program (the “Program”), effective through May 31, 2026.

Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations.

On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp.

as the Company’s broker.

The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the quarter ended June 30, 2025 and the approximate dollar value of stock that may yet be purchased pursuant to the Program:

Period (a) Total number of shares purchased (b) Average price paid per share (c) Total number of shares purchased as part of publicly announced Program (d) Approximate dollar value of shares that may yet be purchased under the Program (in millions)

April 1, 2025 - April 30, 2025 — — — —

May 1, 2025 - May 31, 2025 — — — $ 75.0

June 1, 2025 - June 30, 2025 216,500 $ 9.24 216,500 $ 73.0

Total 216,500 $ 9.24 216,500

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION

6 unchanged sentences

There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

SUMMARIZED BALANCE SHEET

1 unchanged sentence

Subsidiary Guarantors

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

In thousands June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

Current assets $ 13,127 $ 13,782 $ 223,934 $ 164,627

5 unchanged sentences

Non-guarantor intercompany liabilities $ 2,402 $ 2,642 $ 1,663 $ 1,570

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

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

SUMMARIZED STATEMENTS OF INCOME

THREE MONTHS ENDED MARCH 31, 2025

SIX MONTHS ENDED JUNE 30, 2025

In thousands Coeur Mining, Inc.

5 unchanged sentences

Mexico Litigation Matters

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.

As of June 30, 2025, $ 27.9 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.

4 unchanged sentences

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.

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 certain unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021.

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

5 unchanged sentences

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 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 Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2025 2024 2025 2024

4 unchanged sentences

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.

At June 30, 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”).

3 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

In thousands 2025 2024 2025 2024

11 unchanged sentences

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.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

for production occurring on or after January 1, 2027.

(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 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.

1 unchanged sentence

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, and other general corporate purposes.

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 Company, either directly or through its subsidiaries, has a number of active litigation matters related to labor and employment matters involving its operations in the U.S.

Although the Company intends to vigorously defend its interests in these matters, litigation is inherently uncertain and the Company has determined it is reasonably possible that it may incur a loss of $ 1 million to $ 13 million in these matters.

This good faith estimate of the potential loss in these matters includes estimates of penalties and interest through the date of this Report, but such penalties and interest may continue to grow during the course of legal proceedings.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

environmental remediation, reclamation, and other general corporate purposes.

As of June 30, 2025 and December 31, 2024, the Company had surety bonds totaling $ 363.9 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 March 31, 2025 December 31, 2024

In thousands June 30, 2025 December 31, 2024

Accrued salaries and wages $ 29,460 $ 31,151

11 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 months ended March 31, 2025 and 2024:

In thousands March 31, 2025 March 31, 2024

(2) See Note 12 -- Fair Value Measurements for additional details on Deferred Cash Due 2025.

In thousands June 30, 2025 June 30, 2024

Cash and cash equivalents $ 111,646 $ 74,136

10 unchanged sentences

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

First Quarter Highlights

Second Quarter Highlights

For the quarter, Coeur reported revenue of $480.7 million and cash provided by operating activities of $207.0 million.

1 unchanged sentence

On a non-GAAP adjusted basis, the Company reported EBITDA of $243.5 million and net income of $127.4 million, or $0.20 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

For the six months ended June 30, 2025, Coeur reported revenue of $840.7 million and cash provided by operating activities of $274.6 million.

We reported GAAP net income of $104.1 million, or $0.18 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA of $392.4 million and net income of $187.3 million or $0.32 per diluted share.

• Strong production and cost performance drove margin expansion – Each of Coeur’s five operations generated strong production increases and delivered positive free cash flow.

Quarterly silver production of 4.7 million ounces was 27% higher quarter-over-quarter and 79% higher year-over-year.

Gold production increased 25% quarter-over-quarter and 38% year-over-year to 108,487 ounces.

Average realized prices for gold and silver increased 15% and 5% respectively, compared to the first quarter

• Record quarterly financial results – Fourth consecutive quarter of positive free cash flow, which increased more than eightfold versus the prior quarter to a record $146 million.

Adjusted EBITDA increased 64% versus the prior quarter to a record $244 million, bringing the last twelve-month (“LTM”) total to $635 million.

Fifth consecutive quarter of net income, which totaled a record $71 million, or $0.11 per share

• Accelerated debt reduction initiative led to further balance sheet strengthening – The remaining $110 million balance on the revolving credit facility (“RCF”) was repaid during the quarter, quarter-end cash and equivalents increased to $112 million, and the net leverage ratio decreased to 0.4x at quarter-end

• Stock repurchase program authorized with initial activity in the quarter – On May 27, 2025, Coeur announced a $75 million share repurchase program.

During the second quarter, the Company repurchased 216,500 shares at an average price of $9.24 per share

• Rochester crushed ore rates continued to increase – The newly-expanded Rochester silver and gold operation in Nevada crushed 6.7 million tons during the quarter, representing an increase of 24% compared to the previous quarter, reflecting steady increases in crushing circuit availability.

Rochester silver and gold production increased 50% and 79%, respectively, compared to the second quarter of 2024 and remains on track to deliver on its full-year guidance ranges

• Reaffirming full-year production and cost guidance - Coeur remains positioned to deliver guided 2025 production of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver, which represent year-over-year expected increases of 20% and 62% for gold and silver, respectively.

The Company also reaffirmed its full-year CAS guidance

Selected Financial and Operating Results

Three Months Ended

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

Three Months Ended Six Months Ended

June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Financial Results:

25 unchanged sentences

Consolidated Financial Results

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

Three Months Ended June 30, 2025 compared to Three Months Ended March 31, 2025

We sold 106,948 gold ounces and 4.7 million silver ounces, compared to 89,316 gold ounces and 3.9 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.

Revenue increased by $120.6 million, or 33%, as a result of a 20% increase in gold and silver ounces sold, and a 15% and 5% increase in average realized gold and silver prices, respectively.

The increase in gold ounces sold was due to the full-quarter sales at Las Chispas, higher mill throughput and grades at Palmarejo and Kensington, higher crushed tons placed at Rochester and higher tons placed, higher grades and the timing of recoveries at Wharf.

The increase in silver ounces sold was the result of full-quarter sales at Las Chispas, higher mill throughput at Palmarejo, and higher silver ounces recovered at Rochester as a result of higher placement rates, partially offset by lower silver grades at Palmarejo.

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

In thousands June 30, 2025 March 31, 2025

Gold sales $ 323,114 $ 235,327 $ 87,787 37 %

2 unchanged sentences

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.

Costs applicable to sales increased $25.2 million, or 12%, primarily due to the full-quarter sales at Las Chispas, which includes the impact of the preliminary purchase price allocation (“PPA”) ascribed to Inventory of $29.7 million, higher gold ounces sold at Palmarejo, Kensington and Wharf and 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.

Amortization increased $18.3 million, or 43%, as a result of the full-quarter gold and silver ounces sold at Las Chispas, higher gold and silver ounces sold at Palmarejo, Kensington and Wharf and higher silver sales at Rochester.

General and administrative expenses decreased $0.7 million, or 5%, primarily due to lower outside service costs.

Exploration expense increased $3.6 million, or 18%, primarily due to increased surface drilling at Silvertip and full-quarter exploration at Las Chispas.

Pre-development, reclamation, and other expenses decreased $3.8 million, or 22%, as a result of a decrease in transaction costs related to the acquisition of SilverCrest, partially offset by higher legal fees.

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

In thousands June 30, 2025 March 31, 2025

Silvertip ongoing carrying costs $ 2,423 $ 2,626 $ (203) (8) %

6 unchanged sentences

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.

Interest expense (net of capitalized interest of $0.4 million) decreased to $8.3 million from $10.5 million due to lower interest paid under the RCF.

The RCF had no outstanding amount drawn as of June 30, 2025.

Other, net increased to a gain of $1.5 million compared to $0.4 million as a result of higher 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.

Income and mining tax expense of approximately $62.6 million resulted in an effective tax rate of 47.0% for three months ended June 30, 2025.

This compares to income tax expense of $18.4 million for an effective tax rate of 35.6% for three months ended March 31, 2025.

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.

(i) variations in our income before income taxes;

(ii) geographic distribution of that income;

(iii) foreign exchange rates;

(iv) mining taxes;

(v) the impact of uncertain tax positions;

and (vi) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $28.3 million and decreased income and mining tax expense by $0.2 million for the three months ended June 30, 2025 and March 31, 2025, respectively.

The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

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,

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

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

10 unchanged sentences

Net income was $70.7 million, or $0.11 per diluted share, compared to $33.4 million, or $0.06 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.

The increase in net income was driven by full-quarter sales at Las Chispas, a 15% and 5% increase in average realized gold and silver prices, respectively, a 20% increase in gold and silver ounces sold, and lower interest expense.

This was partially offset by higher exploration and income and mining taxes expenses due to higher income before taxes.

Adjusted net income was $127.4 million, or $0.20 per diluted share, compared to $59.9 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

Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024

We sold 196,264 gold ounces and 8.6 million silver ounces, compared to 158,348 gold ounces and 5.2 million silver ounces.

Revenue increased by $405.6 million, or 93%, as a result of a 24% and 65% increase in gold and silver ounces sold, respectively, and a 47% and 32% 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 increase in gold ounces sold was primarily due to the post-acquisition sales at Las Chispas and higher production at Rochester, Kensington and Wharf, 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 higher production at Rochester a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates since then.

Gold and silver represented 66% and 34% of 2025 sales revenue, respectively, compared to 70% and 30% of 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:

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

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

In thousands 2025 2024

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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.

Costs applicable to sales increased $143.0 million, or 49%, primarily due to the post-acquisition gold and silver ounces sold at Las Chispas, which includes the impact of the PPA ascribed to Inventory of $56.7 million and an increase in gold and silver ounces sold at Rochester, Kensington and Wharf, partially offset lower gold 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.

Amortization increased $49.3 million, or 89%, 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, partially offset lower gold ounces sold at Palmarejo.

General and administrative expenses increased $1.5 million, or 6%, primarily due to higher stock-based compensation, annual incentive and outside service costs.

Exploration expense increased $19.6 million, or 84%, driven by planned higher resource expansion drilling activity at all locations including the addition of exploration expense at Las Chispas post-acquisition.

Pre-development, reclamation, and other expenses increased $3.3 million, or 12%, stemming from transaction costs related to the acquisition of SilverCrest and higher asset retirement accretion following the 2024 year-end changes to estimates, partially offset by loss on the sale of assets and the loss related to the Kensington royalty settlement in 2024.

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

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

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

In thousands 2025 2024

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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.

Interest expense (net of capitalized interest of $0.8 million) decreased to $18.7 million from $26.1 million due to lower interest paid under the RCF, partially offset by higher interest paid under finance lease obligations driven by new finance leases in the second half of 2024.

The RCF had no outstanding amount drawn as of June 30, 2025.

Other, net decreased to a gain of $1.9 million compared to $7.9 million as a result of the recognition of gains in 2024 related to premiums received from the private placement flow-through share offering (“Private Placement Offering”) from the renouncement of Silvertip exploration expenditures recognized in 2024 and 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 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.

Income and mining tax expense of approximately $81.0 million resulted in an effective tax rate of 43.8% for 2025.

This compares to income tax expense of $23.2 million for an effective tax rate of (518.4)% for 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.

(i) variations in our income before income taxes;

(ii) geographic distribution of that income;

(iii) foreign exchange rates;

(iv) mining taxes;

(v) the impact of uncertain tax positions;

(vi) enactment of 1% increase in Mexico special mining duty tax, and (vii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $28.1 million and decreased income and mining tax expense by $0.7 million for the six months ended June 30, 2025 and 2024, respectively.

The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

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,

Six Months Ended June 30,

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

10 unchanged sentences

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.

Net income was $104.1 million, or $0.18 per diluted share, compared to a net loss of $27.7 million, or $0.07 per diluted share.

The increase in net income was driven by a 24% and 65% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, a 47% and 32% 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.

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

Adjusted net income was $187.3 million, or $0.32 per diluted share, compared to a loss of $22.4 million, or $0.06 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.

The Company has reaffirmed its 2025 production and costs applicable to sales guidance ranges as shown below.

Regarding 2025 capital guidance (which excludes capital leases), the Company has elected to fund $10 million of sustaining capital with cash versus previously planned capital leases due to the overall improved financial position of the Company.

Due to the Company’s strong share price performance in 2025, the Company has increased its 2025 G&A expense guidance to reflect the non-cash increase in incentive compensation related to expected performance share expense.

The exploration expense guidance below 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, 2025 closing of the acquisition.

15 unchanged sentences

2025 Capital, Exploration and G&A Guidance

Previous Updated

Capital Expenditures, Sustaining $132 - $156 $142 - $156

6 unchanged sentences

Results of Operations

Three Months Ended

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

Three Months Ended Six Months Ended

June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Tons milled 118,399 59,368 177,767 —

8 unchanged sentences

CAS per gold ounce (1)

$ 1,874 $ 2,140 $ 1,962 —

CAS per silver ounce (1)

$ 18.74 $ 24.11 $ 20.93 —

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025 compared to Three Months Ended March 31, 2025

Gold and silver production increased 127% and 108%, respectively, as a result of higher gold and silver grades, and a full quarter of operations as the prior quarter represented only post-acquisition activity subsequent to the acquisition of SilverCrest on February 14, 2025.

Daily average throughput was approximately 1,300 tons at average gold and silver grades of 0.15 and 13.32 ounces per ton, respectively, an increase of 15% and 5%, respectively, from the prior quarter.

Metal sales were $102.7 million, or 21% of Coeur’s metal sales, compared with $58.0 million, or 16% of Coeur’s metal sales.

Revenue increased by $44.6 million, or 77%, of which $39.9 million was due to higher volume of gold and silver production and $4.8 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce sold were $1,874 and $18.74, respectively, which includes the impact of $963 and $9.63 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $29.7 million.

Amortization totaled $22.4 million.

Capital expenditures were $9.2 million.

Six Months Ended June 30, 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.

Daily average throughput was approximately 1,310 tons at average gold and silver grades of 0.140 and 13.11 ounces per ton, respectively, were better than planned and led to production of 23,446 and 2,202,911 gold and silver ounces, respectively.

Metal sales were $160.7 million, or 19% of Coeur’s metal sales.

2 unchanged sentences

Capital expenditures were $14.5 million.

Three Months Ended

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

Three Months Ended Six Months Ended

June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Tons milled 483,880 440,920 924,800 930,308

12 unchanged sentences

(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.

Three Months Ended June 30, 2025 compared to Three Months Ended March 31, 2025

Gold and silver production increased 18% and 4%, respectively, as a result of a 10% increase in mill throughput and higher gold grades, partially offset by lower silver grades and lower gold and silver recoveries.

Metal sales were $114.1 million, or 24% of Coeur’s metal sales, compared with $95.8 million, or 27% 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.

Revenue increased by $18.3 million, or 19%, of which $11.4 million was the result of higher volume of gold and silver production and $7.0 million was due to higher average realized gold and silver prices.

Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement increased to 48% from 45% in the prior quarter.

Costs applicable to sales per gold and silver ounce were in-line with the prior quarter as higher production and throughput resulted in higher operating costs.

Amortization increased by $0.2 million to $9.4 million as a result of increased gold and silver ounces sold.

Capital expenditures decreased to $5.6 million from $5.9 million due to higher underground development.

Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024

Gold production decreased 14% and silver production was in-line with prior year as a result of a decrease in gold and silver grades, partially offset by an increase in silver recoveries.

Metal sales were $209.9 million, or 25% of Coeur’s metal sales, compared with $179.6 million, or 41% 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

Revenue increased by $30.3 million, or 17%, of which $46.4 million was due to higher gold and silver prices, partially offset by $16.1 million due to lower volume of gold and silver production.

Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement increased to 47% from 32%.

Costs applicable to sales per gold and silver ounce decreased 6% and increased 1%, respectively, due to lower labor and consumable costs and the mix of gold and silver sales which impacted co-product cost allocation.

Amortization decreased by $4.9 million to $18.6 million due to lower gold ounces sold.

Capital expenditures decreased to $11.5 million from $12.6 million due to the timing of expenditures.

Three Months Ended Six Months Ended

June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Tons placed (1)

10 unchanged sentences

$ 17.00 $ 18.55 $ 17.73 $ 21.83

(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.

(1) During the three months ended June 30, 2025 and March 31, 2025, 6.7 million and 5.5 million tons of crushed ore were placed on the new leach pad, respectively.

During the six months ended June 30, 2025 and June 30, 2024, 12.2 million and 6.2 million tons of crushed ore were placed on the new leach pad, 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.

Three Months Ended June 30, 2025 compared to Three Months Ended March 31, 2025

Gold and silver production increased 7% and 13%, respectively, driven by higher crushing and placement rates.

Ore tons placed during the quarter totaled 7.9 million tons, consisting of approximately 6.7 million tons through the crushing circuit, up from 5.5 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.

Additionally, the Company placed approximately 1.1 million tons of direct to pad (“DTP”) material, down from 1.5 million tons of DTP material placed in the prior quarter.

Work progressed on the campaign to remove eight million tons from the legacy Stage I and Stage II leach pads to facilitate exploration drilling and future planned mining activities.

Approximately 4.8 million tons have been removed year-to-date, with project completion expected in the third quarter of 2025.

Metal sales were $95.0 million, or 20% of Coeur’s metal sales, compared with $82.6 million, or 23% 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.

Revenue increased by $12.4 million, or 15%, of which $9.8 million was due to higher average realized gold and silver prices and $2.5 million due to higher volume of gold and silver production.

Costs applicable to sales per gold ounce increased 1% and decreased 8% per silver ounce, respectively, as a result of the mix of gold and silver sales which impacted co-product cost allocation and slightly higher operating costs.

Amortization increased to $16.7 million due to higher silver ounces sold.

Capital expenditures remained comparable at $24.5 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.

Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024

Gold and silver production increased 101% and 64%, respectively, as a result of the completion of the expansion project in March 2024 and subsequent ramp-up in production rates since then.

Ore tons placed during the first six months of 2025 totaled 14.8 million tons, a 6.6 million-ton increase from the prior period, consisting of approximately 12.2 million tons through the crushing circuit and 2.6 million tons of DTP material.

Metal sales were $177.6 million, or 21% of Coeur’s metal sales, compared with $72.6 million, or 17% of Coeur’s metal sales.

Revenue increased by $105.0 million, or 145%, of which $76.8 million was due to a higher volume of gold and silver production, and $28.2 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.

Costs applicable to sales per gold and silver ounce decreased 7% and 19%, respectively, as a result of higher production, sales mix impact on co-production cost allocation, and a lower of cost or market adjustment of $3.1 million recognized in 2024.

Amortization increased to $31.7 million due to higher gold and silver ounces sold and the impact of commissioning of the newly expanded crushing circuit in March 2024.

Capital expenditures decreased to $39.3 million from $48.8 million due to Rochester expansion project spending in 2024.

Three Months Ended

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

Three Months Ended Six Months Ended

June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Tons milled 192,169 185,344 377,513 349,482

6 unchanged sentences

(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.

Three Months Ended June 30, 2025 compared to Three Months Ended March 31, 2025

Gold production increased 17% as a result of a 4% and 15% increase in mill throughput and grades, respectively, partially offset by lower recoveries.

Metal sales were $89.8 million, or 19% of Coeur’s metal sales, compared to $65.2 million, or 18% 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.

Revenue increased by $24.5 million, or 38%, of which $15.2 million was due to higher volume of gold production and an increase of $9.3 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 9% due to higher production levels and lower operating costs.

Amortization increased to $10.2 million due to an increase in gold ounces sold.

Capital expenditures increased to $16.3 million as a result of higher expenditures related to the construction of the expanded tailings impoundment, underground development and capitalized exploration.

Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024

Gold production increased 10% as a result of 8% higher mill throughput.

Metal sales were $155.0 million, or 18% of Coeur’s metal sales, compared to $94.6 million, or 22% of Coeur’s metal sales.

Revenue increased by $60.4 million, or 64%, of which $47.0 million was due to higher average realized gold prices, and $13.4 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.

Costs applicable to sales per gold ounce remained in-line with the prior year as higher production was offset by higher royalty costs.

Amortization increased to $17.7 million primarily due to an increase in gold ounces sold.

Capital expenditures increased to $31.8 million from $29.7 million due to construction of the expanded tailings impoundment.

Three Months Ended

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

Three Months Ended Six Months Ended

June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Tons placed 1,105,605 1,033,699 2,139,304 2,414,392

7 unchanged sentences

(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.

Three Months Ended June 30, 2025 compared to Three Months Ended March 31, 2025

Gold production increased 18% driven by higher tons placed, higher grade material placed on the pads, and timing of recoveries.

Metal sales were $79.1 million, or 16% of Coeur’s metal sales, compared to $58.4 million, or 16% 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.

Revenue increased by $20.8 million, or 36%, of which $10.9 million was attributable to higher gold production, and $9.9 million was due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 7% due to higher tons and higher-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.

Capital expenditures decreased to $3.6 million from $7.4 million due to the decreasing water treatment plant expenditures.

Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024

Gold production increased 5% driven by higher grade material placed on the pads and the timing of recoveries.

Metal sales were $137.5 million, or 16% of Coeur’s metal sales, compared to $88.3 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

Revenue increased by $49.2 million, or 56%, of which $44.4 million was due to higher average realized gold prices, and $4.8 million was due to higher gold production.

Costs applicable to sales per gold ounce increased 23% due to higher labor and royalty costs.

Amortization increased to $3.0 million due to higher gold ounces mined.

Capital expenditures increased to $11.0 million from $1.5 million as a result of the construction of a water treatment facility and mining equipment purchases.

Three Months Ended June 30, 2025 compared to Three Months Ended March 31, 2025

Exploration expense totaled $9.2 million in the second quarter of 2025 as the Company continued to focus on expanding the mineral resources at Silvertip, with 238 meters of underground mine development completed in the quarter.

Ongoing carrying costs at Silvertip totaled $2.4 million in the second quarter of 2025 compared to $2.6 million in the prior quarter.

Capital expenditures in the second quarter of 2025 totaled $1.5 million.

Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024

Ongoing carrying costs at Silvertip totaled $5.1 million in 2025 and $4.4 million in the prior year.

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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.

At June 30, 2025, the Company had $113.5 million of cash, cash equivalents and restricted cash and $379.8 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.

Cash and cash equivalents increased $56.6 million in the six months ended June 30, 2025 due to the cash acquired in the SilverCrest Transaction of $103.6 million, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, a 24% and 65% increase in gold and silver ounces sold, respectively, and a 47% and 32% increase in average realized gold and silver prices, respectively.

This was partially offset by RCF net repayments of $195.0 million, SilverCrest Transaction cost payments of $15.2 million, income and mining tax payments at Palmarejo and Las Chispas, full repayment of outstanding prepayment agreement balances at Rochester, Kensington and Wharf, and $110.8 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.

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, and to repurchase shares pursuant to the Company’s $75.0 million share repurchase program (the “Program”).

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 the RCF.

Our longer-term plans contemplate continued exploration to extend the mine lives at our operating sites, reduction of debt, 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.

Our current net leverage ratio is 0.4 times Adjusted EBITDA as of June 30, 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.

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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 operating activities for the three months ended June 30, 2025 was $207.0 million, compared to $67.6 million for the three months ended March 31, 2025.

Net cash provided by operating activities for the six months ended June 30, 2025 was $274.6 million, compared to net cash used in operating activities of $0.6 million for six months ended June 30, 2024.

Adjusted EBITDA for the three months ended June 30, 2025 was $243.5 million, compared to $148.9 million for the three months ended March 31, 2025.

Adjusted EBITDA for the six months ended June 30, 2025 was $392.4 million, compared to $96.7 million for the six months ended June 30, 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

Three Months Ended Six Months Ended

In thousands June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Cash flow before changes in operating assets and liabilities $ 161,573 $ 53,716 $ 215,289 $ (3,125)

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Cash provided by operating activities $ 206,951 $ 67,635 $ 274,586 $ (622)

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.

Net cash provided by operating activities increased $139.3 million for the three months ended June 30, 2025 compared to the three months ended March 31, 2025, primarily due to a 20% increase in gold and silver ounces sold, a 15% and 5% increase in average realized gold and silver prices, respectively, timing of sales receipts at Kensington, timing of interest payments paid related to the Senior Notes, and income and mining taxes paid at Palmarejo and Las Chispas, and settlement of prepayments totaling $42.2 million in the three months ended March 31, 2025.

This was partially offset by the sale of SilverCrest acquired bullion and metal inventory for $72.0 million in the three months ended March 31, 2025, and increased general and administrative and exploration expenses.

Revenue for the three months ended June 30, 2025 compared to the three months ended March 31, 2025 increased by $120.6 million, of which $79.6 million was due to higher volume of gold and silver sales and $41.0 million was due to higher average gold and silver prices.

Net cash provided by operating activities increased $275.2 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to a 24% and 65% increase in gold and silver ounces sold, respectively, a 47% and 32% increase in average realized gold and silver prices, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, and lower interest expense.

This was partially offset by higher general and administrative and exploration expenses, and the receipt of $55.0 million of prepayments in the six months ended June 30, 2024.

Revenue for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 increased by $405.6 million, of which $219.0 million was due to higher volume of gold and silver sales and $186.6 million was due to higher average realized gold and silver prices.

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.

Net cash used in investing activities in the three months ended June 30, 2025 was $60.6 million compared to net cash provided by investing activities of $53.3 million in the three months ended March 31, 2025.

Cash used in investing activities increased due to the cash acquired in the SilverCrest Transaction of $103.6 million in the three months ended March 31, 2025, partially offset by an increase in capital expenditures attributable to a full quarter of operations at Las Chispas.

The Company incurred capital expenditures of $60.8 million in the three months ended June 30, 2025 compared with $50.0 million in the three months ended March 31, 2025 primarily related to capitalized exploration at Rochester and Kensington, expanded tailings impoundment at Kensington, and underground development at Palmarejo and Kensington in both periods, as well as mining equipment purchases at Rochester in three months ended June 30, 2025.

Net cash used in investing activities in the six months ended June 30, 2025 was $7.3 million compared to $93.7 million in the six months ended June 30, 2024.

Cash used in investing activities decreased due to the cash acquired in the SilverCrest Transaction of $103.7 million, partially offset by post-acquisition capital expenditures at Las Chispas.

The Company incurred capital expenditures of $110.8 million in the six months ended June 30, 2025 compared with $93.5 million in the six months ended June 30, 2024 primarily related to post-acquisition underground development and equipment purchases at Las Chispas.

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.

Net cash used in financing activities in the three months ended June 30, 2025 was $112.8 million compared to $98.2 million in the three months ended March 31, 2025.

During the three months ended June 30, 2025, the Company repaid $110.0 million, net, under the RCF compared to $85.0 million in the three months ended March 31, 2025.

Additionally, the Company repurchased $2.0 million of common stock in connection with the Company’s Program in the three months ended June 30, 2025 and made cash payments of $5.7 million in connection with tax withholding on vested share-based compensation in the three months ended March 31, 2025.

Net cash used in financing activities in the six months ended June 30, 2025 was $210.9 million compared to net cash provided by financing activities of $107.1 million in the six months ended June 30, 2024.

During the six months ended June 30, 2025, the Company repaid $195.0 million, net, under the RCF and repurchased $2.0 million of common stock in connection with the Company’s Program.

During the six months ended June 30, 2024, the Company received net proceeds of $23.7 million

from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $100.0 million, net, from the RCF.

On May 27, 2025, the Company announced the $75.0 million Program, effective through May 31, 2026.

as the Company’s broker.

April 1, 2025 - April 30, 2025 — — — —

May 1, 2025 - May 31, 2025 — — — $ 75.0

June 1, 2025 - June 30, 2025 216,500 $ 9.24 216,500 $ 73.0

Total 216,500 $ 9.24 216,500

Critical Accounting Policies and Accounting Developments

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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.

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

prospectively.

As of June 30, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 61,533 and 8.3 million, respectively.

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

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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

Three Months Ended Six Months Ended

In thousands except per share amounts June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Net income (loss) $ 70,726 $ 33,353 $ 104,079 $ (27,691)

1 unchanged sentence

Foreign exchange loss (gain) (1)

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

28,072 574 28,646 (2,466)

(Gain) loss on sale of assets 117 186 303 4,176

RMC bankruptcy distribution (37) — (37) (1,199)

1 unchanged sentence

Transaction costs 2,823 8,887 11,710 —

Acquired inventory purchase price 27,040 — —

Other adjustments (270) (217) 5,461

Kensington royalty settlement 28 (95) (67) 7,369

Mexico arbitration matter 1,740 410 2,150 2,132

Flow-through share premium (112) (585) (697) (3,946)

COVID-19 — — — 10

Acquired inventory purchase price allocation 29,681 27,040 56,720 —

Tax effect of adjustments (2)

3 unchanged sentences

Adjusted net income (loss) per share, Diluted $ 0.20 $ 0.11 $ 0.32 $ (0.06)

(1) Includes the impact of foreign exchange rates on deferred tax balances of $28.3 million and $(0.2) million for the three months ended June 30 and March 31, 2025 and $28.1 million and $(0.7) million for the six months ended June 30, 2025 and 2024.

(2) For the three and six months ended June 30, 2025, tax effect of adjustments of $5.6 million (16.3%) and $15.9 million (22.5%) 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 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.

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

EBITDA and Adjusted EBITDA

5 unchanged sentences

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

Three Months Ended Six Months Ended

In thousands June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Net income (loss) $ 70,726 $ 33,353 $ 104,079 $ (27,691)

Interest expense, net of capitalized interest 8,251 10,450 18,701 26,109

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

Income tax provision 62,595 18,413 81,008 23,213

Amortization 61,421 43,093 104,514 55,225

4 unchanged sentences

Inventory adjustments and write-downs 1,598 1,928 3,525 5,259

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

(Gain) loss on sale of assets 117 186 303 4,176

RMC bankruptcy distribution (37) — (37) (1,199)

(Gain) loss on debt extinguishment — — — (417)

Kensington royalty settlement 28 (95) (67) 7,369

Mexico arbitration matter 1,740 410 2,150 2,132

Flow-through share premium (112) (585) (697) (3,946)

COVID-19 — — — 10

Transaction costs 2,823 8,887 11,710 —

Acquired inventory purchase price allocation 29,681 27,040 56,720 —

Other adjustments (270) (217) 5,461

Adjusted EBITDA 243,481 148,916 392,395 96,746

5 unchanged sentences

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

Consolidated Three Months Ended

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

Consolidated Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Cash flow from operations $ 206,951 $ 67,635 $ 274,586 $ (622)

3 unchanged sentences

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.

1 unchanged sentence

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

Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Cash provided by (used in) operating activities $ 206,951 $ 67,635 $ 274,586 $ (622)

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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

Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024

Total debt $ 380,722 $ 498,269 $ 380,722 $ 629,327

3 unchanged sentences

Last Twelve Months Adjusted EBITDA $ 634,803 $ 443,729 $ 634,803 $ 191,686

Leverage ratio 0.9 1.6 3.2

Net Leverage ratio 0.4 $ 0.9 0.4 2.9

Costs Applicable to Sales

4 unchanged sentences

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

Three Months Ended June 30, 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) $ 80,122 $ 58,109 $ 64,676 $ 56,304 $ 30,542 $ 928 $ 290,681

Amortization (22,375) (9,406) (16,748) (10,221) (1,549) (928) (61,227)

Costs applicable to sales $ 57,747 $ 48,703 $ 47,928 $ 46,083 $ 28,993 $ — $ 229,454

Gold ounces 16,025 26,782 13,881 26,751 23,509 — 106,948

Silver ounces 1,479,410 1,720,383 1,437,811 — 34,916 — 4,672,520

Costs applicable to sales

Gold ($/oz) $ 1,874 $ 891 $ 1,692 $ 1,721 $ 1,183

Silver ($/oz) $ 18.74 $ 14.44 $ 17.00 $ —

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $29.7 million

Three Months Ended March 31, 2025

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(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

Six Months Ended June 30, 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.

7 unchanged sentences

Silver ($/oz) $ 20.93 $ 14.31 $ 17.73 $ —

Three Months Ended March 31, 2024

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $56.7 million

Six Months Ended June 30, 2024

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

25 unchanged sentences

Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, 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.

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, 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.

4 unchanged sentences

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