What changed in this filing

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Item 1. Financial Statements

2025-10-29 compared with 2025-08-06 · 434 added, 359 removed, 1219 unchanged (39% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

ASSETS Notes In thousands, except share data

12 unchanged sentences

Receivables 5 14,266 19,583

Deferred tax assets 10 239,214 3,632

Other 70,160 72,635

16 unchanged sentences

Common stock, par value $ 0.01 per share;

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

authorized 900,000,000 shares, 642,210,145 issued and outstanding at September 30, 2025 and 399,235,632 at December 31, 2024

Additional paid-in capital 5,778,718 4,181,521

5 unchanged sentences

AND SUBSIDIARIES

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

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

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

2025 2024 2025 2024

16 unchanged sentences

Total other income (expense), net ( 7,144 ) ( 9,846 ) ( 24,321 ) ( 27,643 )

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

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 )

Income before income and mining taxes 169,943 74,556 355,030 70,078

Income and mining tax benefit (expense) 10 96,881 ( 25,817 ) 15,873 ( 49,030 )

NET INCOME $ 266,824 $ 48,739 $ 370,903 $ 21,048

OTHER COMPREHENSIVE INCOME (LOSS):

2 unchanged sentences

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

COMPREHENSIVE INCOME (LOSS) $ 70,726 $ 7,573 $ 104,079 $ ( 29,022 )

NET INCOME (LOSS) PER SHARE 15

Basic income (loss) per share:

COMPREHENSIVE INCOME $ 266,824 $ 48,739 $ 370,903 $ 19,717

NET INCOME PER SHARE 15

Basic income per share:

Basic $ 0.42 $ 0.12 $ 0.62 $ 0.05

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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

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

2025 2024 2025 2024

1 unchanged sentence

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) $ 70,726 $ 1,426 $ 104,079 $ ( 27,691 )

Net income $ 266,824 $ 48,739 $ 370,903 $ 21,048

Amortization 72,930 33,216 177,444 88,441

1 unchanged sentence

Deferred taxes ( 145,740 ) ( 816 ) ( 175,297 ) ( 5,604 )

Gain on debt extinguishment 8 — 21 — ( 417 )

(Gain) loss on debt extinguishment 8 6 — 6 ( 417 )

Fair value adjustments, net 12 — — 342 —

9 unchanged sentences

Accounts payable and accrued liabilities 18,636 37,187 16,738 77,757

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 206,951 15,249 274,586 ( 622 )

CASH PROVIDED BY OPERATING ACTIVITIES 237,706 111,063 512,292 110,441

CASH FLOWS FROM INVESTING ACTIVITIES:

12 unchanged sentences

Effect of exchange rate changes on cash and cash equivalents 78 ( 263 ) 282 ( 584 )

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 34,102 6,651 56,596 12,513

INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 154,706 2,793 211,302 15,306

Cash, cash equivalents and restricted cash at beginning of period 113,470 75,891 56,874 63,378

22 unchanged sentences

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

Net income — — — 266,824 — 266,824

Stock options exercise 46 1 188 — — 189

Stock repurchase program 15 ( 452 ) ( 4 ) ( 5,330 ) — — ( 5,334 )

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net ( 86 ) ( 1 ) 3,717 — — 3,716

Balances at September 30, 2025 642,210 $ 6,422 $ 5,778,718 $ ( 2,691,358 ) $ — $ 3,093,782

In thousands Notes Common

17 unchanged sentences

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

Net income — — — 48,739 — 48,739

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

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

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

35 unchanged sentences

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

The Company periodically reviews its estimates compared to

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

The ultimate recovery will not be known until leaching operations

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

actual experience and revises its estimates when appropriate.

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

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

2 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 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.

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

As of September 30, 2025, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 64,482 and 8.9 million, respectively.

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

44 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 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 goodwill balance of $ 632.4 million is composed of amounts attributable to the assembled workforce, potential strategic and financial benefits, including the financial flexibility to execute capital priorities, and new book to tax basis differences of assets acquired and liabilities assumed.

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

As of 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.

As of September 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 September 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.

3 unchanged sentences

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 $ 20.3 million with $ 11.7 million incurred in the six months ended June 30, 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 and six months ended June 30, 2025.

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 on the Condensed Consolidated Statements of Comprehensive Income.

Total transaction costs were $ 20.4 million with $11.9 million incurred in the nine months ended September 30, 2025.

These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income and are reflected in pro forma earnings in the table below for the three and nine months ended September 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 June 30, 2025:

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

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

18 unchanged sentences

Net assets acquired $ 1,518,211

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

(1) As of September 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

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.

Sales and net income in the Condensed Consolidated Statement of Operations includes SilverCrest revenue of $ 126.1 million and $ 286.8 million and SilverCrest net income of $ 8.2 million and net loss of $ 4.9 million in the three and nine months ended September 30, 2025, respectively.

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

Three Months Ended Six Months Ended

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

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Revenue $ 554,567 $ 393,847 $ 1,450,256 $ 965,320

17 unchanged sentences

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

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

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

Gold sales $ 61,005 $ 57,553 $ 47,945 $ 98,931 $ 95,050 $ — $ — $ 360,484

11 unchanged sentences

Other income (expense)

Fair value adjustments, net — — 4 — — — — 4

Gain on debt extinguishment — — ( 6 ) — — — — ( 6 )

Interest expense, net ( 35 ) ( 119 ) ( 2,490 ) ( 71 ) ( 27 ) — ( 3,531 ) ( 6,273 )

14 unchanged sentences

Notes to Condensed Consolidated Financial Statements

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

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

Gold sales $ 55,085 $ 22,889 $ 62,164 $ 83,634 $ — $ — $ 223,772

26 unchanged sentences

(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

Nine Months Ended September 30, 2025 Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 142,012 $ 157,315 $ 135,995 $ 253,864 $ 229,739 $ — $ — $ 918,925

11 unchanged sentences

Other income (expense)

Loss on debt extinguishment — — ( 6 ) — — — — ( 6 )

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

15 unchanged sentences

Notes to Condensed Consolidated Financial Statements

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

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

Gold sales $ 151,398 $ 52,938 $ 156,753 $ 168,537 $ — $ — $ 529,626

26 unchanged sentences

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

Assets June 30, 2025 December 31, 2024

Assets September 30, 2025 December 31, 2024

Total assets for reportable segments $ 3,927,317 $ 2,161,881

3 unchanged sentences

Geographic Information

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

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

United States $ 1,326,215 $ 1,312,976

3 unchanged sentences

Total $ 3,404,647 $ 1,817,616

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

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

2025 2024 2025 2024

7 unchanged sentences

Receivables consist of the following:

In thousands June 30, 2025 December 31, 2024

In thousands September 30, 2025 December 31, 2024

Current receivables:

18 unchanged sentences

Inventory consists of the following:

In thousands June 30, 2025 December 31, 2024

In thousands September 30, 2025 December 31, 2024

Concentrate $ 2,263 $ 2,663

10 unchanged sentences

Total Inventory and Ore on Leach Pads $ 449,444 $ 319,729

(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.

(1) Includes $ 62.1 million, $ 1.4 million, $ 2.4 million, and $ 1.3 million at Las Chispas, Kensington, Palmarejo, and Wharf at September 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 June 30, 2025 December 31, 2024

In thousands September 30, 2025 December 31, 2024

Mine development $ 1,625,944 $ 1,502,457

8 unchanged sentences

Property, plant and equipment and mining properties, net $ 2,772,267 $ 1,817,616

(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.

(1) Includes $ 151.4 million and $ 170.1 million associated with facilities and equipment assets under finance leases at September 30, 2025 and December 31, 2024, respectively.

(2) Includes $ 81.5 million and $ 63.3 million of accumulated amortization related to assets under finance leases at September 30, 2025 and December 31, 2024, respectively.

NOTE 8 – DEBT

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

In thousands Current Non-Current Current Non-Current

5 unchanged sentences

$ 24,859 $ 338,657 $ 31,380 $ 558,678

(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 .

(1) Net of unamortized debt issuance costs of $ 2.5 million and $ 3.1 million at September 30, 2025 and December 31, 2024, respectively.

(2) Unamortized debt issuance costs of $ 2.3 million and $ 3.4 million at September 30, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets .

2029 Senior Notes

2 unchanged sentences

Revolving Credit Facility

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”).

At September 30, 2025, the Company had no outstanding draws, $ 0.7 million in outstanding letters of credit and $ 399.3 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 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 %.

In the nine months ended September 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 %.

The Company prepaid $9.5 million in finance leases at Rochester in the third quarter of 2025, which, combined with our planned principal payments, decreased our outstanding finance lease obligations by 31%, or $32.1 million, in the nine months ended September 30, 2025.

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 June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 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 June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 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 and six months ended June 30, 2025 and 2024 by significant jurisdiction:

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

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

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

2025 2024 2025 2024

5 unchanged sentences

$ 169,943 $ 96,881 $ 74,556 $ ( 25,817 ) $ 355,030 $ 15,873 $ 70,078 $ ( 49,030 )

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.

During the third quarter of 2025, the Company reported estimated income and mining tax benefit of approximately $ 96.9 million, resulting in an effective tax rate of ( 57.0 )%.

This compares to income tax expense of $ 25.8 million for an effective tax rate of 34.6 % during the third quarter of 2024.

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

(i) variations in our income before income taxes;

(ii) geographic distribution of that income;

(iii) foreign exchange rates;

(iv) mining taxes;

valuation allowance release;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) foreign exchange rates;

(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.

(vi) mining taxes;

and (vii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $ 9.8 million and decreased income and mining tax expense by $ 0.5 million for the three months ended September 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.

5 unchanged sentences

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.

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

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

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

The Company has historically provided a valuation allowance against its U.S.

net deferred tax assets.

In the third quarter of 2025, the Company released $ 216.0 million of valuation allowance against its U.S.

net deferred tax assets, resulting in a non-cash deferred tax benefit.

The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 million related to forecasted future year income.

The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

The Company continues to maintain a valuation allowance against approximately $ 55.0 million of U.S.

federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.

The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.

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

4 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 $10.2 and $10.7 million in the next twelve months.

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.

At September 30, 2025 and December 31, 2024, the Company had $ 28.1 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 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.

At September 30, 2025 and December 31, 2024, the amount of accrued income-tax-related interest and penalties was $ 5.5 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%.

2 unchanged sentences

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

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

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

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

6 unchanged sentences

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

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.

Stock-based compensation expense in the three and nine months ended September 30, 2025 was $ 5.0 million and $ 12.5 million, respectively, compared to $ 2.8 million and $ 9.8 million in the three and nine months ended September 30, 2024.

At September 30, 2025, there was $ 20.8 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Restricted stock granted generally vests in equal installments annually over three 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.

2 unchanged sentences

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

The following table summarizes the grants awarded during the nine months ended September 30, 2025:

Grant date Restricted

7 unchanged sentences

May 14, 2025 1,722,782 $ 7.39 — $ — 1,074,680 $ 10.18

(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 .

July 31, 2025 40,381 $ 8.69 — $ — 6,355 $ 10.18

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

During the nine months ended September 30, 2025, 3,248,192 Coeur Options were exercised at a weighted average price of $ 6.91 .

NOTE 12 – FAIR VALUE MEASUREMENTS

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

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

In thousands 2025 2024 2025 2024

3 unchanged sentences

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.

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 June 30, 2025

Fair Value at September 30, 2025

In thousands Total Level 1 Level 2 Level 3

1 unchanged sentence

Provisional metal sales contracts $ 61 $ — $ 61 $ —

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Fair Value at December 31, 2024

3 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 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

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

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2025 and December 31, 2024 is presented in the following table:

September 30, 2025

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

2 unchanged sentences

Deferred Cash Due 2026 $ 4,746 $ 4,633 $ — $ 4,633 $ —

Deferred Cash Due 2026 $ 4,664 $ 4,599 $ — $ 4,599 $ —

(1) Net of unamortized debt issuance costs of $ 2.5 million.

23 unchanged sentences

This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Derivatives Designated as Cash Flow Hedging Strategies

2 unchanged sentences

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

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

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

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

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

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,

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):

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

2025 2024 2025 2024

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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 June 30, 2025.

At June 30, 2025, the Company had the following derivative instruments that settle as follows:

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

At September 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

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

June 30, 2025

September 30, 2025

In thousands Prepaid expenses and other Accrued liabilities and other

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Provisional metal sales contracts $ 222 $ 70

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,

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

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

Financial statement line Derivative 2025 2024 2025 2024

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

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME DETAIL

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

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

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

In thousands 2025 2024 2025 2024

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Transaction costs 451 976 12,161 976

Wage and hour litigation settlement (1)

6,998 — 6,998 —

Other 676 1,523 4,190 4,769

Pre-development, reclamation and other $ 15,843 $ 8,583 $ 45,957 $ 35,401

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

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

Other, net consists of the following:

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

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

In thousands 2025 2024 2025 2024

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Other, net $ ( 865 ) $ 3,434 $ 1,001 $ 11,329

NOTE 15 – NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period.

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

For the three and 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.

NOTE 15 – NET INCOME PER SHARE

Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period.

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

For the three and nine months ended September 30, 2025, there were nil and 1.1 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 103,916 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2024, respectively.

Coeur Mining, Inc.

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Notes to Condensed Consolidated Financial Statements

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

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

In thousands except per share amounts 2025 2024 2025 2024

Net income (loss) available to common stockholders $ 70,726 $ 1,426 $ 104,079 $ ( 27,691 )

Net income available to common stockholders $ 266,824 $ 48,739 $ 370,903 $ 21,048

Weighted average shares:

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Diluted 644,879 400,838 603,518 396,378

Income (loss) per share:

Income per share:

Basic $ 0.42 $ 0.12 $ 0.62 $ 0.05

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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

On August 8, 2025, the Company and BMO Capital Markets Corp.

amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “Modified Company 10b5-1 Plan”).

The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the three and nine months ended September 30, 2025:

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

2025 2024 2025 2024

Shares repurchased 451,700 — 668,200 —

Cost of shares $ 5,334 — $ 7,338 —

Average price paid per share $ 11.79 — $ 10.96 —

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION

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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

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Subsidiary Guarantors

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

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

Current assets $ 143,005 $ 13,782 $ 286,015 $ 164,627

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

SUMMARIZED STATEMENTS OF INCOME

SIX MONTHS ENDED JUNE 30, 2025

NINE MONTHS ENDED SEPTEMBER 30, 2025

In thousands Coeur Mining, Inc.

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Gross profit (loss) $ ( 587 ) $ 323,916

Net income (loss) $ 104,079 $ 129,122

Net income $ 370,903 $ 237,375

NOTE 17 – COMMITMENTS AND CONTINGENCIES

Mexico Litigation Matters

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.

As of September 30, 2025, $ 28.7 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.

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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

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

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

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

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

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

In thousands 2025 2024 2025 2024

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Closing Balance $ 5,885 $ 6,537 $ 5,885 $ 6,537

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Metal Sales Prepayments

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

At June 30, 2025, there was no remaining contract liability.

At September 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”).

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

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

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

In thousands 2025 2024 2025 2024

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

Wage and Hour Matter

On November 13, 2024, a putative collective and class action lawsuit was filed against the Company by a former employee in the United States District Court for the Northern District of Illinois, Eastern Division (the “Court”) alleging non-compliance with certain provisions of the Fair Labor Standards Act and the Alaska Wage and Hour Act (“Wage and Hour Litigation”).

On August 26, 2025, the Company reached an agreement in principle to resolve the Wage and Hour Litigation.

The Company denies any wrongdoing and its planned settlement of the Wage and Hour Litigation is not an admission of any non-compliance with the Fair Labor Standards Act or the Alaska Wage and Hour Act, but rather a business decision made in recognition of the costs of defense and inherent uncertainty presented in litigation matters.

The definitive settlement agreement continues to be negotiated and must be approved by the Court before settlement is finalized.

Pending the Court’s approval, the Company anticipates making a settlement payment for $ 6.1 million, plus the employer’s share of relevant taxes for amounts treated as wages, in early 2026.

Other Commitments and Contingencies

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.

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 Mexico.

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.

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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.

As of September 30, 2025 and December 31, 2024, the Company had surety bonds totaling $ 377.2 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.

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Accrued liabilities and other consist of the following:

In thousands June 30, 2025 December 31, 2024

In thousands September 30, 2025 December 31, 2024

Accrued salaries and wages $ 37,687 $ 31,151

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(2) See Note 12 -- Fair Value Measurements for additional details on Deferred Cash Due 2026.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and six months ended June 30, 2025 and 2024:

In thousands June 30, 2025 June 30, 2024

In thousands September 30, 2025 September 30, 2024

Cash and cash equivalents $ 266,342 $ 76,916

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

Second Quarter Highlights

Third Quarter Highlights

For the quarter, Coeur reported revenue of $554.6 million and cash provided by operating activities of $237.7 million.

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On a non-GAAP adjusted basis, the Company reported EBITDA 1 of $299.1 million and net income of $147.3 million, or $0.23 per diluted share.

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.

For the nine months ended September 30, 2025, Coeur reported revenue of $1,395.3 million and cash provided by operating activities of $512.3 million.

We reported GAAP net income of $370.9 million, or $0.61 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA 1 of $691.5 million and net income of $334.6 million or $0.55 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.

• Record quarterly production and solid cost performance – Operating strength across the portfolio together with higher gold and silver prices drove a second consecutive quarter of record results.

Quarterly silver production of 4.8 million ounces was 1% higher quarter-over-quarter and 57% higher year-over-year.

Gold production increased 3% quarter-over-quarter and 17% year-over-year to 111,364 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.

Average realized prices for gold and silver increased 4% and 15%, respectively, compared to the second quarter, leading to further margin expansion

• Record quarterly financial results – Fifth consecutive quarter of positive free cash flow, which increased 29% versus the prior quarter to a record $189 million.

Adjusted EBITDA 1 increased 23% versus the prior quarter to a record $299 million, bringing the last twelve-month (“LTM”) total to $808 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

Sixth consecutive quarter of GAAP net income, which totaled a record $267 million, or $0.41 per share

• Significantly bolstered liquidity position – Quarter-end cash and equivalents more than doubled to $266 million compared to the prior quarter-end.

Year-to-date, the Company has repaid over $228 million of total debt and its net leverage ratio decreased to 0.1x at quarter-end with a strong net cash position expected at year-end.

Nearly 10% of the Company’s share repurchase program has been completed at an average price of $11.79 per share

• Full-year production and cost guidance refined – Coeur refined its full year 2025 production guidance ranges, resulting in a 1% increase in the midpoint of expected full year gold production to 415,250 ounces and a 2% decrease in the midpoint of expected full year silver production to 18.1 million ounces.

Coeur also adjusted its full-year 2025 cost guidance lower at three of its five operations

Selected Financial and Operating Results

Three Months Ended Six Months Ended

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

Three Months Ended Nine Months Ended

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

Financial Results:

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Consolidated revenue $ 554,567 $ 480,650 $ 1,395,279 $ 748,562

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

Net income (loss) per share, diluted $ 0.11 $ 0.06 $ 0.18 $ (0.07)

Adjusted net income (loss) (1)

Net income $ 266,824 $ 70,726 $ 370,903 $ 21,048

Net income per share, diluted $ 0.41 $ 0.11 $ 0.61 $ 0.05

Adjusted net income (1)

$ 147,276 $ 127,401 $ 334,561 $ 24,729

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

Adjusted net income per share, diluted (1)

$ 0.23 $ 0.20 $ 0.55 $ 0.06

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Consolidated Financial Results

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

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

We sold 114,495 gold ounces and 5.0 million silver ounces, compared to 106,948 gold ounces and 4.7 million silver ounces.

Revenue increased by $73.9 million, or 15%, as a result of a 7% increase in gold and silver ounces sold, and a 4% and 15% 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 increase in gold ounces sold was the result of higher mill throughput driven by the consumption of the remaining acquired stockpile at Las Chispas, higher mill throughput and recoveries at Palmarejo, higher placement rates at Rochester and Wharf, and higher grades at Kensington.

The increase in silver ounces sold was the result of higher mill throughput driven by the consumption of the remaining acquired stockpile at Las Chispas 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 65% and 35% of third quarter 2025 sales revenue, respectively, compared to 67% and 33% of second quarter 2025 sales revenue, respectively.

The following table summarizes consolidated metal sales:

Three Months Ended Increase (Decrease) Percentage Change

In thousands June 30, 2025 March 31, 2025

In thousands September 30, 2025 June 30, 2025

Gold sales $ 360,484 $ 323,114 $ 37,370 12 %

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Costs Applicable to Sales

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.

Costs applicable to sales increased $19.3 million, or 8%, primarily driven by increased sales at Las Chispas as well as the impact of the preliminary purchase price allocation (“PPA”) ascribed to Inventory of $33.4 million compared to $29.7 million in the second quarter, higher gold and silver ounces sold at Rochester, and higher gold ounces sold at Kensington and Wharf.

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

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.

Amortization increased $11.5 million, or 19%, as a result of higher gold and silver ounces sold at Las Chispas, higher silver ounces sold at Rochester and higher gold ounces sold at Kensington and Wharf.

General and administrative expenses increased $1.6 million, or 12%, primarily due to higher stock-based compensation and annual incentive costs.

Exploration expense increased $1.9 million, or 8%, primarily due to increased drilling at Las Chispas and Kensington.

Pre-development, reclamation, and other expenses increased $2.7 million, or 20%, as a result of a wage and hour litigation settlement, partially offset by lower transaction costs and legal fees.

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

Three Months Ended Increase (Decrease) Percentage Change

In thousands June 30, 2025 March 31, 2025

In thousands September 30, 2025 June 30, 2025

Silvertip ongoing carrying costs $ 2,617 $ 2,423 $ 194 8 %

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Transaction costs 451 2,823 (2,372) (84) %

Wage and hour litigation settlement 6,998 — 6,998 100 %

Other 676 2,895 (2,219) (77) %

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Interest expense (net of capitalized interest of $0.2 million) decreased to $6.3 million from $8.3 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.

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

Other, net decreased to a loss of $0.9 million compared to a gain of $1.5 million as a result of foreign exchange rate losses.

Income and Mining Taxes

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.

Income and mining tax benefit of approximately $96.9 million resulted in an effective tax rate of (57.0)% for the three months ended September 30, 2025.

This compares to income tax expense of $62.6 million for an effective tax rate of 47.0% for the three months ended June 30, 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) variations in our income before income taxes;

(ii) geographic distribution of that income;

(iii) foreign exchange rates;

(iv) mining taxes;

valuation allowance release;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) foreign exchange rates;

(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.

(vi) mining taxes;

and (vii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $9.8 million and $28.3 million for the three months ended September 30, 2025 and June 30, 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.

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

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

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

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

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

The Company has historically provided a valuation allowance against its U.S.

net deferred tax assets.

In the third quarter of 2025, the Company released $216.0 million of valuation allowance against its U.S.

net deferred tax assets, resulting in a non-cash deferred tax benefit.

The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 million related to forecasted future year income.

The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

The Company continues to maintain a valuation allowance against approximately $55.0 million of U.S.

federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.

The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.

Net income was $266.8 million, or $0.41 per diluted share, compared to $70.7 million, or $0.11 per diluted share.

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.

The increase in net income was driven by a 4% and 15% increase in average realized gold and silver prices, respectively, a 7% increase in gold and silver ounces sold, lower interest expense, and a tax benefit of $160.0 million related to the expectation that our U.S.

deferred tax assets are now expected to be used before expiration.

This was partially offset by higher exploration and general and administrative costs, and a wage and hour litigation settlement of $6.1 million, plus the employer’s share of relevant taxes.

Adjusted net income was $147.3 million, or $0.23 per diluted share, compared to $127.4 million, or $0.20 per diluted share (see “Non-GAAP Financial Performance Measures”).

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

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

We sold 310,759 gold ounces and 13.6 million silver ounces, compared to 255,261 gold ounces and 8.2 million silver ounces.

Revenue increased by $646.7 million, or 86%, as a result of a 22% and 65% increase in gold and silver ounces sold, respectively, and a 43% 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 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 increase in gold ounces sold was primarily due to the post-acquisition sales at Las Chispas and an increase in production at Rochester as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates, and higher mill throughput at Kensington, partially offset by lower grades at Palmarejo and Wharf.

The increase in silver ounces sold resulted from the post-acquisition sales at Las Chispas and higher production at Rochester as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates, partially offset by lower grades at Palmarejo.

Gold and silver represented 66% and 34% of sales revenue during the first nine months of 2025, respectively, compared to 71% and 29% during the first nine months of 2024, respectively.

The following table summarizes consolidated metal sales:

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

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

In thousands 2025 2024

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Costs Applicable to Sales

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.

Costs applicable to sales increased $235.0 million, or 53%, 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 $90.2 million and an increase in production at Rochester and Kensington, partially offset lower gold ounces sold at Palmarejo and Wharf.

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

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.

Amortization increased $89.0 million, or 101%, as a result of the post-acquisition gold and silver ounces sold at Las Chispas, increased production 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 and Wharf.

General and administrative expenses increased $5.4 million, or 15%, primarily due to higher stock-based compensation, annual incentive and outside service costs, partially offset by lower legal costs.

Exploration expense increased $25.1 million, or 59%, 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.

Pre-development, reclamation, and other expenses increased $10.6 million, or 30%, primarily due to transaction costs related to the acquisition of SilverCrest, the wage and hour litigation settlement, 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:

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

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

In thousands 2025 2024

4 unchanged sentences

Transaction costs 12,161 976 11,185 1,146 %

Wage and hour litigation settlement 6,998 — 6,998 100 %

Other 4,190 4,769 (579) (12) %

1 unchanged sentence

Other Income and Expenses

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.

Interest expense (net of capitalized interest of $1.0 million) decreased to $25.0 million from $39.4 million due to lower interest paid under the RCF driven by lower average debt levels and interest rate, 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 September 30, 2025.

Other, net decreased to a gain of $1.0 million compared to $11.3 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 losses on foreign exchange rates.

Income and Mining Taxes

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

Income and mining tax benefit of approximately $15.9 million resulted in an effective tax rate of (4.5)% for 2025.

This compares to income tax expense of $49.0 million for an effective tax rate of 70.0% 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) 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.

valuation allowance release;

(ii) foreign exchange rates;

(iii) mining taxes;

(iv) variations in our income before income taxes;

(v) geographic distribution of that income;

(vi) the impact of uncertain tax positions;

and (vii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $37.9 million and decreased income and mining tax expense by $1.3 million for the nine months ended September 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.

1 unchanged sentence

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

Six Months Ended June 30,

Nine Months Ended September 30,

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

9 unchanged sentences

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

Net Income (Loss)

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, 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”).

The Company has historically provided a valuation allowance against its U.S.

net deferred tax assets.

In the third quarter of 2025, the Company released $216.0 million of valuation allowance against its U.S.

net deferred tax assets, resulting in a non-cash deferred tax benefit.

The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 million related to forecasted future year income.

The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

The Company continues to maintain a valuation allowance against approximately $55.0 million of U.S.

federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.

The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.

Net income was $370.9 million, or $0.61 per diluted share, compared to a net income of $21.0 million, or $0.05 per diluted share.

The increase in net income was driven by a 22% and 65% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, a 43% and 32% increase in average realized gold and silver prices, respectively, lower interest expense, and a tax benefit of $160.0 million related to the expectation that our U.S.

deferred tax assets are now expected to be used before expiration.

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

Adjusted net income was $334.6 million, or $0.55 per diluted share, compared to a gain of $24.7 million, or $0.06 per diluted share (see “Non-GAAP Financial Performance Measures”).

2025 Guidance

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.

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

The Company has refined its 2025 production and cost guidance ranges as reflected below.

2025 Production Guidance

Previous Updated

Gold Silver Gold Silver

(oz) (K oz) (oz) (K oz)

Las Chispas 42,500 - 52,500 4,250 - 5,250 50,000 - 58,000 5,000 - 5,500

5 unchanged sentences

2025 Adjusted Costs Applicable to Sales Guidance

($/oz) ($/oz)

Previous Updated

Gold Silver Gold Silver

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

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

3 unchanged sentences

Wharf (by-product) $1,250 - $1,350 — $1,125 - $1,225 —

2025 Capital, Exploration and G&A Guidance

2025 Capital, Exploration, G&A and Income and Mining Tax Guidance

Previous Updated

4 unchanged sentences

General & Administrative Expenses $48 - $52 $50 - $55

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

Effective Tax Rate (%) — 27% - 33%

Cash Taxes — $165 - $195

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

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

The Company’s updated guidance figures assume estimated prices of $3,411/oz gold and $37.82/oz silver as well as CAD of 1.38 and MXN of 20.0.

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

On August 6, 2025, the Company increased its 2025 general & administrative expense guidance to reflect the non-cash increase in incentive compensation related to expected performance share expense.

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

Results of Operations

Three Months Ended Six Months Ended

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

Three Months Ended Nine Months Ended

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

Tons milled 139,916 118,399 317,683 —

12 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

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.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold and silver production increased 2% and 6%, respectively, as a result of higher mill throughput driven by the consumption of the remaining acquired stockpile and recovery of in-circuit inventory.

Metal sales were $126.1 million, or 23% of Coeur’s metal sales, compared with $102.7 million, or 21% of Coeur’s metal sales.

Revenue increased by $23.5 million, or 23%, of which $13.7 million was due to higher volume of gold and silver production and $9.8 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

Costs applicable to sales per gold and silver ounce sold includes the impact of $902 and $10.38 per gold and silver ounce sold, respectively, on costs applicable to sales attributable to PPA ascribed to Inventory of $33.4 million, which on an adjusted basis results in a costs applicable to sales of $935 and $10.77 per gold and silver ounce sold, respectively.

Amortization increased by $8.5 million to $30.9 million primarily as a result of higher gold and silver ounces sold.

Capital expenditures were $9.8 million, in line with prior quarter, and were primarily composed of underground mine development and capitalized exploration costs.

Nine Months Ended September 30, 2025

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

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.

The consumption of the remaining acquired stockpile in the third quarter led to production of 39,986 and 3,774,761 gold and silver ounces, respectively.

Metal sales were $286.8 million, or 21% of Coeur’s metal sales.

Costs applicable to sales per gold and silver ounce sold were $1,962 and $20.93, respectively, which includes the impact of $1,106 and $11.80 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $56.7 million.

Costs applicable to sales per gold and silver ounce sold includes the impact of $1,038 and $11.05 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $90.2 million, which on an adjusted basis results in a costs applicable to sales of $904 and $9.63 per gold and silver ounce sold, respectively.

Amortization totaled $62.2 million.

Capital expenditures were $14.5 million.

Three Months Ended Six Months Ended

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

Capital expenditures of $24.3 million were primarily composed of underground mine development and capitalized exploration costs.

Three Months Ended Nine Months Ended

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

Tons milled 485,267 483,880 1,410,067 1,343,771

12 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

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.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold and silver production decreased 9% and 13%, respectively, as a result of lower gold and silver grades, partially offset by higher recoveries.

Metal sales were $121.2 million, or 22% of Coeur’s metal sales, compared with $114.1 million, or 24% of Coeur’s metal sales.

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.

Revenue increased by $7.1 million, or 6%, of which $10.3 million was due to higher average realized gold and silver prices, partially offset by $3.2 million due to lower volume of gold and silver production.

Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement were 49%, compared to 48% in the prior quarter.

Costs applicable to sales per gold and silver ounce were in-line and increased 15%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation.

Amortization increased by $0.7 million to $10.1 million as a result of commencement of commercial production at Hidalgo in June 2025.

Capital expenditures remained comparable at $5.7 million.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Gold and silver production decreased 13% and 6%, respectively, as a result of a decrease in gold and silver grades, partially offset by an increase of 5% in mill throughput.

Metal sales were $331.1 million, or 24% of Coeur’s metal sales, compared with $290.0 million, or 39% of Coeur’s metal sales.

Revenue increased by $41.1 million, or 14%, of which $69.2 million was due to higher gold and silver prices, partially offset by $28.1 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

Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement increased to 48% from 32% in the prior year driven by mine sequencing.

Costs applicable to sales per gold and silver ounce were in-line and increased 8%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation.

Amortization decreased by $6.7 million to $28.7 million due to lower gold and silver ounces sold.

Capital expenditures decreased to $17.2 million from $20.7 million due to the lower underground development and equipment purchases.

Three Months Ended Nine Months Ended

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

Tons placed (1)

10 unchanged sentences

$ 17.89 $ 17.00 $ 17.98 $ 21.57

(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.

(1) During the three months ended September 30, 2025 and June 30, 2025, 6.2 million and 6.7 million tons of crushed ore were placed on the new leach pad, respectively.

During the nine months ended September 30, 2025 and 2024, 18.5 million and 12.5 million tons of crushed ore were placed on the new leach pad, respectively.

(2) See Non-GAAP Financial Performance Measures.

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 1.1 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.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold and silver production increased 3% and 13%, respectively, driven by higher placement rates.

Ore tons placed during the quarter totaled 8.3 million tons, consisting of approximately 6.3 million tons through the crushing circuit, down from 6.7 million tons in the prior quarter largely due to planned downtime in July to complete several crusher upgrades.

Additionally, the Company placed approximately 2.0 million tons of direct to pad (“DTP”) material, up from 1.1 million tons of DTP material placed in the prior quarter.

Metal sales were $112.5 million, or 20% of Coeur’s metal sales, compared with $95.0 million, or 20% of Coeur’s metal sales.

Revenue increased by $17.5 million, or 18%, of which $8.7 million was due to higher average realized gold and silver prices and $8.8 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.

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.

Costs applicable to sales per gold and silver ounce decreased 5% and increased 5%, respectively, as a result of higher labor, outside service and royalty costs as well as the mix of gold and silver sales which impacted co-product cost allocation.

Amortization increased to $18.5 million due to the increase in gold and silver ounces sold.

Capital expenditures decreased by $12.9 million to $11.6 million due to timing of capitalized stripping to facilitate exploration drilling and future planned mining activities and lower equipment purchases.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Gold and silver production increased 81% and 55%, respectively, as a result of the completion of the expansion project in March 2024 and subsequent ramp-up in production rates.

Ore tons placed during the first nine months of 2025 totaled 23.1 million tons, a 51% (7.8 million ton) increase from the prior year period, consisting of approximately 18.5 million tons through the crushing circuit and 4.6 million tons of DTP material.

Metal sales were $290.1 million, or 21% of Coeur’s metal sales, compared with $128.6 million, or 17% of Coeur’s metal sales.

Revenue increased by $161.5 million, or 126%, of which $115.7 million was due to a higher volume of gold and silver production, and $45.8 million was due to higher average realized gold and silver prices.

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 Six Months Ended

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

Costs applicable to sales per gold and silver ounce decreased 9% and 17%, respectively, as a result of the increase in ore tons placed, lower electrical power and haul truck repair costs and the mix of gold and silver sales which impacted co-production cost allocation.

Amortization increased to $50.2 million due to the increase in gold and silver ounces sold and the impact of commissioning of the newly expanded crushing circuit in March 2024.

Capital expenditures decreased to $50.9 million from $58.9 million due to Rochester expansion project spending in 2024 offset by equipment purchases and capitalized stripping in 2025.

Three Months Ended Nine Months Ended

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

Tons milled 188,705 192,169 566,218 515,398

6 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

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.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold production increased 3% as a result of a 7% increase in grades, partially offset by a 2% decrease in mill throughput.

Metal sales were $98.9 million, or 18% of Coeur’s metal sales, compared to $89.8 million, or 19% of Coeur’s metal sales.

Revenue increased by $9.1 million, or 10%, of which $4.4 million was due to higher volume of gold production and an increase of $4.7 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

Costs applicable to sales per gold ounce decreased 3% due to higher production and lower outside service costs.

Amortization increased by $0.2 million to $10.4 million due to an increase in gold ounces sold.

Capital expenditures decreased by $0.7 million to $15.6 million as a result of lower expenditures related to underground development and capitalized exploration.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Gold production increased 11% as a result of 10% higher mill throughput.

1 unchanged sentence

Revenue increased by $97.2 million, or 62%, of which $72.6 million was due to higher average realized gold prices, and $24.6 million was due to higher volume of gold production.

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

Costs applicable to sales per gold ounce increased 3% as higher production was more than offset by higher freight and royalty costs.

Amortization increased to $28.1 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 Six Months Ended

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

Capital expenditures decreased to $47.4 million from $49.7 million due to lower underground development and capitalized exploration, partially offset by the construction of the expanded tailings impoundment.

Three Months Ended Nine Months Ended

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

Tons placed 1,345,662 1,105,605 3,484,966 3,839,041

7 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

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.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold production increased 16% driven by higher tons placed, and timing of recoveries of higher-grade material placed on the pads in prior period.

Metal sales were $95.9 million, or 17% of Coeur’s metal sales, compared to $79.1 million, or 16% of Coeur’s metal sales.

Revenue increased by $16.8 million, or 21%, of which $14.3 million was attributable to higher gold production, and $2.5 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.

Costs applicable to sales per gold ounce decreased 9% due to higher ore tons placed.

Amortization remained comparable at $1.8 million.

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.

Capital expenditures decreased to $3.2 million from $3.6 million.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

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

Metal sales were $233.4 million, or 17% of Coeur’s metal sales, compared to $173.3 million, or 23% of Coeur’s metal sales.

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.

Revenue increased by $60.1 million, or 35%, of which $76.6 million was due to higher average realized gold prices, partially offset by $16.4 million due to lower gold production.

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

Amortization decreased to $4.8 million due to the decrease in gold ounces mined.

Capital expenditures increased to $14.1 million from $4.2 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

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Exploration expense totaled $10.1 million in the third quarter of 2025 compared to $9.2 million in the prior quarter as the Company continued to focus on expanding the mineral resources at Silvertip.

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

Capital expenditures in the third quarter of 2025 totaled $2.6 million.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Exploration expenses total $25.4 million in 2025 compared to $21.1 million in the prior year.

Ongoing carrying costs at Silvertip totaled $7.7 million in 2025 and $6.1 million in the prior year.

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Liquidity and Capital Resources

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.

At September 30, 2025, the Company had $268.2 million of cash, cash equivalents and restricted cash and $399.3 million available under the RCF.

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

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.

Cash and cash equivalents increased $211.3 million in the nine months ended September 30, 2025 due to the cash acquired in the SilverCrest Transaction of $103.7 million, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, a 22% and 65% increase in gold and silver ounces sold, respectively, and a 43% 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 $15.0 million, income and mining tax payments at Palmarejo and Las Chispas, full repayment of outstanding prepayment agreement balances at Rochester, Kensington and Wharf, $159.8 million of capital expenditures, and the second payment of $10.0 million related to the acquisition of mining concessions at Palmarejo.

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

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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 0.4 times Adjusted EBITDA as of June 30, 2025.

Our current net leverage ratio is 0.1 times Adjusted EBITDA as of September 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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This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.

Cash Provided by (Used in) Operating Activities

Net cash provided by operating activities for the three months ended June 30, 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 Six Months Ended

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

Cash Provided by Operating Activities

Net cash provided by operating activities for the three months ended September 30, 2025 was $237.7 million, compared to $207.0 million for the three months ended June 30, 2025.

Net cash provided by operating activities for the nine months ended September 30, 2025 was $512.3 million, compared to $110.4 million for nine months ended September 30, 2024.

Adjusted EBITDA for the three months ended September 30, 2025 was $299.1 million, compared to $243.5 million for the three months ended June 30, 2025.

Adjusted EBITDA for the nine months ended September 30, 2025 was $691.5 million, compared to $222.8 million for the nine months ended September 30, 2024 (see “Non-GAAP Financial Performance

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

Three Months Ended Nine Months Ended

In thousands September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Cash flow before changes in operating assets and liabilities $ 238,702 $ 161,573 $ 453,991 $ 83,807

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Cash provided by operating activities $ 237,706 $ 206,951 $ 512,292 $ 110,441

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 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.

Net cash provided by operating activities increased $30.8 million for the three months ended September 30, 2025 compared to the three months ended June 30, 2025, primarily due to a 7% increase in gold and silver ounces sold, a 4% and 15% increase in average realized gold and silver prices, respectively, the consumption of the remaining acquired stockpile at Las Chispas, timing of accounts payable at Las Chispas and Silvertip, and lower interest expense.

This was partially offset by timing of interest payments paid related to the Senior Notes, the Company’s annual insurance renewal payment, and increased general and administrative and exploration expenses.

Revenue for the three months ended September 30, 2025 compared to the three months ended June 30, 2025 increased by $73.9 million, of which $36.0 million was due to higher volume of gold and silver sales and $37.9 million was due to higher average gold and silver prices.

Net cash provided by operating activities increased $401.9 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to a 22% and 65% increase in gold and silver ounces sold, respectively, a 43% 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 nine months ended September 30, 2024.

Revenue for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 increased by $646.7 million, of which $280.2 million was due to higher average realized gold and silver prices, $79.7 million was due to higher volume of gold and silver sales, and $286.8 million was due to post-acquisition sales at Las Chispas.

Cash Used in Investing Activities

Net cash used in investing activities in the three months ended September 30, 2025 was $59.2 million compared to $60.6 million in the three months ended June 30, 2025.

Cash used in investing activities decreased due to lower capital expenditures, partially offset by the $10.0 million payment for the purchase of mining concessions.

The Company incurred capital expenditures of $49.0 million in the three months ended September 30, 2025 compared with $60.8 million in the three months ended June 30, 2025 primarily related to capitalized exploration at Rochester and Kensington, expanded tailings impoundment at Kensington in both periods, 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 nine months ended September 30, 2025 was $66.5 million compared to $145.7 million in the nine months ended September 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.

The Company incurred capital expenditures of $159.8 million in the nine months ended September 30, 2025 compared with $135.5 million in the nine months ended September 30, 2024 primarily related to post-acquisition underground development and equipment purchases at Las Chispas, underground development at Palmarejo and Kensington in both periods, expanded tailings impoundment at Kensington in both periods, and the construction of a water treatment facility at Wharf .

Cash Provided by (Used in) Financing Activities

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.

Net cash used in financing activities in the three months ended September 30, 2025 was $23.9 million compared to $112.8 million in the three months ended June 30, 2025.

During the three months ended September 30, 2025, the Company had no repayments on a net basis under the RCF compared to $110.0 million, net, in the three months ended June 30, 2025.

Additionally, the Company repurchased $5.3 million of common stock in connection with the Company’s Program in the three months ended September 30, 2025 compared to $2.0 million in the three months ended June 30, 2025, and prepaid $9.5 million in finance leases at Rochester.

Net cash used in financing activities in the nine months ended September 30, 2025 was $234.8 million compared to net cash provided by financing activities of $51.2 million in the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, the Company repaid $195.0 million, net, under the RCF, repurchased $7.3 million of common stock in connection with the Company’s Program, and prepaid $9.5 million in finance leases at Rochester.

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

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

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as the Company’s broker.

On August 8, 2025, the Company and BMO Capital Markets Corp.

amended the Company 10b5-1 Plan to modify certain terms of the arrangement.

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

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

July 1, 2025 - July 31, 2025 — — — —

August 1, 2025 - August 31, 2025 451,700 $ 11.79 668,200 $ 67.6

September 1, 2025 - September 30, 2025 — — — —

Total 451,700 $ 11.79 668,200

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

Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result

in write-downs to net realizable value are accounted for on a prospective basis.

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

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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.

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

As of September 30, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 64,482 and 8.9 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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These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Adjusted Net Income (Loss)

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

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

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

Adjusted Net Income

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

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

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

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

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

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

Three Months Ended 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)

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

Three Months Ended Nine Months Ended

In thousands except per share amounts September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Net income $ 266,824 $ 70,726 $ 370,903 $ 21,048

Fair value adjustments, net — (4) 342 —

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Kensington royalty settlement — 28 (67) 7,369

Wage and hour litigation settlement 6,998 — 6,998 —

Mexico arbitration matter 743 1,740 2,893 3,459

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Acquired inventory purchase price allocation 33,443 29,681 90,163 —

Tax effect of adjustments (2)

Valuation allowance and tax effect of adjustments (2)

(173,022) (5,633) (188,885) (962)

Adjusted net income (loss) $ 127,401 $ 59,886 $ 187,286 $ (22,426)

Adjusted net income (loss) per share, Basic $ 0.20 $ 0.12 $ 0.33 $ (0.06)

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 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.

Adjusted net income $ 147,276 $ 127,401 $ 334,561 $ 24,729

Adjusted net income per share, Basic $ 0.23 $ 0.20 $ 0.56 $ 0.06

Adjusted net income per share, Diluted $ 0.23 $ 0.20 $ 0.55 $ 0.06

(1) Includes the impact of foreign exchange rates on deferred tax balances of $9.8 million and $28.1 million for the three months ended September 30 and June 30, 2025, respectively, and $37.8 million and ($0.3) million for the nine months ended September 30, 2025 and 2024, respectively.

(2) For the three and nine months ended September 30, 2025, tax effect of adjustments of $173.0 million (415.5%) and $188.9 million (168.5%), respectively, are primarily related to the release of the valuation allowance against U.S.

net deferred tax assets of $162.0 million, the wage and hour litigation settlement, Transaction costs at Corporate, and the impact of the PPA ascribed to Inventory at Las Chispas.

For the three months ended June 30, 2025, tax effect of adjustments of $5.6 million (16.3%) are primarily related to the Transaction costs at Corporate and the impact of the PPA ascribed to Inventory at Las Chispas.

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

EBITDA and Adjusted EBITDA

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

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)

Three Months Ended Nine Months Ended

In thousands September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Net income $ 266,824 $ 70,726 $ 370,903 $ 21,048

Interest expense, net of capitalized interest 6,273 8,251 24,974 39,389

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Kensington royalty settlement — 28 (67) 7,369

Wage and labor litigation settlement 6,998 — 6,998 —

Mexico arbitration matter 743 1,740 2,893 3,459

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

Consolidated Three Months Ended Six Months Ended

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

Consolidated Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Cash flow from operations $ 237,706 $ 206,951 $ 512,292 $ 110,441

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

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

Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as

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

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

Three Months Ended 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)

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Cash provided by operating activities $ 237,706 $ 206,951 $ 512,292 $ 110,441

Changes in operating assets and liabilities:

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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 Six Months Ended

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

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Total debt $ 363,516 $ 380,722 $ 363,516 $ 605,183

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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

Three Months Ended September 30, 2025

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

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(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $33.4 million.

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

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

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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

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(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $90.2 million.

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

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

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Silver ($/oz) $ 13.84 $ 21.57 $ —

Reconciliation of Costs Applicable to Sales for 2025 Guidance

Reconciliation of Costs Applicable to Sales for Updated 2025 Guidance

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

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Silver ($/oz) $9.25 - $10.25 $15.00 - $16.00 $17.00 - $18.50

Reconciliation of Costs Applicable to Sales for Previous 2025 Guidance

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

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

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

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

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

By-product credit — — — — (2,824)

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

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

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

Revenue Split

Gold 48% 50% 44% 100% 100%

Silver 52% 50% 56%

Adjusted costs applicable to sales

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

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

Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, 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, tax rates and treatment, 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.

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

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

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

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

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What changed 10-Q

Item 1. Financial Statements