What changed in this filing

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Item 2. Properties

2026-02-18 compared with 2025-02-19 · 162 added, 117 removed, 316 unchanged (47% of the section changed)

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Operating statistics for mining operations are presented in the section entitled “Operating Statistics” below.

Mexico - Las Chispas

The Las Chispas operation, operated by our wholly-owned subsidiary, Compania Minera La Llamarada S.A.

de C.V., consists of:

(1) the Las Chispas processing facility;

(2) the Las Chispas underground mine;

and (3) other nearby deposits and exploration targets.

The Las Chispas operation is located on the western edge of the north-trending Sierra Madre Occidental Mountain Range and is geographically adjacent to the Sonora Valley.

The Las Chispas operation is located approximately 354 miles (220 kilometers) northeast of the city of Hermosillo, in the state of Sonora in Northern Mexico at approximately 30.233902°N latitude and 110.163396°W longitude (580,500E, 3,344,500N), within the Arizpe Mining district.

All coordinates are in Universal Transverse Mercator (WGS 84), Zone 12.

Access to the property is provided by highway leading from the city of Hermosillo in Sonora, Mexico, and 217 miles (350 kilometers) southwest of Tucson, Arizona.

State of Sonora, Northern Mexico

Metals/Mineralization:

Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures

Land Position:

3,425 net acres (1,386 hectares)

Mineral Tenure:

27 wholly-owned mining concessions

Key Permit Conditions:

Authorizations are in place that regulate typical life of mine functions, including mineral processing production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, waste generation, and reclamation.

Major authorizations were obtained through the completion of several MIAs (Manifestación de Impacto Ambiental), permits associated with forestry vegetation disturbance of change in soil use (Cambio de Uso de Suelo en Terrenos Forestales), the required authorizations from the National Water Commission (Comisión Nacional del Agua or CONAGUA) for water resource uses, and special handling waste through the Comisión de Ecología y Desarrollo Sustentable del Estado de Sonora (CEDES).

Operational standards and best management practices (BMPs) have been established to maintain compliance with applicable regulatory standards and permits.

Monitoring programs are established and there is a conceptual reclamation and closure plan prepared in alignment with relevant standards (e.g., Normas Oficiales Mexicanas, NOMs) that reflects current mining, mitigation, and site facilities.

Compania Minera La Llamarada is obligated to pay a 2% royalty on the Nuevo Lupena and Panuco II concessions for material that has processed grades > 0.5 oz/tonnes gold and > 40 oz/tonnes silver, combined.

As of December 31, 2025 and 2024, Las Chispas reported 296,000 and 357,000 ounces of gold reserves, respectively, and 28.3 million and 33.5 million ounces of silver reserves, respectively.

The year-over-year decreases of approximately 17% in gold reserves and approximately 16% in silver reserves were the result of resource additions exceeded by depletion.

As of December 31, 2025 and 2024, Las Chispas reported 67,000 and 156,000 ounces of measured and indicated gold resources, respectively, and 6.4 million and 14.4 million ounces of measured and indicated silver resources, respectively.

The year-over-year decreases of approximately 57% in gold measured and indicated resources and 56% in silver measured and indicated resources were each primarily driven by technical revisions.

As of December 31, 2025 and 2024, Las Chispas reported 135,000 and 144,000 ounces of inferred gold ounces, respectively, and 11.8 million and 10.1 million ounces of silver inferred ounces, respectively.

The year-over-year decreases of approximately 6% in gold inferred ounces and year-over-year increase of 16% in silver inferred ounces were primarily due to exploration growth and technical revisions.

Mexico — Palmarejo

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and (5) other nearby deposits and exploration targets.

The Palmarejo complex is located approximately 260 miles southwest of Chihuahua, in the state of Chihuahua in Northern Mexico.

The Palmarejo complex is located approximately 260 miles (418 kilometers) southwest of Chihuahua, in the state of Chihuahua in Northern Mexico.

The coordinates for the centroid of the project are 108° 21.8203’ W longitude and 27° 21.5547’ N latitude (760,781 mE, 3,028,984 mN).

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Land Position:

74,119 net acres

74,195 net acres (30,026 hectares)

Mineral Tenure:

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Authorizations are in place that regulate typical life of mine functions, including production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, and reclamation.

A permit to operate back-up generators during grid power interruptions was recently administratively revoked;

however, we are appealing the revocation and also applying for a new permit.

We have been granted the right to continue operating the back-up generators during the course of the appeal.

Major authorizations were obtained through the completion of several MIAs (Manifestación de Impacto Ambiental), permits associated with forestry vegetation disturbance of change in soil use (Cambio de Uso de Suelo en Terrenos Forestales), and the required authorizations from the National Water Commission (Comisión Nacional del Agua or CONAGUA) for water use, effluent discharge, and to construct facilities in federal watersheds.

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Coeur Mexicana is subject to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.

As of December 31, 2025 and 2024, Palmarejo reported 928,000 and 681,000 ounces of gold reserves, respectively, and 64.3 million and 46.0 million ounces of silver reserves, respectively.

The year-over-year increases of approximately 36% in gold reserves and approximately 40% in silver reserves were both primarily due to increased metal prices, decreased operating costs, successful conversion drilling, and technical revisions.

As of December 31, 2025 and 2024, Palmarejo reported 1,028,000 and 1,423,000 ounces of measured and indicated gold resources, respectively, and 56.5 million and 89.9 million ounces of measured and indicated silver resources, respectively.

The year-over-year decreases of approximately 28% in gold measured and indicated resources and 37% in silver measured and indicated resources were each driven by resource conversion to reserves and technical revisions.

As of December 31, 2025 and 2024, Palmarejo reported 1,265,000 and 643,000 ounces of inferred gold ounces, respectively, and 60.3 million and 34.7 million ounces of silver inferred ounces, respectively.

The year-over-year increases of approximately 97% in gold inferred ounces and 74% in silver inferred ounces were primarily due to success from the Company’s exploration investments.

USA (Nevada) — Rochester

The Rochester mine and associated heap leach facilities, operated by our wholly-owned subsidiary, Coeur Rochester, Inc.

(“Coeur Rochester”), is an open pit silver and gold mine located in Pershing County, Nevada, approximately 13 miles northeast of the city of Lovelock.

(“Coeur Rochester”), is an open pit silver and gold mine located in Pershing County, Nevada, approximately 13 miles (21 kilometers) northeast of the city of Lovelock.

The mine consists of the main Rochester deposit and the adjacent Nevada Packard deposit, southwest of the Rochester mine.

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Silver and gold, consisting of silver sulfosalt minerals, argentite, silver-bearing tetrahedrite and minor native gold, are contained in zones of multiple quartz veins and veinlets (vein, vein swarms and stockworks) with variable amounts of pyrite

Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 46,272 net acres

• 1,465 owned and 358 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 29,982 net acres of public land;

• 23 patented lode claims, consisting of approximately 392 acres;

• Interests owned in approximately 9,327.8 gross acres of additional real property;

• Certain rights in and to approximately 6,182 acres, held either through lease, letter agreement or license.

Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 46,721 net acres (18,907 hectares)

• 1,481 owned and 358 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 30,222 net acres (12,230 hectares) of public land;

• 23 patented lode claims, consisting of approximately 392 acres (159 hectares);

• Interests owned in approximately 9,328 gross acres (3,775 hectares) of additional real property;

• Certain rights in and to approximately 6,182 acres (2,502 hectares), held either through lease, letter agreement or license.

Key Permit Conditions:

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• Coeur Rochester is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.

• In 2025, the Rochester mine incurred $11.7 million of royalty expense versus nil in 2024.

As of December 31, 2025 and 2024, Rochester reported 1,332,000 and 1,298,000 ounces of gold reserves, respectively, and 181.8 million and 191.0 million silver reserves, respectively.

The year-over-year increase of approximately 3% in gold reserves and decrease of approximately 5% in silver reserves were the result of exploration additions and metal price increases which partly offset losses due to operating costs increases.

As of December 31, 2025 and 2024, Rochester reported 353,000 and 260,000 ounces of measured and indicated gold resources, respectively, and 51.5 million and 36.9 million ounces of measured and indicated silver resources, respectively.

The year-over-year increases of approximately 36% in gold measured and indicated resources and approximately 39% in silver measured and indicated resources were driven by exploration additions and technical revisions.

As of December 31, 2025 and 2024, Rochester reported 323,000 and 258,000 ounces of inferred gold resources, respectively, and 54.9 million and 41.8 million ounces of silver inferred ounces, respectively.

The year-over-year increases of approximately 25% in gold inferred ounces and 31% in silver inferred ounces were driven by exploration additions and technical revisions.

USA (Alaska) — Kensington

The Kensington underground gold mine and associated milling facilities, operated by our wholly-owned subsidiary, Coeur Alaska, Inc.

(“Coeur Alaska”), are located on the east side of the Lynn Canal about 45 miles north-northwest of Juneau, Alaska.

(“Coeur Alaska”), are located on the east side of the Lynn Canal about 45 miles (72 kilometers) north-northwest of Juneau, Alaska.

The mine consists of the (i) Kensington Main deposit, (ii) Elmira, and (iii) other nearby deposits and exploration targets.

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Gold Concentrate

Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 net acres, consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres, 298 Federal unpatented lode claims covering approximately 3,222 net acres, and 13 State of Alaska mining claims covering approximately 95 net acres.

• The Jualin Group, totaling approximately 8,531 net acres, is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres, 452 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,979 net acres, a State of Alaska upland mining lease comprising approximately 682 acres, one State of Alaska mining claim comprising approximately three acres and four State-selected mining claims covering approximately 60 acres.

Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 net acres (1,607 hectares), consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres (310 hectares), 298 Federal unpatented lode claims covering approximately 3,222 net acres (1,304 hectares), and 13 State of Alaska mining claims covering approximately 95 net acres (38 hectares).

• The Jualin Group, totaling approximately 8,531 net acres (3,452 hectares), is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres (157 hectares), 452 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,979 net acres (3,229 hectares), a State of Alaska upland mining lease comprising approximately 682 acres (276 hectares), one State of Alaska mining claim comprising approximately 3 acres (1 hectare) and four State-selected mining claims covering approximately 60 acres (24 hectares).

• 14 of the 23 patented lode claims cover private surface estate only.

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Fish and Wildlife Service, National Oceanic and Atmospheric Administration, State of Alaska, as well through other federal, state, and local entities.

The environmental effects of the operation were comprehensively evaluated through the National Environmental Policy Act (NEPA) through Environmental Impact Statements.

The environmental effects of the operation were comprehensively evaluated through the NEPA through Environmental Impact Statements.

Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.

• A security interest in the Kensington mine has been granted in favor of the lenders under the RCF.

• Coeur Alaska is obligated to pay a subsidiary of Triple Flag Precious Metals Corp.

(“Triple Flag”) a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine at a rate of:

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

• Coeur Alaska is obligated to pay Hyak annually, during the initial term of the mining lease, an advance minimum royalty of $231,000, which amount is adjusted every three years in accordance with changes in the Consumer Price Index as published by the U.S.

• Pursuant to the Amended and Restated Royalty Deed effective January 1, 2024, Coeur is obligated to pay Maverix a net returns royalty of 1.25% through December 31, 2026, and 1.50% thereafter, until payment is made on two million troy ounces of refined gold or equivalent, based on the monthly average gold price of the London Bullion Market Association.

• Coeur Alaska is obligated to pay Hyak Mining Company (“Hyak”) annually, during the initial term of the mining lease, an advance minimum royalty of $231,000, which amount is adjusted every three years in accordance with changes in the Consumer Price Index as published by the U.S.

Department of Commerce for all Urban Consumers, City of Anchorage, Alaska.

If production occurs from the leased Hyak premises, a 5% net returns royalty on production as defined by the lease, is due, unless the amount of the net returns royalty is less than the adjusted advance minimum royalty.

• In 2025, the Kensington mine incurred $4.9 million of royalty expense compared to $3.2 million in 2024.

As of December 31, 2025 and 2024, Kensington reported 546,000 and 501,000 ounces of gold reserves, respectively.

The year-over-year increase of approximately 9% was primarily due to additions through successful resource conversion drilling.

As of December 31, 2025 and 2024, Kensington reported 433,000 and 886,000 ounces of measured and indicated gold resources, respectively, and 96,000 and 228,000 ounces of inferred gold resources, respectively.

The year-over-year decreases of approximately 51% in measured and indicated gold resources and approximately a 58% decrease in inferred resources were primarily due to technical revisions.

USA (South Dakota) — Wharf

The Wharf mine, operated by our wholly-owned subsidiaries, Wharf Resources (U.S.A.) Inc.

(“Wharf”) and Golden Reward Mining Limited Partnership (“Golden Reward”), is located in the northern Black Hills of western South Dakota, approximately four miles southwest of the city of Lead, South Dakota.

(“Wharf”) and Golden Reward Mining Limited Partnership (“Golden Reward”), is located in the northern Black Hills of western South Dakota, approximately four miles (six kilometers) southwest of the city of Lead, South Dakota.

Coordinates for the project centroid are 44°20’03”N Latitude, 103°50’06”W Longitude and the Wharf Mine coordinates are 44°20’39”N Latitude, 103°51’02”W Longitude.

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Electrolytic Cathodic Sludge

Land Position & Mineral Tenure • The Wharf Group is comprised of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.

These interests cover approximately 3,585 net surface acres, 652 net mineral acres where both the Precambrian and younger formations are owned or controlled, 3,243 net mineral acres of non-Precambrian mineral estate, 1,603 net mineral acres of Precambrian mineral estate and 287 net acres of federal unpatented lode claims.

Land Position & Mineral Tenure • The Wharf Group comprises of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.

These interests cover approximately 3,585 net surface acres (1,451 hectares), 652 net mineral acres (264 hectares) where both the Precambrian and younger formations are owned or controlled, 3,243 net mineral acres (1,312 hectares) of non-Precambrian mineral estate, 1,603 net mineral acres (649 hectares) of Precambrian mineral estate and 287 net acres (116 hectares) of federal unpatented lode claims.

• The Golden Reward Group encompasses 218 patented lode claims, 14 government lots, 19 subdivided lots and 34 federal unpatented lode claims.

The Golden Reward Group is comprised of approximately 1,564 net acres of surface estate, 2,988 net mineral acres of mineral estate where both the Precambrian and younger formations are owned or controlled, 357 net mineral acres of Non-Precambrian mineral estate, 153 net mineral acres of Precambrian mineral estate and 25 net acres of federal unpatented lode claims.

The Golden Reward Group is comprised of approximately 1,564 net acres (633 hectares) of surface estate, 2,988 net mineral acres (1,209 hectares) of mineral estate where both the Precambrian and younger formations are owned or controlled, 357 net mineral acres (144 hectares) of Non-Precambrian mineral estate, 153 net mineral acres (62 hectares) of Precambrian mineral estate and 25 net acres (10 hectares) of federal unpatented lode claims.

Key Permit Conditions:

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During the term of the mineral lease, the lessors were also entitled to a royalty on production, if any, of 3% of the net smelter returns of all silver and gold ores, together with other ores and minerals.

In addition, there is an advance minimum royalty due the lessors of $5,000 per year unless and until Wharf Resources identifies and publishes a reserve encompassing the leased premises, at which point the advance minimum royalty increases to $25,000 per year.

In addition, there is an advance minimum royalty due to the lessors of $5,000 per year unless and until Wharf Resources identifies and publishes a reserve encompassing the leased premises, at which point the advance minimum royalty increases to $25,000 per year.

• Wharf is obligated to pay a sliding scale production royalty of 0%-2% on the gross value of all gold in saleable form to Royal Gold, Inc.

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• Wharf is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.

Mexico - Las Chispas

The Las Chispas operation, operated by our wholly-owned subsidiary, Compania Minera La Llamarada S.A.

de C.V., consists of:

(1) the Las Chispas processing facility;

(2) the Las Chispas underground mine;

and (3) other nearby deposits and exploration targets.

The Las Chispas operation is located on the western edge of the north-trending Sierra Madre Occidental Mountain Range and is geographically adjacent to the Sonora Valley.

The Las Chispas operation is located approximately 220 km miles northeast of the city of Hermosillo, in the state of Sonora in Northern Mexico at approximately 30.233902°N latitude and 110.163396°W longitude (580,500E, 3,344,500N), within the Arizpe Mining district.

All coordinates are in Universal Transverse Mercator (WGS 84), Zone 12.

Access to the property is provided by highway leading from the city of Hermosillo in Sonora, Mexico, and 350 km southwest of Tucson, Arizona.

State of Sonora, Northern Mexico

Metals/Mineralization:

Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures

Land Position:

3,425 net acres

Mineral Tenure:

27 wholly-owned mining concessions

Key Permit Conditions:

Operational standards and best management practices (BMPs) have been established to maintain compliance with applicable regulatory standards and permits.

• In 2025, the Wharf mine incurred $14.7 million of royalty expense compared to $10.2 million in 2024.

As of December 31, 2025 and 2024, Wharf reported 1,250,000 and 757,000 ounces of gold reserves, respectively.

The year-over-year increase of approximately 65% was primarily due to successful conversion drilling and technical revisions.

As of December 31, 2025 and 2024, Wharf reported 1,185,000 and 1,019,000 ounces of measured and indicated gold resources, respectively, and 1,487,000 and 470,000 ounces of inferred gold resources, respectively.

The year-over-year increases of approximately 16% in measured and indicated gold resources and 216% of inferred gold resources were each primarily driven by successful exploration investments and technical revisions.

EXPLORATION PROJECTS

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The project centroid coordinates in UTM (NAD 27) are 6,643,900 N and 425,200 E.

The project is accessible via a 25-kilometer mine access road off the Alaska Highway.

Northern British Columbia, Canada (10 miles south of the Yukon Territory Border)

The project is accessible via a 40-mile (25-kilometer) mine access road off the Alaska Highway.

Northern British Columbia, Canada, 10 miles (16 kilometers) south of the Yukon Territory border

Metals/Mineralization:

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Land Position & Mineral Tenure:

• Seventy-Three (73) contiguous mineral claims containing approximately 48,998 hectares (121,076 acres), three mining leases containing approximately 1,828 hectares (4,517 acres), and approximately 681 hectares (1,683 acres) under an option agreement entered into November 2024.

In total, the Silvertip mine covers an area of approximately 51,507 hectares (127,276 acres)

• One Hundred-Three (103) contiguous mineral claims containing approximately 305,338 acres (123,566 hectares) and three (3) mining leases containing approximately 4,520 acres (1,829 hectares).

In total, the Silvertip mine covers an area of approximately 309,858 acres (125,395 hectares)

• Suspended operating activities in February 2020;

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• Silvertip is party to an agreement with the Kaska Nation which, among other things, provides for annual payments to the Kaska Nation calculated based on the financial performance of the Silvertip property and the average price of silver for the relevant calendar year.

As of December 31, 2025 and 2024, Silvertip reported 57.6 million and 57.7 million ounces of measured and indicated silver resources, respectively, and 685.5 million and 768.7 million pounds of measured and indicated lead resources, respectively, and 1,234.2 million and 1,516.8 million pounds of measured and indicated zinc resources, respectively.

The year-over-year decrease of approximately 1% in silver measured and indicated resources, a decrease of approximately 11% in lead measured and indicated resources, and a decrease of approximately 19% in zinc measured and indicated resources were each due to technical revisions.

As of December 31, 2025 and 2024, Silvertip reported 11.4 million and 16.1 million ounces of inferred silver resources, respectively, and 134.7 million and 199.8 million pounds of inferred lead resources, respectively, and 272.6 million and 481.8 million pounds of inferred zinc resources, respectively.

The year-over-year decrease of approximately 29% in silver inferred resources, a decrease of approximately 33% in lead inferred resources, and a decrease of approximately 43% in zinc inferred resources were each due to technical revisions.

OTHER PROPERTIES

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OPERATING STATISTICS

Palmarejo Rochester

Operating Statistics, Proven and Probable Reserves and Measured, Indicated and Inferred Resources presented below contain tabular information that is presented in both metric and imperial as follows:

(i) metric tonnage is utilized for all metals;

(ii) gold and silver grades are presented in grams per tonne;

(iii) lead and zinc are presented in percentages;

and (iv) metal content for gold and silver is presented in ounces while metal content for lead and zinc is presented in pounds.

The information that is presented in metric for the periods ended December 31, 2024 and 2023 has been converted from the 2024 10-K, filed with the SEC on February 19, 2025, as this information was previously presented in imperial units.

Las Chispas Palmarejo

2025 2024 2023 2025 2024 2023

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Silver produced (oz.) 5,145,771 — — 6,501,308 6,779,659 6,591,590

Kensington Wharf

Rochester Kensington

2025 2024 2023 2025 2024 2023

Gold produced (oz.) 60,178 39,203 38,775 106,068 95,671 84,789

Silver produced (oz.) 6,131,881 4,377,847 3,391,530 — — —

2025 2024 2023

Gold produced (oz.) 97,327 98,042 93,502

Silver produced (oz.) 135,722 232,013 267,786

MINERAL RESERVES AND MINERAL RESOURCES

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The Company’s internal controls are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results as well as mineral resource and reserve estimation are reasonable and in line with industry best practices.

These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection, analysis, verification, storage, reporting and use of drillhole, assay, metallurgical and other technical and scientific information, including the following:

These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection,

analysis, verification, storage, reporting and use of drillhole, assay, metallurgical and other technical and scientific information, including the following:

• Third-party fully certified labs are used for assays used in public disclosure or resource models;

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See “Item 1A - Risk Factors” for additional information.

Coeur had attributable proven and probable gold reserves of 4.4 million ounces at December 31, 2025.

For 2025 and 2024, reserves were estimated at gold price assumptions of $2,200 and $1,800 per ounce, respectively, except for Kensington at $2,200 and $2,000 per ounce, respectively.

The increase in the reserves gold price assumption is based on the Company's assessment of multiple factors, including exploration growth, historical pricing trends, consensus price forecasts, and operational cost increases.

We estimate that our 2025 reserves would increase by 6% (4.6 million ounces), or decline by 10% (3.9 million ounces), if the gold price assumption increased or decreased $200 per ounce, respectively, with all other assumptions remaining constant.

Coeur had attributable proven and probable silver reserves of 274.4 million ounces at December 31, 2025.

For 2025 and 2024, reserves were estimated at a silver price assumption of $26.00 and $23.50 per ounce, respectively.

The increase in the reserves silver price assumption is based on the Company's assessment of multiple factors, including including exploration growth, historical pricing trends, consensus price forecasts, and operational cost increases.

We estimate that our 2025 reserves would increase by 3% (283.1 million ounces), or decline by 8% (251.3 million ounces), if the silver price assumption increased or decreased $2.00 per ounce, respectively, with all other assumptions remaining constant.

MINERAL RESERVES

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Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

Ownership Tons (000s) Grade (oz./ton) Ounces

(000s) Tons (000s) Grade (oz./ton) Ounces

Ownership Tonnes (000s) Grade (grams/tonne) Ounces

(000s) Tonnes (000s) Grade (grams/tonne) Ounces

Palmarejo (4)

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Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

Ownership Tons (000s) Grade (oz./ton) Ounces

(000s) Tons (000s) Grade (oz./ton) Ounces

Ownership Tonnes (000s) Grade (grams/tonne) Ounces

(000s) Tonnes (000s) Grade (grams/tonne) Ounces

Palmarejo (4)

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The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation.

The term “cutoff grade” means the lowest grade of mineralized material considered economic to process.

Cutoff grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the mineralized material to silver or gold extraction and type of milling or leaching facilities available.

(2) Assumed metal prices for 2024 Mineral Reserves were $23.50 per ounce of silver, $1,800 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead, except for Kensington at $2,000 per ounce of gold.

The term “cut-off grade” means the lowest grade of mineralized material considered economic to process.

Cut-off grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the mineralized material to silver or gold extraction and type of milling or leaching facilities available.

(2) Assumed metal prices for 2025 Mineral Reserves were $26.00 per ounce of silver, $2,200 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead.

(3) The Mineral Reserve estimates are current as of December 31, 2025, are reported using the definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.

Mineral Reserve point of reference is delivered to the process facility.

(4) Mineral Reserve estimates use the following key input parameters:

assumption of conventional longhole underground mining;

reported above a variable gold equivalent cut-off grade that ranges from 2.13–2.45 g/t AuEq and an incremental development cut-off grade 1.05 g/t AuEq;

reported above a variable gold equivalent cut-off grade that ranges from 1.27–2.19 g/tonne AuEq and an incremental development cut-off grade 0.78 g/tonne AuEq;

metallurgical recovery assumption of 95.4% for gold and 87.1% for silver;

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mining loss of 15% was applied;

variable mining costs that range from US$57.67–US$74.45/tonne, surface haulage costs of US$4.29/tonne, process costs of US$31.06/tonne, general and administrative costs of US$15.95/tonne, and surface/auxiliary support costs of US$4.42/tonne.

variable mining costs that range from US$32.29–$43.08/tonne, surface haulage costs of US$4.40/tonne, process costs of US$30.02/tonne, general and administrative costs of US$14.17/tonne, and surface/auxiliary support costs of US$3.52/tonne.

Excludes the impact of the Franco-Nevada gold stream agreement at Palmarejo in calculation of Mineral Reserves.

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Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%;

with a net smelter return cutoff of $3.76/ton oxide and US$3.86/ton sulfide;

with a net smelter return cut-off of $4.12/ton oxide and US$4.22/ton sulfide;

Nevada Packard oxide recovery Au = 88.4% and Ag = 59.4%;

with a net smelter return cutoff of $4.24/ton for oxide;

with a net smelter return cut-off of $4.92/ton for oxide;

Lincoln Hill oxide recovery Au = 61-63.9% and Ag = 18.5-39.5%;

with a net smelter return cutoff of $4.53/ton for oxide where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz));

with a net smelter return cut-off of $5.02/ton for oxide where the NSR is calculated as net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz));

variable pit slope angles that approximately average 48º over the life-of-mine.

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assumption of conventional underground mining;

gold price of $2,000/oz;

reported above a gold cut-off grade of 0.133 oz/ton Au;

reported above a gold cut-off grade of 0.123 oz/ton Au and an incremental development cut-off grade of 0.04 oz/ton Au;

metallurgical recovery assumption of 94.5%;

gold payability of 97.5%;

gold royalty of 1.5%;

mining dilution of 15-20%;

7 unchanged sentences

assumption of conventional open pit mining;

reported above a gold cut-off grade of 0.010 oz/ton Au;

reported above a NSR cut-off grade of $13.42/ton ;

average metallurgical recovery assumption of 78.0%;

4 unchanged sentences

assumption of conventional underground mining;

reported above a silver cut-off grade of 250 g / tonne silver equivalent and an incremental development cut-off grade of 63 g / tonne AgEq;

reported above a silver equivalent (AgEq) cut-off grade of 140 g/tonne and an incremental development cut-off grade of 59 g/tonne AgEq;

metallurgical recovery assumption of 97.5% for silver and 98.0% for gold;

mining dilution assumes 5% for development, 1 meter to 1.5 meters of ELOS (0.5 m – 1.0 m of hanging wall and 0.25 m – 0.5 m of footwall dilution) depending on geotechnical conditions in each stoping location, 0.2 meter ELOS (0.1 m of hanging wall and 0.1 m of footwall dilution) for cut and fill, 0.4 meter ELOS (0.2 m of hanging wall and 0.2 m of footwall dilution), 0.25 m for each exposed backfill floor, and 0.5 m for each exposed backfill wall;

mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled;

mining dilution assumes 5% for development, 1 meter to 1.25 meters of ELOS (0.25 m – 0.5 m of hanging wall and 0.5 m – 1.0 m of footwall dilution) depending on geotechnical conditions in each stoping location, 0.2 meter ELOS (0.1 m of hanging wall and 0.1 m of footwall dilution) for cut and fill, 0.25 m for each exposed backfill floor, and 0.5 m for each exposed backfill wall;

mining loss of 2% for development and 5% for stoping was applied;

variable production mining costs that range from US$65–US$154/tonne, development mining costs of US$39/tonne, process costs of US$42/tonne, site general and administrative costs of US$25/tonne, underground general and administrative costs of US$18/tonne, and sustaining capital costs of US$12/tonne.

(9) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.

(9) Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.

MINERAL RESOURCES

1 unchanged sentence

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

Ownership Tons (000s) Grade (oz./ton) Ounces

(000s) Tons (000s) Grade (oz./ton) Ounces

Ownership Tonnes (000s) Grade (grams/tonne) Ounces

(000s) Tonnes (000s) Grade (grams/tonne) Ounces

Palmarejo Mine, Mexico (4)

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Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

Ownership Tons (000s) Grade (oz./ton) Ounces

(000s) Tons (000s) Grade (oz./ton) Ounces

Ownership Tonnes (000s) Grade (grams/tonne) Ounces

(000s) Tonnes (000s) Grade (grams/tonne) Ounces

Palmarejo Mine, Mexico (4)

12 unchanged sentences

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

Ownership Tons (000s) Grade (%) Pounds

(000s) Tons (000s) Grade (%) Pounds

Ownership Tonnes (000s) Grade (%) Pounds

(000s) Tonnes (000s) Grade (%) Pounds

Silvertip Mine, Canada (8)

2 unchanged sentences

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

Ownership Tons (000s) Grade (%) Pounds

(000s) Tons (000s) Grade (%) Pounds

Ownership Tonnes (000s) Grade (%) Pounds

(000s) Tonnes (000s) Grade (%) Pounds

Silvertip Mine, Canada (8)

7 unchanged sentences

In addition, no assurances can be given that any mineral resource estimate will ultimately be reclassified as proven or probable mineral reserves or that inferred resources will be upgraded to measured or indicated resources.

(2) Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2024, are reported using definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.

(2) In-Situ Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2025, are reported using definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.

(3) Assumed metal prices for 2025 estimated Mineral Resources were $30.00 per ounce of silver, $2,500 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, unless otherwise noted.

1 unchanged sentence

assumption of conventional longhole underground mining;

reported above a variable gold equivalent cut-off grade that ranges from 1.83–2.10 g/t AuEq;

reported above a variable gold equivalent cut-off grade that ranges from 0.93–1.62 g/tonne AuEq;

metallurgical recovery assumption of 95.4% for gold and 87.1% for silver;

variable mining costs that range from US$32.29–$43.08/tonne;

surface haulage costs of US$4.40/tonne;

process costs of US$30.02/tonne;

general and administrative costs of US$14.17/tonne;

and surface/auxiliary support costs of US$3.52/tonne.

Excludes the impact of the Franco-Nevada gold stream agreement at Palmarejo in calculation of Mineral Resources.

(5) Mineral Resource estimates use the following key input parameters:

metal price of $2,300 per ounce gold, assumption of conventional longhole underground mining;

assumption of conventional longhole underground mining;

reported above a variable gold cut-off grade of 0.108 oz/ton Au;

metallurgical recovery assumption of 94.5%;

gold payability of 97.5%, mining costs of US$116.09/ton mined;

gold payability of 97.5%;

mining costs of US$127.32/ton mined;

process costs of US$51.48/ton processed;

4 unchanged sentences

assumption of conventional open pit mining;

reported above a gold cut-off grade of 0.008 oz/ton Au;

reported above a NSR cut-off grade of 13.42$/ton;

average metallurgical recovery assumption of 78.0% across all rock types;

1 unchanged sentence

pit slope angles that vary from 34–50º;

mining costs of $2.56/ton mined, process costs of US$12.02/ton processed (includes general & administrative and sustaining capital costs).

mining costs of $2.71/ton mined;

process costs of US$13.42/ton processed (includes general & administrative and sustaining capital costs).

(7) Mineral Resource estimates are tabulated within a confining pit shell and use the following input parameters:

Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4%;

Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%;

with a net smelter return cutoff of $3.76/ton

oxide and US$3.86/ton sulfide;

Nevada Packard oxide recovery Au = 92.0% and Ag = 61.0%;

with a net smelter return cutoff of $4.24/ton for oxide;

Lincoln Hill oxide recovery Au = 63.9% and Ag = 39.5%;

with a net smelter return cutoff of $4.53/ton for oxide, where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz));

Rochester oxide variable recovery Au = 71.2–85.9% and Ag = 59.4% and Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%, with a net smelter return cut-off of $4.12/ton oxide and US$4.22/ton sulfide;

Nevada Packard oxide recovery Au = 88.4% and Ag = 59.4%, with a net smelter return cut-off of $4.92/ton for oxide;

Lincoln Hill oxide recovery Au = 61-63.9% and Ag = 18.5-39.5%, with a net smelter return cut-off of $5.02/ton for oxide, where the NSR is calculated as net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz));

variable pit slope angles that approximately average 48º over the life-of-mine.

(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cutoff of US$130/tonne.

Mineral Resources are reported insitu using the following assumptions:

(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cut-off of US$130/tonne.

Mineral Resources are reported in-situ using the following assumptions:

The estimates use the following key input parameters:

4 unchanged sentences

processing costs of US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine.

2023 metal prices were used to determine the mineral resource which were $25.00 per ounce of silver, $1.30 per pound of zinc, $1.00 per pound of lead.

(9) Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1.

Resources are reported in-situ and contained withed a conceptual measured, indicated and inferred optimized pit shell.

(9) Open Pit Mineral Resource estimates are reported using an equivalent gold cut-off of 0.20 ounces per ton assuming a silver to gold ratio of 60:1.

Resources are reported in-situ and contained within a conceptual measured, indicated and inferred optimized pit shell.

Silver price of US$22/oz, gold price of US$1,350/oz.

4 unchanged sentences

average pit slope angles of 50º.

The technical and economic parameters are those that were used in the 2018 Resource Estimation.

Based on the QPs review of the estimate, there would be no material change to the mineral resources if a gold price of US$1,700/oz, a silver price of US$22/oz or economic parameters were updated.

Therefore the 2018 Mineral Resource report is considered current and is presented unchanged.

(10) Mineral Resource estimates uses the following key input parameters:

assumption of conventional underground mining;

reported above a silver cut-off grade of 205 g / tonne silver equivalent and an incremental development cut-off grade of 54 g / tonne AgEq;

reported above a silver equivalent cut-off grade (AgEq) of 140 g/tonne;

metallurgical recovery assumption of 97.5% for silver and 98.0% for gold;

mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled;

variable production mining costs that range from US$58.06–US$239.51/t, development mining costs of US$27.40/t, process costs of US$45.72/t, site general and administrative costs of US$20.70/t, underground general and administrative costs of US$12.81/t, and sustaining capital costs of US$7.64/t.

(11) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.

variable production mining costs that range from US$58.06–US$239.51/tonne, development mining costs of US$27.40/tonne, process costs of US$45.72/tonne, site general and administrative costs of US$20.70/tonne, underground general and administrative costs of US$12.81/tonne, and sustaining capital costs of US$7.64/tonne.

(11) Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.

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

What changed 10-K

Item 2. Properties