What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-02-18 compared with 2025-02-19 · 330 added, 211 removed, 513 unchanged (51% of the section changed)

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2025 Highlights

For the full year 2024, Coeur reported revenue of $1.1 billion and cash provided by operating activities of $174.2 million.

For the full year 2025, Coeur reported revenue of $2,070.1 million and cash provided by operating activities of $886.9 million.

We reported GAAP net income of $585.9 million, or $0.95 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA of $1,025.8 million and net income of $493.4 million or $0.80 per diluted share.

• Strong full-year 2024 production and cost results – 2024 full-year production of 341,582 ounces of gold and 11.4 million ounces of silver represented year-over-year increases of 8% and 11%, respectively, and fell solidly within the 2024 guidance ranges.

Full-year 2024 costs applicable to sales per ounce 1 declined year-over-year by 13% for gold and 12% for silver

• Second consecutive quarter of positive free cash flow and further EBITDA growth – Fourth quarter free cash flow of $16 million brought total second half free cash flow to $85 million.

Fourth quarter adjusted EBITDA of $116 million resulted in full-year 2024 adjusted EBITDA of $339 million compared to $142 million in 2023

• Strong fourth quarter results from Rochester – Rochester’s silver and gold production increased by 34% and 63%, respectively, quarter-over-quarter to 1.6 million ounces of silver and 15,752 ounces of gold, bringing the full-year totals to 4.4 million silver ounces and 39,203 gold ounces.

Tons placed in the fourth quarter totaled 8.2 million tons, exceeding the 7.0 - 8.0 million tons target.

Fourth quarter free cash flow of $12 million represented the first positive free cash flow quarter since the fourth quarter of 2019

• Further debt reductions – Coeur repaid an additional $30 million of the revolving credit facility (“RCF”) during the quarter, reducing the outstanding balance by 29%, or $80 million since mid-year to $195 million.

The Company’s net debt to adjusted EBITDA ratio declined to 1.6x at year-end compared to 3.4x at year-end 2023

• SilverCrest transaction now closed – Coeur’s $1.58 billion acquisition of SilverCrest Metals Inc.

(“SilverCrest”) closed on February 14, 2025, which adds the high-grade, low-cost Las Chispas silver and gold operation in Sonora, Mexico to the Company’s portfolio of North American assets and creates a leading global silver company

• Robust expected 2025 production growth positions Coeur for record results – 2025 production guidance ranges of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver represent expected year-over-year increases of 20% and 62%, respectively.

These ranges reflect the expected benefit of the recently acquired Las Chispas operation and the first full-year of production from the newly expanded Rochester operation totaling 7.0 - 8.3 million silver ounces and 60,000 - 75,000 gold ounces, representing year-over-year expected increases of 75% and 72%, respectively

• Record full-year gold and silver production – Balanced contributions across Coeur’s portfolio led to 2025 full-year production of 419,046 ounces of gold and 17.9 million ounces of silver, representing year-over-year increases of 23% and 57%, respectively, within the Company’s 2025 consolidated guidance ranges

• Record financial results – Fourth quarter free cash flow increased 66% versus the prior quarter to a record $313.2 million, bringing the full-year total to $666 million.

Adjusted EBITDA increased 60% versus the prior quarter to a record $425 million, driving the last twelve-month total to over $1.0 billion.

Average realized prices for gold and silver increased 21% and 39%, respectively, compared to the third quarter

• Long-term objective of net cash achieved – Cash and equivalents more than doubled compared to the prior quarter-end and increased tenfold compared to the prior year-end to $554 million;

total debt decreased 42% to $341 million at December 31, 2025 compared to year-end 2024

• Strong quarter at Rochester – Silver and gold production at Rochester increased 6% and 20% quarter-over-quarter, respectively, and 40% and 54% year-over-year, respectively.

During the fourth quarter, both tonnes 2 crushed and tonnes placed reached record levels, with tonnes crushed increasing 12% to 6.4 million tonnes (7.0 million imperial tons) and tonnes placed increasing 23% to 9.3 million tonnes (10.2 million imperial tons).

Fourth quarter free cash flow increased to $78 million compared to $30 million in the third quarter and $12 million in the fourth quarter for the prior year

• New Gold transaction approved by stockholders – On January 27, 2026, stockholders of both Coeur and New Gold voted overwhelmingly in favor of Coeur’s proposed acquisition of New Gold Inc.

(“New Gold”).

The transaction, which remains on track to close in the first half of 2026, is expected to create a new, sector-leading, all-North American senior precious metals mining company

• 2026 guidance highlights portfolio strength – The Company expects 2026 gold and silver production from Coeur’s current portfolio of assets of 390,000 - 460,000 ounces and 18.2 - 21.3 million ounces, respectively, driven by strong contributions across the portfolio, including expected continued growth at Rochester and a full year of production at Las Chispas.

The Company plans to issue guidance including New Gold’s two assets, the New Afton and Rainy River mines, upon closing of the transaction

Selected Financial and Operating Results

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Consolidated revenue $ 2,070,126 $ 1,054,006 $ 821,206

Net income (loss) $ 58,900 $ (103,612) $ (78,107)

Net income (loss) per share, diluted $ 0.15 $ (0.30) $ (0.28)

Net income $ 585,872 $ 58,900 $ (103,612)

Net income per share, diluted $ 0.95 $ 0.15 $ (0.30)

Adjusted net income (loss) (1)

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

Includes costs of $93.5 million related to the purchase price allocation (“PPA”) ascribed to Inventory at Las Chispas.

(2) Includes finance leases.

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We sold 422,032 gold ounces and 18.2 million silver ounces, compared to 340,816 gold ounces and 11.4 million silver ounces.

Revenue increased by $232.8 million, or 28%, as a result of an 18% and 15% increase in average realized gold and silver prices, respectively, and an 8% and 13% increase in gold and silver ounces sold, respectively.

The increase in gold ounces sold was due to higher gold production at all sites, specifically higher grade and recovery rates at Palmarejo, the successful completion of the Rochester expansion, higher mill throughput and grade at Kensington, and higher tons and grade at Wharf.

The increase in silver ounces sold was the result of higher grade and recovery rates at Palmarejo, and the successful completion of the Rochester expansion.

Gold and silver represented 70% and 30%, respectively, of both 2024 and 2023 sales revenue.

Revenue increased by $1,016.1 million, or 96%, as a result of a 24% and 59% increase in gold and silver ounces sold (includes $421.4 million of post-acquisition sales at Las Chispas), and a 45% and 43% increase in average realized gold and silver prices, respectively.

The increase in gold ounces sold was the result of post-acquisition sales at Las Chispas, higher placement rates and grades at Rochester, and higher mill throughput at Kensington, partially offset by lower grades at Palmarejo.

The increase in silver ounces sold was the result of post-acquisition sales 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 2025 sales revenue, respectively, compared to 70% and 30% of 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:

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Costs Applicable to Sales

Costs applicable to sales decreased $26.7 million, or 4%, primarily due to higher recoverable ounces placed on the leach pad at Wharf, an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024 at Rochester, lower net realizable value (“LCM”) adjustments at Rochester, and the favorable impact of exchange rates at Palmarejo, partially offset by higher gold and silver ounces sold at all sites.

Costs applicable to sales increased $292.2 million, or 48%, primarily driven by post-acquisition gold and silver ounces sold at Las Chispas that includes the impact of the PPA ascribed to Inventory of $93.5 million, higher gold and silver ounces sold at Rochester, higher gold ounces sold at Kensington, and operating costs (royalties) at Rochester, Kensington, and Wharf, partially offset by lower gold and silver ounces sold at Palmarejo.

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

Amortization increased $25.2 million, or 25%, and resulted primarily from higher gold and silver ounces sold at all sites and, at Rochester, the commencement of production of the new leach pad in mid-September 2023, and the three-stage crushing circuit in March 2024, partially offset by lower LCM adjustments.

General and administrative expenses increased $6.1 million, or 15%, primarily due to higher employee compensation, outside service and legal costs.

Exploration expense increased $28.7 million, or 93%, driven by the sustained increased drilling at Palmarejo, Rochester, Wharf and Silvertip in 2024, and the Canadian mining exploration tax credits associated with expenditures at the Silvertip exploration project recognized in 2023.

Pre-development, reclamation, and other expenses decreased $3.4 million, or 6%, stemming from lower losses on the sale of assets and lower ongoing carrying costs at Silvertip, partially offset by the Kensington royalty litigation settlement of $7.2 million and transaction costs of $8.5 million related to the acquisition of SilverCrest.

Amortization increased $126.1 million, or 101%, as a result of post-acquisition gold and silver ounces sold at Las Chispas, increased production at Rochester and Kensington, and the full-year impact of the commissioning of the newly expanded crushing circuit at Rochester in March 2024, partially offset by lower gold and silver ounces sold at Palmarejo and Wharf.

General and administrative expenses increased $9.5 million, or 20%, primarily due to higher stock-based compensation and annual incentive costs, partially offset by lower outside service and legal costs.

Exploration expense increased $26.9 million, or 45%, 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 $18.5 million, or 36%, as a result of higher transaction costs, the Wage and Hour Litigation settlement, and higher asset retirement accretion following the 2024 year-end changes to estimates, partially offset by lower loss on the sale of assets.

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

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Silvertip ongoing carrying costs 10,440 8,513 1,927 23 %

Loss on sale of assets 4,250 12,879 (8,629) (67) %

Loss (gain) on sale of assets 698 4,250 (3,552) (84) %

Asset retirement accretion 19,697 16,778 2,919 17 %

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Transaction costs 26,409 8,517 17,892 210 %

Wage and Hour Litigation settlement 7,059 — 7,059 100 %

Other 5,580 6,059 (479) (8) %

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Other Income and Expenses

During the year ended December 31, 2024, the Company incurred a $0.4 million gain in connection with the exchange of $5.9 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 1.8 million shares of common stock compared to $3.4 million incurred in connection with the exchange of $76.0 million in aggregate principal amount plus accrued interest for 25.2 million shares of common stock during the year ended December 31, 2023.

The Company did not have fair value adjustments, net, during the year ended December 31, 2024 following the sale of the Company’s equity investments in 2023.

Interest expense (net of capitalized interest of $1.1 million) increased to $51.3 million from $29.1 million due to higher interest paid under the RCF attributable to higher average debt levels and higher interest paid under financial leases, partially offset by lower interest payable following the extinguishment of $5.9 million in 2029 Senior Notes.

Other, net increased to a gain of $13.0 million compared to loss $7.5 million as a result of the recognition of the net proceeds received in excess of the Company’s trading price (“FT Premium Liability”) as income of $5.6 million following the renouncement of Silvertip exploration expenditures, favorable foreign exchange rates, particularly in Mexico, and the $12.3 million loss recognized from the sale of the contingent consideration received in connection with the sale of La Preciosa project (the “La Preciosa Deferred Consideration”) in 2023.

Interest expense (net of capitalized interest of $1.1 million) decreased to $30.9 million from $51.3 million due to lower interest paid under the RCF attributable to lower average debt levels and interest rate, partially offset by higher interest paid under finance lease obligations.

The RCF had no outstanding amount drawn as of December 31, 2025.

Other, net decreased to a gain of $6.9 million compared to $13.0 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”), and lower gains on foreign exchange rates.

Income and Mining Taxes

The Company’s Income and mining tax (expense) benefit consisted of:

Year Ended December 31,

In thousands 2025 % 2024 %

Income and mining tax (expense) benefit at statutory rate $ (28,465) 14,376

State tax provision from continuing operations (149) 4,859

federal statutory tax rate $ (143,428) 21.0 % $ (26,534) 21.0 %

State income and mining taxes, net of federal benefit (1)

(37,331) 5.5 (11,313) 9.0

Foreign tax effects

Foreign tax rate differences (30,341) 4.4 (11,253) 8.9

Foreign permanent differences 1,893 (0.3) (1,384) 1.1

Mining taxes, net of income tax benefit (27,276) 4.0 (8,865) 7.0

Change in valuation allowance 4,520 (0.7) — —

Percentage depletion 6,974 5,649

Uncertain tax positions 2 6

and foreign permanent differences (7,765) (3,056)

Foreign withholding taxes (10,821) 1.6 (6,900) 5.5

Foreign exchange rates (38,893) 5.7 1,434 (1.1)

Foreign inflation and indexing 5,724 (0.8) 2,230 (1.8)

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

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

Mining Taxes (26,901) (16,884)

Sale of non-core assets — (1,322)

Uncertain tax positions (28,820) 4.2 — —

Enactment of 1% increase in Mexico special mining duty tax — — (1,696) 1.3

Other, net 2,967 (0.4) (175) 0.1

Foreign tax rate difference (2,954) 0.4 (2,434) 1.9

Provincial tax 5,907 (0.9) 4,868 (3.9)

Canadian flow through shares permanent (3,802) 0.6 (7,246) 5.7

Change in valuation allowance (9,481) 1.4 (3,746) 3.0

Foreign withholding taxes (3,460) 0.5 (1,523) 1.2

Other (3,427) 0.5 40 —

Other foreign jurisdictions

Other (420) 0.1 (456) 0.4

Effect of cross border tax laws

Subpart F income (32) — (1,345) 1.1

Change in valuation allowance 208,938 (30.6) 4,011 (3.2)

Nondeductible items

Percentage depletion 21,092 (3.1) 6,974 (5.5)

Equity compensation 1,321 (0.2) (1,205) 1.0

Other nondeductible items (2,185) 0.3 (769) 0.6

Other adjustments

Other (6,357) 1.0 (163) 0.1

Income and mining tax (expense) benefit $ (96,666) 14.2 % $ (67,450) 53.4 %

(1) State mining taxes in South Dakota, Nevada, and Alaska made up the majority (greater than 50 percent) of the state tax effect.

Income and mining tax expense of approximately $96.7 million resulted in an effective tax rate of 14.2% for 2025.

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

(i) mining taxes;

valuation allowance release;

(ii) variations in our income before income taxes;

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(iv) foreign exchange rates;

(v) Mexico mining tax rate increase;

(vi) percentage depletion;

(vii) the sale of non-core assets;

and (viii) the impact of uncertain tax positions.

(v) mining taxes;

(vi) the impact of uncertain tax positions;

(vii) percentage depletion;

and (viii) 2024 enactment of a 1% increase in Mexico’s special mining duty tax.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $43.5 million and decreased by $0.3 million for the years ended 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 PPA.

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

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

Net Income (Loss)

Net income was $58.9 million, or $0.15 per diluted share, compared to a net loss of $103.6 million, or $0.30 per diluted share.

The increase in net income was driven by a 18% and 15% increase in average realized gold and silver prices, respectively, and a 8% and 13% increase in gold and silver ounces sold, respectively, lower ongoing costs at Silvertip, the recognition of the FT Premium Liability income of $5.6 million, lower LCM adjustments at Rochester, and the $12.3 million loss recognized from the sale of the La Preciosa Deferred Consideration in 2023.

This was partially offset by the Kensington royalty settlement of $7.2 million, transaction costs of $8.5 million related to the acquisition of SilverCrest, and higher exploration and income and mining taxes expense.

Adjusted net income was $70.1 million, or $0.18 per diluted share, compared to adjusted net loss of $78.0 million, or $0.23 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 2025, the Company released $209.8 million of valuation allowance against its U.S.

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

The $209.8 million valuation allowance release is composed of $73.3 million related to current year income and $136.5 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 $52.4 million of U.S.

federal and state deferred tax assets as of December 31, 2025, because the Company has concluded that 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 level of profitability that the Company is able to achieve and the net deferred tax assets available.

Net income was $585.9 million, or $0.95 per diluted share, compared to $58.9 million, or $0.15 per diluted share.

The increase in net income was driven by a 24% and 59% increase in gold and silver ounces sold (includes $421.4 million of post-acquisition sales at Las Chispas), a 45% and 43% 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 higher exploration, general and administrative, and transaction costs, and the Wage and Hour Litigation settlement of $6.1 million, plus the employer’s share of relevant taxes.

Adjusted net income was $493.4 million, or $0.80 per diluted share, compared to $70.1 million, or $0.18 per diluted share (see “Non-GAAP Financial Performance Measures”).

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

We sold 340,816 gold ounces and 11.4 million silver ounces, compared to 315,511 gold ounces and 10.1 million silver ounces.

Revenue increased by $35.6 million, or 5%, as a result of a 4% increase in silver ounces sold and a 5% and 11% increase in average realized gold and silver prices, respectively, partially offset by a 4% decrease in gold ounces sold.

The decrease in gold ounces sold was primarily due to lower mill throughput at Palmarejo and Kensington and lower grades at Kensington, partially offset by the timing of production from Rochester’s new leach pad related to startup of the new process plant and timing of recoveries at Wharf.

The increase in silver ounces sold was primarily due to the timing of production on Rochester’s new leach pad related to startup of the new process plant, partially offset by lower mill throughput at Palmarejo.

Gold and silver represented 70% and 30% of 2023 sales revenue, respectively, compared to 73% and 27% of 2022 sales revenue, respectively.

The increase in silver ounces sold was the result of higher grade and recovery rates at Palmarejo, and the successful completion of the Rochester expansion.

Gold and silver represented 70% and 30%, respectively, of both 2024 and 2023 sales revenue.

The following table summarizes consolidated metal sales:

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Costs Applicable to Sales

Costs applicable to sales increased $26.4 million, or 4%, primarily due to the increase in ounces sold at Rochester and Wharf and higher operating costs at Palmarejo partially offset by lower LCM adjustments at Rochester.

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

Amortization decreased $11.8 million, or 11%, primarily due to a decrease in gold ounces sold and longer assumed mine life at Kensington, partially offset by the commencement of production of the new leach pad in mid-September 2023 at Rochester.

General and administrative expenses increased $2.1 million, or 5%, primarily due to higher employee-related costs.

Exploration expense increased $4.3 million, or 16%, driven by accelerated drilling activity at Palmarejo, Kensington and Silvertip, partially offset by the Canadian mining exploration tax credits associated with expenditures at the Silvertip exploration project recognized in 2023.

Pre-development, reclamation, and other expenses increased $14.0 million, or 34%, stemming from higher asset retirement accretion, a $12.8 million loss on dismantle and disposal of the legacy crusher at Rochester, and non-operating start-up costs associated with the Rochester expansion project, partially offset by lower ongoing carrying costs at Silvertip.

General and administrative expenses increased $6.1 million, or 15%, primarily due to higher employee compensation, outside service and legal costs.

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

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Silvertip ongoing carrying costs $ 8,513 $ 15,616 $ (7,103) (45) %

Loss on sale of assets 12,879 (640) 13,519 (2,112) %

(Gain) Loss on sale of assets 4,250 12,879 (8,629) (67) %

Asset retirement accretion 16,778 16,405 373 2 %

Kensington royalty settlement 7,156 — 7,156 100 %

Transaction costs 8,517 — 8,517 100 %

Other 6,059 9,736 (3,677) (38) %

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Other Income and Expenses

During the year ended December 31, 2023, the Company incurred a $3.4 million gain in connection with the exchange of $76.0 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 25.2 million shares of common stock.

Fair value adjustments, net, increased to a gain of $3.4 million compared to $66.7 million loss as a result of an increase in value of the Company’s equity investments.

Interest expense (net of capitalized interest of $14.6 million) increased to $29.1 million from $23.9 million.

Total interest costs for 2023 increased $8.6 million to $43.7 million, due to higher interest paid under the RCF attributable to higher average debt levels, partially offset by lower interest payable following the extinguishment of $76.0 million in 2029 Senior Notes.

Other, net decreased to a loss of $7.5 million compared to a gain of $66.3 million as a result of the $12.3 million loss recognized from the sale of La Preciosa Deferred Consideration 2023 and the $62.2 million gain recognized in connection with the sale of the Sterling/Crown exploration properties in 2022.

The Company did not have fair value adjustments, net, during the year ended December 31, 2024 following the sale of the Company’s equity investments in 2023.

Income and Mining Taxes

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In thousands 2024 % 2023 %

Income and mining tax (expense) benefit at statutory rate $ 14,376 $ 13,249

State tax provision from continuing operations 4,859 2,871

Change in valuation allowance (36,778) (36,670)

Percentage depletion 5,649 3,538

Uncertain tax positions 6 655

and foreign permanent differences (3,056) 365

federal statutory tax rate $ (26,534) 21.0 % $ 14,376 21.0 %

State income and mining taxes, net of federal benefit (1)

(11,313) 9.0 (1,468) (2.2)

Foreign tax effects

Foreign tax rate differences (11,253) 8.9 (5,848) (8.6)

Foreign permanent differences (1,384) 1.1 (1,190) (1.7)

Mining taxes, net of income tax benefit (8,865) 7.0 (6,513) (9.5)

Foreign withholding taxes (6,900) 5.5 — —

Foreign exchange rates 1,434 (1.1) 1,172 1.7

Foreign inflation and indexing 2,230 (1.8) 2,858 4.2

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

Foreign withholding and other taxes (1,381) 169

Mining Taxes (16,884) (11,239)

Sale of non-core assets — — (1,322) (1.9)

Enactment of 1% increase in Mexico special mining duty tax (1,696) 1.3 — —

Other, net (175) 0.1 (547) (0.8)

Foreign tax rate difference (2,434) 1.9 (2,015) (3.0)

Provincial tax 4,868 (3.9) 4,029 5.9

Canadian flow through shares permanent (7,246) 5.7 (3,448) (5.0)

Change in valuation allowance (3,746) 3.0 (5,986) (8.8)

Foreign withholding taxes (1,523) 1.2 (848) (1.2)

Other 40 — 369 0.5

Other foreign jurisdictions

Other (456) 0.4 (117) (0.2)

Effect of cross border tax laws

Subpart F income (1,345) 1.1 (758) (1.1)

Change in valuation allowance 4,011 (3.2) (30,242) (44.2)

Nondeductible items

Percentage depletion 6,974 (5.5) 5,649 8.3

Equity compensation (1,205) 1.0 (780) (1.1)

Other nondeductible items (769) 0.6 (1,502) (2.2)

Other adjustments

Effect of tax rate changes — — (1,659) (2.4)

Other (163) 0.1 634 0.9

Income and mining tax (expense) benefit $ (67,450) 53.4 % $ (35,156) (51.4) %

(1) State mining taxes in South Dakota, Nevada, and Alaska made up the majority (greater than 50 percent) of the state tax effect.

Income and mining tax expense of approximately $67.5 million resulted in an effective tax rate of 53.4% for 2024.

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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) the sale of non-core assets;

(i) mining taxes;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) mining taxes;

(v) foreign exchange rates;

(iv) foreign exchange rates;

(v) Mexico mining tax rate increase;

(vi) percentage depletion;

and (vii) the impact of uncertain tax positions.

(vii) the sale of non-core assets;

and (viii) the impact of uncertain tax positions.

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

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Net Income (Loss)

Net loss was $103.6 million, or $0.30 per diluted share, compared to $78.1 million, or $0.28 per diluted share.

The increase in net loss was driven by a 4% decrease in gold ounces sold, higher operating costs at Palmarejo, higher exploration costs, a $12.3 million loss on the sale of the La Preciosa Deferred Consideration, a $12.8 million loss on disposal of the legacy crusher at Rochester, and the $62.2 million gain recognized in connection with the sale of the Sterling/Crown exploration properties in 2022.

This was partially offset by a 4% increase in silver ounces sold, a 5% and 11% increase in average realized gold and silver prices, respectively, favorable changes in the fair value of the Company’s equity investments, and a $3.4 million gain in connection with the exchange of 2029 Senior Notes.

Adjusted net loss was $78.0 million, or $0.23 per diluted share, compared to $89.1 million, or $0.32 per diluted share (see “Non-GAAP Financial Performance Measures”).

Net income was $58.9 million, or $0.15 per diluted share, compared to a net loss of $103.6 million, or $0.30 per diluted share.

Adjusted net income was $70.1 million, or $0.18 per diluted share, compared to adjusted net loss of $78.0 million, or $0.23 per diluted share (see “Non-GAAP Financial Performance Measures”).

2026 Guidance

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

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

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

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

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

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

The Company has provided guidance for full-year 2026 including production, CAS, capital expenditures, depreciation, depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax.

Overall cost guidance reflects higher expected royalty expense driven by stronger realized metal prices, particularly at Rochester, the impact of a stronger Mexican peso, inflation of 3% to 5% across the portfolio, and higher planned maintenance costs.

For our co-product mines (Las Chispas, Palmarejo, Rochester), costs are allocated to gold and silver based on their relative revenue contribution.

Given the higher expected contribution of silver to total revenue due to the silver price’s outperformance relative to the gold price, silver CAS per ounce is expected to be higher in 2026, consistent with the trend seen in the second half of 2025.

2026 Production Guidance

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Total 390,000 - 460,000 18,200 - 21,300

2025 Costs Applicable to Sales Guidance

2026 Adjusted Costs Applicable to Sales Guidance

($/oz) ($/oz)

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Wharf (by-product) $1,400 - $1,600 —

2025 Capital, Exploration and G&A Guidance

2026 Capital, DD&A, Exploration, G&A and Income and Mining Tax Guidance

Capital Expenditures, Sustaining $207 - $239

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General & Administrative Expenses $63 - $67

Cash Income and Mining Taxes $400 - $500

Amortization $335 - $390

Effective Tax Rate (%) 29% - 35%

The Company’s guidance figures assume estimated prices of $4,550/oz gold and $77.50/oz silver as well as CAD of 1.38 and MXN of 18.00.

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

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

Operating Statistics 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;

and (iii) metal content for gold and silver is presented in ounces.

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.

Year Ended December 31,

2025 2024 2023

Tons milled 1,762,779 2,008,459 2,197,808

Average gold grade (oz/t) 0.07 0.05 0.05

Average silver grade (oz/t) 4.52 3.97 3.63

Tonnes milled 403,011 — —

Average gold grade (grams/tonne) 4.4 — —

Average silver grade (grams/tonne) 409 — —

Average recovery rate – Au 97.1 % — % — %

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(1) See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2025

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

The consumption of the remaining acquired stockpile in the third quarter led to production of 54,705 and 5,145,771 gold and silver ounces, respectively.

Metal sales were $421.4 million, or 20% of Coeur’s metal sales.

Costs applicable to sales per gold and silver ounce sold includes $770 and $8.93, respectively, of costs related to the expensing of the $93.5 million of PPA that was ascribed to Inventory .

Amortization totaled $94.2 million.

Capital expenditures of $38.1 million were composed of underground mine development and capitalized exploration costs.

Year Ended December 31,

2025 2024 2023

Tonnes milled 1,749,318 1,599,167 1,822,044

Average gold grade (grams/tonne) 1.9 2.3 1.9

Average silver grade (grams/tonne) 130 155 136

Average recovery rate – Au 94.2 % 93.0 % 91.1 %

Average recovery rate – Ag 88.7 % 85.0 % 82.7 %

Gold ounces produced 100,768 108,666 100,605

Silver ounces produced 6,501,308 6,779,659 6,591,590

Gold ounces sold 100,723 108,783 99,043

Silver ounces sold 6,498,821 6,796,715 6,534,469

CAS per gold ounce (1)

$ 875 $ 898 $ 961

CAS per silver ounce (1)

$ 15.93 $ 14.38 $ 15.17

(1) See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

Gold and silver production decreased 7% and 4%, respectively, as a result of a decrease in gold and silver grades,

partially offset by an increase of 9% in mill throughput.

Metal sales were $473.8 million, or 23% of Coeur’s metal sales, compared with $379.1 million, or 36% of Coeur’s metal sales.

Revenue increased by $94.7 million, or 25%, of which $123.9 million was due to higher gold and silver prices, partially offset by $29.2 million due to lower volume of gold and silver production.

Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement increased to 48% from 34% in the prior year driven by mine sequencing.

Costs applicable to sales per gold and silver ounce decreased 3% and increased 11%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation, lower consumable (power and cement) and maintenance costs, partially offset by lower production, unfavorable foreign exchange rates and higher outside service costs.

Amortization decreased by $8.0 million to $37.0 million due to lower gold and silver ounces sold.

Capital expenditures decreased to $25.5 million from $30.6 million due to the lower underground development and equipment purchases.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

Gold and silver production increased 8% and 3%, respectively, as a result of a 40% and 14% increase in gold and silver grades, respectively, and higher gold and silver recovery rates, partially offset by a 12% decrease in mill throughput due to mine sequencing.

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Capital expenditures decreased to $30.6 million from $41.8 million due to lower underground development expenditures and the completion of the open pit backfill project in 2023.

Year Ended December 31, 2023 compared to Year Ended December 31, 2022

Gold and silver production decreased 6% and 2%, respectively, as a result of a 9% decrease in mill throughput partially offset by 4% and 9% higher gold and silver grades, respectively.

Metal sales were $313.2 million, or 38% of Coeur’s metal sales, compared with $303.4 million, or also 38% of Coeur’s metal sales.

Revenue increased by $9.8 million, or 3%, of which $26.4 million was due to higher gold and silver prices, partially offset by a decrease of $16.6 million due to a lower volume of gold and silver production.

Costs applicable to sales per gold and silver ounces increased 9% and 16%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and unfavorable impact of foreign exchange rates on employee-related and electricity costs.

Amortization increased by $0.3 million to $35.7 million.

Capital expenditures decreased to $41.8 million from $42.6 million due to lower capitalized exploration expenditures partially offset by higher open pit backfill project and underground development expenditures.

Year ended December 31,

2025 2024 2023

Tons placed (1)

Tonnes placed (1)

30,272,766 21,345,895 10,331,619

Average gold grade (oz/t) 0.002 0.003 0.003

Average silver grade (oz/t) 0.52 0.45 0.41

Average gold grade (grams/tonne) 0.08 0.08 0.11

Average silver grade (grams/tonne) 19.0 17.9 15.6

Gold ounces produced 60,178 39,203 38,775

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$ 18.58 $ 20.43 $ 26.67

(1) During the year ended December 31, 2024, 21.5 million and 2.0 million tons of ore were placed on the new leach pad and legacy leach pad, respectively.

During the year ended December 31, 2023, 7.3 million and 4.1 million tons of ore were placed on the new leach pad and legacy leach pads, respectively.

(1) During the year ended December 31, 2025, 23.1 million and 7.1 million tonnes of crushed ore and DTP material, respectively, were placed on the new leach pad.

During the year ended December 31, 2024, 19.5 million and 1.9 million tonnes of ore were placed on the new leach pad and legacy leach pad, respectively

(2) See Non-GAAP Financial Performance Measures.

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

Gold and silver production increased 54% and 40%, respectively, as a result of the completion of the expansion project in March 2024 and subsequent ramp-up in production rates.

Ore tonnes crushed during 2025 consisted of approximately 23.1 million tonnes (25.5 million tons) through the crushing circuit and 7.1 million tonnes (7.8 million tons) of direct-to-pad (“DTP”) material.

Ore tonnes placed during 2025 totaled 30.3 million tonnes (33.4 million tons), a 42% (8.9 million tonnes) increase from the prior year.

Metal sales were $458.0 million, or 22% of Coeur’s metal sales, compared with $215.8 million, or 20% of Coeur’s metal sales.

Revenue increased by $242.2 million, or 112%, of which $146.1 million was due to a higher volume of gold and silver production, and $96.1 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 6% and 9%, respectively, as a result of the increase in ore tonnes 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 $69.3 million due to the increase in gold and silver ounces sold and the full year impact of commissioning of the newly expanded crushing circuit in March 2024.

Capital expenditures decreased to $65.8 million from $72.7 million due to Rochester expansion project spending in 2024 offset by equipment purchases and capitalized stripping in 2025 related to the construction of a new open pit.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

Gold and silver production increased 1% and 29%, respectively, driven by the increased production from the new leach pad.

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Revenue increased by $59.8 million, or 38%, of which $30.3 million was due to higher average realized gold and silver prices and $29.5 million was attributable to a higher volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 21% and 23%, respectively, as a result of the increase in tons placed on the new leach pad, lower maintenance costs and LCM adjustments, and the favorable impact of an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024, partially offset by higher labor, electrical and outside service costs.

Costs applicable to sales per gold and silver ounce decreased 21% and 23%, respectively, as a result of the increase in tonnes placed on the new leach pad, lower maintenance costs and LCM adjustments, and the favorable impact of an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024, partially offset by higher labor, electrical and outside service costs.

Amortization increased by $14.9 million to $41.3 million due to higher gold and silver ounces sold, and the commencement of production from the new stage 6 leach pad in mid-September 2023 and the three-stage crushing circuit in March 2024.

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Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024 leading to declaration of commercial production and $528 million of construction in process placed into service in the first quarter of 2024.

Ore tons placed increased 16% quarter-over-quarter to 8.2 million tons, including approximately 5.1 million tons through the new crushing circuit and placed on the new leach pad.

Year Ended December 31, 2023 compared to Year Ended December 31, 2022

Gold and silver production increased 12% and 11%, respectively, as a result of the Rochester expansion and an improved understanding of gold and silver recoveries based on controlling the size fraction and amount of fines placed on the leach pads.

Approximately 64% of the tons placed in 2023 were placed onto the new leach pad.

The new leach pad along with the new processing facility commenced production in mid-September 2023.

Metal sales were $156.0 million, or 19% of Coeur’s metal sales, compared with $129.7 million, or 17% of Coeur’s metal sales.

Revenue increased by $26.4 million, or 20%, of which $15.5 million was due to a higher volume of gold and silver production, and $10.9 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 11% and 2%, respectively, due to the mix of gold and silver sales and lower LCM adjustments of $39.9 million compared to $46.0 million in the prior year, driven by higher gold and silver prices partially offset by lower tons placed and higher employee-related and maintenance costs.

Amortization increased to $26.4 million due to commencement of production of the new leach pad in mid-September 2023.

Capital expenditures increased to $263.4 million from $246.4 million due to timing of payments related to the Rochester expansion project.

Ore tonnes placed increased 16% quarter-over-quarter to 7.4 million tonnes, including approximately 4.6 million tonnes through the new crushing circuit and placed on the new leach pad.

Year ended December 31,

2025 2024 2023

Tons milled 699,037 651,576 700,346

Average gold grade (oz/t) 0.15 0.14 0.17

Tonnes milled 692,178 634,156 591,100

Average gold grade (grams/tonne) 5.2 5.1 4.9

Average recovery rate 92.0 % 91.3 % 91.9 %

5 unchanged sentences

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

Gold production increased 11% as a result of 9% higher mill throughput and slightly higher grades.

Metal sales were $377.7 million, or 18% of Coeur’s metal sales, compared to $225.1 million, or 21% of Coeur’s metal sales.

Revenue increased by $152.6 million, or 68%, of which $115.7 million was due to higher average realized gold prices, and $36.9 million was due to higher volume of gold production.

Costs applicable to sales per gold ounce increased 2% as higher production was more than offset by higher maintenance, freight, and royalty costs.

Amortization increased to $39.3 million primarily due to an increase in gold ounces sold.

Capital expenditures decreased to $65.6 million from $68.7 million due to lower underground development and capitalized exploration, partially offset by the construction of the expanded tailings impoundment.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

Gold production increased 13% as a result of a 7% increase in grade and higher mill throughput.

4 unchanged sentences

Capital expenditures increased to $68.7 million from $53.3 million reflecting continued investment associated with the multi-year underground development and exploration program designed to extend and enhance the mine life, which began in 2022 and is expected to be completed in 2025, as well as underground development and tailings dam expansion expenditures.

Year Ended December 31, 2023 compared to Year Ended December 31, 2022

Gold production decreased 22% as a result of 18% lower grades and 7% lower mill throughput.

Metal sales were $162.5 million, or 20% of Coeur’s metal sales, compared to $202.5 million, or 26% of Coeur’s metal sales.

Revenue decreased by $40.0 million, or 20%, of which $46.0 million resulted from a lower volume of gold production, partially offset by a $6.0 million increase due to higher average realized gold prices.

Costs applicable to sales per gold ounce increased 26% due to lower production partially offset by lower operating costs.

Amortization decreased to $25.9 million primarily due to a decrease in gold ounces sold and the favorable impact of a longer mine life.

Capital expenditures increased to $53.3 million from $31.5 million due to the elevated level of investment associated with the multi-year underground development and exploration program aimed at extending and enhancing the mine life, which began in 2022 and is expected to be completed in 2025.

Year ended December 31,

2025 2024 2023

Tons placed 5,003,935 4,743,469 4,506,849

Average gold grade (oz/t) 0.031 0.026 0.021

Tonnes placed 3,757,245 4,539,495 4,303,204

Average gold grade (grams/tonne) 0.9 1.1 0.9

Gold ounces produced 97,327 98,042 93,502

6 unchanged sentences

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

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

Gold production decreased 1% driven by lower grade material placed on the pads and the timing of recoveries.

Ore tonnes placed during the fourth quarter were impacted following a fire incident at the tertiary crusher which occurred during regularly scheduled maintenance.

The tertiary crusher sustained damage to conveyor belts and electrical system components which will require replacement, but the site is partially mitigating reduced crushing capacity by adding temporary crushing capacity.

Detailed engineering for the replacement crusher has been completed and a new tertiary crushing system is planned to be installed and commissioned during the second quarter of 2026.

Production is expected to progressively increase throughout the year as permanent crushing capacity is restored.

Metal sales were $339.2 million, or 16% of Coeur’s metal sales, compared to $234.0 million, or 22% of Coeur’s metal sales.

Revenue increased by $105.2 million, or 45%, of which $114.4 million was due to higher average realized gold prices, partially offset by $9.2 million due to lower gold production.

Costs applicable to sales per gold ounce increased 24% due to lower grade ore tonnes placed and higher labor and royalty costs.

Amortization decreased to $6.6 million due to the decrease in gold ounces mined.

Capital expenditures increased to $17.8 million from $7.2 million as a result of the construction of a water treatment facility, capitalized exploration, and mining equipment purchases.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

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

Metal sales were $234.0 million, or 22% of Coeur’s metal sales, compared to $189.5 million, or 23% of Coeur’s metal sales.

Revenue increased by $44.5 million, or 23%, of which $33.9 million attributable to higher average realized gold prices and $10.6 million was due to a higher gold production.

Costs applicable to sales per gold ounce decreased 19% due to higher tons and grade placed on the pads, and lower diesel costs, partially offset by higher royalties, labor and outside service costs.

Costs applicable to sales per gold ounce decreased 19% due to higher tonnes and grade placed on the pads, and lower diesel costs, partially offset by higher royalties, labor and outside service costs.

Amortization remained comparable at $6.5 million.

Capital expenditures were $7.2 million.

Capital expenditures increased to $7.2 million from $2.5 million due to the construction of a water treatment facility.

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

Gold production increased 17% driven by higher grade, higher tons placed and timing of recoveries.

Metal sales were $189.5 million, or 23% of Coeur’s metal sales, compared to $150.0 million, or 19% of Coeur’s metal sales.

Revenue increased by $39.5 million, or 26%, of which $32.5 million was due to a higher gold production, and an increase of $7.0 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 10% due to lower operating costs and higher grade and tons placed.

Amortization decreased to $6.7 million due to higher grade and tons placed and the favorable impact of a longer mine life.

Capital expenditures were $2.5 million.

Exploration expenses total $31.2 million in 2025 compared to $27.3 million in the prior year.

Ongoing carrying costs at Silvertip totaled $10.4 million in 2025 and $8.5 million in the prior year.

Capital expenditures in 2025 totaled $7.1 million compared to $3.6 million in the prior year.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

2 unchanged sentences

Capital expenditures in 2024 totaled $3.6 million.

Year Ended December 31, 2023 compared to Year Ended December 31, 2022

Ongoing carrying costs at Silvertip totaled $15.6 million in 2023 and $21.0 million in the prior year.

Capital expenditures in 2023 totaled $2.9 million compared to $24.8 million in the prior year due to planned reduction in capital development expenditures.

Liquidity and Capital Resources

1 unchanged sentence

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

Cash and cash equivalents decreased $6.5 million in the year ended December 31, 2024 due to $183.2 million of capital expenditures primarily related to the completion of the Rochester expansion project, and the $10.0 million initial payment for the acquisition of mining concessions at Palmarejo.

This was partially offset by an 8% and 13% increase in gold and silver ounces sold, respectively, a 18% and 15% increase in average realized gold and silver prices, respectively, the net proceeds of $23.7 million from the sale of 7.7 million shares of common stock in the Private Placement Offering (as defined below), and net draws of $20.0 million under the RCF.

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

The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF by $10 million from $390 million to $400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.

In March 2024, the Company completed the sale of 7,704,725 shares of its common stock (“Private Placement Offering”) issued as “flow-through shares” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), raising net proceeds of approximately $23.7 million, of which $0.9 million represents net proceeds received in excess of the Company’s average price (“FT Premium Liability”).

The proceeds of the issuance of FT Shares are used by the Company for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)), in conducting an exploration and mineral resource evaluation program on the Silvertip property in British Columbia and Yukon to determine the existence, location, extent, and quality of the silver, lead, and zinc on the Silvertip property.

The Company had no outstanding forward contracts at December 31, 2024 following the final settlement in June 2024.

The Company has no current plans to implement new hedges but the Company did acquire 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.

These zero cost collar hedges settle monthly through March, 2025.

The Company may in the future add new hedges as circumstances warrant.

During the year ended December 31, 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock.

Cash and cash equivalents increased $498.5 million in the year ended December 31, 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 24% and 59%

increase in gold and silver ounces sold, respectively, (includes $421.4 million of post-acquisition sales at Las Chispas), and a 45% and 43% increase in average realized gold and silver prices, respectively.

This was partially offset by RCF net repayments of $195.0 million, transaction cost related payments of $21.6 million, income and mining tax payments of $178.5 million, full repayment of outstanding prepayment agreement balances at Rochester, Kensington and Wharf, $221.2 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.

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

The acquisition of SilverCrest will include acquiring a significant amount of cash and gold and silver bullion which will be used along with our cash provided by operating activities to begin a period of debt and prepay reduction.

Our longer-term plans contemplates continued exploration to extend mine lives at all of our operating sites, the repayment of the RCF, and additional exploration and studies to determine the viability of the Silvertip business case.

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

Our current leverage ratio is 1.6 times Adjusted EBITDA as of December 31, 2024.

We expect to use cash provided by operating activities to fund near term capital requirements, including those described in this Report for our 2026 capital expenditure guidance, and to repurchase shares pursuant to the Company’s $75.0 million share repurchase program (the “Program”).

The acquisition of SilverCrest included acquiring a significant amount of cash and gold and silver bullion, which was used along with our cash provided by operating activities to repay all borrowings under the RCF.

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

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

Our current net leverage ratio is (0.2) times Adjusted EBITDA as of December 31, 2025.

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

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Cash provided by operating activities $ 886,879 $ 174,234 $ 67,288

Net cash provided by operating activities increased $712.6 million for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to a 24% and 59% increase in gold and silver ounces sold (includes $421.4 million of post-acquisition sales at Las Chispas), a 45% and 43% increase in average realized gold and silver prices, respectively, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, lower interest expense, and lower ore placed on leach pads at Wharf.

This was partially offset by full repayment of outstanding prepayment agreement balances at Rochester, Kensington and Wharf, higher general and administrative and exploration expenses, income and mining tax payments of $178.5 million compared to $45.1 million in 2024, and timing of VAT collections at Palmarejo and Las Chispas and sales receipts at Kensington.

Revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024 increased by $1,016.1 million, of which $471.1 million was due to higher average realized gold and silver prices, $123.6 million was due to higher volume of gold and silver sales, and $421.4 million was due to post-acquisition sales at Las Chispas.

Net cash provided by operating activities increased $106.9 million for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily due to a 8% and 13% increase in gold and silver ounces sold, respectively, a 18% and 15% increase in average realized gold and silver prices, respectively, partially offset by higher ore placed on leach pads at Rochester and Wharf, lower prepaid revenue at Kensington and increased exploration, general and administrative, interest and income and mining tax expense.

Revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 increased by $232.8 million, of which $142.5 million as the result of higher average gold and silver prices and $90.3 million was due to higher volume of gold sales.

Net cash provided by operating activities increased $41.7 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, primarily due to a 4% increase in silver ounces sold and a 5% and 11% increase in average realized gold and silver prices, the receipt of $55.0 million of prepayments at Kensington, Rochester and Wharf in December 2023, and the receipt of $7.8 million FT Premium Liability, partially offset by a 4% decrease in gold ounces sold, higher operating costs, and timing of VAT collections at Palmarejo.

Revenue for the year ended December 31, 2023 compared to the year ended December 31, 2022 increased by $35.6 million, of which $53.0 million was due to higher average realized gold and silver prices, partially offset $17.4 million as a result of lower volume of gold sales.

Revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 increased by $232.8 million, of which $142.5 million was the result of higher average gold and silver prices and $90.3 million was due to higher volume of gold sales.

Cash Used in Investing Activities

Net cash used in investing activities in the year ended December 31, 2025 was $127.8 million compared to $193.5 million in the year ended December 31, 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 $221.2 million in the year ended December 31, 2025 compared with $183.2 million in the year ended December 31, 2024 primarily related to post-acquisition underground development, and equipment purchases at Las Chispas, underground development at Palmarejo and Kensington, expanded tailings impoundment at Kensington and the construction of a water treatment facility at Wharf in both periods.

Net cash used in investing activities in the year ended December 31, 2024 was $193.5 million compared to $303.7 million in the year ended December 31, 2023.

Cash used in investing activities decreased due to lower spending on capital expenditures at Rochester.

1 unchanged sentence

The Company incurred capital expenditures of $183.2 million in the year ended December 31, 2024 compared with $364.6 million in the year ended December 31, 2023 primarily related to expansion construction and ramp-up activities at Rochester and underground development and exploration at Palmarejo and Kensington in both periods.

Net cash used in investing activities in the year ended December 31, 2023 was $303.7 million compared to $146.2 million in the year ended December 31, 2022.

The Company incurred capital expenditures of $364.6 million in the year ended December 31, 2023 compared with $352.4 million in the year ended December 31, 2022 primarily related to construction activities at Rochester and underground development at Palmarejo and Kensington in both periods.

Cash used in investing activities increased due to higher capital expenditures, the receipt of net proceeds of $150.2 million and $15.2 million in 2022 from the sale of the Sterling/Crown exploration properties in Nevada and La Preciosa project in Mexico, respectively, partially offset by net proceeds of $7.0 million received from the sale of the La Preciosa Deferred Consideration, $5.0 million received from the collection of amounts due under the promissory note issued in connection with the sale of the La Preciosa project.

Cash Provided by Financing Activities

Cash Provided by (Used in) Financing Activities

Net cash used in financing activities in the year ended December 31, 2025 was $260.6 million compared to net cash provided by financing activities of $13.9 million in the year ended December 31, 2024.

During the year ended December 31, 2025, the Company repaid $195.0 million, net, under the RCF, repurchased $9.6 million of common stock in connection with the Company’s Program, and prepaid $25.6 million in finance leases at Rochester and Kensington.

During the year ended December 31, 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 $20.0 million, net, from the RCF.

Net cash provided by financing activities in the year ended December 31, 2024 was $13.9 million compared to $236.1 million in the year ended December 31, 2023.

1 unchanged sentence

During the year ended December 31, 2023, the Company drew $95.0 million, net, under the RCF, received aggregate net proceeds of $147.7 million from the sale of 54.6 million shares of its common stock in the March 2023 Equity Offering and September 2023 Equity Offering, and received net proceeds of $20.9 million from the sale of 8.3 million shares of its common stock in the Private Placement Offering.

Net cash provided by financing activities in the year ended December 31, 2023 was $236.1 million compared to $125.0 million in the year ended December 31, 2022.

During the year ended December 31, 2023, the Company drew $95.0 million, net, under the RCF, received aggregate net proceeds of $147.7 million from the sale of 54.6 million shares of its

common stock in the March 2023 Equity Offering and September 2023 Equity Offering, and received net proceeds of $20.9 million from the sale of 8.3 million shares of its common stock in the Private Placement Offering.

During the year ended December 31, 2022, the Company drew $15.0 million, net, from the RCF and received net proceeds of $147.4 million from the sale of 36.8 million shares of its common stock in the March Equity Offering and the December Equity Offering.

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

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

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

as the Company’s broker.

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 “First Modified Company 10b5-1 Plan”).

On November 12, 2025, the Company and BMO Capital Markets Corp.

further amended the First Modified Company 10b5-1 Plan (the “Second Modified Company 10b5-1 Plan”).

Pursuant to its terms, the Second Modified Company 10b5-1 Plan terminated on December 12, 2025.

The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the three months and year ended December 31, 2025:

Three Months Ended December 31, Year Ended December 31,

2025 2024 2025 2024

Shares repurchased 145,929 — 814,129 —

Cost of shares (in thousands) $ 2,287 — $ 9,625 —

Average price paid per share $ 15.67 — $ 11.82 —

Critical Accounting Policies and Accounting Developments

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The preparation of the Company’s consolidated financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the reported amounts of revenue and expenses during the reporting period, and mined reserves.

GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the allocation of fair value to assets and liabilities assumed in connection with business combinations, the reported amounts of revenue and expenses during the reporting period, and mined reserves.

There can be no assurance that actual results will not differ from those estimates.

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Mineral reserve estimates are based upon engineering evaluations of samplings of drill holes and other openings.

estimates involve assumptions regarding future silver and gold prices, mine geology, mining methods and the related costs to develop and mine the reserves.

These estimates involve assumptions regarding future silver and gold prices, mine geology, mining methods and the related costs to develop and mine the reserves.

Changes in these assumptions could result in material adjustments to the Company’s reserve estimates.

The Company uses reserve estimates in determining the units-of-production amortization and evaluating mine assets for potential impairment.

For a discussion of estimates and assumptions used by management that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the reported amounts of revenue and expenses during the reporting period, and mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.

and expenses during the reporting period, and mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.

The Company amortizes its property, plant, and equipment, mining properties, and mine development using the units-of-production method over the estimated life of the ore body generally based on its proven and probable reserves or the straight-line method over the useful life, whichever is shorter.

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

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

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

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

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

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

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

As of December 31, 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.

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

The Las Chispas mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

Based on the December 31, 2025 review, the Company concluded that Goodwill was not impaired.

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

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

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

These approaches are considered Level 3 fair value measurements.

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

When the income approach is utilized to determine fair value, the estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices.

In addition to short- and long-term metal price assumptions, other assumptions include estimates of operating costs;

proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves;

value beyond proven and probable estimates;

estimated future closure costs;

the use of appropriate discount rates;

and applicable U.S.

dollar long-term exchange rates.

See Item 7A, Quantitative and Qualitative Disclosures About Market Risk.

Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors.

For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value.

However, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment tests will prove to be an accurate prediction of the future.

Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as:

(i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country-specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future.

See Note 2 to the Consolidated Financial Statements for further information regarding goodwill.

The Company recognizes obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs.

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deferred tax liability for foreign earnings that meet the indefinite reversal criteria.

Refer to Note 10 -- Income and Mining Taxes for further discussion on our assertion.

See Note 11 -- Income and Mining Taxes for further discussion on our assertion.

The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions.

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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:

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

Year Ended December 31,

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Foreign exchange loss (gain) (1)

(Gain) loss on sale of assets and securities 4,250 25,197 (64,429)

42,040 (4,448) 1,994

Loss on sale of assets 698 4,250 25,197

RMC bankruptcy distribution (37) (1,294) (1,516)

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Transaction costs 26,409 8,517 —

Other adjustments 5,429 4,925 2,161

Tax effect of adjustments (1)

Kensington royalty settlement (66) 7,369 469

Wage and Hour Litigation settlement 7,059 — —

Mexico arbitration matter 2,950 3,612 2,803

Flow-through share premium (808) (5,563) (2,284)

Interest income — — (187)

Legacy crusher non-operating costs — — 4,013

COVID-19 — 11 111

Valuation allowance and tax effect of adjustments (2)

(171,211) (820) 1,785

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Adjusted net income (loss) per share, Diluted $ 0.80 $ 0.18 $ (0.23)

(1) For the year ended December 31, 2024, tax effect of adjustments of $(0.8) million (-5%) are primarily related to the RMC bankruptcy distribution,

and nonrecurring expenses at Palmarejo.

(1) Includes the impact of foreign exchange rates on deferred tax balances of $43.5 million, $0.3 million and $1.5 million for the years ended December 31, 2025, 2024 and 2023.

(2) For the year ended December 31, 2025, tax effect of adjustments of $171.2 million (-467%) are primarily related to the release of the valuation allowance against U.S.

net deferred tax assets of $162.0million, the wage and hour litigation settlement, and transaction costs at Corporate.

For the year ended December 31, 2024, tax effect of adjustments of $(0.8) million (-5%) are primarily related to the RMC bankruptcy distribution, and nonrecurring expenses at Palmarejo.

For the year ended December 31, 2023, tax effect of adjustments of $1.8 million (8%) is primarily related to the loss on the sale of the La Preciosa Deferred Consideration.

For the year ended December 31, 2022, tax effect of adjustments of $(15.3) million (-558%) is primarily related to the to the fair value adjustments on the

Company’s equity investments and the derecognition of deferred tax liabilities related to the sale of La Preciosa and the Sterling/Crown exploration properties.

EBITDA and Adjusted EBITDA

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In thousands 2025 2024 2023

Net income (loss) $ 58,900 $ (103,612) $ (78,107)

Net income $ 585,872 $ 58,900 $ (103,612)

Interest expense, net of capitalized interest 30,942 51,276 29,099

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

Income tax provision 96,666 67,450 35,156

Amortization 251,099 124,974 99,822

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Inventory adjustments and write-downs 6,265 8,042 43,188

(Gain) loss on sale of assets and securities 4,250 25,197 (64,429)

Loss on sale of assets 698 4,250 25,197

RMC bankruptcy distribution (37) (1,294) (1,516)

(Gain) loss on debt extinguishment 113 (417) (3,437)

Kensington royalty settlement (66) 7,369 469

Wage and Hour Litigation settlement 7,059 — —

Mexico arbitration matter 2,950 3,612 2,803

Flow-through share premium (808) (5,563) (2,284)

Interest income — — (187)

Legacy crusher disposal — — 4,013

COVID-19 — 11 111

Transaction costs 26,409 8,517 —

Other adjustments 5,429 4,925 2,161

Adjusted EBITDA 1,025,772 339,152 142,302

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(Dollars in thousands) 2025 2024 2023

Cash provided by (used in) operating activities $ 174,234 $ 67,288 $ 25,616

Cash provided by operating activities $ 886,879 $ 174,234 $ 67,288

Changes in operating assets and liabilities:

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Cash and cash equivalents (553,597) (55,087) (61,633)

Net debt $ 534,971 $ 483,677 $ 454,469

Net (cash) debt $ (213,064) $ 534,971 $ 483,677

Last Twelve Months Adjusted EBITDA $ 1,025,772 $ 339,152 $ 142,302

Leverage ratio 1.6 3.4 3.3

Net Leverage ratio (0.2) 1.6 3.4

Costs Applicable to Sales

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Year Ended December 31, 2025

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

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

Palmarejo Rochester Kensington Wharf Silvertip Total

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

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Silver ($/oz) $ 19.26 $ 15.93 $ 18.58 $ 17.83

(1) Includes the impact of the purchase price allocation ascribed to Inventory of $93.5 million.

Year Ended December 31, 2024

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Silver ($/oz) $12.50 - $14.50 $21.50 - $23.50 $23.00 - $25.00

Reconciliation of Costs Applicable to Sales for 2024 Guidance

In thousands (except metal sales and per ounce amounts) Palmarejo Rochester (1)

Kensington Wharf

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

GAAP) $ 261,913 $ 147,456 $ 195,337 $ 102,091

Amortization (46,953) (42,237) (28,757) (5,694)

Costs applicable to sales $ 214,960 $ 105,219 $ 166,580 $ 96,397

By-product credit — — 16 (5,328)

Adjusted costs applicable to sales $ 214,960 $ 105,219 $ 166,596 $ 91,069

Gold ounces 104,260 28,170 100,500 91,040

Silver ounces 6,652,590 3,197,910 205,600

Revenue Split

Gold 51% 43% 100% 100%

Silver 49% 57%

Adjusted costs applicable to sales

Gold ($/oz) $950 - $1,150 $1,500 - $1,700 $1,525 - $1,725 $950 - $1,050

Silver ($/oz) $15.50 - $16.50 $18.00 - $20.00

(1) Cost guidance for Rochester reflects the second half of 2024.

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 7. Management’s Discussion and Analysis