What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-18 compared with 2025-02-19 · 350 added, 259 removed, 1107 unchanged (35% of the section changed)

7 unchanged sentences

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 18, 2026 expressed an unqualified opinion.

Change in accounting principle

As discussed in Note 2 to the consolidated financial statements, the Company has adopted new accounting guidance in 2024 related to the disclosure of segment information in accordance with ASU 2023-07, Segment Reporting (Topic 280).

The adoption was retrospectively applied to 2023 and 2022.

As discussed in Note 2 to the consolidated financial statements, the Company has adopted new accounting guidance in 2025 related to income tax disclosures due to the adoption of ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures”.

The adoption was retrospectively applied for all periods presented.

Basis for opinion

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Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

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We believe that our audits provide a reasonable basis for our opinion.

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Critical audit matters

The critical audit matters communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.

Ore on Leach Pads and Long-Term Stockpile

As described further in Notes 2 and 5 to the consolidated financial statements, the Company’s ore on leach pads balance was $199 million, which includes $168 million at the Company’s Rochester mine, as of December 31, 2024.

The balance is comprised of a current balance of $61 million and a non-current balance of $107 million.

The Rochester mine long-term stockpile balance is $42 million as of December 31, 2024.

As described further in Notes 2 and 6 to the consolidated financial statements, the Company’s ore on leach pads balance was $277 million, which included $247 million at the Company’s Rochester mine, as of December 31, 2025.

The balance was comprised of a current balance of $128 million and a non-current balance of $119 million.

The Rochester mine long-term stockpile balance was $42 million as of December 31, 2025.

The measurement and valuation of the ore on leach pads and long-term stockpile balances involve significant management estimates and assumptions related to the measurement of metal content of ore placed on the leach pads and long-term stockpile, including estimates pertaining to recovery rates and ore grades.

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We identified the measurement and valuation for the ore on leach pads and long-term stockpile for the Rochester mine as a critical audit matter.

The principal considerations for our determination that Rochester’s ore on leach pads and long-term stockpile is a critical audit matter are that certain management assumptions are complex and have a higher degree of estimation uncertainty and changes in these assumptions could have a significant impact on the balance.

The principal considerations for our determination that the measurement and valuation of the ore on leach pads and long-term stockpile for the Rochester mine is a critical audit matter are that certain management assumptions are complex and have a higher degree of estimation uncertainty and changes in these assumptions could have a significant impact on the balance.

In turn, auditing these amounts required significant auditor judgement.

Our audit procedures related to Rochester’s ore on leach pads and long-term stockpile included the following, among others.

Our audit procedures related to the measurement and valuation of the ore on leach pads and long-term stockpile for the Rochester mine included the following, among others.

• We obtained and tested Rochester’s 2025 roll forward of the estimated ounces and costs added to, and recovered from the Company’s leach pads and stockpile and reconciled the ending amounts of ounces and costs to the Company’s inventory and production records and tested certain assumptions, such as estimated recovery rates, and ore grades.

• We assessed the Company’s lower of cost or market analysis and related adjustments.

• We tested the Company’s lower of cost or market analysis and related adjustments.

• For the roll forward of estimated ounces, we assessed the completeness and accuracy of mining production information, including tests of daily tonnage processed.

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• We tested the effectiveness of management’s controls over mining production information, estimating the recovery rates, ore grades, lower of cost or market calculations, and inventory roll forward related to recording Rochester’s balance of ore on leach pads and long-term stockpile.

Acquisition of SilverCrest Metals, Inc.

As described further in Note 2 to the financial statements, during 2025 the Company completed its acquisition of SilverCrest Metals Inc.

(“SilverCrest”).

The transaction was accounted for as a business combination.

We identified the accounting for the fair value measurement of long-lived assets and inventory recognized in the business combination as a critical audit matter.

The principal considerations for our determination that the accounting for the fair value measurement of long-lived assets and inventory recognized in the business combination is a critical audit matter are that significant judgment existed in the underlying assumptions related to the estimated fair values.

Significant assumptions used to estimate the fair value of mineral interests included long-term metal prices, estimated quantities of ore reserves and mineral resources, and weighted average cost of capital are significant assumptions used to estimate the fair value of inventory included profit allocation and holding costs.

These significant assumptions are forward-looking and could be affected by future economic and market conditions.

Our audit procedures related to the accounting for the fair value measurement of long-lived assets and inventory recognized in the business combination included the following, among others:

• We tested the effectiveness of management’s controls over accounting for the business combination and valuation of the acquired assets.

• Evaluated the Company’s valuation methodology and significant assumptions used by the Company.

• Evaluated the completeness and accuracy of the underlying data supporting the significant assumptions and estimates.

• Involved our valuation specialists to assist with our evaluation of the selection and application of the valuation methodology used by the Company and significant assumptions included in the fair value estimates.

• Assessed the estimated quantity of ore reserves and mineral resource by comparing to historical performance and currently declared quantities.

• Examined the inputs to the weighted average cost of capital assumptions.

/s/ Grant Thornton LLP

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Property, plant and equipment and mining properties, net 7 2,744,884 1,817,616

Goodwill 3 625,812 —

Ore on leach pads 6 119,446 106,670

1 unchanged sentence

Receivables 5 19,683 19,583

Deferred tax assets 11 140,553 3,632

Other 63,513 72,635

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Additional paid-in capital 5,783,019 4,181,521

Accumulated other comprehensive income (loss) — 1,331

Accumulated deficit ( 2,476,389 ) ( 3,062,261 )

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Other, net 15 6,922 13,027 ( 7,463 )

Total other income (expense), net ( 37,832 ) ( 29,741 ) ( 24,198 )

Income (loss) before income and mining taxes 126,350 ( 68,456 ) ( 63,449 )

Income and mining tax (expense) benefit 10 ( 67,450 ) ( 35,156 ) ( 14,658 )

Total other expense, net ( 24,475 ) ( 37,832 ) ( 29,741 )

Income before income and mining taxes 682,538 126,350 ( 68,456 )

Income and mining tax expense 11 ( 96,666 ) ( 67,450 ) ( 35,156 )

NET INCOME (LOSS) $ 585,872 $ 58,900 $ ( 103,612 )

2 unchanged sentences

Reclassification adjustments for realized (gain) loss on cash flow hedges — 17,176 ( 10,694 )

Other comprehensive income (loss) ( 1,331 ) ( 11,012 ) 13,555

Other comprehensive loss — ( 1,331 ) ( 11,012 )

COMPREHENSIVE INCOME (LOSS) $ 585,872 $ 57,569 $ ( 114,624 )

16 unchanged sentences

Deferred taxes ( 161,015 ) ( 8,734 ) ( 1,495 )

Gain on debt extinguishment 8 ( 417 ) ( 3,437 ) —

(Gain) loss on debt extinguishment 8, 9 113 ( 417 ) ( 3,437 )

Fair value adjustments, net 13 342 — ( 3,384 )

Stock-based compensation 12 19,209 12,022 11,361

Gain on the sale of Sterling/Crown — — ( 62,249 )

Loss on the sale or disposition of assets 15 — 4,250 25,197

1 unchanged sentence

Deferred revenue recognition 18 ( 42,824 ) ( 55,562 ) ( 25,468 )

Acquired inventory purchase price allocation 3 93,477 — —

Other 4,306 5,483 3,215

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Accounts payable and accrued liabilities 101,174 79,242 55,581

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 174,234 67,288 25,616

CASH PROVIDED BY OPERATING ACTIVITIES 886,879 174,234 67,288

CASH FLOWS FROM INVESTING ACTIVITIES:

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Payments on debt, finance leases, and associated costs 9 ( 417,886 ) ( 398,348 ) ( 528,541 )

Other ( 2,085 ) ( 2,370 ) ( 3,661 )

Share repurchases 16 ( 9,625 ) — —

Other financing activities ( 9,625 ) ( 2,085 ) ( 2,370 )

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ( 260,631 ) 13,890 236,053

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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

In thousands Common

In thousands Notes Common

Shares Common

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Other comprehensive income (loss) — — — — ( 11,012 ) ( 11,012 )

Common stock issued under "at the market"

stock offering 36,820 368 146,547 — — 146,915

Common stock issued/canceled under long-term incentive plans and director fees and options, net 1,959 20 6,371 — — 6,391

Balances at December 31, 2022 295,698 $ 2,957 $ 3,891,265 $ ( 3,017,549 ) $ 12,343 $ 889,016

Net income (loss) — — — ( 103,612 ) — ( 103,612 )

Other comprehensive income (loss) — — — — ( 11,012 ) ( 11,012 )

Common stock issued under "at the market"

stock offering 54,562 546 147,020 — — 147,566

Common stock issued under "at the market" stock offering 54,562 546 147,020 — — 147,566

Common stock issued for the extinguishment of Senior Notes 25,191 253 71,999 — — 72,252

9 unchanged sentences

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

Net income — — — 585,872 — 585,872

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

Kensington royalty settlement 595 6 3,649 — — 3,655

Stock options exercised 2,212 22 7,501 — — 7,523

Stock repurchase program 15 ( 814 ) ( 7 ) ( 9,617 ) — — ( 9,624 )

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 1,375 13 12,269 — — 12,282

Balances at December 31, 2025 642,093 $ 6,421 $ 5,783,019 $ ( 2,476,389 ) $ — $ 3,313,051

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

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The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period.

The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments.

The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units, goodwill and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments.

The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances.

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Principles of Consolidation

The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A.

The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Compania Minera La Llamarada, S.A.

de C.V., Coeur Mexicana S.A.

de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., and Coeur Silvertip Holdings Ltd.

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At certain times, amounts on deposit may exceed federal deposit insurance limits.

Trade receivables and other receivable balances are recognized net of an allowance for credit losses.

The allowance represents the portion of the amortized cost basis that the Company does not expect to collect due to credit over the contractual life of the receivables, taking into consideration past events, current conditions and reasonable and supportable forecasts of future economic conditions.

As of December 31, 2024, the amount of credit loss recognized is not significant.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

Trade receivables and other receivable balances are recognized net of an allowance for credit losses.

As of December 31, 2025, the amount of credit loss recognized is not significant.

Ore on Leach Pads

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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.

The updated recoverable ounce estimate performed as part of the review of estimated recoverable metal is considered a change in estimate and was accounted for prospectively.

As of December 31, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 55,944 and 9.6 million, respectively.

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Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed.

Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and

Mine development costs include

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

other infrastructure at underground mines.

Costs incurred before mineralization are classified as proven and probable reserves are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production.

engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines.

Costs incurred before mineralization are classified as proven and probable reserves and are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production.

Mine development costs are amortized using the units-of-production method over the estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves.

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Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves.

Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment.

Actual results may vary from the Company’s estimates and result in additional Impairment of Long-lived Assets .

Additionally,

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment.

Actual results may vary from the Company’s estimates and result in additional Impairment of Long-lived Assets .

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.

Restricted Assets

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Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

We use our estimated incremental borrowing rate in determining the present value of lease payments.

We use our estimated incremental borrowing rate to determine the present value of lease payments.

Variable components of the lease payments such as maintenance costs are expensed as incurred and not included in determining the present value.

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See Note 10 -- Reclamation for additional information.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Foreign Currency

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dollars as their functional currency.

Revenues and expenses are remeasured at the average exchange rate for the period.

Monetary assets and liabilities are remeasured at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses remeasured at the average exchange rate for the current period.

Foreign currency gains and losses are included in the determination of net income or loss.

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

Deferred gains and losses associated

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

with cash flow hedges of foreign currency transactions are recognized as a component of Costs applicable to sales or Pre-development, reclamation and other in the same period the related expenses are incurred.

Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs applicable to sales or Pre-development, reclamation and other in the same period the related expenses are incurred.

For derivatives not designated as hedging instruments, the Company recognizes derivatives as either assets or liabilities on the Consolidated Balance Sheets and measures those instruments at fair value.

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Stock-based Compensation

The Company estimates the fair value of stock options using the Black-Scholes option pricing model using market comparison.

The Company estimates the fair value of stock options using the Black-Scholes option pricing model.

Stock options granted are accounted for as equity-based awards.

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The Company’s performance obligation in these transactions is generally the transfer of metal to the customer.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties.

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The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate.

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Recently Adopted Accounting Standards

In March 2022, the FASB issued ASU 2022-01, “ Derivatives and Hedging (Topic 815):

Fair Value Hedging—Portfolio Layer Method ” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “ Derivatives and Hedging (Topic 815):

Targeted Improvements to Accounting for Hedging Activities ”.

The new standard is effective for reporting periods beginning after December 15, 2022.

The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting.

The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

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

Improvements to Reportable Segment Disclosures” , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted.

The guidance is to be applied retrospectively to all prior periods presented in the financial statements.

Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.

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

See Note 3 -- Segment Reporting for all periods presented with the new required disclosures.

The new standard did not impact our Consolidated Financial Statements.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

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The guidance is effective for annual periods beginning after December 15, 2024.

Although early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance, the Company believes that there is no material impact to the reader in early adoption.

The Company plans to adopt this new guidance on our Consolidated Financial Statements and related disclosures on reporting year ending December 31, 2025.

We have adopted the new standard effective December 31, 2025 retrospectively for all periods presented.

See Note 11 - Income and Mining Taxes for all periods presented with the new required disclosures.

The new standard did not impact our Consolidated Financial Statements.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220):

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and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements

NOTE 3 – ACQUISITIONS

On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur would acquire all of the issued and outstanding shares of SilverCrest Metals Inc.

(“SilverCrest”) pursuant to a court-approved plan of arrangement (the “SilverCrest Transaction”).

Under the terms of the Agreement, SilverCrest shareholders received 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

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

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

Based on the closing price of Coeur common shares on the NYSE on February 14, 2025, the implied total equity value was approximately $ 1.58 billion based on SilverCrest’s common shares outstanding and the Exchange Ratio.

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

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

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

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

The goodwill balance of $ 625.8 million is composed of amounts attributable to the assembled workforce, potential strategic and financial benefits, including the financial flexibility to execute capital priorities, and new book to tax basis differences of assets acquired and liabilities assumed.

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

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

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

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

Total transaction costs were $ 20.6 million with $ 12.1 million incurred in the year ended December 31, 2025.

These transaction costs are included in Pre-development, reclamation, and other on the Consolidated Statements of Comprehensive Income and are reflected in pro forma earnings in the table below for the year ended December 31, 2025.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

In 2025, the Company completed the analysis to assign fair values to all assets acquired and liabilities assumed.

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

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

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

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

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

Total purchase price $ 1,518,211

Cash and cash equivalents $ 103,724

Short-term receivables 23,292

Inventory 153,826

Prepaid expenses and other 15,213

Property, plant and equipment and mining properties 1,008,962

Total Assets $ 1,310,613

Accounts payable 16,774

Accrued liabilities and other 25,636

Reclamation 10,870

Deferred tax liabilities (2)

Other long-term liabilities 20,438

Total liabilities $ 418,214

Net identifiable assets acquired $ 892,399

Goodwill 625,812

Net assets acquired $ 1,518,211

(1) As of December 31, 2025, 2.3 million common shares were issued related to the exercise of 3.3 million replacement options.

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

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

Pro Forma Financial Information

Sales and net income in the Consolidated Statement of Operations includes SilverCrest revenue and net income of $ 421.4 million and $ 46.9 million, respectively, from the acquisition date to December 31, 2025.

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

Twelve Months Ended

December 31, 2025 December 31, 2024

Revenue $ 2,125,103 $ 1,355,934

Net income (loss) $ 696,724 $ ( 47,633 )

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

The pro forma results have been calculated after applying the Company’s accounting policies and adjusting the results of SilverCrest to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties and the impact of purchase price allocation on acquired inventory which have been applied from January 1, 2024, with the consequential tax effects.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 4 – SEGMENT REPORTING

The Company’s operating segments at December 31, 2024 included the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project.

Following consummation of the acquisition of SilverCrest Metals, Inc.

on February 14, 2025, the Company will add the Las Chispas operating segment.

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

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

1 unchanged sentence

“ Other ” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

The Company’s Chief Operating Decision Maker (“CODM”), comprised of Mitchell J.

The Company’s Chief Operating Decision Maker (“CODM”), composed of Mitchell J.

Krebs, Chairman, President and Chief Executive Officer, Thomas S.

Whelan, Chief Financial Officer, and Michael Routledge, Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations .

Whelan, Executive Vice President and Chief Financial Officer, and Michael Routledge, Executive Vice President and Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations .

The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes.

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

Year Ended December 31, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Year Ended December 31, 2025 Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 203,234 $ 218,064 $ 210,680 $ 377,693 $ 334,058 $ — $ — $ 1,343,729

11 unchanged sentences

Other income (expense)

Gain on debt extinguishment — — — — — 417 417

Loss on debt extinguishment — — ( 106 ) ( 7 ) — — — ( 113 )

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

9 unchanged sentences

(1) Excludes amortization.

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

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

(3) See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.

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

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements

Year Ended December 31, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

24 unchanged sentences

(1) Excludes amortization.

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

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

(3) See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.

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

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

Year Ended December 31, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total

12 unchanged sentences

Other income (expense)

Gain on debt extinguishment — — — — — 3,437 3,437

Fair value adjustments, net — — — — — 3,384 3,384

9 unchanged sentences

(1) Excludes amortization.

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

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

(3) See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.

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

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements

Assets December 31, 2025 December 31, 2024

18 unchanged sentences

The Company had seven trading counterparties at December 31, 2025.

The Company's sales of doré and electrolytic cathodic sludge product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 79 %, 80 %, and 74 %, of total metal sales for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company's sales of doré and electrolytic cathodic sludge product produced by the Palmarejo, Las Chispas, Rochester, and Wharf mines amounted to approximately 82 %, 79 %, and 80 %, of total metal sales for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company’s gold concentrate product from the Kensington mine is sold under a long-term offtake agreement and is shipped to geographically diverse third-party smelters who are responsible for arranging the smelting of the concentrate.

4 unchanged sentences

Customer 2025 2024 0 2023 Segments reporting revenue

Bank of Montreal $ 445.6 $ 367.2 $ 341.5 Palmarejo, Rochester, Wharf

Bank of Montreal $ 1,198.1 $ 445.6 $ 367.2 Las Chispas, Palmarejo, Rochester, Wharf

Ocean Partners $ 464.5 $ 484.5 $ 346.2 Palmarejo, Rochester, Kensington, Wharf

Asahi $ 104.9 $ 63.7 $ 125.3 Palmarejo, Rochester, Kensington, Wharf

Asahi $ 360.2 $ 104.9 $ 63.7 Las Chispas, Palmarejo, Rochester, Kensington, Wharf

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements

NOTE 5 – RECEIVABLES

5 unchanged sentences

Income tax receivable 11,931 8,509

Gold and silver forwards realized gains (1)

Other 919 721

Deferred cash consideration (2)

$ 69,160 $ 29,930

7 unchanged sentences

Total receivables $ 88,843 $ 49,513

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

See Note 13 -- Derivative Financial Instruments & Hedging Activities for additional details on the gold and silver forward hedges.

(1) Consists of exploration credit refunds at Silvertip.

1 unchanged sentence

The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

(4) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million should the buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties.

(3) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million based on gold resources reported in the Sterling/Crown exploration properties by the buyer, its affiliates or its successors.

The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

3 unchanged sentences

Concentrate $ 3,507 $ 2,663

Stockpile ore (1)

Precious metals 15,164 16,034

8 unchanged sentences

Total Inventory and Ore on Leach Pads $ 482,313 $ 319,729

Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method.

In the year ended December 31, 2024, the cost associated with the stockpile at Rochester exceeded its net realizable value, which resulted in non-cash write down of $ 4.0 million ($ 3.2 million was recognized in Costs applicable to sales and $ 0.8 million in Amortization ).

(1) Includes $ 73.6 million, $ 8.4 million, $ 2.3 million, and $ 1.1 million at Las Chispas, Wharf, Kensington, and Palmarejo at December 31, 2025, respectively.

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

Coeur Mining, Inc.

10 unchanged sentences

Construction in progress 129,662 145,732

145,732 612,865

Total $ 5,222,115 $ 4,007,923

3 unchanged sentences

(1) Includes $ 123.8 million and $ 170.1 million associated with facilities and equipment assets under finance leases at December 31, 2025 and December 31, 2024, respectively.

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

(2) Includes $ 75.1 million and $ 63.3 million of accumulated amortization related to assets under finance leases at December 31, 2025 and December 31, 2024, respectively.

On July 8, 2024, the Company closed on the purchase of mining concessions adjacent to the Palmarejo mine from a subsidiary of Fresnillo plc.

Total consideration under the purchase agreement consisted of a cash payment of approximately $ 25 million, with $ 10 million paid at closing, an additional $ 10 million payable twelve months after closing (“Deferred Cash Due 2025”), and an additional $ 5 million payable 24 months after closing (“Deferred Cash Due 2026”).

The concessions are also subject to an inflation-adjusted royalty payment of $ 25 per ounce for each new gold-equivalent ounce of resource discovered between 450,000 and two million gold equivalent ounces.

This resulted in a $ 23.7 million increase to Mineral interest and the recognition of $ 9.3 million of Accrued liabilities and other and $ 4.4 million of Other long-term liabilities for amounts due after closing.

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

NOTE 8 – LEASES

9 unchanged sentences

Total finance lease cost $ 45,233 $ 39,268 $ 31,747

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Supplemental cash flow information related to leases was as follows:

6 unchanged sentences

Financing cash flows from finance leases $ 56,386 $ 24,524 $ 24,505

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Supplemental balance sheet information related to leases was as follows:

25 unchanged sentences

2029 984 10,739

2029 952 10,684

Thereafter 3,649 —

2 unchanged sentences

Net lease obligation $ 18,429 $ 49,741

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 9 – DEBT

9 unchanged sentences

(2) Unamortized debt issuance costs of $ 1.9 million and $ 3.4 million at December 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets .

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

2029 Senior Notes

4 unchanged sentences

The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally guaranteed by the Guarantors.

As of February 15, 2024, the Company may redeem some or all of the 2029 Senior Notes at redemption prices set forth in the Indenture, together with accrued and unpaid interest.

The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets.

1 unchanged sentence

If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2029 Senior Notes to be due and payable.

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.

Based on the closing price of the Company’s common stock on the dates of the exchange, the exchanges resulted in a gain of $ 0.4 million on debt extinguishment.

Revolving Credit Facility

2 unchanged sentences

The RCF was subsequently amended in 2018, 2019, 2021, 2022, 2023 and 2024, including amendments to extend the term of the RCF, increase its capacity, add and remove lenders, modify restrictive covenants, and address other matters.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

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

5 unchanged sentences

Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default.

At December 31, 2024, the Company had $ 195.0 million drawn at a weighted-average interest rate of 6.7 %, $ 29.3 million in outstanding letters of credit and $ 175.7 million available under the RCF.

At December 31, 2025, the Company had no outstanding draws, $ 0.5 million in outstanding letters of credit and $ 399.5 million available under the RCF.

Future borrowing may be subject to certain financial covenants.

1 unchanged sentence

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

In the year ended December 31, 2024, the Company entered into multiple new lease financing arrangements for mining equipment, primarily at Rochester for $ 54.3 million at a weighted average interest rate of 7.0 %.

Coeur secured a finance lease package for nearly $ 60.0 million in 2021, all of which has been funded as of December 31, 2024.

This package was earmarked for planned equipment for the Rochester expansion project in 2022, 2023 and 2024 and has an interest rate of 5.2 %.

In the year ended December 31, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

$ 0.8 million at an interest rate of 7.2 %.

The Company prepaid $ 25.6 million in finance leases at Rochester and Kensington in the third and fourth quarters of 2025, which, combined with planned principal payments, decreased outstanding finance lease obligations by 53%, or $ 55.3 million, in the year ended December 31, 2025.

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

For more details, please see Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements.

Interest Expense

8 unchanged sentences

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 10 – RECLAMATION

Reclamation and mine closure costs are based principally on legal and regulatory requirements.

Management estimates costs associated with reclamation of mining properties.

Management estimates costs associated with reclamation of mining properties and assesses its financial capacity to meet closure requirement obligations.

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

The estimated reclamation and mine closure costs were discounted using credit-adjusted, risk-free interest rates ranging from 6.3 % to 9.6 %.

The asset retirement obligation increased in 2024 due to increased reclamation and mine closure costs associated with the continued build-out of the new leach pad at Rochester and the extended duration of water treatment as a result of new permitting requirements at Silvertip.

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

Coeur maintains the financial capacity to meet current estimated costs of the tailings facility lifecycle, including closure and post-closure obligations.

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

13 unchanged sentences

Total $ 682,538 $ 126,350 $ ( 68,456 )

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below:

17 unchanged sentences

In thousands 2025 % 2024 % 2023 %

Income and mining tax (expense) benefit at statutory rate $ ( 28,465 ) $ 14,376 $ 13,249

State tax provision from continuing operations ( 149 ) 4,859 2,871

federal statutory tax rate $ ( 143,428 ) 21.0 % $ ( 26,534 ) 21.0 % $ 14,376 21.0 %

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

( 37,331 ) 5.5 ( 11,313 ) 9.0 ( 1,468 ) ( 2.2 )

Foreign tax effects

Foreign tax rate differences ( 30,341 ) 4.4 ( 11,253 ) 8.9 ( 5,848 ) ( 8.6 )

Foreign permanent differences 1,893 ( 0.3 ) ( 1,384 ) 1.1 ( 1,190 ) ( 1.7 )

Mining taxes, net of income tax benefit ( 27,276 ) 4.0 ( 8,865 ) 7.0 ( 6,513 ) ( 9.5 )

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

Percentage depletion 6,974 5,649 3,538

Uncertain tax positions 2 6 655

and foreign permanent differences ( 7,765 ) ( 3,056 ) 365

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

Foreign exchange rates ( 38,893 ) 5.7 1,434 ( 1.1 ) 1,172 1.7

Foreign inflation and indexing 5,724 ( 0.8 ) 2,230 ( 1.8 ) 2,858 4.2

Foreign tax rate differences ( 8,923 ) ( 3,911 ) ( 4,994 )

Foreign withholding and other taxes ( 8,307 ) ( 1,381 ) 169

Mining taxes ( 26,901 ) ( 16,884 ) ( 11,239 )

Uncertain tax positions ( 28,820 ) 4.2 — — — —

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

1 unchanged sentence

Other, net 2,967 ( 0.4 ) ( 175 ) 0.1 ( 547 ) ( 0.8 )

Foreign tax rate difference ( 2,954 ) 0.4 ( 2,434 ) 1.9 ( 2,015 ) ( 3.0 )

Provincial tax 5,907 ( 0.9 ) 4,868 ( 3.9 ) 4,029 5.9

Canadian flow through shares permanent ( 3,802 ) 0.6 ( 7,246 ) 5.7 ( 3,448 ) ( 5.0 )

Change in valuation allowance ( 9,481 ) 1.4 ( 3,746 ) 3.0 ( 5,986 ) ( 8.8 )

Foreign withholding taxes ( 3,460 ) 0.5 ( 1,523 ) 1.2 ( 848 ) ( 1.2 )

Other ( 3,427 ) 0.5 40 — 369 0.5

Other foreign jurisdictions

Other ( 420 ) 0.1 ( 456 ) 0.4 ( 117 ) ( 0.2 )

Effect of cross border tax laws

Subpart F income ( 32 ) — ( 1,345 ) 1.1 ( 758 ) ( 1.1 )

Change in valuation allowance 208,938 ( 30.6 ) 4,011 ( 3.2 ) ( 30,242 ) ( 44.2 )

Nondeductible items

Percentage depletion 21,092 ( 3.1 ) 6,974 ( 5.5 ) 5,649 8.3

Equity compensation 1,321 ( 0.2 ) ( 1,205 ) 1.0 ( 780 ) ( 1.1 )

Other nondeductible items ( 2,185 ) 0.3 ( 769 ) 0.6 ( 1,502 ) ( 2.2 )

Other adjustments

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

Other ( 6,357 ) 1.0 ( 163 ) 0.1 634 0.9

Income and mining tax (expense) benefit $ ( 96,666 ) 14.2 % $ ( 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.

The following table provides a reconciliation of cash taxes paid for income and mining taxes:

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Year Ended December 31,

In thousands 2025 2024 2023

Federal $ — $ 700 $ —

South Dakota 15,098 10,800 5,000

All other states 895 — —

Mexico 161,041 31,700 29,800

Canada 1,432 1,900 200

Total net (refunds) payments $ 178,466 $ 45,100 $ 35,000

At December 31, 2025 and 2024, the significant components of the Company’s deferred tax assets and liabilities are below:

3 unchanged sentences

Property, plant, and equipment $ 59,006 $ 5,529

Mineral properties 261,588 —

Other long-term liabilities 10,103 —

330,697 5,529

Deferred tax assets:

1 unchanged sentence

Mineral properties — 50,824

Property, plant, and equipment — 12,068

Mining royalty tax 53,529 8,314

12 unchanged sentences

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

Based upon this analysis, the Company has recorded valuation allowances as follows:

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

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

net deferred tax assets.

In 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.

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

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.

Based upon this analysis, the Company has recorded valuation allowances as follows:

Year Ended December 31,

21 unchanged sentences

Section 382 of the Internal Revenue Code of 1986, as amended, imposes annual limitations on the utilization of net operating loss carryforwards, tax credit carryforwards, and certain built-in losses upon an ownership change as defined under that Section.

Generally, an ownership change may result from transactions that increase the aggregate ownership of certain shareholders in the Company’s stock by more than 50 percentage points over a three-year testing period.

Generally, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company’s stock by more than 50 percentage points over a three-year testing period.

If the Company experiences an ownership change, an annual limitation would be imposed on certain of the Company’s tax attributes, including net operating losses and certain other losses, credits, deductions or tax basis.

4 unchanged sentences

federal tax credits and state net operating losses may potentially be limited as well.

We continue to maintain a full valuation allowance on our U.S.

The Company continues to maintain a valuation allowance of $ 52.4 million on U.S.

net deferred tax assets since it is more likely than not that the related tax benefits will not be realized.

4 unchanged sentences

The Company intends to continue repatriating certain earnings from its Mexican operations and has provided deferred income taxes on the planned distributions.

Prior to 2023, the Company had asserted that earnings from its Mexican operations were indefinitely reinvested.

Coeur Mining, Inc.

11 unchanged sentences

Unrecognized tax benefits at December 31, 2025 $ 34,446

At December 31, 2024, 2023, and 2022, nil , $ 2 thousand, and $ 4 thousand, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate.

At December 31, 2025, 2024, and 2023, $ 34.4 million, nil , and $ 2 thousand, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate.

The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates.

7 unchanged sentences

Our 2016 federal tax return is currently under audit in Mexico.

As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that there will be no impact on its unrecognized income tax liability in the next 12 months.

The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of nil , nil , and nil at December 31, 2024, 2023, and 2022, respectively.

As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions, the Company believes that the total amount of its unrecognized income tax benefit will decrease between $ 25.0 million and $ 26.0 million in the next 12 months.

The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of $ 15.3 million, nil , and nil at December 31, 2025, 2024, and 2023, respectively.

In 2021, the Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%.

1 unchanged sentence

Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal.

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

After considering 2025 business expansions, including the planned Q1 2025 closing of acquisition of SilverCrest Metals Inc., the Company may fall within the scope of the Pillar Two rules as of January 1, 2025.

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

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

At this time, because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material future impact to its Consolidated Financial Statements.

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

NOTE 12 – STOCK-BASED COMPENSATION

3 unchanged sentences

At December 31, 2025, there was $ 17.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Restricted Stock

2 unchanged sentences

Holders of restricted stock are entitled to vote and to receive any dividends declared on the shares.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table summarizes restricted stock activity for the years ended December 31, 2025, 2024, and 2023:

17 unchanged sentences

Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model.

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

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

The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares;

however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics.

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

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

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

Coeur Mining, Inc.

20 unchanged sentences

Outstanding at December 31, 2025 4,762,440 $ 4.63

(1) Includes 175,828 additional shares granted in connection with the vesting of the 2019 award in 2022 due to above-target in accordance with the terms of the award.

(1) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(2) Includes 22,351 additional shares granted and 187,809 shares cancelled in connection with the vesting of the 2021 award in 2024 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(3) Includes 77,826 additional shares granted and 490,093 shares cancelled in connection with the vesting of the 2022 award in 2025 due to above-target and below target performance, respectively, in accordance with the terms of the award.

At December 31, 2025, there was $ 9.4 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.9 years.

4 unchanged sentences

Stock options are accounted for as equity awards.

The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model:

2025 2024 2023

Weighted average fair value of stock options granted $ 2.02 $ — $ —

Volatility 66.2 % — % — %

Expected life in years 1.5 — —

Risk-free interest rate 4.2 % — % — %

Dividend yield — % — % — %

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table summarizes stock option activity for the years ended December 31, 2025, 2024, and 2023:

6 unchanged sentences

Canceled/forfeited ( 10,908 ) 9.31

Expired ( 39,658 ) 23.90

Exercised ( 14,292 ) 5.57

Outstanding at December 31, 2024 29,130 $ 7.75

Granted 3,488,137 4.03

Canceled/forfeited ( 5,261 ) 3.48

Exercised ( 14,292 ) 5.57

Expired ( 43,259 ) 5.37

Exercised/released ( 3,304,104 ) 4.07

Outstanding at December 31, 2025 164,643 $ 3.52

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table summarizes outstanding stock options as of December 31, 2025:

7 unchanged sentences

Exercisable 148,485 $ 3.47 2.61 $ 2,132

The total intrinsic value of options exercised for the year ended December 31, 2024 was $ 6 thousand.

The total intrinsic value of options exercised for the year ended December 31, 2025 was $ 9.3 million.

Cash received from options exercised for the year ended December 31, 2025 was $ 13.4 million and there was no related tax benefit.

4 unchanged sentences

Change in the value of equity securities $ — $ — $ 3,384

$ — $ 3,384 $ ( 63,529 )

Termination of gold zero cost collars — — ( 3,139 )

Acquired bullion and metal inventory monetization ( 342 ) — —

Fair value adjustments, net $ ( 342 ) $ — $ 3,384

(1) Includes unrealized losses on held equity securities of nil , nil and $ 47.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy.

7 unchanged sentences

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

Silver forwards 3,312 — 3,312 —

$ 3,630 $ — $ 3,630 $ —

Gold forwards $ 1,981 $ — $ 1,981 $ —

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

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

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

No assets or liabilities were transferred between fair value levels in the year ended December 31, 2025.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

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

3 unchanged sentences

$ 290,792 $ 289,232 $ — $ 289,232 $ —

Revolving Credit Facility (2)

$ 195,000 $ 195,000 $ — $ 195,000 $ —

Deferred Cash Due 2026 $ 4,829 $ 4,852 $ — $ 4,852 $ —

Deferred Cash Due 2026 $ 4,505 $ 4,533 $ — $ 4,533 $ —

(1) Net of unamortized debt issuance costs of $ 2.3 million.

(2) Unamortized debt issuance costs of $ 3.4 million included in Other Non-Current Assets .

December 31, 2024

4 unchanged sentences

$ 195,000 $ 195,000 $ — $ 195,000 $ —

Deferred Cash Due 2025 $ 9,644 $ 9,673 $ — $ 9,673 $ —

Deferred Cash Due 2026 $ 4,505 $ 4,533 $ — $ 4,533 $ —

(1) Net of unamortized debt issuance costs of $ 3.1 million.

2 unchanged sentences

The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

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

Total consideration includes a cash payment of $ 10 million paid at closing, the Deferred Cash Due 2025 of $ 10 million, and the Deferred Cash Due 2026 of $ 5 million.

The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable and unobservable data, including yield curves and credit spreads.

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

Total consideration includes a cash payment of $ 10 million paid at closing, the Deferred Cash Due 2025 of $ 10 million, which was paid in July 2025, and the Deferred Cash Due 2026 of $ 5 million.

The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable data, including yield curves and credit spreads.

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

1 unchanged sentence

NOTE 14 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business.

5 unchanged sentences

Derivatives Designated as Cash Flow Hedging Strategies

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company has entered into forward contracts.

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, in the past the Company has entered into forward contracts.

The contracts were net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it resulted in a realized gain or loss, respectively.

3 unchanged sentences

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

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective.

Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments.

There were no such changes in critical terms or adverse developments.

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

December 31, 2024

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

Gold forwards $ — $ — $ —

Silver forwards $ — $ — $ —

December 31, 2023

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

Gold forwards $ — $ — $ 1,981

Silver forwards $ 3,312 $ — $ —

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively (in thousands):

4 unchanged sentences

Silver forwards — ( 7,621 ) 10,309

Gold zero cost collars — — ( 4,598 )

$ — $ ( 18,507 ) $ ( 318 )

2 unchanged sentences

Silver forwards — 4,309 ( 6,997 )

Gold zero cost collars — — 4,598

$ — $ 17,176 $ ( 10,694 )

5 unchanged sentences

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

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

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

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

3 unchanged sentences

Notional ounces 13,552 —

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

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

2 unchanged sentences

Provisional metal sales contracts $ 1,103 $ 124

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2024

5 unchanged sentences

Revenue Provisional metal sales contracts $ 827 $ ( 166 ) $ 30

Fair value adjustments, net Terminated zero cost collars — — ( 3,139 )

$ ( 166 ) $ 30 $ ( 2,774 )

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

9 unchanged sentences

Kensington royalty settlement (1)

( 95 ) 7,156 —

Transaction costs 26,409 8,517 —

Wage and hour litigation settlement (1)

Other 5,580 6,059 9,736

Pre-development, reclamation and other $ 69,788 $ 51,273 $ 54,636

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

(1) See Note 18 -- Commitments and Contingencies for additional details on the Kensington royalty settlement and wage and hour litigation settlement.

Other, net consists of the following:

8 unchanged sentences

NOTE 16 – NET INCOME (LOSS) PER SHARE

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

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

For the years ended December 31, 2024, 2023 and 2022, there were 61,467 , 1,777,273 and 952,664 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as

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

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

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

the shares would be antidilutive.

For the years ended December 31, 2025, 2024 and 2023, there were 12,917 , 61,467 and 1,777,273 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.

Year Ended December 31,

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Diluted $ 0.95 $ 0.15 $ ( 0.30 )

On February 26, 2024, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 7,704,725 shares of common stock, par value $ 0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on March 8, 2024.

The proceeds of the Private Placement Offering are used for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)) at the Company’s Silvertip exploration project.

The initial Private Placement Offering raised net proceeds of $ 23.7 million, of which $ 0.9 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”).

During the year ended December 31, 2024, the Company recognized the remaining FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $ 5.6 million included in Other, net.

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

The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act.

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

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

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

as the Company’s broker.

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

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

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

Year Ended December 31,

Shares repurchased 814,129

Cost of shares (in thousands) $ 9,625

Average price paid per share $ 11.82

NOTE 17 - SUPPLEMENTAL GUARANTOR INFORMATION

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

SUMMARIZED BALANCE SHEET

9 unchanged sentences

Non-guarantor intercompany liabilities $ 1,423 $ 2,642 $ 1,608 $ 1,570

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

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

SUMMARIZED STATEMENTS OF INCOME

4 unchanged sentences

Gross profit (loss) $ ( 826 ) $ 554,699

Net income (loss) $ 58,900 $ 122,655

Net income $ 585,872 $ 463,834

NOTE 18 – COMMITMENTS AND CONTINGENCIES

6 unchanged sentences

The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration).

Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous.

While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021.

Coeur has initiated an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages.

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

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

While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and certain unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021.

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

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

Palmarejo Gold Stream

5 unchanged sentences

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

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

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

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

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

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

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

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

Year Ended December 31,

6 unchanged sentences

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

In September 2024, the Company received an additional prepayment of $ 25.0 million, following the fulfillment of the previous received prepayments.

Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine, both of which were amended in September 2023 to increase the maximum amount available in prepayments to $ 12.5 million and $ 17.5 million, respectively.

In December 2024, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively, following the fulfillment of the previous received prepayments received at Wharf and Rochester.

The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer.

The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet.

Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and silver and expects to recognize the remaining value of the accrued liability by December 2025.

The metal sales prepayments represented a contract liability under ASC 606, which required the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer.

The remaining contract liability was included in Accrued liabilities and other on the Consolidated Balance Sheet.

In September 2024, Kensington received an additional prepayment of $ 25.0 million, following the fulfillment of the previous received prepayments.

In December 2024, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively.

All of the outstanding prepayments as of December 31, 2024 were recognized as revenue in the first quarter of 2025.

At December 31, 2025, there were no remaining contract liabilities.

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

11 unchanged sentences

While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters.

In consideration for the dismissal of the Maverix Litigation and pursuant to other customary terms of settlement, Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty.

The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine at a rate of:

Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty.

The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced at a rate of:

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

The Company also agreed to issue up to 2,455,000 shares of its common stock to an affiliate of Maverix, including common stock having a then-current fair market value of $ 3.0 million by April 2, 2024, and common stock having a then-current fair market value of $ 3.75 million by March 28, 2025 (collectively, the “Settlement Shares”), with a cash-settlement of any shortfall in value if all 2,455,000 shares of common stock are issued.

The settlement provides that credit for the value of certain portions of equity issued to be credited against the royalty, as amended, as payment in arrears for production prior to January 1, 2024.

In April 2024, the Company issued 737,210 shares to settle the first equity issuance.

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

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes.

As of December 31, 2024 and December 31, 2023, the Company had surety bonds totaling $ 363.7 million and $ 324.8 million,

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

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

Wage and Hour Matter

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

The Company reached an agreement in principle to resolve the Wage and Hour Litigation on August 26, 2025, and executed a definitive settlement agreement on January 12, 2026 (the “Wage and Hour Litigation Settlement”).

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

Coeur Mining, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements

respectively, in place as financial support for future reclamation and closure costs.

costs of defense and inherent uncertainty presented in litigation matters.

The Wage and Hour Litigation Settlement was approved by the Court on January 16, 2026.

The Company made a settlement payment for $ 6.1 million in February 2026 and anticipates incurring additional expenses for the employer’s share of relevant taxes for amounts treated as wages.

Other Commitments and Contingencies

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

Although the Company intends to vigorously defend its interests in these matters, litigation is inherently uncertain and the Company has determined it is reasonably possible that it may incur a loss of $ 0 to $ 12 million in these matters.

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

As of December 31, 2025 and December 31, 2024, the Company had surety bonds totaling $ 372.4 million and $ 363.7 million, respectively, in place as financial support for future reclamation and closure costs.

The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time to time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments.

8 unchanged sentences

Deferred revenue (1)

42,863 55,547

Income and mining taxes 116,230 36,490

1 unchanged sentence

Deferred Cash Due 2026 (2)

Deferred Cash Due 2025 (2)

Accrued operating costs 12,506 6,577

5 unchanged sentences

(1) See Note 18 -- Commitments and Contingencies for additional details on deferred revenue liabilities.

(2) See Note 13 -- Fair Value Measurements for additional details on Deferred Cash Due 2026.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that total the same such amounts shown in the Consolidated Statements of Cash Flows in the years ended December 31, 2025 and 2024:

14 unchanged sentences

Income and mining taxes paid $ 178,466 $ 45,100 $ 35,000

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 19 – SUBSEQUENT EVENTS

(“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”).

Under the terms of the Agreement, SilverCrest shareholders were to receive 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

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

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

Given the timing of the completion of the Transaction, we are currently in the process of valuing the assets acquired and liabilities assumed in the Transaction.

As a result, we are unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed and other disclosures.

In connection with the Transaction, Coeur increased the authorized common shares for issuance to 900,000,000 common shares.

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

1 unchanged sentence

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 8. Financial Statements and Supplementary Data