Item 2. Properties
Item 2. Properties
MINING OPERATIONS
The following description of the Company’s mining operations is qualified in its entirety by reference to the Technical Report Summary for each of the operations included as exhibits to this Report and incorporated by reference into this Item 2. Operating statistics for mining operations are presented in the section entitled “Operating Statistics” below.
Mexico - Las Chispas
The Las Chispas operation, operated by our wholly-owned subsidiary, Compania Minera La Llamarada S.A. de C.V., consists of: (1) the Las Chispas processing facility; (2) the Las Chispas underground mine; and (3) other nearby deposits and exploration targets. The Las Chispas operation is located on the western edge of the north-trending Sierra Madre Occidental Mountain Range and is geographically adjacent to the Sonora Valley. The Las Chispas operation is located approximately 354 miles (220 kilometers) northeast of the city of Hermosillo, in the state of Sonora in Northern Mexico at approximately 30.233902°N latitude and 110.163396°W longitude (580,500E, 3,344,500N), within the Arizpe Mining district. All coordinates are in Universal Transverse Mercator (WGS 84), Zone 12. Access to the property is provided by highway leading from the city of Hermosillo in Sonora, Mexico, and 217 miles (350 kilometers) southwest of Tucson, Arizona.
Stage:
Production
Location:
State of Sonora, Northern Mexico
Mine Type:
Underground
Metals/Mineralization:
Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures
Product:
Doré
Ownership:
100%
Land Position:
3,425 net acres (1,386 hectares)
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Mineral Tenure:
27 wholly-owned mining concessions
Key Permit Conditions:
Authorizations are in place that regulate typical life of mine functions, including mineral processing production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, waste generation, and reclamation. Major authorizations were obtained through the completion of several MIAs (Manifestación de Impacto Ambiental), permits associated with forestry vegetation disturbance of change in soil use (Cambio de Uso de Suelo en Terrenos Forestales), the required authorizations from the National Water Commission (Comisión Nacional del Agua or CONAGUA) for water resource uses, and special handling waste through the Comisión de Ecología y Desarrollo Sustentable del Estado de Sonora (CEDES). Operational standards and best management practices (BMPs) have been established to maintain compliance with applicable regulatory standards and permits. Monitoring programs are established and there is a conceptual reclamation and closure plan prepared in alignment with relevant standards (e.g., Normas Oficiales Mexicanas, NOMs) that reflects current mining, mitigation, and site facilities.
Other:
Compania Minera La Llamarada is obligated to pay a 2% royalty on the Nuevo Lupena and Panuco II concessions for material that has processed grades > 0.5 oz/tonnes gold and > 40 oz/tonnes silver, combined.
As of December 31, 2025 and 2024, Las Chispas reported 296,000 and 357,000 ounces of gold reserves, respectively, and 28.3 million and 33.5 million ounces of silver reserves, respectively. The year-over-year decreases of approximately 17% in gold reserves and approximately 16% in silver reserves were the result of resource additions exceeded by depletion.
As of December 31, 2025 and 2024, Las Chispas reported 67,000 and 156,000 ounces of measured and indicated gold resources, respectively, and 6.4 million and 14.4 million ounces of measured and indicated silver resources, respectively. The year-over-year decreases of approximately 57% in gold measured and indicated resources and 56% in silver measured and indicated resources were each primarily driven by technical revisions.
As of December 31, 2025 and 2024, Las Chispas reported 135,000 and 144,000 ounces of inferred gold ounces, respectively, and 11.8 million and 10.1 million ounces of silver inferred ounces, respectively. The year-over-year decreases of approximately 6% in gold inferred ounces and year-over-year increase of 16% in silver inferred ounces were primarily due to exploration growth and technical revisions.
Mexico — Palmarejo
The Palmarejo complex, operated by our wholly-owned subsidiary, Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), consists of: (1) the Palmarejo processing facility; (2) the Guadalupe underground mine; (3) the Independencia underground mine; (4) the La Nación underground mine; and (5) other nearby deposits and exploration targets. The Palmarejo complex is located approximately 260 miles (418 kilometers) southwest of Chihuahua, in the state of Chihuahua in Northern Mexico. The coordinates for the centroid of the project are 108° 21.8203’ W longitude and 27° 21.5547’ N latitude (760,781 mE, 3,028,984 mN). Specifically, the Guadalupe mine is located at 108º 21.899’ W longitude and 27º 20.996’ N latitude (760,672 mE, 3,027,949 mN); Independencia is located at 108º 21.752’ W longitude and 27 º 22.078’ N latitude (760,873 mE, 3,029,953 m N); and La Nación is located at 108º 21.809’ W longitude and 27º 21.591’ N latitude (760,797 mE, 3,029,051 mN). All coordinates are in the Universal Transverse Mercator (WGS 84), Zone 12. Access to the property is provided by air, rail, and all-weather paved and gravel roads from the state capitol of Chihuahua.
Stage: Production
Location: State of Chihuahua, Northern Mexico
Mine Type: Underground
Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures
Product: Doré
Ownership: 100%
Land Position: 74,195 net acres (30,026 hectares)
Mineral Tenure: 96 wholly-owned mining concessions
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Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, and reclamation. Major authorizations were obtained through the completion of several MIAs (Manifestación de Impacto Ambiental), permits associated with forestry vegetation disturbance of change in soil use (Cambio de Uso de Suelo en Terrenos Forestales), and the required authorizations from the National Water Commission (Comisión Nacional del Agua or CONAGUA) for water use, effluent discharge, and to construct facilities in federal watersheds. Operational standards and best management practices (BMPs) have been established to maintain compliance with applicable regulatory standards and permits.
Other: Coeur Mexicana is obligated to sell 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. Coeur Mexicana is subject to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.
As of December 31, 2025 and 2024, Palmarejo reported 928,000 and 681,000 ounces of gold reserves, respectively, and 64.3 million and 46.0 million ounces of silver reserves, respectively. The year-over-year increases of approximately 36% in gold reserves and approximately 40% in silver reserves were both primarily due to increased metal prices, decreased operating costs, successful conversion drilling, and technical revisions.
As of December 31, 2025 and 2024, Palmarejo reported 1,028,000 and 1,423,000 ounces of measured and indicated gold resources, respectively, and 56.5 million and 89.9 million ounces of measured and indicated silver resources, respectively. The year-over-year decreases of approximately 28% in gold measured and indicated resources and 37% in silver measured and indicated resources were each driven by resource conversion to reserves and technical revisions.
As of December 31, 2025 and 2024, Palmarejo reported 1,265,000 and 643,000 ounces of inferred gold ounces, respectively, and 60.3 million and 34.7 million ounces of silver inferred ounces, respectively. The year-over-year increases of approximately 97% in gold inferred ounces and 74% in silver inferred ounces were primarily due to success from the Company’s exploration investments.
USA (Nevada) — Rochester
The Rochester mine and associated heap leach facilities, operated by our wholly-owned subsidiary, Coeur Rochester, Inc. (“Coeur Rochester”), is an open pit silver and gold mine located in Pershing County, Nevada, approximately 13 miles (21 kilometers) northeast of the city of Lovelock. The mine consists of the main Rochester deposit and the adjacent Nevada Packard deposit, southwest of the Rochester mine. The centroid location for the Rochester site is 400600 E, 4460300 N and the centroid of Rochester pit is located at 4002045 E, 4460050 N and Nevada Packard open pit is located at 400600 E, 4456675 E. All coordinates are in Universal Transverse Mercator (WGS 84), Zone 11T. In November 2018, Coeur Rochester acquired the Lincoln Hill, Gold Ridge and Wilco projects adjacent to Rochester from Alio Gold. The Rochester mine is fully supported with electricity, supplied by a local power company. Ore is mined using conventional open pit methods, with gold and silver recovered by heap leaching of crushed open-pit ore placed on pads located within the Rochester mining area.
Rochester completed the ramp-up and expansion of the operation in 2024. This project included the construction of a new leach pad, a three-stage crushing facility, a Merrill-Crowe process plant, and related infrastructure to support the extension of Rochester’s mine life.
Stage: Production
Location: Near Lovelock, Nevada (West-Central Nevada, USA)
Mine Type: Open Pit Heap Leach
Metals/Mineralization: Silver and Gold; mineralization is hosted in folded and faulted volcanic rocks of the Rochester Formation and overlying Weaver Formation. Silver and gold, consisting of silver sulfosalt minerals, argentite, silver-bearing tetrahedrite and minor native gold, are contained in zones of multiple quartz veins and veinlets (vein, vein swarms and stockworks) with variable amounts of pyrite
Product: Doré
Ownership: 100%
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Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 46,721 net acres (18,907 hectares)
• 1,481 owned and 358 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 30,222 net acres (12,230 hectares) of public land;
• 23 patented lode claims, consisting of approximately 392 acres (159 hectares);
• Interests owned in approximately 9,328 gross acres (3,775 hectares) of additional real property; and
• Certain rights in and to approximately 6,182 acres (2,502 hectares), held either through lease, letter agreement or license.
Key Permit Conditions: The Rochester Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities. Operational standards and best management practices have been established to maintain compliance with applicable regulatory standards and permits. Major permits or approvals are in place from the U.S. Department of Interior Bureau of Land Management, Nevada Division of Water Resources, the Nevada Division of Environmental Protection, as well through other federal, state, and local entities. The environmental effects of the operation were comprehensively evaluated through the National Environmental Policy Act (“NEPA”) through Environmental Impact Statements. Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.
Other: • A security interest in the Rochester mine has been granted in favor of the lenders under the RCF (as defined below)
• Coeur Rochester is obligated to pay a net smelters return of up to 5% to ASARCO, the prior owner, when the average quarterly market price of silver equals or exceeds $31.68 per ounce indexed for inflation, with the condition that the Rochester mine achieves positive cash flow for the applicable year. If cash flow is negative in any calendar year, the maximum royalty payable is $250,000.
• Coeur Rochester is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.
• In 2025, the Rochester mine incurred $11.7 million of royalty expense versus nil in 2024.
As of December 31, 2025 and 2024, Rochester reported 1,332,000 and 1,298,000 ounces of gold reserves, respectively, and 181.8 million and 191.0 million silver reserves, respectively. The year-over-year increase of approximately 3% in gold reserves and decrease of approximately 5% in silver reserves were the result of exploration additions and metal price increases which partly offset losses due to operating costs increases.
As of December 31, 2025 and 2024, Rochester reported 353,000 and 260,000 ounces of measured and indicated gold resources, respectively, and 51.5 million and 36.9 million ounces of measured and indicated silver resources, respectively. The year-over-year increases of approximately 36% in gold measured and indicated resources and approximately 39% in silver measured and indicated resources were driven by exploration additions and technical revisions.
As of December 31, 2025 and 2024, Rochester reported 323,000 and 258,000 ounces of inferred gold resources, respectively, and 54.9 million and 41.8 million ounces of silver inferred ounces, respectively. The year-over-year increases of approximately 25% in gold inferred ounces and 31% in silver inferred ounces were driven by exploration additions and technical revisions.
USA (Alaska) — Kensington
The Kensington underground gold mine and associated milling facilities, operated by our wholly-owned subsidiary, Coeur Alaska, Inc. (“Coeur Alaska”), are located on the east side of the Lynn Canal about 45 miles (72 kilometers) north-northwest of Juneau, Alaska. The mine consists of the (i) Kensington Main deposit, (ii) Elmira, and (iii) other nearby deposits and exploration targets. The mine is accessed by a horizontal tunnel and utilizes conventional and mechanized underground mining methods. Coordinates for the project centroid are 0494796 E, 652068 N and the Kensington Portal is located at 0494796 E, 6530584 N. All coordinates are in Universal Transverse Mercator (NAD 1983), Zone 8V.
Kensington has completed the planned expansion under POA 1, which increased tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, improved metal prices and ongoing operational efficiencies.
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Stage: Production
Location: Juneau, Alaska (Southeast Alaska, USA)
Mine Type: Underground
Metals/Mineralization: Gold; gold-bearing mesothermal, quartz, carbonate and pyrite vein swarms and discrete quartz-pyrite veins hosted in Cretaceous-aged Jualin diorite. Most of the gold is contained in calaverite (AuTe2) that occurs in association with native gold as inclusions in and interstitial to pyrite grains and in microfractures in pyrite.
Product: Gold Concentrate
Ownership: 100%
Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 net acres (1,607 hectares), consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres (310 hectares), 298 Federal unpatented lode claims covering approximately 3,222 net acres (1,304 hectares), and 13 State of Alaska mining claims covering approximately 95 net acres (38 hectares).
• The Jualin Group, totaling approximately 8,531 net acres (3,452 hectares), is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres (157 hectares), 452 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,979 net acres (3,229 hectares), a State of Alaska upland mining lease comprising approximately 682 acres (276 hectares), one State of Alaska mining claim comprising approximately 3 acres (1 hectare) and four State-selected mining claims covering approximately 60 acres (24 hectares).
• 14 of the 23 patented lode claims cover private surface estate only. The mineral estate to these 14 patented lode claims is owned by the State of Alaska, the mineral rights to which are secured by a State of Alaska upland mining lease.
• The Company controls properties comprising the Jualin Group, under a lease agreement with Hyak Mining Company (“Hyak”), which is valid until August 5, 2035 and thereafter, provided mining and production are actively occurring within and from the leased premises.
Key Permit Conditions: The Kensington Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving mine operations and production/processing facilities and infrastructure, tailings and waste rock storage, exploration, surface disturbance, air emissions, water use, marine transport, and reclamation. Operational standards and best management practices have been established to maintain compliance with applicable regulatory standards and permits. Major permits or approvals are in place from the U.S. Department of Agriculture National Forest Service, U.S. Army Corps of Engineers, U.S. Fish and Wildlife Service, National Oceanic and Atmospheric Administration, State of Alaska, as well through other federal, state, and local entities. The environmental effects of the operation were comprehensively evaluated through the NEPA through Environmental Impact Statements. Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.
Other: • A security interest in the Kensington mine has been granted in favor of the lenders under the RCF.
• Pursuant to the Amended and Restated Royalty Deed effective January 1, 2024, Coeur is obligated to pay Maverix a net returns royalty of 1.25% through December 31, 2026, and 1.50% thereafter, until payment is made on two million troy ounces of refined gold or equivalent, based on the monthly average gold price of the London Bullion Market Association.
• Coeur Alaska is obligated to pay Hyak Mining Company (“Hyak”) annually, during the initial term of the mining lease, an advance minimum royalty of $231,000, which amount is adjusted every three years in accordance with changes in the Consumer Price Index as published by the U.S. Department of Commerce for all Urban Consumers, City of Anchorage, Alaska. If production occurs from the leased Hyak premises, a 5% net returns royalty on production as defined by the lease, is due, unless the amount of the net returns royalty is less than the adjusted advance minimum royalty.
• In 2025, the Kensington mine incurred $4.9 million of royalty expense compared to $3.2 million in 2024.
As of December 31, 2025 and 2024, Kensington reported 546,000 and 501,000 ounces of gold reserves, respectively.
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The year-over-year increase of approximately 9% was primarily due to additions through successful resource conversion drilling.
As of December 31, 2025 and 2024, Kensington reported 433,000 and 886,000 ounces of measured and indicated gold resources, respectively, and 96,000 and 228,000 ounces of inferred gold resources, respectively. The year-over-year decreases of approximately 51% in measured and indicated gold resources and approximately a 58% decrease in inferred resources were primarily due to technical revisions.
USA (South Dakota) — Wharf
The Wharf mine, operated by our wholly-owned subsidiaries, Wharf Resources (U.S.A.) Inc. (“Wharf”) and Golden Reward Mining Limited Partnership (“Golden Reward”), is located in the northern Black Hills of western South Dakota, approximately four miles (six kilometers) southwest of the city of Lead, South Dakota. Coordinates for the project centroid are 44°20’03”N Latitude, 103°50’06”W Longitude and the Wharf Mine coordinates are 44°20’39”N Latitude, 103°51’02”W Longitude. All coordinates are in Universal Transverse Mercator (WGS 84). Access is established by paved road with power supplied by a local power company.
Stage: Production
Location: Lead, South Dakota, USA
Mine Type: Open Pit Heap Leach
Metals/Mineralization: Gold and Silver by-product; a structurally controlled disseminated gold deposit
Product: Electrolytic Cathodic Sludge
Ownership: 100%
Land Position & Mineral Tenure • The Wharf Group comprises of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims. These interests cover approximately 3,585 net surface acres (1,451 hectares), 652 net mineral acres (264 hectares) where both the Precambrian and younger formations are owned or controlled, 3,243 net mineral acres (1,312 hectares) of non-Precambrian mineral estate, 1,603 net mineral acres (649 hectares) of Precambrian mineral estate and 287 net acres (116 hectares) of federal unpatented lode claims.
• The Golden Reward Group encompasses 218 patented lode claims, 14 government lots, 19 subdivided lots and 34 federal unpatented lode claims. The Golden Reward Group is comprised of approximately 1,564 net acres (633 hectares) of surface estate, 2,988 net mineral acres (1,209 hectares) of mineral estate where both the Precambrian and younger formations are owned or controlled, 357 net mineral acres (144 hectares) of Non-Precambrian mineral estate, 153 net mineral acres (62 hectares) of Precambrian mineral estate and 25 net acres (10 hectares) of federal unpatented lode claims.
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Key Permit Conditions: The Wharf Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities. Operational standards and best management practices have been established to maintain compliance with applicable state and federal regulatory standards and permits. Major permits or approvals are in place from the South Dakota Department of Agriculture and Natural Resources, Lawrence County, as well through other federal, state, and local entities. Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.
Other: • A security interest in the Wharf mine has been granted in favor of the lenders under the RCF.
• Wharf is obligated to pay a royalty related to a mineral lease on 34 patented lode claims. During the term of the mineral lease, the lessors were also entitled to a royalty on production, if any, of 3% of the net smelter returns of all silver and gold ores, together with other ores and minerals. In addition, there is an advance minimum royalty due to the lessors of $5,000 per year unless and until Wharf Resources identifies and publishes a reserve encompassing the leased premises, at which point the advance minimum royalty increases to $25,000 per year.
• Wharf is obligated to pay a sliding scale production royalty of 0%-2% on the gross value of all gold in saleable form to Royal Gold, Inc. This royalty encumbers most of the lands comprising the Wharf, together with a small portion of the lands encompassing the Golden Reward, and wholly excludes the Precambrian Mineral Estate. Wharf is obligated to pay a 3% non-participating royalty on gold that is produced from ores mined and delivered to heap leach pads or recovered from tailings. This royalty encumbers the mineral estate, including the Precambrian Mineral Estate, of much of the lands held by Wharf.
• Wharf is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.
• In 2025, the Wharf mine incurred $14.7 million of royalty expense compared to $10.2 million in 2024.
As of December 31, 2025 and 2024, Wharf reported 1,250,000 and 757,000 ounces of gold reserves, respectively. The year-over-year increase of approximately 65% was primarily due to successful conversion drilling and technical revisions.
As of December 31, 2025 and 2024, Wharf reported 1,185,000 and 1,019,000 ounces of measured and indicated gold resources, respectively, and 1,487,000 and 470,000 ounces of inferred gold resources, respectively. The year-over-year increases of approximately 16% in measured and indicated gold resources and 216% of inferred gold resources were each primarily driven by successful exploration investments and technical revisions.
EXPLORATION PROJECTS
Canada (British Columbia) — Silvertip
The Silvertip silver-zinc-lead exploration property owned by our wholly-owned subsidiary, Coeur Silvertip Ltd. (“Coeur Silvertip”), is an underground project located in northern British Columbia, Canada just south of the Yukon border. The project centroid coordinates in UTM (NAD 27) are 6,643,900 N and 425,200 E. The project is accessible via a 40-mile (25-kilometer) mine access road off the Alaska Highway.
Stage: Exploration
Location: Northern British Columbia, Canada, 10 miles (16 kilometers) south of the Yukon Territory border
Mine Type: Underground
Metals/Mineralization: Silver, Zinc and Lead; carbonate-hosted massive sulfide deposit
Product: Concentrate
Ownership: 100%
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Land Position & Mineral Tenure: • One Hundred-Three (103) contiguous mineral claims containing approximately 305,338 acres (123,566 hectares) and three (3) mining leases containing approximately 4,520 acres (1,829 hectares). In total, the Silvertip mine covers an area of approximately 309,858 acres (125,395 hectares)
Other: • Suspended operating activities in February 2020; ongoing exploration and technical work to evaluate and support a potential future operation
• Silvertip is obligated to pay a 2.5% net smelter return royalty payable to Triple Flag on all mineral products produced from the Silvertip property, payable quarterly.
• Silvertip is party to an agreement with the Kaska Nation which, among other things, provides for annual payments to the Kaska Nation calculated based on the financial performance of the Silvertip property and the average price of silver for the relevant calendar year.
As of December 31, 2025 and 2024, Silvertip reported 57.6 million and 57.7 million ounces of measured and indicated silver resources, respectively, and 685.5 million and 768.7 million pounds of measured and indicated lead resources, respectively, and 1,234.2 million and 1,516.8 million pounds of measured and indicated zinc resources, respectively. The year-over-year decrease of approximately 1% in silver measured and indicated resources, a decrease of approximately 11% in lead measured and indicated resources, and a decrease of approximately 19% in zinc measured and indicated resources were each due to technical revisions.
As of December 31, 2025 and 2024, Silvertip reported 11.4 million and 16.1 million ounces of inferred silver resources, respectively, and 134.7 million and 199.8 million pounds of inferred lead resources, respectively, and 272.6 million and 481.8 million pounds of inferred zinc resources, respectively. The year-over-year decrease of approximately 29% in silver inferred resources, a decrease of approximately 33% in lead inferred resources, and a decrease of approximately 43% in zinc inferred resources were each due to technical revisions.
OTHER PROPERTIES
The Company has leased or owned real property for office space.
OPERATING STATISTICS
Operating Statistics, Proven and Probable Reserves and Measured, Indicated and Inferred Resources presented below contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) lead and zinc are presented in percentages; and (iv) metal content for gold and silver is presented in ounces while metal content for lead and zinc is presented in pounds. The information that is presented in metric for the periods ended December 31, 2024 and 2023 has been converted from the 2024 10-K, filed with the SEC on February 19, 2025, as this information was previously presented in imperial units.
Las Chispas Palmarejo
2025 2024 2023 2025 2024 2023
Gold produced (oz.) 54,705 — — 100,768 108,666 100,605
Silver produced (oz.) 5,145,771 — — 6,501,308 6,779,659 6,591,590
Rochester Kensington
2025 2024 2023 2025 2024 2023
Gold produced (oz.) 60,178 39,203 38,775 106,068 95,671 84,789
Silver produced (oz.) 6,131,881 4,377,847 3,391,530 — — —
Wharf
2025 2024 2023
Gold produced (oz.) 97,327 98,042 93,502
Silver produced (oz.) 135,722 232,013 267,786
MINERAL RESERVES AND MINERAL RESOURCES
Internal Controls
The Company’s internal controls are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results as well as mineral resource and reserve estimation are reasonable and in line with industry best practices. These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection,
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analysis, verification, storage, reporting and use of drillhole, assay, metallurgical and other technical and scientific information, including the following:
• Third-party fully certified labs are used for assays used in public disclosure or resource models;
• Drill programs include insertion of blank, duplicate, and certified reference materials;
• QA/QC program with sufficient results for the analytical programs;
• All core and reverse-circulation samples have been cataloged and stored in secure and designated areas on company property;
• Data is subject to validation, which includes checks on downhole surveys, collar coordinates, geological data, and assay data;
• Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation are downloaded from the database into a project file and reviewed for improbable entries and high values;
• Written procedures and guidelines are used to support estimation methods and approaches;
• Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons. These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis; and
• Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with Qualified Person involvement at the site and corporate levels.
Internal controls are discussed where required in the relevant chapters of the technical report summary. The following sub-sections summarize the types of procedures, protocols, guidance and controls that Coeur has in place for its exploration and mineral resource and reserve estimation efforts, and the type of risk assessments that are undertaken.
Exploration and Drilling
Coeur has the following internal controls protocols in place for exploration data:
• Written procedures and guidelines to support preferred sampling methods and approaches, with periodic compliance reviews of adherence to such written procedures and guidelines;
• Maintenance of a complete chain-of-custody, ensuring the traceability and integrity of the samples at all handling stages from collection, transportation, sample preparation and analysis to long-term sample storage;
• Geological logs are checked and verified, and there is a physical sign-off to attest to the validation protocol required;
• Quality control checks on collar and downhole survey data for errors or significant deviations;
• Third-party fully certified labs are used for assays used in public disclosure or resource models;
• Appropriate types of quality control samples are inserted into the sample stream at appropriate frequencies to assess analytical data quality;
• Regular inspection of analytical and sample preparation facilities by appropriately experienced Coeur personnel;
• QA/QC data are regularly verified to ensure that outliers, sample mix-ups, contamination, or laboratory biases during the sample preparation and analysis steps are correctly identified, mitigated or remediated. Changes to database entries are required to be documented; and
• Database upload and verification procedures to ensure the accuracy and integrity of the data being entered into the project database(s). These are typically performed using software data-checking routines. Changes to database entries are required to be documented. Data is subject to regular backups.
Mineral Resource and Mineral Reserve Estimates
Coeur has the following internal controls protocols in place for mineral resource and mineral reserve estimation:
• Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation are downloaded from the database into a project file and reviewed for improbable entries and high values;
• Written procedures and guidelines are used to support estimation methods and approaches;
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• Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons. These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis; and
• Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with qualified person involvement at the site and corporate levels.
Development of our mineral resource and mineral reserve estimates use tools and processes such as mine design, scheduling and geostatistical tools that conform to industry best practices and are regularly reviewed and reconciled by internal and external parties. There are internal and external audit processes for mineral resource and mineral reserve estimation.
Mineral resources and mineral reserves are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. See “Item 1A - Risk Factors” for additional information.
Coeur had attributable proven and probable gold reserves of 4.4 million ounces at December 31, 2025. For 2025 and 2024, reserves were estimated at gold price assumptions of $2,200 and $1,800 per ounce, respectively, except for Kensington at $2,200 and $2,000 per ounce, respectively. The increase in the reserves gold price assumption is based on the Company's assessment of multiple factors, including exploration growth, historical pricing trends, consensus price forecasts, and operational cost increases. We estimate that our 2025 reserves would increase by 6% (4.6 million ounces), or decline by 10% (3.9 million ounces), if the gold price assumption increased or decreased $200 per ounce, respectively, with all other assumptions remaining constant.
Coeur had attributable proven and probable silver reserves of 274.4 million ounces at December 31, 2025. For 2025 and 2024, reserves were estimated at a silver price assumption of $26.00 and $23.50 per ounce, respectively. The increase in the reserves silver price assumption is based on the Company's assessment of multiple factors, including including exploration growth, historical pricing trends, consensus price forecasts, and operational cost increases. We estimate that our 2025 reserves would increase by 3% (283.1 million ounces), or decline by 8% (251.3 million ounces), if the silver price assumption increased or decreased $2.00 per ounce, respectively, with all other assumptions remaining constant.
MINERAL RESERVES
Summary Gold Mineral Reserves at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(9)
Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves
Coeur
Ownership Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s)
Mexico
Palmarejo (4)
100% 5,183 1.79 295 13,927 1.41 632 19,064 1.51 928
Las Chispas (8)
100% 981 4.19 132 2,240 2.28 164 3,221 2.86 296
United States
Rochester (5)
100% 402,556 0.09 1,162 45,100 0.12 171 447,656 0.09 1,332
Kensington (6)
100% 1,539 5.92 293 1,297 6.07 253 2,836 5.99 546
Wharf (7)
100% 20,334 0.73 477 34,727 0.69 773 55,061 0.71 1,250
Total Gold 430,547 0.17 2,360 97,291 0.64 1,993 527,838 0.26 4,353
Summary Silver Mineral Reserves at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(9)
Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves
Coeur
Ownership Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s)
Mexico
Palmarejo (4)
100% 5,138 117.11 19,344 13,927 100.44 44,973 19,064 104.93 64,318
Las Chispas (8)
100% 981 442.91 13,973 2,240 198.50 14,293 3,221 272.96 28,266
United States
Rochester (5)
100% 402,556 12.81 165,799 45,100 11.04 16,014 447,656 12.63 181,814
Total Silver 408,675 15.15 199,117 61,267 38.22 75,280 469,941 18.16 274,397
37
(1) Certain definitions:
The term “reserve” means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term “proven (measured) reserves” means reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes, grade and/or quality are computed from the results of detailed sampling; and (b) the sites for inspection, sampling and measurements are spaced so closely and the geologic character is sufficiently defined that size, shape, depth and mineral content of reserves are well established. The term “probable (indicated) reserves” means reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation. The term “cut-off grade” means the lowest grade of mineralized material considered economic to process. Cut-off grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the mineralized material to silver or gold extraction and type of milling or leaching facilities available.
(2) Assumed metal prices for 2025 Mineral Reserves were $26.00 per ounce of silver, $2,200 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead.
(3) The Mineral Reserve estimates are current as of December 31, 2025, are reported using the definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff. Mineral Reserve point of reference is delivered to the process facility.
(4) Mineral Reserve estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 1.27–2.19 g/tonne AuEq and an incremental development cut-off grade 0.78 g/tonne AuEq; metallurgical recovery assumption of 95.4% for gold and 87.1% for silver; mining dilution assumes 0.4–1.0 meter of hanging/foot wall waste dilution; mining loss of 15% was applied; variable mining costs that range from US$32.29–$43.08/tonne, surface haulage costs of US$4.40/tonne, process costs of US$30.02/tonne, general and administrative costs of US$14.17/tonne, and surface/auxiliary support costs of US$3.52/tonne. Excludes the impact of the Franco-Nevada gold stream agreement at Palmarejo in calculation of Mineral Reserves. No assurances can be given that all mineral reserves will be mined, as mineralized material that may qualify as reserves under applicable standards by virtue of having positive economics may not generate attractive enough returns to be included in our mine plans, due to factors such as the impact of the gold stream at Palmarejo. As a result, we may elect not to mine portions of the mineralized material reported as reserves.
(5) Mineral Reserve estimates are tabulated within a confining pit design and use the following input parameters: Rochester oxide variable recovery Au = 71.2–85.9% and Ag = 59.4%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cut-off of $4.12/ton oxide and US$4.22/ton sulfide; Nevada Packard oxide recovery Au = 88.4% and Ag = 59.4%; with a net smelter return cut-off of $4.92/ton for oxide; Lincoln Hill oxide recovery Au = 61-63.9% and Ag = 18.5-39.5%; with a net smelter return cut-off of $5.02/ton for oxide where the NSR is calculated as net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
(6) Mineral Reserve estimates use the following key input parameters: assumption of conventional underground mining; reported above a gold cut-off grade of 0.123 oz/ton Au and an incremental development cut-off grade of 0.04 oz/ton Au; metallurgical recovery assumption of 94.5%; gold payability of 97.5%; gold royalty of 1.5%; mining dilution of 15-20%; mining loss of 12% was applied; mining costs of US$127.32/ton mined; process costs of US$51.48/ton processed; general and administrative costs of US$49.74/ton processed; sustaining capital US$5.79/ton processed; and concentrate refining and shipping costs of US$104.73/oz sold.
(7) Mineral Reserve estimates use the following key input parameters: assumption of conventional open pit mining; reported above a NSR cut-off grade of $13.42/ton ; average metallurgical recovery assumption of 78.0%; royalty burden of US$112.00/oz Au; pit slope angles that vary from 34–50º; mining costs of US$2.71/ton mined, process costs of US$13.42/ton processed (includes general & administrative and sustaining capital costs).
(8) Mineral Reserve estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver equivalent (AgEq) cut-off grade of 140 g/tonne and an incremental development cut-off grade of 59 g/tonne AgEq; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining dilution assumes 5% for development, 1 meter to 1.25 meters of ELOS (0.25 m – 0.5 m of hanging wall and 0.5 m – 1.0 m of footwall dilution) depending on geotechnical conditions in each stoping location, 0.2 meter ELOS (0.1 m of hanging wall and 0.1 m of footwall dilution) for cut and fill, 0.25 m for each exposed backfill floor, and 0.5 m for each exposed backfill wall; mining loss of 2% for development and 5% for stoping was applied; variable production mining costs that range from US$65–US$154/tonne, development mining costs of US$39/tonne, process costs of US$42/tonne, site general and administrative costs of US$25/tonne, underground general and administrative costs of US$18/tonne, and sustaining capital costs of US$12/tonne.
(9) Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
MINERAL RESOURCES
Summary Gold Mineral Resources at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(11)
Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources
Coeur
Ownership Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s)
Mexico
Palmarejo Mine, Mexico (4)
100% 4,598 1.60 236 12,197 2.02 792 16,795 1.90 1,028 19,203 2.05 1,265
Las Chispas Mine, Mexico (10)
100% 282 0.76 7 1,700 1.11 61 1,983 1.06 67 2,117 1.98 135
United States
Rochester Mine, USA (7)
100% 133,346 0.06 253 34,996 0.09 100 168,342 0.07 353 138,129 0.07 323
Kensington Mine, USA (5)
100% 1,114 7.48 268 674 7.59 164 1,788 7.52 433 452 6.60 96
Wharf Mine, USA (6)
100% 9,681 0.55 171 52,116 0.61 1,104 61,797 0.60 1,185 72,881 0.63 1,487
Wilco Project, USA (9)
100% — — — — — — — — — 23,348 0.71 531
Total Gold 149,022 0.20 935 101,683 0.65 2,131 250,705 0.38 3,066 256,131 0.47 3,837
38
Summary Silver Mineral Resources at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(11)
Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources
Coeur
Ownership Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s) Tonnes (000s) Grade (grams/tonne) Ounces
(000s)
Mexico
Palmarejo Mine, Mexico (4)
100% 4,598 94.99 14,042 12,197 108.28 42,462 16,795 104.64 56,505 19,203 97.64 60,281
Las Chispas Mine, Mexico (10)
100% 282 77.83 707 1,700 103.36 5,650 1,983 99.72 6,357 2,117 172.84 11,767
United States
Rochester Mine, USA (7)
100% 133,346 9.01 38,621 34,996 11.45 12,882 168,342 9.52 51,503 138,129 12.37 54,925
Wilco Project, USA (9)
100% — — — — — — — — — 23,348 4.46 3,346
Canada
Silvertip Mine, Canada (8)
100% 1,173 244.47 9,219 7,171 209.81 48,369 8,343 214.68 57,588 1,960 181.40 11,433
Total Silver 139,399 13.97 62,589 56,064 60.67 109,364 195,463 27.36 171,953 184,758 23.86 141,752
Summary Zinc Mineral Resources at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(11)
Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources
Coeur
Ownership Tonnes (000s) Grade (%) Pounds
(000s) Tonnes (000s) Grade (%) Pounds
(000s) Tonnes (000s) Grade (%) Pounds
(000s) Tonnes (000s) Grade (%) Pounds
(000s)
Canada
Silvertip Mine, Canada (8)
100% 1,173 6.60 % 170,611 7,171 6.73 % 1,063,609 8,343 6.71 % 1,234,220 1,960 6.31 % 272,616
Summary Lead Mineral Resources at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(11)
Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources
Coeur
Ownership Tonnes (000s) Grade (%) Pounds
(000s) Tonnes (000s) Grade (%) Pounds
(000s) Tonnes (000s) Grade (%) Pounds
(000s) Tonnes (000s) Grade (%) Pounds
(000s)
Canada
Silvertip Mine, Canada (8)
100% 1,173 4.61 % 119,213 7,171 3.58 % 566,286 8,343 3.73 % 685,499 1,960 3.12 % 134,694
(1) Certain definitions:
The term “resource” means that it is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quantity that there are reasonable prospects for economic extraction. Inferred, Indicated, and Measured resources are in order of increasing confidence based on level of underlying geological evidence. The term ‘inferred resource’ is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The term “limited geological evidence” means evidence that is only sufficient to establish that geological and grade or quality continuity is more likely than not. The level of geological uncertainty associated an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability and must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. In addition, no assurances can be given that any mineral resource estimate will ultimately be reclassified as proven or probable mineral reserves or that inferred resources will be upgraded to measured or indicated resources.
(2) In-Situ Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2025, are reported using definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
(3) Assumed metal prices for 2025 estimated Mineral Resources were $30.00 per ounce of silver, $2,500 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, unless otherwise noted.
(4) Mineral Resource estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 0.93–1.62 g/tonne AuEq; metallurgical recovery assumption of 95.4% for gold and 87.1% for silver; variable mining costs that range from US$32.29–$43.08/tonne; surface haulage costs of US$4.40/tonne; process costs of US$30.02/tonne; general and administrative costs of US$14.17/tonne; and surface/auxiliary support costs of US$3.52/tonne. Excludes the impact of the Franco-Nevada gold stream agreement at Palmarejo in calculation of Mineral Resources.
(5) Mineral Resource estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold cut-off grade of 0.108 oz/ton Au; metallurgical recovery assumption of 94.5%; gold payability of 97.5%; mining costs of US$127.32/ton mined; process costs of US$51.48/ton processed; general and administrative costs of US$49.74/ton processed; sustaining capital US$5.79/ton processed; and concentrate refining and shipping costs of US$104.73/oz sold.
(6) Mineral Resource estimates use the following key input parameters: assumption of conventional open pit mining; reported above a NSR cut-off grade of 13.42$/ton; average metallurgical recovery assumption of 78.0% across all rock types; royalty burden of US$112.00/oz Au; pit slope angles that vary from 34–50º; mining costs of $2.71/ton mined; process costs of US$13.42/ton processed (includes general & administrative and sustaining capital costs).
(7) Mineral Resource estimates are tabulated within a confining pit shell and use the following input parameters: Rochester oxide variable recovery Au = 71.2–85.9% and Ag = 59.4% and Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%, with a net smelter return cut-off of $4.12/ton oxide and US$4.22/ton sulfide; Nevada Packard oxide recovery Au = 88.4% and Ag = 59.4%, with a net smelter return cut-off of $4.92/ton for oxide;
39
Lincoln Hill oxide recovery Au = 61-63.9% and Ag = 18.5-39.5%, with a net smelter return cut-off of $5.02/ton for oxide, where the NSR is calculated as net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cut-off of US$130/tonne. Mineral Resources are reported in-situ using the following assumptions: The estimates use the following key input parameters: lead recovery of 89-90%, zinc recovery of 82-83% and silver recovery of 83-84%. Lead concentrate grade of 53-54%; zinc concentrate grade of 56-57%; mining costs of US$68.77/tonne; processing costs of US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine.
(9) Open Pit Mineral Resource estimates are reported using an equivalent gold cut-off of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained within a conceptual measured, indicated and inferred optimized pit shell. Silver price of US$22/oz, gold price of US$1,350/oz. Average oxide and sulfide gold recovery is 70%, average carbonaceous gold recovery is 50%. Average oxide and sulfide gold recovery is 60%. Average carbonaceous silver recovery is 50%. Open pit mining cost is US$1.50/ton, processing and processing and G&A cost is US$5.46/ton; average pit slope angles of 50º.
(10) Mineral Resource estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver equivalent cut-off grade (AgEq) of 140 g/tonne; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled; variable production mining costs that range from US$58.06–US$239.51/tonne, development mining costs of US$27.40/tonne, process costs of US$45.72/tonne, site general and administrative costs of US$20.70/tonne, underground general and administrative costs of US$12.81/tonne, and sustaining capital costs of US$7.64/tonne.
(11) Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.