Coeur Mining, Inc. 10-K

Item 8. Financial Statements and Supplementary Data 68 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders Coeur Mining, Inc. Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Coeur Mining, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). 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 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 These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. 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. 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. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 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 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. The balances are determined based on actual production costs incurred to produce and place ore on the leach pads and long-term 69 stockpile, less costs allocated to minerals recovered through the leach process. The historical cost of metal expected to be extracted within twelve months is classified as current on the balance sheet. 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 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 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 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. • We evaluated management’s laboratory procedures related to assay testing used to estimate ore grade. • We evaluated the Company’s use of specialists and their qualifications and experience related to their input on the recovery rates and ore grades estimates used by management in its calculation of ore on leach pads and long-term stockpile balances. • We assessed the estimated timing of recoveries, which management uses in classifying current and non-current portions of the ore on leach pads balance. • 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. 70 /s/ Grant Thornton LLP We have served as the Company’s auditor since 2016. Chicago, Illinois February 18, 2026 71 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders Coeur Mining, Inc. Opinion on internal control over financial reporting We have audited the internal control over financial reporting of Coeur Mining, Inc. (a Delaware corporation) and subsidiaries (the “Company”) 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”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2025, and our report dated February 18, 2026 expressed an unqualified opinion on those financial statements. Basis for opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Grant Thornton LLP Chicago, Illinois February 18, 2026 72 COEUR MINING, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2025 December 31, 2024 ASSETS Notes In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 553,597 $ 55,087 Receivables 5 69,160 29,930 Inventory 6 163,330 78,617 Ore on leach pads 6 157,461 92,724 Prepaid expenses and other 29,129 16,741 972,677 273,099 NON-CURRENT ASSETS 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 Restricted assets 9,114 8,512 Receivables 5 19,683 19,583 Deferred tax assets 11 140,553 3,632 Other 63,513 72,635 TOTAL ASSETS $ 4,695,682 $ 2,301,747 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 148,872 $ 125,877 Accrued liabilities and other 19 212,213 156,609 Debt 9 16,996 31,380 Reclamation 10 15,063 16,954 393,144 330,820 NON-CURRENT LIABILITIES Debt 9 323,537 558,678 Reclamation 10 262,448 243,538 Deferred tax liabilities 11 322,983 7,258 Other long-term liabilities 80,519 38,201 989,487 847,675 COMMITMENTS AND CONTINGENCIES 18 STOCKHOLDERS’ EQUITY Common stock, par value $ 0.01 per share; authorized 900,000,000 shares, 642,092,761 issued and outstanding at December 31, 2025 and 399,235,632 at December 31, 2024 6,421 3,992 Additional paid-in capital 5,783,019 4,181,521 Accumulated deficit ( 2,476,389 ) ( 3,062,261 ) 3,313,051 1,123,252 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,695,682 $ 2,301,747 The accompanying notes are an integral part of these Consolidated Financial Statements. 73 COEUR MINING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2025 2024 2023 Notes In thousands, except share data Revenue 4 $ 2,070,126 $ 1,054,006 $ 821,206 COSTS AND EXPENSES Costs applicable to sales (1) 4 898,437 606,192 632,896 Amortization 251,099 124,974 99,822 General and administrative 57,197 47,727 41,605 Exploration 86,592 59,658 30,962 Pre-development, reclamation, and other 15 69,788 51,273 54,636 Total costs and expenses 1,363,113 889,824 859,921 Income (loss) from operations 707,013 164,182 ( 38,715 ) OTHER INCOME (EXPENSE), NET Gain (loss) on debt extinguishment ( 113 ) 417 3,437 Fair value adjustments, net 13 ( 342 ) — 3,384 Interest expense, net of capitalized interest 9 ( 30,942 ) ( 51,276 ) ( 29,099 ) Other, net 15 6,922 13,027 ( 7,463 ) 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 ) OTHER COMPREHENSIVE INCOME (LOSS): Change in fair value of derivative contracts designated as cash flow hedges — ( 18,507 ) ( 318 ) Reclassification adjustments for realized (gain) loss on cash flow hedges — 17,176 ( 10,694 ) Other comprehensive loss — ( 1,331 ) ( 11,012 ) COMPREHENSIVE INCOME (LOSS) $ 585,872 $ 57,569 $ ( 114,624 ) NET INCOME (LOSS) PER SHARE 16 Basic income (loss) per share: Basic $ 0.96 $ 0.15 $ ( 0.30 ) Diluted $ 0.95 $ 0.15 $ ( 0.30 ) (1) Excludes amortization. The accompanying notes are an integral part of these Consolidated Financial Statements. 74 COEUR MINING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2025 2024 2023 Notes In thousands CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 585,872 $ 58,900 $ ( 103,612 ) Adjustments: Amortization 251,099 124,974 99,822 Accretion 20,978 18,208 16,381 Deferred taxes ( 161,015 ) ( 8,734 ) ( 1,495 ) (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 Loss on the sale or disposition of assets 15 — 4,250 25,197 Write-downs — 3,235 40,247 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 Changes in operating assets and liabilities: Receivables ( 6,688 ) ( 504 ) 933 Prepaid expenses and other current assets 72,634 2,777 ( 461 ) Inventory and ore on leach pads ( 51,798 ) ( 69,640 ) ( 47,592 ) Accounts payable and accrued liabilities 101,174 79,242 55,581 CASH PROVIDED BY OPERATING ACTIVITIES 886,879 174,234 67,288 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ( 221,162 ) ( 183,188 ) ( 364,617 ) Acquisitions, net 3, 13 93,635 ( 10,000 ) — Proceeds from the sale of assets 13 37 8,546 Sale of investments — — 47,611 Proceeds from notes receivable — — 5,000 Other ( 328 ) ( 362 ) ( 239 ) CASH USED IN INVESTING ACTIVITIES ( 127,842 ) ( 193,513 ) ( 303,699 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 12 10,005 22,823 168,964 Issuance of notes and bank borrowings, net of issuance costs 9 166,500 391,500 598,000 Payments on debt, finance leases, and associated costs 9 ( 417,886 ) ( 398,348 ) ( 528,541 ) 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 Effect of exchange rate changes on cash and cash equivalents 425 ( 1,115 ) 567 INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 498,831 ( 6,504 ) 209 Cash, cash equivalents and restricted cash at beginning of period 56,874 63,378 63,169 Cash, cash equivalents and restricted cash at end of period $ 555,705 $ 56,874 $ 63,378 The accompanying notes are an integral part of these Consolidated Financial Statements. 75 COEUR MINING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY In thousands Notes Common Stock Shares Common Stock Par Value Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total 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 for the extinguishment of Senior Notes 25,191 253 71,999 — — 72,252 Common stock issued under Private Placement Offering 8,276 83 20,935 — — 21,018 Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,556 24 8,651 — — 8,675 Balances at December 31, 2023 386,283 $ 3,863 $ 4,139,870 $ ( 3,121,161 ) $ 1,331 $ 1,023,903 Net income (loss) — — — 58,900 — 58,900 Other comprehensive income (loss) — — — — ( 1,331 ) ( 1,331 ) Debt-for-Equity Exchange 1,772 18 5,350 — — 5,368 Common stock issued under Private Placement Offering 7,705 77 22,992 — — 23,069 Kensington royalty settlement 738 7 3,399 — — 3,406 Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,738 27 9,910 — — 9,937 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. 76 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements NOTE 1 - THE COMPANY Coeur Mining, Inc. (“Coeur” or the “Company”) is primarily a gold and silver producer with assets in the United States, Mexico and Canada. Coeur was incorporated as an Idaho corporation in 1928 under the name Coeur d’Alene Mines Corporation and on May 16, 2013, changed its state of incorporation from the State of Idaho to the State of Delaware and changed its name to Coeur Mining, Inc. Coeur’s corporate headquarters are in Chicago, Illinois. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. Further, the carrying value of the Company’s property, plant and equipment and mining properties, net, inventories and ore on leach pads are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets. In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and impacts of global events could result in material impairment charges related to these assets. Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). 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, 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. Accordingly, actual results will differ from the amounts estimated in these financial statements. Principles of Consolidation 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. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. At certain times, amounts on deposit may exceed federal deposit insurance limits. 77 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements Receivables 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, 2025, the amount of credit loss recognized is not significant. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue and are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. 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 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. Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. Property, Plant, and Equipment and Mining Properties, Net Expenditures for new facilities, assets acquired pursuant to finance leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. 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 78 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements 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. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into mineral reserve. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $ 21.0 million and $ 16.8 million in the years ended December 31, 2025 and 2024, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Impairment of Long-lived Assets We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected gold, silver, lead and zinc prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold, silver, lead and zinc that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineral resources could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Gold, silver, zinc and lead prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors that may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, 79 Coeur Mining, Inc. and Subsidiaries 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 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 The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2025 and 2024, the Company held certificates of deposit and cash under these agreements of $ 9.1 million and $ 8.5 million, respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. Leases We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, non-current with the related liabilities included in Accrued liabilities and other and Other long-term liabilities . Assets under finance leases, which primarily represent property and equipment, are included in Property, plant and equipment, net , with the related liabilities included in debt, current and debt, non-current on the Consolidated Balance Sheet. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. 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 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. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We have elected to not recognize operating lease assets and liabilities for short-term leases that have a lease term of twelve months or less. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components which are accounted for as a single lease component. See Note 8 -- Leases for additional information related to the Company’s operating and finance leases. Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. See Note 10 -- Reclamation for additional information. 80 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. 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. Derivative Financial Instruments The Company is exposed to various market risks, including the effect of changes in metal prices, foreign exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices and foreign exchange rates. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. Assuming normal market conditions, the change in the market value of such derivative contracts has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. 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 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. Changes in the value of derivative instruments not designated as hedging instruments are recorded each period in the Consolidated Statements of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 14 -- Derivative Financial Instruments and Hedging Activities for additional information. Stock-based Compensation 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. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock-based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. The fair value of restricted stock is based on the Company’s stock price on the date of grant. The fair value of performance leverage stock units with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company’s performance, and related tax impacts. See Note 12 -- Stock-Based Compensation for additional information. Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. Revenue Recognition The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer. 81 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. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs applicable to sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied. Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months after the shipment date, based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when risk of loss is transferred to the customer. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. 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. The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when risk of loss is transferred to the customer. The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” , which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. 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): Expense Disaggregation Disclosures , which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Consolidated Financial Statements and related disclosures. 82 Coeur Mining, Inc. and Subsidiaries 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. 83 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 ) $ 1,581,983 Fair value of replacement stock-based compensation awarded (1) 8,539 Fair value of Coeur payable to SilverCrest repurchased ( 72,311 ) Total purchase price $ 1,518,211 Assets: 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 Other 5,596 Total Assets $ 1,310,613 Liabilities: Accounts payable 16,774 Accrued liabilities and other 25,636 Debt 846 Reclamation 10,870 Deferred tax liabilities (2) 343,650 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. 84 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements NOTE 4 – SEGMENT REPORTING 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. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “ 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”), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. 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. The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies. Financial information relating to the Company’s segments is as follows (in thousands): Year Ended December 31, 2025 Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 203,234 $ 218,064 $ 210,680 $ 377,693 $ 334,058 $ — $ — $ 1,343,729 Silver sales 218,197 255,700 247,362 17 5,121 — — 726,397 Metal sales 421,431 473,764 458,042 377,710 339,179 — — 2,070,126 Costs and Expenses Costs applicable to sales (1) 201,684 191,657 209,114 179,054 116,928 — — 898,437 Amortization 94,213 37,015 69,283 39,295 6,558 3,903 832 251,099 Exploration 10,421 18,527 8,566 7,776 7,416 31,165 2,721 86,592 Other operating expenses (2) 2,162 7,691 12,155 7,930 5,692 12,338 79,017 126,985 Costs and expenses 308,480 254,890 299,118 234,055 136,594 47,406 82,570 1,363,113 Income (loss) from operations 112,951 218,874 158,924 143,655 202,585 ( 47,406 ) ( 82,570 ) 707,013 Other income (expense) Loss on debt extinguishment — — ( 106 ) ( 7 ) — — — ( 113 ) Fair value adjustments, net — — ( 342 ) — — — ( 342 ) Interest expense, net ( 131 ) ( 315 ) ( 9,480 ) ( 361 ) ( 158 ) — ( 20,497 ) ( 30,942 ) Other, net (3) 12,224 ( 5,615 ) ( 446 ) ( 459 ) ( 178 ) ( 83 ) 1,479 6,922 Income (loss) before income and mining taxes 125,044 212,944 148,550 142,828 202,249 ( 47,489 ) ( 101,588 ) 682,538 Income and mining tax (expense) benefit ( 78,183 ) ( 103,526 ) ( 9,004 ) ( 1,687 ) ( 19,098 ) — 114,832 ( 96,666 ) Net Income (loss) $ 46,861 $ 109,418 $ 139,546 $ 141,141 $ 183,151 $ ( 47,489 ) $ 13,244 $ 585,872 Segment assets (4) $ 1,661,565 $ 311,672 $ 1,280,017 $ 263,614 $ 121,986 $ 220,285 $ 69,766 $ 3,928,905 Capital expenditures $ 38,149 $ 25,534 $ 65,750 $ 65,635 $ 17,802 $ 7,112 $ 1,180 $ 221,162 (1) Excludes amortization. (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, mineral interests, and goodwill . 85 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements Year Ended December 31, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 190,520 $ 91,541 $ 225,200 $ 227,600 $ — $ — $ 734,861 Silver sales 188,540 124,271 ( 71 ) 6,405 — — 319,145 Metal sales 379,060 215,812 225,129 234,005 — — 1,054,006 Costs and Expenses Costs applicable to sales (1) 195,458 154,611 157,757 98,366 — — 606,192 Amortization 44,979 41,293 28,201 6,487 3,235 779 124,974 Exploration 13,230 5,070 5,494 6,192 27,332 2,340 59,658 Other operating expenses (2) 8,665 12,963 9,753 4,519 9,923 53,177 99,000 Costs and expenses 262,332 213,937 201,205 115,564 40,490 56,296 889,824 Income (loss) from operations 116,728 1,875 23,924 118,441 ( 40,490 ) ( 56,296 ) 164,182 Other income (expense) Gain on debt extinguishment — — — — — 417 417 Fair value adjustments, net — — — — — — — Interest expense, net 324 ( 5,081 ) ( 1,681 ) ( 544 ) ( 11 ) ( 44,283 ) ( 51,276 ) Other, net (3) 7,074 ( 363 ) ( 312 ) ( 509 ) ( 43 ) 7,180 13,027 Income (loss) before income and mining taxes 124,126 ( 3,569 ) 21,931 117,388 ( 40,544 ) ( 92,982 ) 126,350 Income and mining tax (expense) benefit ( 45,765 ) ( 1,778 ) ( 576 ) ( 10,679 ) — ( 8,652 ) ( 67,450 ) Net Income (loss) $ 78,361 $ ( 5,347 ) $ 21,355 $ 106,709 $ ( 40,544 ) $ ( 101,634 ) $ 58,900 Segment assets (4) $ 316,232 $ 1,227,745 $ 223,525 $ 119,407 $ 219,613 $ 55,359 $ 2,161,881 Capital expenditures $ 30,621 $ 72,676 $ 68,656 $ 7,175 $ 3,597 $ 463 $ 183,188 (1) Excludes amortization. (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, mineral interests, and goodwill. Year Ended December 31, 2023 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 155,036 $ 75,571 $ 162,010 $ 183,060 $ — $ — $ 575,677 Silver sales 158,171 80,451 468 6,439 — — 245,529 Metal sales 313,207 156,022 162,478 189,499 — — 821,206 Costs and Expenses Costs applicable to sales (1) 194,309 171,271 152,659 114,657 — — 632,896 Amortization 35,709 26,392 25,905 6,694 4,018 1,104 99,822 Exploration 7,840 1,221 7,900 — 12,251 1,750 30,962 Other operating expenses (2) 8,064 26,005 3,440 4,157 17,104 37,471 96,241 Costs and expenses 245,922 224,889 189,904 125,508 33,373 40,325 859,921 Income (loss) from operations 67,285 ( 68,867 ) ( 27,426 ) 63,991 ( 33,373 ) ( 40,325 ) ( 38,715 ) Other income (expense) Gain on debt extinguishment — — — — — 3,437 3,437 Fair value adjustments, net — — — — — 3,384 3,384 Interest expense, net 844 ( 1,603 ) ( 1,744 ) ( 329 ) ( 63 ) ( 26,204 ) ( 29,099 ) Other, net (3) 4,590 ( 293 ) ( 311 ) ( 396 ) ( 129 ) ( 10,924 ) ( 7,463 ) Income (loss) before income and mining taxes 72,719 ( 70,763 ) ( 29,481 ) 63,266 ( 33,565 ) ( 70,632 ) ( 68,456 ) Income and mining tax (expense) benefit ( 26,016 ) ( 816 ) — ( 7,047 ) — ( 1,277 ) ( 35,156 ) Net Income (loss) $ 46,703 $ ( 71,579 ) $ ( 29,481 ) $ 56,219 $ ( 33,565 ) $ ( 71,909 ) $ ( 103,612 ) Segment assets (4) $ 312,879 $ 1,081,442 $ 171,602 $ 102,245 $ 215,545 $ 59,324 $ 1,943,037 Capital expenditures $ 41,766 $ 263,401 $ 53,316 $ 2,472 $ 2,867 $ 795 $ 364,617 (1) Excludes amortization. (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, mineral interests, and goodwill. 86 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements Assets December 31, 2025 December 31, 2024 Total assets for reportable segments $ 3,928,905 $ 2,161,881 Cash and cash equivalents 553,597 55,087 Other assets 213,180 84,779 Total consolidated assets $ 4,695,682 $ 2,301,747 Geographic Information Long-Lived Assets December 31, 2025 December 31, 2024 United States $ 1,315,939 $ 1,312,976 Mexico 1,815,259 267,144 Canada 239,265 237,263 Other 233 233 Total $ 3,370,696 $ 1,817,616 Revenue Year ended December 31, 2025 2024 2023 United States $ 1,174,931 $ 674,946 $ 507,999 Mexico 895,195 379,060 313,207 Total $ 2,070,126 $ 1,054,006 $ 821,206 The Company’s doré, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe. 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, 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. The Company’s sales of concentrate produced by the Kensington amounted to approximately 18 %, 21 %, and 20 % of total metal sales for the years ended December 31, 2025, 2024, and 2023, respectively. The Company believes that the loss of any one smelter, refiner, trader or third-party customer would not have a material adverse effect on the Company due to the liquidity of the markets and current availability of alternative trading counterparties. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years ended December 31, 2025, 2024, and 2023 (in millions): Year ended December 31, Customer 2025 2024 0 2023 Segments reporting revenue 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 $ 360.2 $ 104.9 $ 63.7 Las Chispas, Palmarejo, Rochester, Kensington, Wharf 87 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements NOTE 5 – RECEIVABLES Receivables consist of the following: In thousands December 31, 2025 December 31, 2024 Current receivables: Trade receivables $ 18,181 $ 7,818 VAT receivable 37,100 12,684 Income tax receivable 11,931 8,509 Deferred cash consideration (2) 834 — Other (1) 1,114 919 $ 69,160 $ 29,930 Non-current receivables: Other tax receivable (1) $ 6,488 $ 5,554 Deferred cash consideration (2) — 834 Contingent consideration (3) 13,195 13,195 $ 19,683 $ 19,583 Total receivables $ 88,843 $ 49,513 (1) Consists of exploration credit refunds at Silvertip. (2) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. 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) 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. NOTE 6 – INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands December 31, 2025 December 31, 2024 Inventory: Concentrate $ 3,507 $ 2,663 Stockpile ore (1) 85,450 6,773 Precious metals 15,164 16,034 Supplies 59,209 53,147 $ 163,330 $ 78,617 Ore on Leach Pads: Current $ 157,461 $ 92,724 Non-current 119,446 106,670 $ 276,907 $ 199,394 Long-term Stockpile (included in Other ) $ 42,076 $ 41,718 Total Inventory and Ore on Leach Pads $ 482,313 $ 319,729 (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. 88 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET Property, plant and equipment and mining properties, net consist of the following: In thousands December 31, 2025 December 31, 2024 Mine development $ 1,657,873 $ 1,502,457 Mineral interests 1,683,564 833,564 Land 9,961 9,000 Facilities and equipment (1) 1,741,055 1,517,170 Construction in progress 129,662 145,732 Total $ 5,222,115 $ 4,007,923 Accumulated depreciation, depletion and amortization (2) ( 2,477,231 ) ( 2,190,307 ) Property, plant and equipment and mining properties, net $ 2,744,884 $ 1,817,616 (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 $ 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. NOTE 8 – LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Year ended December 31, In thousands 2025 2024 2023 Lease Cost Operating lease cost $ 13,600 $ 12,924 $ 12,536 Short-term operating lease cost $ 18,705 $ 13,784 $ 12,223 Finance lease cost: Amortization of leased assets $ 39,494 $ 34,424 $ 27,985 Interest on lease liabilities 5,739 4,844 3,762 Total finance lease cost $ 45,233 $ 39,268 $ 31,747 Supplemental cash flow information related to leases was as follows: Year ended December 31, In thousands 2025 2024 2023 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 32,305 $ 26,709 $ 24,759 Operating cash flows from finance leases $ 5,739 $ 4,844 $ 3,762 Financing cash flows from finance leases $ 56,386 $ 24,524 $ 24,505 89 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements Supplemental balance sheet information related to leases was as follows: In thousands December 31, 2025 December 31, 2024 Operating Leases Other assets, non-current $ 15,837 $ 23,913 Accrued liabilities and other 11,962 11,598 Other long-term liabilities 6,467 14,797 Total operating lease liabilities $ 18,429 $ 26,395 Finance Leases Property and equipment, gross $ 123,770 $ 170,144 Accumulated depreciation ( 75,056 ) ( 63,278 ) Property and equipment, net $ 48,714 $ 106,866 Debt, current $ 16,996 $ 31,380 Debt, non-current 32,745 73,620 Total finance lease liabilities $ 49,741 $ 105,000 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.85 2.12 Weighted-average remaining lease term - operating leases 3.80 3.97 Weighted Average Discount Rate Weighted-average discount rate - finance leases 6.7 % 6.6 % Weighted-average discount rate - operating leases 6.1 % 6.2 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of December 31, 2025 (In thousands) Operating leases Finance leases 2026 $ 11,874 $ 19,615 2027 1,394 12,839 2028 1,142 12,728 2029 984 10,739 2030 977 — Thereafter 3,649 — Total $ 20,020 $ 55,921 Less: imputed interest ( 1,591 ) ( 6,180 ) Net lease obligation $ 18,429 $ 49,741 NOTE 9 – DEBT December 31, 2025 December 31, 2024 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 290,792 $ — $ 290,058 Revolving Credit Facility (2) — — — 195,000 Finance lease obligations 16,996 32,745 31,380 73,620 $ 16,996 $ 323,537 $ 31,380 $ 558,678 (1) Net of unamortized debt issuance costs of $ 2.3 million and $ 3.1 million at December 31, 2025 and December 31, 2024, respectively. (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 . 90 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements 2029 Senior Notes In March 2021, the Company completed an offering of $ 375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $ 367.5 million (the “2029 Senior Notes”). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and The Bank of New York Mellon, as trustee (the “Trustee”). The 2029 Senior Notes bear interest at a rate of 5.125 % per year from the date of issuance. Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally guaranteed by the Guarantors. 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. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. 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. Revolving Credit Facility In September 2017, the Company entered into a senior secured revolving credit facility (“RCF”) pursuant to a credit agreement, dated as of September 29, 2017 (as subsequently amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders with an original term of four years. Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 1.00 % to 1.75 % or an adjusted LIBOR rate plus a margin ranging from 2.00 % to 2.75 %, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. 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. On February 21, 2024, the Company entered into an agreement to extend and enhance the RCF (the “February 2024 Amendment”). The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF to $ 400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $ 100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $ 15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF. The RCF is secured by substantially all of the assets of the Company and its U.S. subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines as well as a pledge of the shares and other equity interests of certain of the Company’s subsidiaries. The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement requires the Company to meet certain financial covenants, including a senior secured leverage ratio, a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default. 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. Finance Lease Obligations From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the year ended December 31, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for 91 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. Interest Expense Year Ended December 31, In thousands 2025 2024 2023 2029 Senior Notes $ 15,022 $ 15,086 17,288 Revolving Credit Facility 7,563 26,749 17,752 Finance lease obligations 5,739 4,844 3,762 Amortization of debt issuance costs 2,324 2,360 2,709 Other obligations 1,377 3,293 2,149 Capitalized interest ( 1,083 ) ( 1,056 ) ( 14,561 ) Total interest expense, net of capitalized interest $ 30,942 $ 51,276 $ 29,099 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 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 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: Year Ended December 31, In thousands 2025 2024 Asset retirement obligation - Beginning $ 260,492 $ 214,013 Accretion 19,698 16,778 Additions and changes to estimates 6,566 35,455 Settlements ( 9,245 ) ( 5,754 ) Asset retirement obligation - Ending $ 277,511 $ 260,492 NOTE 11 – INCOME AND MINING TAXES The components of Income (loss) before income taxes are below: Year Ended December 31, In thousands 2025 2024 2023 United States $ 403,735 $ 50,194 $ ( 107,021 ) Foreign 278,803 76,156 38,565 Total $ 682,538 $ 126,350 $ ( 68,456 ) 92 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: Year Ended December 31, In thousands 2025 2024 2023 Current: United States $ ( 637 ) $ ( 145 ) $ 981 United States — State mining taxes ( 33,269 ) ( 11,256 ) ( 7,047 ) United States — Foreign withholding tax ( 22 ) ( 33 ) ( 119 ) Canada ( 5,169 ) ( 1,147 ) ( 848 ) Mexico ( 215,872 ) ( 63,604 ) ( 30,222 ) Deferred: United States 138,893 149 305 United States — State mining taxes 3,479 ( 1,778 ) ( 1,076 ) Canada ( 4,798 ) ( 376 ) — Mexico 20,729 10,740 2,870 Income tax (expense) benefit $ ( 96,666 ) $ ( 67,450 ) $ ( 35,156 ) The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons: 93 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, In thousands 2025 % 2024 % 2023 % U.S. 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 Mexico 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 ) — — — — 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 Uncertain tax positions ( 28,820 ) 4.2 — — — — Sale of non-core assets — — — — ( 1,322 ) ( 1.9 ) Enactment of 1% increase in Mexico special mining duty tax — — ( 1,696 ) 1.3 — — Other, net 2,967 ( 0.4 ) ( 175 ) 0.1 ( 547 ) ( 0.8 ) Canada 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: 94 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, In thousands 2025 2024 2023 Federal $ — $ 700 $ — State South Dakota 15,098 10,800 5,000 All other states 895 — — Foreign 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: Year Ended December 31, In thousands 2025 2024 Deferred tax liabilities: 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: Net operating loss carryforwards 288,122 304,244 Mineral properties — 50,824 Mining royalty tax 53,529 8,314 Capital loss carryforwards 17,089 16,910 Asset retirement obligation 58,905 49,306 Accrued expenses 15,323 18,117 Tax credit carryforwards 12,274 13,620 Other long-term assets — 30,612 445,242 491,947 Valuation allowance ( 303,518 ) ( 490,044 ) 141,724 1,903 Net deferred tax liabilities $ 188,973 $ 3,626 A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. 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. 95 Coeur Mining, Inc. and Subsidiaries 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, In thousands 2025 2024 U.S. $ 52,394 $ 268,119 Canada 216,711 200,319 Mexico 12,594 408 New Zealand 21,643 21,013 Other 176 185 $ 303,518 $ 490,044 The Company has the following tax attribute carryforwards at December 31, 2025, by jurisdiction: In thousands U.S. Canada Mexico New Zealand Other Total Regular net operating losses $ 522,637 $ 480,612 $ 4,971 $ 77,861 $ 787 $ 1,086,868 Expiration years 2026-2037, Indefinite 2028-2044 2029-2036 Indefinite 2026-2030 Capital losses 55,885 26,363 — — — 82,248 Foreign tax credits 10,864 — — — — 10,864 As of December 31, 2025, for U.S. income tax purposes, the Company has federal and state net operating loss carryforwards of $ 522.6 million and $ 402.0 million, respectively. U.S. net operating loss carryforwards of $ 313.8 million arising before December 31, 2017 have a 20 -year expiration period, the earliest of which could expire in 2026. U.S. net operating loss carryforwards of $ 208.8 million arising in 2018 and future periods have an indefinite carryforward period. Foreign tax credits expire if unused beginning in 2026. The utilization of U.S. net operating loss carryforwards, tax credit carryforwards, and recognized built-in losses may be subject to limitation under the rules regarding a change in stock ownership as determined by the Internal Revenue Code and state tax laws. 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 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. Management has determined that the Company experienced ownership changes during 2002, 2003, 2007, and 2015 for purposes of Section 382. Based on management’s calculations, the Company does not expect any of its U.S. tax attributes to expire unused as a result of the Section 382 annual limitations. However, the annual limitations may impact the timeframe over which the net operating loss carryforwards can be used, potentially impacting cash tax liabilities in a future period. The U.S. federal tax credits and state net operating losses may potentially be limited as well. 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. The Company may also experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if the Company earns U.S. federal taxable income, it may be limited in the ability to (1) recognize current deductions on built-in loss assets and (2) offset this income with our pre-change net operating loss carryforwards and other tax credit carryforwards, which may be subject to limitations, potentially resulting in increased future tax liability to us. Under the Tax Cuts and Jobs Act of 2017 (“TCJA”), federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such federal net operating losses is limited to 80% of future taxable income. The Company intends to continue repatriating certain earnings from its Mexican operations and has provided deferred income taxes on the planned distributions. 96 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at December 31, 2023 $ 2 Gross increase to current period tax positions $ — Gross increase to prior period tax positions $ — Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations $ ( 2 ) Unrecognized tax benefits at December 31, 2024 $ — Gross increase to current period tax positions $ — Gross increase to prior period tax positions $ 34,446 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations $ — Unrecognized tax benefits at December 31, 2025 $ 34,446 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. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved. The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2022 for the U.S. federal jurisdiction, for 2016 and from 2019 for the Mexico federal jurisdiction, and from 2019 for certain other foreign jurisdictions. 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, 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%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. 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, 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 The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 was $ 19.2 million, $ 12.0 million and $ 11.4 million, respectively. 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. Restricted Stock Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vests in equal installments annually over three years . Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote and to receive any dividends declared on the shares. 97 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: Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 2,784,610 $ 5.05 Granted 3,251,765 2.94 Vested ( 1,381,246 ) 5.09 Canceled/Forfeited ( 680,710 ) 3.66 Outstanding at December 31, 2023 3,974,419 $ 3.54 Granted 3,129,255 2.66 Vested ( 1,576,652 ) 4.11 Canceled/Forfeited ( 308,396 ) 2.82 Outstanding at December 31, 2024 5,218,626 $ 2.89 Granted 1,857,034 7.42 Vested ( 2,506,676 ) 3.03 Canceled/Forfeited ( 71,826 ) 4.09 Outstanding at December 31, 2025 4,497,158 $ 4.66 At December 31, 2025, there was $ 7.7 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.4 years. Performance Shares 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 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%. 98 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements The following table summarizes performance shares activity for the years ended December 31, 2025, 2024, and 2023: Performance Shares Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 2,574,537 $ 5.26 Granted (1) 1,816,429 3.16 Vested ( 566,891 ) 4.00 Canceled/Forfeited (1) ( 664,165 ) 4.32 Outstanding at December 31, 2023 3,159,910 $ 4.52 Granted (2) 2,076,818 2.85 Vested ( 379,402 ) 8.30 Canceled/Forfeited (2) ( 215,814 ) 8.55 Outstanding at December 31, 2024 4,641,512 $ 3.24 Granted (3) 1,191,381 9.79 Vested ( 580,360 ) 4.38 Canceled/Forfeited (3) ( 490,093 ) 4.26 Outstanding at December 31, 2025 4,762,440 $ 4.63 (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. Stock Options Stock options granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. 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 — % — % — % 99 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: Stock Options Shares Weighted Average Exercise Price Outstanding at December 31, 2022 93,988 $ 14.41 Canceled/forfeited — — Expired ( 39,658 ) 23.90 Outstanding at December 31, 2023 54,330 $ 7.49 Canceled/forfeited ( 10,908 ) 9.31 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 Expired ( 43,259 ) 5.37 Exercised/released ( 3,304,104 ) 4.07 Outstanding at December 31, 2025 164,643 $ 3.52 The following table summarizes outstanding stock options as of December 31, 2025: Range of Exercise Price Number Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 164,643 $ 3.52 2.51 $ 2,356 Outstanding 164,643 $ 3.52 2.51 $ 2,356 Vested and expected to vest 81,436 $ 3.78 1.91 $ 1,144 Exercisable 148,485 $ 3.47 2.61 $ 2,132 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. The grant date fair value for stock options vested during the years ended December 31, 2024 and 2023 was nil . NOTE 13 – FAIR VALUE MEASUREMENTS Year Ended December 31, In thousands 2025 2024 2023 Change in the value of equity securities $ — $ — $ 3,384 Acquired bullion and metal inventory monetization ( 342 ) — — Fair value adjustments, net $ ( 342 ) $ — $ 3,384 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. 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 (loss). 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). 100 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. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at December 31, 2025 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts $ 1,103 $ — $ 1,103 $ — Liabilities: Provisional metal sales contracts $ 124 $ — $ 124 $ — Fair Value at December 31, 2024 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts $ 222 $ — $ 222 $ — Liabilities: 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. No assets or liabilities were transferred between fair value levels in the year ended December 31, 2025. 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: December 31, 2025 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 290,792 $ 289,232 $ — $ 289,232 $ — Deferred Cash Due 2026 $ 4,829 $ 4,852 $ — $ 4,852 $ — (1) Net of unamortized debt issuance costs of $ 2.3 million. December 31, 2024 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 290,058 $ 278,014 $ — $ 278,014 $ — Revolving Credit Facility (2) $ 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) Unamortized debt issuance costs of $ 3.4 million included in Other Non-Current Assets . The fair value of the 2029 Senior Notes was estimated using quoted market prices. 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 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. Such instruments are classified within Level 2 of the fair value hierarchy. NOTE 14 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES 101 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. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. 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, 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. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At December 31, 2025, the Company had no outstanding derivative cash flow hedge instruments. The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue were recognized as a component of Revenue in the same period as the related sale is recognized. The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively (in thousands): Year Ended December 31, 2025 2024 2023 Amount of Gain (Loss) Recognized in AOCI Gold forwards $ — $ ( 10,886 ) $ ( 10,627 ) Silver forwards — ( 7,621 ) 10,309 $ — $ ( 18,507 ) $ ( 318 ) Amount of (Gain) Loss Reclassified from AOCI to Earnings Gold forwards $ — $ 12,867 $ ( 3,697 ) Silver forwards — 4,309 ( 6,997 ) $ — $ 17,176 $ ( 10,694 ) Derivatives Not Designated as Hedging Instruments Provisional Metal Sales The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. 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: In thousands except average prices and notional ounces 2025 2026 and Thereafter Provisional gold sales contracts $ 57,699 $ — Average gold price per ounce $ 4,258 $ — Notional ounces 13,552 — 102 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements The following summarizes the classification of the fair value of the derivative instruments: December 31, 2025 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 1,103 $ 124 December 31, 2024 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 222 $ 70 The following represent mark-to-market gains (losses) on derivative instruments in the years ended December 31, 2025, 2024, and 2023, respectively (in thousands): Year Ended December 31, Financial statement line Derivative 2025 2024 2023 Revenue Provisional metal sales contracts $ 827 $ ( 166 ) $ 30 Credit Risk 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. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. NOTE 15 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL Pre-development, reclamation, and other consists of the following: Year Ended December 31, In thousands 2025 2024 2023 Silvertip ongoing carrying costs $ 10,440 $ 8,513 $ 15,616 Loss on sale of assets 698 4,250 12,879 Asset retirement accretion 19,697 16,778 16,405 Kensington royalty settlement (1) ( 95 ) 7,156 — Transaction costs 26,409 8,517 — Wage and hour litigation settlement (1) 7,059 — — Other 5,580 6,059 9,736 Pre-development, reclamation and other $ 69,788 $ 51,273 $ 54,636 (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: Year Ended December 31, In thousands 2025 2024 2023 Foreign exchange gain (loss) $ 1,429 $ 4,753 $ ( 459 ) Loss on dispositions — — ( 12,318 ) Flow-through shares 764 5,563 2,057 RMC bankruptcy distribution 37 1,294 1,516 Other 4,692 1,417 1,741 Other, net $ 6,922 $ 13,027 $ ( 7,463 ) NOTE 16 – NET INCOME (LOSS) PER SHARE Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. 103 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements 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, In thousands except per share amounts 2025 2024 2023 Net income (loss) available to common stockholders $ 585,872 $ 58,900 $ ( 103,612 ) Weighted average shares: Basic 607,201 391,709 343,059 Effect of stock-based compensation plans 7,465 5,713 — Diluted 614,666 397,422 343,059 Income (loss) per share: Basic $ 0.96 $ 0.15 $ ( 0.30 ) Diluted $ 0.95 $ 0.15 $ ( 0.30 ) 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, 2025 Shares repurchased 814,129 Cost of shares (in thousands) $ 9,625 Average price paid per share $ 11.82 NOTE 17 - SUPPLEMENTAL GUARANTOR INFORMATION The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan. 104 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements SUMMARIZED BALANCE SHEET Coeur Mining, Inc. Subsidiary Guarantors In thousands December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Current assets $ 375,741 $ 13,782 $ 291,673 $ 164,627 Non-current assets (1) $ 1,110,145 $ 516,209 $ 1,494,435 $ 1,483,632 Non-guarantor intercompany assets $ 3,008 $ 3,144 $ — $ — Current liabilities $ 33,646 $ 31,841 $ 166,385 $ 202,329 Non-current liabilities $ 311,921 $ 496,976 $ 216,889 $ 260,210 Non-guarantor intercompany liabilities $ 1,423 $ 2,642 $ 1,608 $ 1,570 (1) Coeur Mining, Inc.’s non-current assets include its investment in Guarantor Subsidiaries. SUMMARIZED STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2025 In thousands Coeur Mining, Inc. Subsidiary Guarantors Revenue $ — $ 1,174,931 Gross profit (loss) $ ( 826 ) $ 554,699 Net income $ 585,872 $ 463,834 NOTE 18 – COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters As of December 31, 2025, $ 29.4 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. 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 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 Coeur Mexicana currently sells 50 % of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $ 800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50 % of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $ 78.0 million, consisting of $ 75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $ 3.0 million (the “Prior Gold Stream Agreement”). The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $ 22.0 million deposit toward future deliveries. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. 105 Coeur Mining, Inc. and Subsidiaries 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, In thousands 2025 2024 2023 Opening Balance $ 6,382 $ 6,942 $ 7,411 Revenue Recognized ( 660 ) ( 560 ) ( 469 ) Closing Balance $ 5,722 $ 6,382 $ 6,942 Metal Sales Prepayments In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional 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. 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: Year Ended December 31, In thousands 2025 2024 2023 Opening Balance $ 42,164 $ 55,082 $ 25,016 Additions — 170,000 130,066 Revenue Recognized ( 42,164 ) ( 182,918 ) ( 100,000 ) Closing Balance $ — $ 42,164 $ 55,082 Kensington Royalty Matter On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc. (“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc. and Maverix Metals (Nevada) Inc. (collectively, “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”). 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. 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 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. U.S. 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 106 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements 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 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, and other general corporate purposes. 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. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise. NOTE 19 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: In thousands December 31, 2025 December 31, 2024 Accrued salaries and wages $ 42,354 $ 31,151 Flow-through share premium received — 853 Deferred revenue (1) 683 42,863 Income and mining taxes 116,230 36,490 Kensington royalty settlement (1) — 3,750 Deferred Cash Due 2026 (2) 4,829 — Deferred Cash Due 2025 (2) — 9,644 Accrued operating costs 12,506 6,577 Unrealized losses on derivatives 124 70 Taxes other than income and mining 17,465 5,491 Accrued interest payable 6,060 8,122 Operating lease liabilities 11,962 11,598 Accrued liabilities and other $ 212,213 $ 156,609 (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. 107 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: In thousands December 31, 2025 December 31, 2024 Cash and cash equivalents $ 553,597 $ 55,087 Restricted cash equivalents (1) 2,108 1,787 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 555,705 $ 56,874 (1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet. Year ended December 31, 2025 2024 2023 Non-cash lease obligations arising from obtaining operating lease assets $ 3,045 $ 21,230 $ 718 Non-cash financing and investing activities: Finance lease obligations $ 1,127 $ 54,330 $ 32,978 Capital expenditures, not yet paid $ 30,689 $ 26,515 $ 44,966 Debt for equity exchange $ — $ 5,867 $ 76,018 Other cash flow information: Interest paid $ 31,763 $ 49,806 $ 41,249 Income and mining taxes paid $ 178,466 $ 45,100 $ 35,000 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Not applicable.