What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-10-29 · 373 added, 1110 removed, 543 unchanged (73% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

ASSETS Notes In thousands, except share data

13 unchanged sentences

Deferred tax assets 10 144,586 140,553

Long-term stockpile 6 237,872 42,076

Other 21,942 21,437

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Common stock, par value $ 0.01 per share;

authorized 900,000,000 shares, 642,210,145 issued and outstanding at September 30, 2025 and 399,235,632 at December 31, 2024

authorized 1,300,000,000 shares, 1,034,497,016 issued and outstanding at March 31, 2026 and 642,092,761 at December 31, 2025

Additional paid-in capital 12,631,608 5,783,019

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Notes In thousands, except share data

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Other, net 14 7,542 406

Total other income (expense), net ( 7,144 ) ( 9,846 ) ( 24,321 ) ( 27,643 )

Total other expense, net ( 455 ) ( 10,390 )

Income before income and mining taxes 348,715 51,766

Income and mining tax benefit (expense) 10 96,881 ( 25,817 ) 15,873 ( 49,030 )

Income and mining tax expense 10 ( 101,954 ) ( 18,413 )

NET INCOME $ 246,761 $ 33,353

OTHER COMPREHENSIVE INCOME (LOSS):

Change in fair value of derivative contracts designated as cash flow hedges — — — ( 18,507 )

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

Other comprehensive income (loss) — — — ( 1,331 )

OTHER COMPREHENSIVE INCOME:

Other comprehensive loss — —

COMPREHENSIVE INCOME $ 246,761 $ 33,353

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Notes In thousands

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Stock-based compensation 11 8,627 3,298

Write-downs — — — 3,235

Deferred revenue recognition 17 ( 160 ) ( 42,316 )

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Other ( 70 ) ( 90 )

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES ( 59,190 ) ( 52,049 ) ( 66,459 ) ( 145,728 )

CASH PROVIDED BY INVESTING ACTIVITIES 55,373 53,304

CASH FLOWS FROM FINANCING ACTIVITIES:

2 unchanged sentences

Payments on debt, finance leases, and associated costs 8 ( 10,283 ) ( 192,234 )

Share repurchases 15 ( 5,334 ) — ( 7,338 ) —

Other financing activities ( 1,388 ) ( 208 ) ( 9,293 ) ( 2,018 )

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ( 23,888 ) ( 55,958 ) ( 234,813 ) 51,177

Performance share cash settlement 11 ( 41,031 ) —

Stock-based compensation tax withholdings and other financing activities 11 ( 53,959 ) ( 5,721 )

CASH USED IN FINANCING ACTIVITIES ( 104,872 ) ( 98,153 )

Effect of exchange rate changes on cash and cash equivalents ( 1,042 ) ( 292 )

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Paid-In Capital Accumulated

Deficit Accumulated

Comprehensive

Income (Loss) Total

Deficit Total

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

Net income — — — 246,761 246,761

SilverCrest acquisition 3 239,489 2,395 1,587,696 — — 1,590,091

Kensington royalty settlement 17 595 6 3,649 — — 3,655

New Gold acquisition 3 392,682 3,927 6,934,774 — 6,938,701

Stock options exercised 45 — 160 — 160

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 11 ( 323 ) ( 3 ) ( 86,345 ) — ( 86,348 )

Balances at March 31, 2026 1,034,497 $ 10,345 $ 12,631,608 $ ( 2,229,628 ) $ 10,412,325

Net income — — — 70,726 — 70,726

Stock options exercise 2,139 21 7,201 — — 7,222

Stock repurchase program 15 ( 216 ) ( 2 ) ( 2,002 ) — — ( 2,004 )

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 1,718 17 3,914 — — 3,931

Balances at June 30, 2025 642,702 $ 6,426 $ 5,780,143 $ ( 2,958,182 ) $ — $ 2,828,387

Net income — — — 266,824 — 266,824

Stock options exercise 46 1 188 — — 189

Stock repurchase program 15 ( 452 ) ( 4 ) ( 5,330 ) — — ( 5,334 )

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net ( 86 ) ( 1 ) 3,717 — — 3,716

Balances at September 30, 2025 642,210 $ 6,422 $ 5,778,718 $ ( 2,691,358 ) $ — $ 3,093,782

In thousands Notes Common

In thousands Common

Shares Common

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Paid-In Capital Accumulated

Deficit Accumulated

Comprehensive

Income (Loss) Total

Deficit Total

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

Net income (loss) — — — ( 29,117 ) — ( 29,117 )

Other comprehensive income (loss) — — — — ( 7,478 ) ( 7,478 )

Debt-for-Equity exchange 1,772 18 5,350 — — 5,368

Issuance of flow-through shares 7,705 77 22,908 — — 22,985

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 2,823 28 2,440 — — 2,468

Balances at March 31, 2024 398,583 $ 3,986 $ 4,170,568 $ ( 3,150,278 ) $ ( 6,147 ) $ 1,018,129

Net income — — — 33,353 33,353

Other comprehensive income (loss) — — — — 6,147 6,147

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

Kensington Royalty Settlement 595 6 3,649 — 3,655

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net ( 259 ) ( 3 ) ( 1,836 ) — ( 1,839 )

Balances at June 30, 2024 399,241 $ 3,992 $ 4,176,668 $ ( 3,148,852 ) $ — $ 1,031,808

Net income — — — 48,739 — 48,739

Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 47 1 2,602 — — 2,603

Balances at September 30, 2024 399,288 $ 3,993 $ 4,179,270 $ ( 3,100,113 ) $ — $ 1,083,150

Balances at March 31, 2025 639,061 $ 6,390 $ 5,771,030 $ ( 3,028,908 ) $ 2,748,512

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

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and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Notes to Consolidated Financial Statements

NOTE 1 - BASIS OF PRESENTATION

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The preparation of the Company’s Condensed 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 Condensed 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 on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments.

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

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

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and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Notes to Consolidated Financial Statements

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.

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

As of September 30, 2025, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 64,482 and 8.9 million, respectively.

As of March 31, 2026, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 54,993 and 9.5 million, respectively.

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition.

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Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

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

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.

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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.

Recently Adopted Accounting Standards

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

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

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

Early adoption is permitted.

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

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

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

See Note 4 -- Segment Reporting for all periods presented with the new required disclosures.

The new standard did not impact our Consolidated Financial Statements.

The Company has not recognized an impairment related to the goodwill resulting from the acquisition of SilverCrest on February 14, 2025.

Recently Issued 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.

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

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

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

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We are evaluating the impact of the amendments on our Condensed Consolidated Financial Statements and related disclosures.

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 “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 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 preliminary 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.

On November 2, 2025, the Company entered into a definitive agreement (the “Arrangement Agreement”) whereby, a wholly-owned subsidiary of Coeur (“Canadian Sub”) would acquire all of the issued and outstanding shares of New Gold Inc.

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

Under the terms of the Arrangement Agreement, New Gold shareholders received 0.4959 Coeur common shares for each New Gold common share (the “Exchange Ratio”).

The Company completed the New Gold Transaction on March 20, 2026, acquiring all of the issued and outstanding shares of New Gold in exchange for approximately 392,682,578 common shares.

Based on the closing price of Coeur common shares on the NYSE on March 20, 2026 (the “Acquisition Date”), the implied total equity value was approximately $ 6.9 billion.

The acquisition of New Gold materially increases the Company’s level of gold production while adding meaningful copper production alongside Coeur’s existing substantial silver production profile.

It also significantly increases Coeur’s presence in Canada with the addition of the New Afton gold-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario.

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 New Gold 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 $ 632.4 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.

As of September 30, 2025, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for SilverCrest is preliminary.

At September 30, 2025, remaining items to finalize include the fair value of property plant and mine development, goodwill, reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities.

The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the acquisition date.

These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed.

The purchase price allocation adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the acquisition date.

Prior to the closing of the 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 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 Condensed Consolidated Statements of Comprehensive Income.

Total transaction costs were $ 20.4 million with $11.9 million incurred in the nine months ended September 30, 2025.

These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income and are reflected in pro forma earnings in the table below for the three and nine months ended September 30, 2025.

As of March 31, 2026, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore, the purchase price allocation for New Gold is preliminary.

At March 31, 2026, remaining items to finalize include the fair value of inventory, property plant and equipment and mine development, reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities.

The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available

Coeur Mining, Inc.

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Notes to Condensed Consolidated Financial Statements

The following table summarizes the preliminary purchase price allocation for the Transaction as of September 30, 2025:

at the acquisition date.

These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed.

The purchase price allocation adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the acquisition date.

Total transaction costs were $ 34.3 million with $ 19.9 million incurred in the three months ended March 31, 2026.

The following table summarizes the preliminary Acquisition Date purchase price allocation for the New Gold Transaction as of March 31, 2026:

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

Common shares issued ( 392,682,578 at $ 17.67 )

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

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

Total purchase price $ 6,938,701

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Property, plant and equipment and mining properties 9,628,460

Long-term stockpile 195,591

Total Assets $ 10,475,693

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Total liabilities $ 3,536,992

Net identifiable assets acquired $ 885,831

Goodwill 632,380

Net assets acquired $ 6,938,701

(1) As of September 30, 2025, 2.3 million common shares were issued related to the exercise of 3.2 million replacement options.

(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the preliminary 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 preliminary fair value allocated to goodwill.

(1) As of March 31, 2026, 1.4 million cash-settled replacement restricted units were granted.

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

Pro Forma Financial Information

Sales and net income in the Condensed Consolidated Statement of Operations includes SilverCrest revenue of $ 126.1 million and $ 286.8 million and SilverCrest net income of $ 8.2 million and net loss of $ 4.9 million in the three and nine months ended September 30, 2025, respectively.

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

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Sales and net income in the Condensed Consolidated Statement of Comprehensive Income includes New Gold revenue and net loss of $ 134.2 million and $ 17.8 million, respectively, from the acquisition date of March 20, 2026 to March 31, 2026.

The following unaudited pro forma financial information presents consolidated results assuming the New Gold Transaction occurred on January 1, 2025.

Three Months Ended

March 31, 2026 March 31, 2025

Revenue $ 1,191,119 $ 626,248

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Pro forma amounts assume that transaction costs were incurred in the first quarter of 2025.

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.

The pro forma results have been calculated after applying the Company’s accounting policies and adjusting the results of New Gold 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, 2025, with the consequential tax effects.

Coeur Mining, Inc.

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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.

The Company’s operating segments include the Rochester, Kensington, Wharf, New Afton, Rainy River, Las Chispas and Palmarejo 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, silver and/or copper.

The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other metals.

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

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

Whelan, Senior Vice President and Chief Financial Officer, and Michael Routledge, Senior 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.

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 from operations .

The CODM uses segment Income 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 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):

Three Months Ended September 30, 2025 Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 61,005 $ 57,553 $ 47,945 $ 98,931 $ 95,050 $ — $ — $ 360,484

Silver sales 65,129 63,640 64,510 ( 41 ) 845 — — 194,083

Metal sales 126,134 121,193 112,455 98,890 95,895 — — 554,567

Costs and Expenses

Costs applicable to sales (1)

68,104 51,010 51,986 46,709 30,927 — — 248,736

Amortization 30,908 10,115 18,501 10,435 1,762 989 220 72,930

Exploration 2,526 5,728 3,177 2,209 746 10,065 690 25,141

Other operating expenses (2)

660 1,909 3,701 6,073 2,213 3,084 13,033 30,673

Costs and expenses 102,198 68,762 77,365 65,426 35,648 14,138 13,943 377,480

Income (loss) from operations 23,936 52,431 35,090 33,464 60,247 ( 14,138 ) ( 13,943 ) 177,087

Other income (expense)

Gain on debt extinguishment — — ( 6 ) — — — — ( 6 )

Interest expense, net ( 35 ) ( 119 ) ( 2,490 ) ( 71 ) ( 27 ) — ( 3,531 ) ( 6,273 )

Other, net (3)

953 ( 796 ) ( 106 ) ( 104 ) ( 53 ) ( 85 ) ( 674 ) ( 865 )

Income (loss) before income and mining taxes 24,854 51,516 32,488 33,289 60,167 ( 14,223 ) ( 18,148 ) 169,943

Income and mining tax (expense) benefit ( 16,611 ) ( 21,534 ) ( 4,975 ) 3,673 ( 16,367 ) — 152,695 96,881

Net Income (loss) $ 8,243 $ 29,982 $ 27,513 $ 36,962 $ 43,800 $ ( 14,223 ) $ 134,547 $ 266,824

Segment assets (4)

$ 1,689,818 $ 306,416 $ 1,264,175 $ 255,204 $ 124,540 $ 222,099 $ 65,065 $ 3,927,317

Capital expenditures $ 9,751 $ 5,690 $ 11,567 $ 15,595 $ 3,175 $ 2,618 $ 638 $ 49,034

(1) Excludes amortization.

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

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Three Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 55,085 $ 22,889 $ 62,164 $ 83,634 $ — $ — $ 223,772

Silver sales 55,292 33,092 ( 12 ) 1,332 — — 89,704

Metal sales 110,377 55,981 62,152 84,966 — — 313,476

Costs and Expenses

Costs applicable to sales (1)

47,455 39,409 38,099 31,779 — — 156,742

Amortization 11,984 10,231 7,612 2,419 794 176 33,216

Exploration 4,303 1,044 1,988 2,330 9,405 497 19,567

Other operating expenses (2)

2,650 2,459 636 1,165 2,037 10,602 19,549

Costs and expenses 66,392 53,143 48,335 37,693 12,236 11,275 229,074

Income (loss) from operations 43,985 2,838 13,817 47,273 ( 12,236 ) ( 11,275 ) 84,402

Other income (expense)

Gain on debt extinguishment — — — — — — —

Fair value adjustments, net — — — — — — —

Interest expense, net ( 30 ) ( 1,113 ) ( 245 ) ( 128 ) ( 1 ) ( 11,763 ) ( 13,280 )

Other, net (3)

1,256 ( 140 ) ( 80 ) ( 37 ) 52 2,383 3,434

Income (loss) before income and mining taxes 45,211 1,585 13,492 47,108 ( 12,185 ) ( 20,655 ) 74,556

Income and mining tax (expense) benefit ( 18,919 ) ( 283 ) — ( 4,164 ) — ( 2,451 ) ( 25,817 )

Net Income (loss) $ 26,292 $ 1,302 $ 13,492 $ 42,944 $ ( 12,185 ) $ ( 23,106 ) $ 48,739

Segment assets (4)

$ 320,271 $ 1,180,633 $ 208,858 $ 107,526 $ 212,607 $ 53,374 $ 2,083,269

Capital expenditures $ 8,048 $ 10,121 $ 19,996 $ 2,773 $ 1,035 $ 7 $ 41,980

Three Months Ended March 31, 2026

Segment Profit (Loss) Revenue Costs applicable to sales (1)

Amortization Exploration General and Administrative Pre-development, reclamation, and other Income (loss) from operations Other non-operating income (expense) (2)

Income (loss) before income and

New Afton $ 37,815 $ 36,239 $ 14,214 $ 288 $ ( 57 ) $ 896 $ ( 13,765 ) $ 953 $ ( 12,812 )

Rainy River 96,419 92,444 16,689 437 107 2,085 ( 15,343 ) 2,593 ( 12,750 )

Las Chispas 193,631 31,458 35,319 3,498 415 213 122,728 4,357 127,085

Palmarejo 188,260 51,248 6,789 4,609 352 808 124,454 ( 61 ) 124,393

Rochester 181,404 53,783 16,043 929 387 2,225 108,037 ( 948 ) 107,089

Kensington 108,796 47,813 8,669 2,473 351 107 49,383 ( 116 ) 49,267

Wharf 49,867 17,024 893 3,160 316 669 27,805 ( 74 ) 27,731

Silvertip — — 956 9,235 — 3,727 ( 13,918 ) ( 177 ) ( 14,095 )

Other — — 253 1,070 19,791 19,097 ( 40,211 ) ( 6,982 ) ( 47,193 )

Total $ 856,192 $ 330,009 $ 99,825 $ 25,699 $ 21,662 $ 29,827 $ 349,170 $ ( 455 ) $ 348,715

(1) Excludes amortization.

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

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

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

Nine Months Ended September 30, 2025 Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 142,012 $ 157,315 $ 135,995 $ 253,864 $ 229,739 $ — $ — $ 918,925

Silver sales 144,791 173,823 154,063 35 3,642 — — 476,354

Metal sales 286,803 331,138 290,058 253,899 233,381 — — 1,395,279

Costs and Expenses

Costs applicable to sales (1)

168,685 143,416 148,450 134,948 86,957 — — 682,456

Amortization 62,219 28,702 50,156 28,127 4,785 2,863 592 177,444

Exploration 7,666 13,602 5,868 7,045 6,854 25,400 1,644 68,079

Other operating expenses (2)

1,652 6,527 9,106 7,265 4,519 9,091 49,789 87,949

Costs and expenses 240,222 192,247 213,580 177,385 103,115 37,354 52,025 1,015,928

Income (loss) from operations 46,581 138,891 76,478 76,514 130,266 ( 37,354 ) ( 52,025 ) 379,351

Other income (expense)

Loss on debt extinguishment — — ( 6 ) — — — — ( 6 )

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

Interest expense, net ( 36 ) ( 188 ) ( 7,363 ) ( 328 ) ( 144 ) — ( 16,915 ) ( 24,974 )

Other, net (3)

2,185 ( 2,748 ) ( 346 ) ( 365 ) ( 125 ) ( 72 ) 2,472 1,001

Income (loss) before income and mining taxes 48,730 135,955 68,421 75,821 129,997 ( 37,426 ) ( 66,468 ) 355,030

Income and mining tax (expense) benefit ( 53,669 ) ( 42,048 ) ( 9,409 ) 788 ( 28,230 ) — 148,441 15,873

Net Income (loss) $ ( 4,939 ) $ 93,907 $ 59,012 $ 76,609 $ 101,767 $ ( 37,426 ) $ 81,973 $ 370,903

Segment assets (4)

$ 1,689,818 $ 306,416 $ 1,264,175 $ 255,204 $ 124,540 $ 222,099 $ 65,065 $ 3,927,317

(2) Other non-operating expenses include Gain (loss) on debt extinguishment , Fair value adjustments, net, and Other, net.

Refer to Notes 8, 12, and 14, respectively.

Additionally, Other non-operating expense includes Interest expense, net of capitalized interest, which is primarily incurred at the corporate non-operating segment included in Other .

Other Segment Information Gold Sales Silver Sales Copper Sales Revenue Segment Assets (1)

Capital Expenditures

(1) Excludes amortization.

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

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

New Afton $ 18,487 $ 556 $ 18,772 $ 37,815 $ 6,142,244 $ —

Rainy River 94,216 2,203 — 96,419 3,861,754 6,418

Las Chispas 72,365 121,266 — 193,631 1,650,275 12,530

Palmarejo 64,478 123,782 — 188,260 309,799 8,508

Rochester 68,240 113,164 — 181,404 1,318,073 22,832

Kensington 108,819 ( 23 ) — 108,796 271,746 9,137

Wharf 48,617 1,250 — 49,867 150,276 13,075

Silvertip — — — — 220,056 1,579

Other — — — — 80,396 —

Total $ 475,222 $ 362,198 $ 18,772 $ 856,192 $ 14,004,619 $ 74,079

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

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements

Nine Months Ended September 30, 2024 Palmarejo Rochester Kensington Wharf Silvertip Other Total

Gold sales $ 151,398 $ 52,938 $ 156,753 $ 168,537 $ — $ — $ 529,626

Silver sales 138,603 75,636 ( 28 ) 4,725 — — 218,936

Metal sales 290,001 128,574 156,725 173,262 — — 748,562

Costs and Expenses

Costs applicable to sales (1)

149,976 103,063 118,109 76,308 — — 447,456

Amortization 35,429 25,434 19,653 4,879 2,436 610 88,441

Exploration 9,366 2,452 4,824 3,579 21,130 1,581 42,932

Other operating expenses (2)

7,350 11,035 9,391 3,410 7,146 33,680 72,012

Costs and expenses 202,121 141,984 151,977 88,176 30,712 35,871 650,841

Income (loss) from operations 87,880 ( 13,410 ) 4,748 85,086 ( 30,712 ) ( 35,871 ) 97,721

Other income (expense)

Gain on debt extinguishment — — — — — 417 417

Fair value adjustments, net — — — — — — —

Interest expense, net 341 ( 3,508 ) ( 1,215 ) ( 405 ) ( 11 ) ( 34,591 ) ( 39,389 )

Other, net (3)

4,683 ( 256 ) ( 243 ) ( 124 ) 12 7,257 11,329

Income (loss) before income and mining taxes 92,904 ( 17,174 ) 3,290 84,557 ( 30,711 ) ( 62,788 ) 70,078

Income and mining tax (expense) benefit ( 37,913 ) 623 — ( 7,172 ) — ( 4,568 ) ( 49,030 )

Net Income (loss) $ 54,991 $ ( 16,551 ) $ 3,290 $ 77,385 $ ( 30,711 ) $ ( 67,356 ) $ 21,048

Segment assets (4)

$ 320,271 $ 1,180,633 $ 208,858 $ 107,526 $ 212,607 $ 53,374 $ 2,083,269

Capital expenditures $ 20,680 $ 58,894 $ 49,731 $ 4,237 $ 1,894 $ 32 $ 135,468

Three Months Ended March 31, 2025

Segment Profit (Loss) Revenue Costs applicable to sales (1)

Amortization Exploration General and Administrative Pre-development, reclamation, and other Income (loss) from operations Other non-operating income (expense) (2)

Income (loss) before income and

Las Chispas $ 58,019 $ 42,834 $ 8,936 $ 1,878 $ 10 $ 57 $ 4,304 $ 411 $ 4,715

Palmarejo 95,806 43,703 9,181 3,860 494 1,135 37,433 ( 673 ) 36,760

Rochester 82,626 48,536 14,907 1,467 324 2,430 14,962 ( 2,692 ) 12,270

Kensington 65,243 42,156 7,471 3,301 290 280 11,745 ( 262 ) 11,483

Wharf 58,368 27,037 1,474 2,629 262 926 26,040 ( 141 ) 25,899

Silvertip — — 946 6,107 — 3,078 ( 10,131 ) 97 ( 10,034 )

Other — — 178 440 12,532 9,047 ( 22,197 ) ( 7,130 ) ( 29,327 )

Total $ 360,062 $ 204,266 $ 43,093 $ 19,682 $ 13,912 $ 16,953 $ 62,156 $ ( 10,390 ) $ 51,766

(1) Excludes amortization.

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

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(2) Other non-operating expenses include Gain (loss) on debt extinguishment , Fair value adjustments, net, and Other, net.

Refer to Notes 8, 12, and 14, respectively.

Additionally, Other non-operating expense includes Interest expense, net of capitalized interest, which is primarily incurred at the corporate non-operating segment included in Other .

Other Segment Information Gold Sales Silver Sales Revenue Segment Assets (1)

Capital Expenditures

Las Chispas $ 27,882 $ 30,137 $ 58,019 $ 1,717,053 $ 5,338

Palmarejo 43,695 52,111 95,806 312,023 5,857

Rochester 41,783 40,843 82,626 1,229,683 14,853

Kensington 65,207 36 65,243 233,190 15,473

Wharf 56,760 1,608 58,368 124,776 7,364

Silvertip — — — 219,103 854

Other — — — 62,948 263

Total $ 235,327 $ 124,735 $ 360,062 $ 3,898,776 $ 50,002

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

Assets September 30, 2025 December 31, 2024

Assets March 31, 2026 December 31, 2025

Total assets for reportable segments $ 14,004,619 $ 3,928,905

3 unchanged sentences

Geographic Information

Long-Lived Assets September 30, 2025 December 31, 2024

Long-Lived Assets March 31, 2026 December 31, 2025

United States $ 1,330,576 $ 1,315,939

3 unchanged sentences

Total $ 12,962,396 $ 3,370,696

Revenue Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

Revenue Three months ended March 31,

United States $ 340,067 $ 206,237

Mexico 381,891 153,825

Canada 134,234 —

Total $ 856,192 $ 360,062

4 unchanged sentences

Receivables consist of the following:

In thousands September 30, 2025 December 31, 2024

In thousands March 31, 2026 December 31, 2025

Current receivables:

1 unchanged sentence

VAT receivable 33,310 37,100

Income tax receivable 11,763 8,509

Income tax receivable - federal 9,627 11,931

Income tax receivable - state 14,687 —

Deferred cash consideration (1)

$ 88,195 $ 69,160

2 unchanged sentences

$ 6,662 $ 6,488

Deferred cash consideration (2)

Contingent consideration (3)

2 unchanged sentences

Total receivables $ 108,052 $ 88,843

(1) Consists of exploration credit refunds at Silvertip.

(1) 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.

(2) Consists of exploration credit refunds at Silvertip.

(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.

2 unchanged sentences

Inventory consists of the following:

In thousands September 30, 2025 December 31, 2024

In thousands March 31, 2026 December 31, 2025

Concentrate $ 18,432 $ 3,507

Stockpile ore (1)

356,918 85,450

Precious metals 53,929 15,164

5 unchanged sentences

$ 315,790 $ 276,907

Long-term Stockpile (included in Other )

Long-term Stockpile (2)

$ 237,872 $ 42,076

Total Inventory and Ore on Leach Pads $ 1,121,613 $ 482,313

(1) Includes $ 62.1 million, $ 1.4 million, $ 2.4 million, and $ 1.3 million at Las Chispas, Kensington, Palmarejo, and Wharf at September 30, 2025, respectively.

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

(1) Includes $ 244.2 million, $ 79.3 million, $ 19.3 million, $ 10.0 million, $ 2.5 million, and $ 1.7 million at Rainy River, Las Chispas, New Afton, Wharf, Kensington and Palmarejo at March 31, 2026, respectively.

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.

(2) Includes $ 195.8 million, and $ 42.1 million at Rainy River and Rochester, at March 31, 2026, respectively.

Includes $ 42.1 million at Rochester, at December 31, 2025.

Coeur Mining, Inc.

3 unchanged sentences

Property, plant and equipment and mining properties, net consist of the following:

In thousands September 30, 2025 December 31, 2024

In thousands March 31, 2026 December 31, 2025

Mine development $ 1,994,612 $ 1,657,873

8 unchanged sentences

Property, plant and equipment and mining properties, net $ 12,336,584 $ 2,744,884

(1) Includes $ 151.4 million and $ 170.1 million associated with facilities and equipment assets under finance leases at September 30, 2025 and December 31, 2024, respectively.

(2) Includes $ 81.5 million and $ 63.3 million of accumulated amortization related to assets under finance leases at September 30, 2025 and December 31, 2024, respectively.

(1) Includes $ 123.8 million and $ 123.8 million associated with facilities and equipment assets under finance leases at March 31, 2026 and December 31, 2025, respectively.

(2) Includes $ 83.2 million and $ 75.1 million of accumulated amortization related to assets under finance leases at March 31, 2026 and December 31, 2025, respectively.

NOTE 8 – DEBT

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

In thousands Current Non-Current Current Non-Current

1 unchanged sentence

$ — $ 290,975 $ — $ 290,792

2032 Senior Notes — 425,008 — —

Revolving Credit Facility (2)

— — — 195,000

Finance lease obligations 14,072 31,321 16,996 32,745

$ 14,072 $ 747,304 $ 16,996 $ 323,537

(1) Net of unamortized debt issuance costs of $ 2.5 million and $ 3.1 million at September 30, 2025 and December 31, 2024, respectively.

(2) Unamortized debt issuance costs of $ 2.3 million and $ 3.4 million at September 30, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets .

(1) Net of unamortized debt issuance costs of $ 2.1 million and $ 2.3 million at March 31, 2026 and December 31, 2025, respectively.

(2) Unamortized debt issuance costs of $ 3.9 million and $ 1.9 million at March 31, 2026 and December 31, 2025, respectively, included in Other Non-Current Assets .

2029 Senior Notes

1 unchanged sentence

For more details, please see Note 9 -- Debt contained in the 2025 10-K.

New Gold 2032 Senior Notes

Prior to the acquisition of New Gold, New Gold issued $ 400.0 million of its 6.875 % senior unsecured notes due 2032 (“New Gold 2032 Senior Notes”) on March 18, 2025, for net cash proceeds of $ 393.7 million after transaction costs.

The New Gold 2032 Senior Notes are governed by an Indenture dated as of March 18, 2025 (the “New Gold Indenture”), by and among New Gold, as issuer, certain of the Company’s subsidiaries named therein, as guarantors thereto, and Computershare Trust Company, N.A., as trustee (the “New Gold Notes Trustee”).

As of March 31, 2026, there were $ 400.0 million aggregate principal amount of New Gold Notes issued and outstanding.

The New Gold 2032 Senior Notes are denominated in U.S.

dollars and bear interest at the rate of 6.875 % per annum.

Interest is payable in arrears in equal semiannual installments on April 1 and October 1 of each year.

The New Gold 2032 Senior Notes will mature on April 1, 2032.

As of March 31, 2026, the New Gold Indenture contained covenants that, among other things, limited New Gold’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 New Gold’s subsidiaries’ ability to pay dividends and impose conditions on New Gold’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets.

The New Gold Indenture also contained certain “Events of Default” (as defined in the New Gold Indenture) customary for indentures of this type.

If an Event of Default had occurred and was continuing, the Trustee or the holders of not less than 25 % in aggregate principal amount of the New Gold 2032 Senior Notes then outstanding could, and the Trustee at the request of the holders of not less than 25 % in aggregate principal amount of the New Gold 2032 Senior Notes

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

then outstanding would, declare all unpaid principal of, premium, if any, and accrued interest on all the New Gold 2032 Senior Notes to be due and payable.

Subsequent to March 31, 2026, the New Gold Indenture was amended and supplemented by a First Supplemental Indenture dated as of April 3, 2026 (the “First Supplemental Indenture” and the New Gold Indenture, as amended and supplemented by the First Supplemental Indenture, the “Amended New Gold Indenture”), by and among New Gold, as issuer, and the New Gold Notes Trustee, to, among other things, eliminate from the New Gold Indenture (i) substantially all of the restrictive covenants described above and (ii) certain of the events which may lead to an “Event of Default” thereunder.

Exchange Offer

In conjunction with the New Gold Transaction, Coeur completed a private exchange offer (the “Exchange Offer”) for any and all of the New Gold 2032 Senior Notes for up to $ 400.0 million aggregate principal amount of 6.875 % Senior Notes due 2032 to be issued by the Company and cash.

As part of the Exchange Offer, Coeur received requisite consents from holders of the New Gold 2032 Senior Notes to amend the New Gold Indenture, including to eliminate from the New Gold Indenture (i) substantially all of the restrictive covenants, and (ii) certain of the events that may lead to an “Event of Default” as set forth in the New Gold Indenture.

The Exchange Offer was made pursuant to the terms and subject to the conditions set forth in the offer memorandum and consent solicitation dated March 23, 2026.

The Exchange Offer expired on April 20, 2026 and amendments to the New Gold Indenture became operative upon consummation of the Exchange Offer on the final settlement date on April 22, 2026.

Under the Exchange Offer, of the $ 400.0 million aggregate principal amount of New Gold 2032 Senior Notes, $ 385.8 million aggregate principal amount of New Gold 2032 Senior Notes were exchanged for approximately $ 385.8 million aggregate principal amount of Coeur’s 6.875 % Senior Notes due 2032 (the “2032 Senior Notes”), and $ 14.2 million of New Gold 2032 Senior Notes remained outstanding as obligations of New Gold and governed by the Amended New Gold Indenture.

Coeur is not an obligor or guarantor if such remaining New Gold 2032 Senior Notes.

2032 Senior Notes

In connection with the settlement of the Exchange Offer, Coeur issued approximately $ 385.8 million aggregate principal amount of Coeur’s 2032 Senior Notes.

The 2032 Senior Notes are governed by an Indenture dated as of April 22, 2026 (the “2032 Senior Notes 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 2032 Senior Notes are denominated in U.S.

dollars and bear interest at the rate of 6.875 % per annum.

Interest is payable in arrears in equal semiannual installments on April 1 and October 1 of each year.

The 2032 Senior Notes will mature on April 1, 2032.

The 2032 Senior Notes are the Company’s unsecured senior obligations and rank equally in right of payment with all of its existing and future unsecured senior debt and rank senior in right of payment to all of its existing and future subordinated debt.

The 2032 Senior Notes are effectively subordinated to any of the Company’s existing and future secured debt to the extent of the value of the assets securing such debt.

Initially, the Company’s obligations under the 2032 Senior Notes are jointly and severally guaranteed by certain of the Company’s wholly owned subsidiaries.

In addition, each of the Company’s restricted subsidiaries that guarantees other indebtedness that exceeds $ 20.0 million aggregate principal amount, will be required to guarantee the 2032 Senior Notes in the future.

The guarantees rank equally in right of payment to all of the Guarantors’ existing and future unsecured senior debt and rank senior in right of payment to all of the Guarantors’ existing and future subordinated debt.

The guarantees are effectively subordinated to any of the Guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt.

The 2032 Senior Notes are also structurally subordinated to the liabilities of subsidiaries of the Company that have not guaranteed the 2032 Senior Notes.

Upon the occurrence of a Change of Control (as defined in the 2032 Senior Notes Indenture), unless the Company has exercised its right to redeem the 2032 Senior Notes, each holder of 2032 Senior Notes will have the right to require the Company to repurchase all or a portion of such holder’s 2032 Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase.

If the Company or its restricted subsidiaries sell assets under certain circumstances specified in the 2032 Senior Notes Indenture and do not use the proceeds for certain specified purposes, the Company must offer to use certain net proceeds therefrom to repurchase the 2032 Senior Notes and other debt that ranks equal in right of payment to the 2032 Senior Notes on a pro rata basis.

The purchase price of the 2032 Senior Notes will be equal to 100% of the principal amount of the 2032 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the applicable date of repurchase.

The 2032 Senior Notes 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

Coeur Mining, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

substantially all of its assets.

The 2032 Senior Notes Indenture also contains certain “Events of Default” (as defined in the 2032 Senior Notes 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 2032 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 2032 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2032 Senior Notes to be due and payable.

Revolving Credit Facility

At September 30, 2025, the Company had no outstanding draws, $ 0.7 million in outstanding letters of credit and $ 399.3 million available under the revolving credit facility (“RCF”).

On March 20, 2026, the Company entered into a Credit Agreement (the “Credit Agreement”) by and among Coeur, as borrower, certain subsidiaries of Coeur as guarantors, the lenders party thereto and National Bank of Canada, as administrative agent.

The Credit Agreement replaced Coeur’s prior credit agreement dated as of September 29, 2017, by and among Coeur, as borrower, certain subsidiaries of Coeur, as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent, as amended.

The Credit Agreement provides for a $ 1.0 billion senior secured revolving credit facility (the “RCF”) which may be increased by up to $ 250 million in incremental loans and commitments subject to the terms of the Credit Agreement.

Proceeds from the RCF are expected to be used to finance working capital and general corporate purposes for Coeur and its subsidiaries.

The RCF has a term of five years, maturing in March 2031.

Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 0.45 % to 1.50 %, Term SOFR plus a margin ranging from 1.45 % to 2.50 %, or Daily Simple SOFR plus a margin ranging from 1.45 % to 2.50 %, in each case as selected by Coeur, with such margin determined in accordance with a pricing grid based upon Coeur’s consolidated net leverage ratio as of the end of the applicable period.

Subject to no event of default, upon Coeur receiving at least two of the following debt ratings:

BBB- (or better) from S&P, Baa3 (or better) from Moody’s, or BBB- (or better) from Fitch (the “Collateral Release Event”) and the one-time election of Coeur, the applicable margin will instead be determined based upon Coeur’s debt ratings from S&P, Moody’s and Fitch, and will range from 0.125 % to 1.000 % for Base Rate Loans and from 1.125 % to 2.000 % for Term SOFR Loans and Daily SOFR Loans.

The RCF is secured by a pledge of the shares of certain of Coeur’s domestic and Canadian subsidiaries.

Upon the occurrence of the Collateral Release Event, and provided no event of default has occurred and is continuing, the equity pledge will be released and the RCF will be unsecured.

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 Coeur 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 also contains representations, warranties, and covenants that, among other things, require compliance with environmental laws and maintenance of mining rights.

The Credit Agreement also contains financial covenants consisting of a consolidated net leverage ratio and a net debt to capital ratio.

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

At March 31, 2026, the Company had no outstanding draws, $ 27.5 million in outstanding letters of credit and $ 972.5 million available under the RCF.

Future borrowing may be subject to certain financial covenants.

1 unchanged sentence

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

In the nine months ended September 30, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for $ 0.8 million at an interest rate of 7.2 %.

The Company prepaid $9.5 million in finance leases at Rochester in the third quarter of 2025, which, combined with our planned principal payments, decreased our outstanding finance lease obligations by 31%, or $32.1 million, in the nine months ended September 30, 2025.

In the three months ended March 31, 2026, the Company did not enter into a new lease financing arrangement.

In April 2026, the Company prepaid $ 41.4 million of Rochester finance leases, incurring a loss of $ 0.8 million related to termination fees.

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

4 unchanged sentences

Interest Expense

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2026 2025

2029 Senior Notes $ 3,756 $ 3,756

New Gold 2032 Senior Notes 732 —

Revolving Credit Facility 372 4,206

6 unchanged sentences

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

Management estimates costs associated with reclamation of mining properties.

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

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

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

The asset retirement obligation increased in 2026 due to increased reclamation and mine closure costs associated with New Afton and Rainy River.

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2026 2025

5 unchanged sentences

NOTE 10 - INCOME AND MINING TAXES

The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2025 and 2024 by significant jurisdiction:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2026 and 2025 by significant jurisdiction:

Three Months Ended March 31,

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

United States $ 139,173 $ ( 30,642 ) $ 20,325 $ ( 5,305 )

3 unchanged sentences

$ 348,715 $ ( 101,954 ) $ 51,766 $ ( 18,413 )

During the third quarter of 2025, the Company reported estimated income and mining tax benefit of approximately $ 96.9 million, resulting in an effective tax rate of ( 57.0 )%.

This compares to income tax expense of $ 25.8 million for an effective tax rate of 34.6 % during the third quarter of 2024.

During the first quarter of 2026, the Company reported estimated income and mining tax expense of approximately $ 102.0 million, resulting in an effective tax rate of 29.2 %.

This compares to income tax expense of $ 18.4 million for an effective tax rate of 35.6 % during the first quarter of 2025.

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

(i) variations in our income before income taxes;

(ii) geographic distribution of that income;

(iii) mining taxes;

(iv) percentage depletion;

(v) excess of tax benefits from share-based compensation;

(vi) foreign exchange rates;

valuation allowance release;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) foreign exchange rates;

(v) the impact of uncertain tax positions;

(vi) mining taxes;

and (vii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $ 9.8 million and decreased income and mining tax expense by $ 0.5 million for the three months ended September 30, 2025 and 2024, respectively.

The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

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

and (viii) the impact of uncertain tax positions.

Fluctuations in foreign exchange rates on deferred tax balances decreased income and mining tax expense by $ 1.7 million and $ 0.2 million for the three months ended March 31, 2026 and 2025, respectively.

The impact of

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

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

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.

3 unchanged sentences

For additional information, please see the section titled “Item 1A - Risk Factors” in the 2025 10-K.

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

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

net deferred tax assets.

In the third quarter of 2025, the Company released $ 216.0 million of valuation allowance against its U.S.

In the first quarter of 2026, the Company released $ 1.0 million of valuation allowance against its U.S.

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

The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 million related to forecasted future year income.

The $ 1.0 million valuation allowance release is 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 $ 56.2 million of U.S.

federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.

federal and state deferred tax assets as of March 31, 2026, because the Company has concluded it is not more likely than not to be realized.

The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.

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

As a result of the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $10.2 and $10.7 million in the next twelve months.

At September 30, 2025 and December 31, 2024, the Company had $ 28.1 million and $ 0.0 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate.

At March 31, 2026 and December 31, 2025, the Company had $ 33.9 million and $ 34.4 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate.

The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense.

At September 30, 2025 and December 31, 2024, the amount of accrued income-tax-related interest and penalties was $ 5.5 million and $ 0.0 million , respectively.

At March 31, 2026 and December 31, 2025, the amount of accrued income-tax-related interest and penalties was $ 16.1 million and $ 15.3 million, 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%.

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

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

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

The Company will continue to monitor developments and evaluate the potential impact on 2025 and future periods.

As a result of 2026 business expansions, including the acquisition of New Gold Inc.

in the first quarter of 2026, the Company expects to fall within the scope of the Pillar Two rules from January 1, 2026.

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.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures.

The Company is currently evaluating OBBBA;

however, it is not expected to have a material impact on the Company’s consolidated financial statements.

NOTE 11 – STOCK-BASED COMPENSATION

The Company has stock incentive plans for executives, directors and eligible employees.

Stock awards include performance shares, restricted stock and stock options.

Stock-based compensation expense in the three and nine months ended September 30, 2025 was $ 5.0 million and $ 12.5 million, respectively, compared to $ 2.8 million and $ 9.8 million in the three and nine months ended September 30, 2024.

At September 30, 2025, there was $ 20.8 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years.

Stock awards include performance share units, restricted stock units and awards, and stock options.

Stock-based compensation expense in the three months ended March 31, 2026 was $ 8.5 million compared to $ 3.3 million in the three months ended March 31, 2025.

At March 31, 2026, there was $ 44.4 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of two years .

The Company granted 1.4 million cash-settled replacement restricted stock units that have a remaining vesting period of one year for awards assumed as part of the New Gold Transaction.

Granted restricted stock units and awards generally vest in equal installments annually over three years.

Performance share units granted during 2026 vest at the end of a three-year service period if relative stockholder return and an internal performance metric are met.

The existence of a market condition requires recognition of compensation cost for the performance share unit 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%.

Outstanding performance share units 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.

During the first quarter of 2026, the

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

Restricted stock granted generally vests in equal installments annually over three years.

Performance shares granted during 2025 vest at the end of a three-year service period if relative stockholder return and internal performance metrics 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%.

Outstanding 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 following table summarizes the grants awarded during the nine months ended September 30, 2025:

Company settled the vested performance share awards in cash for $ 72 million, of which 41 million represented the value of the cash settled awards received by the recipient after withholding $ 31 million which were remitted to satisfy employee tax withholding requirements.

An additional $ 23 million of tax withholdings were remitted to satisfy employee tax withholding requirements related to restricted stock awards that vested.

The following table summarizes the grants awarded during the three months ended March 31, 2026:

Grant date Restricted

stock Grant date fair

restricted stock Stock options (1)

Grant date fair

stock options (1)

shares Grant date fair

restricted stock Performance

shares units Grant date fair

February 20, 2026 635,144 $ 24.63 82,493 $ 36.74

March 12, 2025 80,954 $ 5.71 — $ — 32,520 $ 9.94

May 14, 2025 1,722,782 $ 7.39 — $ — 1,074,680 $ 10.18

July 31, 2025 40,381 $ 8.69 — $ — 6,355 $ 10.18

(1) Includes 3.3 million shares of Coeur common stock (“Coeur Options”) granted as replacement awards for SilverCrest options that were fully vested and are exercisable at the Transaction date.

During the nine months ended September 30, 2025, 3,248,192 Coeur Options were exercised at a weighted average price of $ 6.91 .

February 20, 2026 — $ — 247,466 $ 40.86

During the three months ended March 31, 2026, 45,143 stock options issued under the stock incentive plan were exercised at a weighted average price of $ 23.03 .

NOTE 12 – FAIR VALUE MEASUREMENTS

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2026 2025

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Fair value adjustments, net $ — $ ( 346 )

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 Transaction.

(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 of 2025 and the $ 0.3 million loss was recorded in Fair value adjustments, net on the Consolidated Statements of Comprehensive Income.

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

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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 September 30, 2025

Fair Value at March 31, 2026

In thousands Total Level 1 Level 2 Level 3

Provisional metal sales contracts $ 1,751 $ — $ 1,751 $ —

Gold and copper swap contracts 2,667 — $ 2,667 —

$ 4,418 $ — $ 4,418 $ —

Provisional metal sales contracts $ 2,620 $ — $ 2,620 $ —

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

$ 2,620 $ — $ 2,620 $ —

Fair Value at December 31, 2025

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Provisional metal sales contracts $ 124 $ — $ 124 $ —

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The Company’s investments in equity securities are recorded at fair market value in the financial statements based

primarily on quoted market prices.

Such instruments are classified within Level 1 of the fair value hierarchy.

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 nine months ended September 30, 2025.

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2025 and December 31, 2024 is presented in the following table:

September 30, 2025

The fair value of the gold and copper swap contracts is calculated using the forward prices of London Metals Exchange based on the applicable settlement dates of the outstanding provisionally priced contracts and copper swap contracts.

No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2026.

The fair values of financial liabilities carried at book value in the financial statements at March 31, 2026 and December 31, 2025 is presented in the following tables, respectively:

March 31, 2026

In thousands Book Value Fair Value Level 1 Level 2 Level 3

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$ 290,975 $ 287,947 $ — $ 287,947 $ —

New Gold 2032 Senior Notes $ 425,008 $ 425,008 $ — $ 425,008 $ —

Deferred Cash Due 2026 $ 4,914 $ 4,851 $ — $ 4,851 $ —

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$ 290,792 $ 289,232 $ — $ 289,232 $ —

Revolving Credit Facility (2)

$ 195,000 $ 195,000 $ — $ 195,000 $ —

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

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

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

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

The fair value of the 2029 Senior Notes was estimated using quoted market prices.

The fair value of the 2029 Senior Notes and New Gold 2032 Senior Notes were 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.

Total consideration included a deferred cash payment of $ 5 million, payable in July 2026.

The fair value of the 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.

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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.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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 September 30, 2025 and December 31, 2024, 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 Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Amount of Gain (Loss) Recognized in AOCI

Gold forwards $ — $ — $ — $ ( 10,886 )

Silver forwards — — — ( 7,621 )

$ — $ — $ — $ ( 18,507 )

Amount of (Gain) Loss Reclassified from AOCI to Earnings

Gold forwards $ — $ — $ — $ 12,867

Silver forwards — — — 4,309

$ — $ — $ — $ 17,176

Derivatives Not Designated as Hedging Instruments

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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.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

host contract is the receivable recorded at the forward price at the time of sale.

Additionally, prior to completing the New Gold Transaction, New Gold had entered into gold and copper swap contracts to reduce exposure to gold and copper prices.

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 September 30, 2025.

At September 30, 2025, the Company had the following derivative instruments that settle as follows:

At March 31, 2026, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces 2026 2027 and Thereafter

2 unchanged sentences

Notional ounces 16,743 —

Provisional copper sales contracts $ 59,992 —

Average copper price per pound $ 5.58 —

Notional pounds 10,753 —

Gold swap contracts $ 37,478 —

Average gold price per ounce $ 4,964 —

Notional ounces 7,550 —

Copper swap contracts $ 59,291 —

Average copper price per pound $ 5.63 —

Notional pounds 10,527 —

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

September 30, 2025

March 31, 2026

In thousands Prepaid expenses and other Accrued liabilities and other

Provisional metal sales contracts $ 1,803 $ 61

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Provisional gold and copper sales contracts $ 1,751 $ 2,620

Gold and copper swap contracts $ 2,667 $ —

December 31, 2025

1 unchanged sentence

Provisional metal sales contracts $ 1,103 $ 124

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2026 and 2025, respectively (in thousands):

Three Months Ended March 31,

Financial statement line Derivative 2026 2025

Revenue Provisional metal sales contracts $ 1,505 $ 407 $ 1,590 $ ( 101 )

$ 1,505 $ 407 $ 1,590 $ ( 101 )

Revenue Provisional metal sales gold contracts $ ( 1,410 ) $ 207

Revenue Provisional metal sales copper contracts 897 $ —

Revenue Gold swap contracts 944 —

Revenue Copper swap contracts 165 —

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.

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The Company does not anticipate non-performance by any of its counterparties.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME DETAIL

Pre-development, reclamation, and other consists of the following:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2026 2025

3 unchanged sentences

Kensington royalty settlement (1)

— — ( 95 ) 6,750

Transaction costs 19,910 8,887

Wage and hour litigation settlement (1)

6,998 — 6,998 —

Other 2,304 617

2 unchanged sentences

Other, net consists of the following:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2026 2025

1 unchanged sentence

Flow-through shares — 630

RMC bankruptcy distribution — — 38 1,199

Interest income 6,225 321

Other 439 213

3 unchanged sentences

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.

For the three and nine months ended September 30, 2025, there were nil and 1.1 million 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.

Similarly, 29,130 and 103,916 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2024, respectively.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Three Months Ended September 30, Nine Months Ended September 30,

For the three months ended March 31, 2026 and 2025, there were 816,887 and 29,130 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.

Three Months Ended March 31,

In thousands except per share amounts 2026 2025

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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.

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”)

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

with BMO Capital Markets Corp.

as the Company’s broker.

1 unchanged sentence

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 three and nine months ended September 30, 2025:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Shares repurchased 451,700 — 668,200 —

Cost of shares $ 5,334 — $ 7,338 —

Average price paid per share $ 11.79 — $ 10.96 —

On March 23, 2026, the Company announced an expanded $ 750 million share repurchase program (the “Expanded Program”), which incorporates and supersedes the Company’s previous Program.

Under the Expanded 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.

The following table summarizes repurchases made in the three months ended March 31, 2026:

(a) Total number of shares purchased (b) Average price paid per share (c) Total number of shares purchased as part of publicly announced Program (d) Approximate dollar value of shares that may yet be purchased under the Program (in millions)

January 1, 2026 - January 31, 2026 — $ — — $ 740.4

February 1, 2026 - February 28, 2026 — $ — — $ 740.4

March 1, 2026 - March 31, 2026 — $ — — $ 740.4

Total — $ — —

On March 23, 2026, the Company announced that the Board had approved an updated financial policy, under which Coeur anticipates paying a semi-annual dividend of $ 0.02 per share of Coeur common shares, beginning in the second and fourth quarter of 2026.

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION

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Subsidiary Guarantors

In thousands September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

In thousands March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Current assets $ 351,164 $ 375,741 $ 372,474 $ 291,673

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

SUMMARIZED STATEMENTS OF INCOME

THREE MONTHS ENDED MARCH 31, 2026

In thousands Coeur Mining, Inc.

Subsidiary Guarantors

Revenue $ — $ 340,067

Gross profit (loss) $ ( 226 ) $ 195,842

Net income $ 246,761 $ 171,854

Coeur Mining, Inc.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantee by New Gold Inc.

of the New Gold 2032 Senior Notes.

The following schedules present summarized financial information of New Gold Inc.

In conjunction with the New Gold Transaction, Coeur completed the Exchange Offer for any and all of the New Gold 2032 Senior Notes for up to $ 400.0 million aggregate principal amount of 6.875 % Senior Notes due 2032 to be issued by the Company and cash.

The Exchange Offer expired on April 20, 2026 and amendments to the New Gold Indenture became operative upon consummation of the Exchange Offer on the final settlement date on April 22, 2026.

Under the Exchange Offer, of the $ 400.0 million aggregate principal amount of New Gold 2032 Senior Notes, $ 385.8 million aggregate principal amount of New Gold 2032 Senior Notes were exchanged for approximately $ 385.8 million aggregate principal amount of Coeur’s 2032 Senior Notes, and $ 14.2 million of New Gold 2032 Senior Notes remained outstanding as obligations of New Gold and governed by the Amended New Gold Indenture.

Coeur is not an obligor or guarantor of such remaining New Gold 2032 Senior Notes.

See Note 8 -- Debt for additional details.

SUMMARIZED BALANCE SHEET

New Gold Inc.

In thousands March 31, 2026 December 31, 2025

Current assets $ 633,686 $ 515,887

Non-current assets $ 9,799,405 $ 2,190,592

Non-guarantor intercompany assets $ — $ —

Current liabilities $ 127,071 $ 304,000

Non-current liabilities $ 3,386,687 $ 777,347

Non-guarantor intercompany liabilities $ — $ —

SUMMARIZED STATEMENTS OF INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2025

In thousands Coeur Mining, Inc.

Subsidiary Guarantors

THREE MONTHS ENDED MARCH 31, 2026

In thousands New Gold Inc.

Revenue $ 461,073

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Mexico Litigation Matters

As of September 30, 2025, $ 28.7 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A.

As of March 31, 2026, $ 29.2 million in principal is due from the Mexican government associated with amounts that were paid as value-added tax (“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.

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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.

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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”).

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

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.

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2026 2025

2 unchanged sentences

Closing Balance $ 5,562 $ 6,230

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Royal Gold Stream Agreement

The Company’s subsidiary, New Gold Inc., is party to a streaming agreement (“Royal Gold Stream Agreement”) with Royal Gold A.G., a wholly-owned subsidiary of Royal Gold, Inc.

(“Royal Gold”).

Under the terms of the Royal Gold Stream Agreement, the Company is required to deliver to Royal Gold 6.5 % of gold production from Rainy River up to a total of 230,000 ounces of gold and then 3.25 % of the mine’s gold production thereafter.

The Company is also required to deliver to Royal Gold 60 % of the mine’s silver production to a maximum of 3.1 million ounces and then 30 % of silver production thereafter.

Royal Gold is required to pay 25 % of the average spot gold or silver price at the time each ounce of gold or silver is delivered under the stream.

As of March 31, 2026, Rainy River had delivered 131,471 and 2,088,499 ounces of gold and silver, respectively, under the terms of the Royal Gold Stream Agreement.

The Royal Gold Stream Agreement is satisfied by delivering gold and silver metal purchased in the open market.

The cost to purchase the gold and silver metal is included in Costs applicable to sales while the payment received from Royal Gold is recognized in Revenue under ASC 606 on the Condensed Consolidated Statements of Comprehensive Income.

Metal Sales Prepayments

In December 2024, Wharf and Rochester received additional prepayments of $ 12.5 million and $ 17.5 million, respectively, all of which were recognized as revenue in the first quarter of 2025.

At September 30, 2025, there was no remaining contract liability.

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 Condensed Consolidated Balance Sheet.

At March 31, 2026, there were no remaining contract liabilities.

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

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

In thousands 2026 2025

3 unchanged sentences

Closing Balance $ — $ —

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.

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Wage and Hour Matter

1 unchanged sentence

On August 26, 2025, the Company reached an agreement in principle to resolve the Wage and Hour Litigation.

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 costs of defense and inherent uncertainty presented in litigation matters.

The definitive settlement agreement continues to be negotiated and must be approved by the Court before settlement is finalized.

Pending the Court’s approval, the Company anticipates making a settlement payment for $ 6.1 million, plus the employer’s share of relevant taxes for amounts treated as wages, in early 2026.

The Company denies any wrongdoing and its 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 costs of defense and inherent uncertainty presented in litigation matters.

The definitive settlement agreement was negotiated between the parties and was approved by the Court on January 16, 2026.

Following Court approval, the Company made settlement payments in the first quarter of 2026 for approximately $ 6.3 million, inclusive of the employer’s share of relevant taxes for amounts treated as wages.

Other Commitments and Contingencies

2 unchanged sentences

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

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

environmental remediation, reclamation, and other general corporate purposes.

As of September 30, 2025 and December 31, 2024, the Company had surety bonds totaling $ 377.2 million and $ 363.7 million, respectively, in place as financial support for future reclamation and closure costs.

As of March 31, 2026 and December 31, 2025, the Company had surety bonds totaling $ 520.4 million and $ 372.4 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.

4 unchanged sentences

Accrued liabilities and other consist of the following:

In thousands September 30, 2025 December 31, 2024

In thousands March 31, 2026 December 31, 2025

Accrued salaries and wages $ 51,162 $ 42,354

Flow-through share premium received — 853

Deferred revenue (1)

Income and mining taxes 82,770 116,230

Kensington royalty settlement (1)

Deferred Cash Due 2026 (2)

7 unchanged sentences

(2) See Note 12 -- Fair Value Measurements for additional details on Deferred Cash Due 2026.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2025 and 2024:

In thousands September 30, 2025 September 30, 2024

Coeur Mining, Inc.

and Subsidiaries

Notes to Condensed Consolidated Financial Statements

In thousands March 31, 2026 March 31, 2025

Cash and cash equivalents $ 843,169 $ 77,574

2 unchanged sentences

(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Condensed Consolidated Balance Sheet.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc.

and its subsidiaries (collectively the “Company”, “our”, or “we”).

We use certain non-GAAP financial performance measures in our MD&A.

For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item.

We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Wharf.

Revenue from secondary metal, such as silver at Wharf, is treated as a cost credit.

We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada.

Third Quarter Highlights

For the quarter, Coeur reported revenue of $554.6 million and cash provided by operating activities of $237.7 million.

We reported GAAP net income of $266.8 million, or $0.41 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA 1 of $299.1 million and net income of $147.3 million, or $0.23 per diluted share.

For the nine months ended September 30, 2025, Coeur reported revenue of $1,395.3 million and cash provided by operating activities of $512.3 million.

We reported GAAP net income of $370.9 million, or $0.61 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA 1 of $691.5 million and net income of $334.6 million or $0.55 per diluted share.

• Record quarterly production and solid cost performance – Operating strength across the portfolio together with higher gold and silver prices drove a second consecutive quarter of record results.

Quarterly silver production of 4.8 million ounces was 1% higher quarter-over-quarter and 57% higher year-over-year.

Gold production increased 3% quarter-over-quarter and 17% year-over-year to 111,364 ounces.

Average realized prices for gold and silver increased 4% and 15%, respectively, compared to the second quarter, leading to further margin expansion

• Record quarterly financial results – Fifth consecutive quarter of positive free cash flow, which increased 29% versus the prior quarter to a record $189 million.

Adjusted EBITDA 1 increased 23% versus the prior quarter to a record $299 million, bringing the last twelve-month (“LTM”) total to $808 million.

Sixth consecutive quarter of GAAP net income, which totaled a record $267 million, or $0.41 per share

• Significantly bolstered liquidity position – Quarter-end cash and equivalents more than doubled to $266 million compared to the prior quarter-end.

Year-to-date, the Company has repaid over $228 million of total debt and its net leverage ratio decreased to 0.1x at quarter-end with a strong net cash position expected at year-end.

Nearly 10% of the Company’s share repurchase program has been completed at an average price of $11.79 per share

• Full-year production and cost guidance refined – Coeur refined its full year 2025 production guidance ranges, resulting in a 1% increase in the midpoint of expected full year gold production to 415,250 ounces and a 2% decrease in the midpoint of expected full year silver production to 18.1 million ounces.

Coeur also adjusted its full-year 2025 cost guidance lower at three of its five operations

Selected Financial and Operating Results

Three Months Ended Nine Months Ended

September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Financial Results:

(in thousands, except per share amounts)

Gold sales $ 360,484 $ 323,114 $ 918,925 $ 529,626

Silver sales $ 194,083 $ 157,536 $ 476,354 $ 218,936

Consolidated revenue $ 554,567 $ 480,650 $ 1,395,279 $ 748,562

Net income $ 266,824 $ 70,726 $ 370,903 $ 21,048

Net income per share, diluted $ 0.41 $ 0.11 $ 0.61 $ 0.05

Adjusted net income (1)

$ 147,276 $ 127,401 $ 334,561 $ 24,729

Adjusted net income per share, diluted (1)

$ 0.23 $ 0.20 $ 0.55 $ 0.06

$ 249,146 $ 202,993 $ 557,448 $ 197,908

Adjusted EBITDA (1)

$ 299,055 $ 243,481 $ 691,450 $ 222,785

Total debt (2)

$ 363,516 $ 380,722 $ 363,516 $ 605,183

Operating Results:

Gold ounces produced 111,364 108,487 306,617 254,433

Silver ounces produced 4,755,839 4,722,194 13,207,251 8,243,276

Gold ounces sold 114,495 106,948 310,759 255,261

Silver ounces sold 4,985,952 4,672,520 13,550,625 8,197,663

Average realized price per gold ounce $ 3,148 $ 3,021 $ 2,957 $ 2,075

Average realized price per silver ounce $ 38.93 $ 33.72 $ 35.15 $ 26.71

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

(2) Includes finance leases.

Net of debt issuance costs and premium received.

Consolidated Financial Results

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

We sold 114,495 gold ounces and 5.0 million silver ounces, compared to 106,948 gold ounces and 4.7 million silver ounces.

Revenue increased by $73.9 million, or 15%, as a result of a 7% increase in gold and silver ounces sold, and a 4% and 15% increase in average realized gold and silver prices, respectively.

The increase in gold ounces sold was the result of higher mill throughput driven by the consumption of the remaining acquired stockpile at Las Chispas, higher mill throughput and recoveries at Palmarejo, higher placement rates at Rochester and Wharf, and higher grades at Kensington.

The increase in silver ounces sold was the result of higher mill throughput driven by the consumption of the remaining acquired stockpile at Las Chispas and higher silver ounces recovered at Rochester as a result of higher placement rates, partially offset by lower silver grades at Palmarejo.

Gold and silver represented 65% and 35% of third quarter 2025 sales revenue, respectively, compared to 67% and 33% of second quarter 2025 sales revenue, respectively.

The following table summarizes consolidated metal sales:

Three Months Ended Increase (Decrease) Percentage Change

In thousands September 30, 2025 June 30, 2025

Gold sales $ 360,484 $ 323,114 $ 37,370 12 %

Silver sales 194,083 157,536 36,547 23 %

Metal sales $ 554,567 $ 480,650 $ 73,917 15 %

Costs Applicable to Sales

Costs applicable to sales increased $19.3 million, or 8%, primarily driven by increased sales at Las Chispas as well as the impact of the preliminary purchase price allocation (“PPA”) ascribed to Inventory of $33.4 million compared to $29.7 million in the second quarter, higher gold and silver ounces sold at Rochester, and higher gold ounces sold at Kensington and Wharf.

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

Amortization increased $11.5 million, or 19%, as a result of higher gold and silver ounces sold at Las Chispas, higher silver ounces sold at Rochester and higher gold ounces sold at Kensington and Wharf.

General and administrative expenses increased $1.6 million, or 12%, primarily due to higher stock-based compensation and annual incentive costs.

Exploration expense increased $1.9 million, or 8%, primarily due to increased drilling at Las Chispas and Kensington.

Pre-development, reclamation, and other expenses increased $2.7 million, or 20%, as a result of a wage and hour litigation settlement, partially offset by lower transaction costs and legal fees.

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

Three Months Ended Increase (Decrease) Percentage Change

In thousands September 30, 2025 June 30, 2025

Silvertip ongoing carrying costs $ 2,617 $ 2,423 $ 194 8 %

Loss (gain) on sale of assets 113 120 (7) (6) %

Asset retirement accretion 4,988 4,900 88 2 %

Kensington royalty litigation settlement — — — — %

Transaction costs 451 2,823 (2,372) (84) %

Wage and hour litigation settlement 6,998 — 6,998 100 %

Other 676 2,895 (2,219) (77) %

Pre-development, reclamation and other expense $ 15,843 $ 13,161 $ 2,682 20 %

Other Income and Expenses

Interest expense (net of capitalized interest of $0.2 million) decreased to $6.3 million from $8.3 million due to lower interest paid under the RCF.

The RCF had no outstanding amount drawn as of September 30, 2025.

Other, net decreased to a loss of $0.9 million compared to a gain of $1.5 million as a result of foreign exchange rate losses.

Income and Mining Taxes

Income and mining tax benefit of approximately $96.9 million resulted in an effective tax rate of (57.0)% for the three months ended September 30, 2025.

This compares to income tax expense of $62.6 million for an effective tax rate of 47.0% for the three months ended June 30, 2025.

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

valuation allowance release;

(ii) variations in our income before income taxes;

(iii) geographic distribution of that income;

(iv) foreign exchange rates;

(v) the impact of uncertain tax positions;

(vi) mining taxes;

and (vii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $9.8 million and $28.3 million for the three months ended September 30, 2025 and June 30, 2025, respectively.

The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

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

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

Three Months Ended September 30, Three Months Ended June 30,

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

United States $ 107,862 $ 135,736 $ 82,138 $ (15,229)

Canada (14,230) (313) (15,099) (693)

Mexico 76,517 (38,542) 66,879 (46,673)

Other jurisdictions (206) — (597) —

$ 169,943 $ 96,881 $ 133,321 $ (62,595)

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 the third quarter of 2025, the Company released $216.0 million of valuation allowance against its U.S.

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

The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 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 $55.0 million of U.S.

federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.

The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.

Net income was $266.8 million, or $0.41 per diluted share, compared to $70.7 million, or $0.11 per diluted share.

The increase in net income was driven by a 4% and 15% increase in average realized gold and silver prices, respectively, a 7% increase in gold and silver ounces sold, lower interest expense, and a tax benefit of $160.0 million related to the expectation that our U.S.

deferred tax assets are now expected to be used before expiration.

This was partially offset by higher exploration and general and administrative costs, and a wage and hour litigation settlement of $6.1 million, plus the employer’s share of relevant taxes.

Adjusted net income was $147.3 million, or $0.23 per diluted share, compared to $127.4 million, or $0.20 per diluted share (see “Non-GAAP Financial Performance Measures”).

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

We sold 310,759 gold ounces and 13.6 million silver ounces, compared to 255,261 gold ounces and 8.2 million silver ounces.

Revenue increased by $646.7 million, or 86%, as a result of a 22% and 65% increase in gold and silver ounces sold, respectively, and a 43% and 32% increase in average realized gold and silver prices, respectively.

The increase in gold ounces sold was primarily due to the post-acquisition sales at Las Chispas and an increase in production at Rochester as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates, and higher mill throughput at Kensington, partially offset by lower grades at Palmarejo and Wharf.

The increase in silver ounces sold resulted from the post-acquisition sales at Las Chispas and higher production at Rochester as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates, partially offset by lower grades at Palmarejo.

Gold and silver represented 66% and 34% of sales revenue during the first nine months of 2025, respectively, compared to 71% and 29% during the first nine months of 2024, respectively.

The following table summarizes consolidated metal sales:

Nine Months Ended September 30, Increase (Decrease) Percentage Change

In thousands 2025 2024

Gold sales $ 918,925 $ 529,626 $ 389,299 74 %

Silver sales 476,354 218,936 257,418 118 %

Metal sales $ 1,395,279 $ 748,562 $ 646,717 86 %

Costs Applicable to Sales

Costs applicable to sales increased $235.0 million, or 53%, primarily due to the post-acquisition gold and silver ounces sold at Las Chispas, which includes the impact of the PPA ascribed to Inventory of $90.2 million and an increase in production at Rochester and Kensington, partially offset lower gold ounces sold at Palmarejo and Wharf.

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

Amortization increased $89.0 million, or 101%, as a result of the post-acquisition gold and silver ounces sold at Las Chispas, increased production at Rochester and Kensington and the impact of the commissioning of the newly expanded crushing circuit in March 2024 at Rochester, partially offset lower gold ounces sold at Palmarejo and Wharf.

General and administrative expenses increased $5.4 million, or 15%, primarily due to higher stock-based compensation, annual incentive and outside service costs, partially offset by lower legal costs.

Exploration expense increased $25.1 million, or 59%, driven by planned higher resource expansion drilling activity at all locations, including the addition of exploration expense at Las Chispas post-acquisition.

Pre-development, reclamation, and other expenses increased $10.6 million, or 30%, primarily due to transaction costs related to the acquisition of SilverCrest, the wage and hour litigation settlement, and higher asset retirement accretion following the 2024 year-end changes to estimates, partially offset by loss on the sale of assets and the loss related to the Kensington royalty settlement in 2024.

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

Nine Months Ended September 30, Increase (Decrease) Percentage Change

In thousands 2025 2024

Silvertip ongoing carrying costs $ 7,667 $ 6,091 $ 1,576 26 %

(Gain) Loss on sale of assets 416 4,352 (3,936) (90) %

Asset retirement accretion 14,620 12,463 2,157 17 %

Kensington royalty settlement (95) 6,750 (6,845) (101) %

Transaction costs 12,161 976 11,185 1,146 %

Wage and hour litigation settlement 6,998 — 6,998 100 %

Other 4,190 4,769 (579) (12) %

Pre-development, reclamation and other expense $ 45,957 $ 35,401 $ 10,556 30 %

Other Income and Expenses

Interest expense (net of capitalized interest of $1.0 million) decreased to $25.0 million from $39.4 million due to lower interest paid under the RCF driven by lower average debt levels and interest rate, partially offset by higher interest paid under finance lease obligations driven by new finance leases in the second half of 2024.

The RCF had no outstanding amount drawn as of September 30, 2025.

Other, net decreased to a gain of $1.0 million compared to $11.3 million as a result of the recognition of gains in 2024 related to premiums received from the private placement flow-through share offering (“Private Placement Offering”) from the renouncement of Silvertip exploration expenditures recognized in 2024 and losses on foreign exchange rates.

Income and Mining Taxes

Income and mining tax benefit of approximately $15.9 million resulted in an effective tax rate of (4.5)% for 2025.

This compares to income tax expense of $49.0 million for an effective tax rate of 70.0% for 2024.

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

valuation allowance release;

(ii) foreign exchange rates;

(iii) mining taxes;

(iv) variations in our income before income taxes;

(v) geographic distribution of that income;

(vi) the impact of uncertain tax positions;

and (vii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $37.9 million and decreased income and mining tax expense by $1.3 million for the nine months ended September 30, 2025 and 2024, respectively.

The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

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

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

Nine Months Ended September 30,

In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit

United States $ 210,325 $ 115,202 $ 7,498 $ (6,605)

Canada (39,281) (1,124) (30,720) (766)

Mexico 184,486 (98,205) 93,651 (41,659)

Other jurisdictions (500) — (351) —

$ 355,030 $ 15,873 $ 70,078 $ (49,030)

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.

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 the third quarter of 2025, the Company released $216.0 million of valuation allowance against its U.S.

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

The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 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 $55.0 million of U.S.

federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.

The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.

Net income was $370.9 million, or $0.61 per diluted share, compared to a net income of $21.0 million, or $0.05 per diluted share.

The increase in net income was driven by a 22% and 65% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, a 43% and 32% increase in average realized gold and silver prices, respectively, lower interest expense, and a tax benefit of $160.0 million related to the expectation that our U.S.

deferred tax assets are now expected to be used before expiration.

This was partially offset by post-acquisition costs applicable to sales at Las Chispas, higher exploration, general and administrative and Transaction costs.

Adjusted net income was $334.6 million, or $0.55 per diluted share, compared to a gain of $24.7 million, or $0.06 per diluted share (see “Non-GAAP Financial Performance Measures”).

2025 Guidance

The Company has refined its 2025 production and cost guidance ranges as reflected below.

2025 Production Guidance

Previous Updated

Gold Silver Gold Silver

(oz) (K oz) (oz) (K oz)

Las Chispas 42,500 - 52,500 4,250 - 5,250 50,000 - 58,000 5,000 - 5,500

Palmarejo 95,000 - 105,000 5,400 - 6,500 96,000 - 106,000 6,000 - 6,800

Rochester 60,000 - 75,000 7,000 - 8,300 55,000 - 62,500 6,000 - 6,700

Kensington 92,500 - 107,500 — 98,500 - 108,500 —

Wharf 90,000 - 100,000 50 - 200 93,000 - 103,000 100 - 150

Total 380,000 - 440,000 16,700 - 20,250 392,500 - 438,000 17,100 - 19,150

2025 Adjusted Costs Applicable to Sales Guidance

Previous Updated

Gold Silver Gold Silver

($/oz) ($/oz) ($/oz) ($/oz)

Las Chispas (co-product) $850 - $950 $9.25 - $10.25 $850 - $950 $9.25 - $10.25

Palmarejo (co-product) $950 - $1,150 $17.00 - $18.00 $890 - $960 $15.00 - $16.00

Rochester (co-product) $1,250 - $1,450 $14.50 - $16.50 $1,550 - $1,650 $17.00 - $18.50

Kensington $1,700 - $1,900 — $1,700 - $1,800 —

Wharf (by-product) $1,250 - $1,350 — $1,125 - $1,225 —

2025 Capital, Exploration, G&A and Income and Mining Tax Guidance

Previous Updated

Capital Expenditures, Sustaining $142 - $156 $142 - $156

Capital Expenditures, Development $55 - $69 $55 - $69

Exploration, Expensed $67 - $77 $67 - $77

Exploration, Capitalized $10 - $16 $10 - $16

General & Administrative Expenses $48 - $52 $50 - $55

Effective Tax Rate (%) — 27% - 33%

Cash Taxes — $165 - $195

The Company’s previous guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50.

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

The Company’s updated guidance figures assume estimated prices of $3,411/oz gold and $37.82/oz silver as well as CAD of 1.38 and MXN of 20.0.

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

On August 6, 2025, the Company increased its 2025 general & administrative expense guidance to reflect the non-cash increase in incentive compensation related to expected performance share expense.

The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.

Results of Operations

Three Months Ended Nine Months Ended

September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Tons milled 139,916 118,399 317,683 —

Average gold grade (oz/t) 0.110 0.150 0.130 —

Average silver grade (oz/t) 10.32 13.32 11.88 —

Average recovery rate – Au 97.9 % 98.6 % 98.4 % — %

Average recovery rate – Ag 97.8 % 98.5 % 98.1 % — %

Gold ounces produced 16,540 16,271 39,986 —

Silver ounces produced 1,571,850 1,488,672 3,774,761 —

Gold ounces sold 17,800 16,025 43,432 —

Silver ounces sold 1,674,770 1,479,410 4,077,903 —

CAS per gold ounce (1)

$ 1,837 $ 1,874 $ 1,942 —

CAS per silver ounce (1)

$ 21.15 $ 18.74 $ 20.68 —

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold and silver production increased 2% and 6%, respectively, as a result of higher mill throughput driven by the consumption of the remaining acquired stockpile and recovery of in-circuit inventory.

Metal sales were $126.1 million, or 23% of Coeur’s metal sales, compared with $102.7 million, or 21% of Coeur’s metal sales.

Revenue increased by $23.5 million, or 23%, of which $13.7 million was due to higher volume of gold and silver production and $9.8 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce sold includes the impact of $902 and $10.38 per gold and silver ounce sold, respectively, on costs applicable to sales attributable to PPA ascribed to Inventory of $33.4 million, which on an adjusted basis results in a costs applicable to sales of $935 and $10.77 per gold and silver ounce sold, respectively.

Amortization increased by $8.5 million to $30.9 million primarily as a result of higher gold and silver ounces sold.

Capital expenditures were $9.8 million, in line with prior quarter, and were primarily composed of underground mine development and capitalized exploration costs.

Nine Months Ended September 30, 2025

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

The consumption of the remaining acquired stockpile in the third quarter led to production of 39,986 and 3,774,761 gold and silver ounces, respectively.

Metal sales were $286.8 million, or 21% of Coeur’s metal sales.

Costs applicable to sales per gold and silver ounce sold includes the impact of $1,038 and $11.05 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $90.2 million, which on an adjusted basis results in a costs applicable to sales of $904 and $9.63 per gold and silver ounce sold, respectively.

Amortization totaled $62.2 million.

Capital expenditures of $24.3 million were primarily composed of underground mine development and capitalized exploration costs.

Three Months Ended Nine Months Ended

September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Tons milled 485,267 483,880 1,410,067 1,343,771

Average gold grade (oz/t) 0.050 0.060 0.060 0.069

Average silver grade (oz/t) 3.47 4.06 3.95 4.63

Average recovery rate – Au 95.0 % 92.9 % 94.3 % 93.5 %

Average recovery rate – Ag 89.9 % 88.6 % 88.6 % 84.1 %

Gold ounces produced 24,802 27,272 75,106 86,176

Silver ounces produced 1,514,478 1,740,952 4,935,746 5,237,704

Gold ounces sold 26,850 26,782 76,345 86,430

Silver ounces sold 1,633,196 1,720,383 4,989,965 5,199,839

CAS per gold ounce (1)

$ 893 $ 891 $ 902 $ 902

CAS per silver ounce (1)

$ 16.55 $ 14.44 $ 14.95 $ 13.84

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold and silver production decreased 9% and 13%, respectively, as a result of lower gold and silver grades, partially offset by higher recoveries.

Metal sales were $121.2 million, or 22% of Coeur’s metal sales, compared with $114.1 million, or 24% of Coeur’s metal sales.

Revenue increased by $7.1 million, or 6%, of which $10.3 million was due to higher average realized gold and silver prices, partially offset by $3.2 million due to lower volume of gold and silver production.

Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement were 49%, compared to 48% in the prior quarter.

Costs applicable to sales per gold and silver ounce were in-line and increased 15%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation.

Amortization increased by $0.7 million to $10.1 million as a result of commencement of commercial production at Hidalgo in June 2025.

Capital expenditures remained comparable at $5.7 million.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Gold and silver production decreased 13% and 6%, respectively, as a result of a decrease in gold and silver grades, partially offset by an increase of 5% in mill throughput.

Metal sales were $331.1 million, or 24% of Coeur’s metal sales, compared with $290.0 million, or 39% of Coeur’s metal sales.

Revenue increased by $41.1 million, or 14%, of which $69.2 million was due to higher gold and silver prices, partially offset by $28.1 million due to lower volume of gold and silver production.

Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement increased to 48% from 32% in the prior year driven by mine sequencing.

Costs applicable to sales per gold and silver ounce were in-line and increased 8%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation.

Amortization decreased by $6.7 million to $28.7 million due to lower gold and silver ounces sold.

Capital expenditures decreased to $17.2 million from $20.7 million due to the lower underground development and equipment purchases.

Three Months Ended Nine Months Ended

September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Tons placed (1)

8,306,272 7,851,665 23,145,261 15,302,994

Average gold grade (oz/t) 0.002 0.003 0.003 0.002

Average silver grade (oz/t) 0.57 0.60 0.58 0.56

Gold ounces produced 14,801 14,302 42,456 23,451

Silver ounces produced 1,644,143 1,456,326 4,384,191 2,827,403

Gold ounces sold 13,975 13,881 42,569 23,521

Silver ounces sold 1,656,336 1,437,811 4,376,157 2,818,930

CAS per gold ounce (2)

$ 1,600 $ 1,692 $ 1,639 $ 1,797

CAS per silver ounce (2)

$ 17.89 $ 17.00 $ 17.98 $ 21.57

(1) During the three months ended September 30, 2025 and June 30, 2025, 6.2 million and 6.7 million tons of crushed ore were placed on the new leach pad, respectively.

During the nine months ended September 30, 2025 and 2024, 18.5 million and 12.5 million tons of crushed ore were placed on the new leach pad, respectively.

(2) See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold and silver production increased 3% and 13%, respectively, driven by higher placement rates.

Ore tons placed during the quarter totaled 8.3 million tons, consisting of approximately 6.3 million tons through the crushing circuit, down from 6.7 million tons in the prior quarter largely due to planned downtime in July to complete several crusher upgrades.

Additionally, the Company placed approximately 2.0 million tons of direct to pad (“DTP”) material, up from 1.1 million tons of DTP material placed in the prior quarter.

Metal sales were $112.5 million, or 20% of Coeur’s metal sales, compared with $95.0 million, or 20% of Coeur’s metal sales.

Revenue increased by $17.5 million, or 18%, of which $8.7 million was due to higher average realized gold and silver prices and $8.8 million due to higher volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 5% and increased 5%, respectively, as a result of higher labor, outside service and royalty costs as well as the mix of gold and silver sales which impacted co-product cost allocation.

Amortization increased to $18.5 million due to the increase in gold and silver ounces sold.

Capital expenditures decreased by $12.9 million to $11.6 million due to timing of capitalized stripping to facilitate exploration drilling and future planned mining activities and lower equipment purchases.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Gold and silver production increased 81% and 55%, respectively, as a result of the completion of the expansion project in March 2024 and subsequent ramp-up in production rates.

Ore tons placed during the first nine months of 2025 totaled 23.1 million tons, a 51% (7.8 million ton) increase from the prior year period, consisting of approximately 18.5 million tons through the crushing circuit and 4.6 million tons of DTP material.

Metal sales were $290.1 million, or 21% of Coeur’s metal sales, compared with $128.6 million, or 17% of Coeur’s metal sales.

Revenue increased by $161.5 million, or 126%, of which $115.7 million was due to a higher volume of gold and silver production, and $45.8 million was due to higher average realized gold and silver prices.

Costs applicable to sales per gold and silver ounce decreased 9% and 17%, respectively, as a result of the increase in ore tons placed, lower electrical power and haul truck repair costs and the mix of gold and silver sales which impacted co-production cost allocation.

Amortization increased to $50.2 million due to the increase in gold and silver ounces sold and the impact of commissioning of the newly expanded crushing circuit in March 2024.

Capital expenditures decreased to $50.9 million from $58.9 million due to Rochester expansion project spending in 2024 offset by equipment purchases and capitalized stripping in 2025.

Three Months Ended Nine Months Ended

September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Tons milled 188,705 192,169 566,218 515,398

Average gold grade (oz/t) 0.16 0.15 0.15 0.15

Average recovery rate 90.5 % 91.8 % 91.7 % 91.2 %

Gold ounces produced 27,231 26,555 76,501 68,740

Gold ounces sold 28,011 26,751 76,967 69,522

CAS per gold ounce (1)

$ 1,669 $ 1,721 $ 1,753 $ 1,699

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold production increased 3% as a result of a 7% increase in grades, partially offset by a 2% decrease in mill throughput.

Metal sales were $98.9 million, or 18% of Coeur’s metal sales, compared to $89.8 million, or 19% of Coeur’s metal sales.

Revenue increased by $9.1 million, or 10%, of which $4.4 million was due to higher volume of gold production and an increase of $4.7 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 3% due to higher production and lower outside service costs.

Amortization increased by $0.2 million to $10.4 million due to an increase in gold ounces sold.

Capital expenditures decreased by $0.7 million to $15.6 million as a result of lower expenditures related to underground development and capitalized exploration.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Gold production increased 11% as a result of 10% higher mill throughput.

Metal sales were $253.9 million, or 18% of Coeur’s metal sales, compared to $156.7 million, or 21% of Coeur’s metal sales.

Revenue increased by $97.2 million, or 62%, of which $72.6 million was due to higher average realized gold prices, and $24.6 million was due to higher volume of gold production.

Costs applicable to sales per gold ounce increased 3% as higher production was more than offset by higher freight and royalty costs.

Amortization increased to $28.1 million primarily due to an increase in gold ounces sold.

Capital expenditures decreased to $47.4 million from $49.7 million due to lower underground development and capitalized exploration, partially offset by the construction of the expanded tailings impoundment.

Three Months Ended Nine Months Ended

September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Tons placed 1,345,662 1,105,605 3,484,966 3,839,041

Average gold grade (oz/t) 0.028 0.035 0.028 0.034

Gold ounces produced 27,990 24,087 72,568 76,066

Silver ounces produced 25,368 36,244 112,553 178,169

Gold ounces sold 27,859 23,509 71,446 75,788

Silver ounces sold 21,650 34,916 106,600 178,894

CAS per gold ounce (1)

$ 1,080 $ 1,183 $ 1,166 $ 945

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Gold production increased 16% driven by higher tons placed, and timing of recoveries of higher-grade material placed on the pads in prior period.

Metal sales were $95.9 million, or 17% of Coeur’s metal sales, compared to $79.1 million, or 16% of Coeur’s metal sales.

Revenue increased by $16.8 million, or 21%, of which $14.3 million was attributable to higher gold production, and $2.5 million was due to higher average realized gold prices.

Costs applicable to sales per gold ounce decreased 9% due to higher ore tons placed.

Amortization remained comparable at $1.8 million.

Capital expenditures decreased to $3.2 million from $3.6 million.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Gold production decreased 5% driven by lower grade material placed on the pads and the timing of recoveries.

Metal sales were $233.4 million, or 17% of Coeur’s metal sales, compared to $173.3 million, or 23% of Coeur’s metal sales.

Revenue increased by $60.1 million, or 35%, of which $76.6 million was due to higher average realized gold prices, partially offset by $16.4 million due to lower gold production.

Costs applicable to sales per gold ounce increased 23% due to lower ore tons placed and higher labor and royalty costs.

Amortization decreased to $4.8 million due to the decrease in gold ounces mined.

Capital expenditures increased to $14.1 million from $4.2 million as a result of the construction of a water treatment facility and mining equipment purchases.

Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025

Exploration expense totaled $10.1 million in the third quarter of 2025 compared to $9.2 million in the prior quarter as the Company continued to focus on expanding the mineral resources at Silvertip.

Ongoing carrying costs at Silvertip totaled $2.6 million in the third quarter of 2025 compared to $2.4 million in the prior quarter.

Capital expenditures in the third quarter of 2025 totaled $2.6 million.

Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024

Exploration expenses total $25.4 million in 2025 compared to $21.1 million in the prior year.

Ongoing carrying costs at Silvertip totaled $7.7 million in 2025 and $6.1 million in the prior year.

Capital expenditures in 2025 totaled $5.0 million compared to $1.9 million in the prior year.

Liquidity and Capital Resources

At September 30, 2025, the Company had $268.2 million of cash, cash equivalents and restricted cash and $399.3 million available under the RCF.

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

Cash and cash equivalents increased $211.3 million in the nine months ended September 30, 2025 due to the cash acquired in the SilverCrest Transaction of $103.7 million, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, a 22% and 65% increase in gold and silver ounces sold, respectively, and a 43% and 32% increase in average realized gold and silver prices, respectively.

This was partially offset by RCF net repayments of $195.0 million, SilverCrest Transaction cost payments of $15.0 million, income and mining tax payments at Palmarejo and Las Chispas, full repayment of outstanding prepayment agreement balances at Rochester, Kensington and Wharf, $159.8 million of capital expenditures, and the second payment of $10.0 million related to the acquisition of mining concessions at Palmarejo.

We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer term.

We expect to use cash provided by operating activities to fund near term capital requirements, including those described in this Report for our 2025 capital expenditure guidance, and to repurchase shares pursuant to the Company’s $75.0 million share repurchase program (the “Program”).

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

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

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

Our current net leverage ratio is 0.1 times Adjusted EBITDA as of September 30, 2025.

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

If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all.

This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.

Cash Provided by Operating Activities

Net cash provided by operating activities for the three months ended September 30, 2025 was $237.7 million, compared to $207.0 million for the three months ended June 30, 2025.

Net cash provided by operating activities for the nine months ended September 30, 2025 was $512.3 million, compared to $110.4 million for nine months ended September 30, 2024.

Adjusted EBITDA for the three months ended September 30, 2025 was $299.1 million, compared to $243.5 million for the three months ended June 30, 2025.

Adjusted EBITDA for the nine months ended September 30, 2025 was $691.5 million, compared to $222.8 million for the nine months ended September 30, 2024 (see “Non-GAAP Financial Performance

Net cash provided by operating activities was impacted by the following key factors for the applicable periods:

Three Months Ended Nine Months Ended

In thousands September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Cash flow before changes in operating assets and liabilities $ 238,702 $ 161,573 $ 453,991 $ 83,807

Changes in operating assets and liabilities:

Receivables (7,132) (4,766) (7,953) (520)

Prepaid expenses and other (7,489) 2,424 77,000 3,185

Inventories (5,011) (14,125) (27,484) (53,788)

Accounts payable and accrued liabilities 18,636 61,845 16,738 77,757

Cash provided by operating activities $ 237,706 $ 206,951 $ 512,292 $ 110,441

Net cash provided by operating activities increased $30.8 million for the three months ended September 30, 2025 compared to the three months ended June 30, 2025, primarily due to a 7% increase in gold and silver ounces sold, a 4% and 15% increase in average realized gold and silver prices, respectively, the consumption of the remaining acquired stockpile at Las Chispas, timing of accounts payable at Las Chispas and Silvertip, and lower interest expense.

This was partially offset by timing of interest payments paid related to the Senior Notes, the Company’s annual insurance renewal payment, and increased general and administrative and exploration expenses.

Revenue for the three months ended September 30, 2025 compared to the three months ended June 30, 2025 increased by $73.9 million, of which $36.0 million was due to higher volume of gold and silver sales and $37.9 million was due to higher average gold and silver prices.

Net cash provided by operating activities increased $401.9 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to a 22% and 65% increase in gold and silver ounces sold, respectively, a 43% and 32% increase in average realized gold and silver prices, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, and lower interest expense.

This was partially offset by higher general and administrative and exploration expenses, and the receipt of $55.0 million of prepayments in the nine months ended September 30, 2024.

Revenue for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 increased by $646.7 million, of which $280.2 million was due to higher average realized gold and silver prices, $79.7 million was due to higher volume of gold and silver sales, and $286.8 million was due to post-acquisition sales at Las Chispas.

Cash Used in Investing Activities

Net cash used in investing activities in the three months ended September 30, 2025 was $59.2 million compared to $60.6 million in the three months ended June 30, 2025.

Cash used in investing activities decreased due to lower capital expenditures, partially offset by the $10.0 million payment for the purchase of mining concessions.

The Company incurred capital expenditures of $49.0 million in the three months ended September 30, 2025 compared with $60.8 million in the three months ended June 30, 2025 primarily related to capitalized exploration at Rochester and Kensington, expanded tailings impoundment at Kensington in both periods, underground development at Palmarejo and Kensington in both periods, as well as mining equipment purchases at Rochester in three months ended June 30, 2025.

Net cash used in investing activities in the nine months ended September 30, 2025 was $66.5 million compared to $145.7 million in the nine months ended September 30, 2024.

Cash used in investing activities decreased due to the cash acquired in the SilverCrest Transaction of $103.7 million, partially offset by post-acquisition capital expenditures at Las Chispas.

The Company incurred capital expenditures of $159.8 million in the nine months ended September 30, 2025 compared with $135.5 million in the nine months ended September 30, 2024 primarily related to post-acquisition underground development and equipment purchases at Las Chispas, underground development at Palmarejo and Kensington in both periods, expanded tailings impoundment at Kensington in both periods, and the construction of a water treatment facility at Wharf .

Cash Provided by (Used in) Financing Activities

Net cash used in financing activities in the three months ended September 30, 2025 was $23.9 million compared to $112.8 million in the three months ended June 30, 2025.

During the three months ended September 30, 2025, the Company had no repayments on a net basis under the RCF compared to $110.0 million, net, in the three months ended June 30, 2025.

Additionally, the Company repurchased $5.3 million of common stock in connection with the Company’s Program in the three months ended September 30, 2025 compared to $2.0 million in the three months ended June 30, 2025, and prepaid $9.5 million in finance leases at Rochester.

Net cash used in financing activities in the nine months ended September 30, 2025 was $234.8 million compared to net cash provided by financing activities of $51.2 million in the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, the Company repaid $195.0 million, net, under the RCF, repurchased $7.3 million of common stock in connection with the Company’s Program, and prepaid $9.5 million in finance leases at Rochester.

During the nine months ended September 30, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $50.0 million, net, from the RCF.

On May 27, 2025, the Company announced the $75.0 million Program, effective through May 31, 2026.

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 following table summarizes repurchases made pursuant to the 10b-18 Agreement in the quarter ended September 30, 2025 and the approximate dollar value of stock that may yet be purchased pursuant to the Program:

Period (a) Total number of shares purchased (b) Average price paid per share (c) Total number of shares purchased as part of publicly announced Program (d) Approximate dollar value of shares that may yet be purchased under the Program (in millions)

July 1, 2025 - July 31, 2025 — — — —

August 1, 2025 - August 31, 2025 451,700 $ 11.79 668,200 $ 67.6

September 1, 2025 - September 30, 2025 — — — —

Total 451,700 $ 11.79 668,200

Critical Accounting Policies and Accounting Developments

See Note 2 -- Summary of Significant Accounting Policies contained in the 2024 10-K and Note 2 - Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.

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 which 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.

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

As of September 30, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 64,482 and 8.9 million, respectively.

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition.

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

Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

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

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.

Other Liquidity Matters

We believe that our liquidity and capital resources in the U.S.

are adequate to fund our U.S.

operations and corporate activities.

The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company.

The Company does not believe that the amounts reinvested will have a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time to time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions.

We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors.

The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.

Non-GAAP Financial Performance Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”).

Unless otherwise noted, we present the Non-GAAP financial measures in the tables below.

These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Adjusted Net Income

Management uses Adjusted net income to evaluate the Company’s operating performance, and to plan and forecast its operations.

The Company believes the use of Adjusted net income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies.

Management’s determination of the components of Adjusted net income is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts.

The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance.

The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally.

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

Three Months Ended Nine Months Ended

In thousands except per share amounts September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Net income $ 266,824 $ 70,726 $ 370,903 $ 21,048

Fair value adjustments, net — (4) 342 —

Foreign exchange loss (gain) (1)

11,831 28,072 40,477 (4,713)

(Gain) loss on sale of assets 113 117 416 4,352

RMC bankruptcy distribution — (37) (38) (1,199)

(Gain) loss on debt extinguishment 6 — 6 (417)

Transaction costs 451 2,823 12,161 976

Kensington royalty settlement — 28 (67) 7,369

Wage and hour litigation settlement 6,998 — 6,998 —

Mexico arbitration matter 743 1,740 2,893 3,459

Flow-through share premium (111) (112) (808) (5,194)

COVID-19 — — — 10

Acquired inventory purchase price allocation 33,443 29,681 90,163 —

Valuation allowance and tax effect of adjustments (2)

(173,022) (5,633) (188,885) (962)

Adjusted net income $ 147,276 $ 127,401 $ 334,561 $ 24,729

Adjusted net income per share, Basic $ 0.23 $ 0.20 $ 0.56 $ 0.06

Adjusted net income per share, Diluted $ 0.23 $ 0.20 $ 0.55 $ 0.06

(1) Includes the impact of foreign exchange rates on deferred tax balances of $9.8 million and $28.1 million for the three months ended September 30 and June 30, 2025, respectively, and $37.8 million and ($0.3) million for the nine months ended September 30, 2025 and 2024, respectively.

(2) For the three and nine months ended September 30, 2025, tax effect of adjustments of $173.0 million (415.5%) and $188.9 million (168.5%), respectively, are primarily related to the release of the valuation allowance against U.S.

net deferred tax assets of $162.0 million, the wage and hour litigation settlement, Transaction costs at Corporate, and the impact of the PPA ascribed to Inventory at Las Chispas.

For the three months ended June 30, 2025, tax effect of adjustments of $5.6 million (16.3%) are primarily related to the Transaction costs at Corporate and the impact of the PPA ascribed to Inventory at Las Chispas.

For the nine months ended September 30, 2024, tax effect of adjustments of $1.0 million (-10%) is primarily related to the RMC Bankruptcy Distribution, Kensington royalty settlement, nonrecurring expenses at Palmarejo and LCM adjustment recorded at Rochester.

EBITDA and Adjusted EBITDA

Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures.

The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies.

Adjusted EBITDA is the basis of a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness.

EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP.

Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation.

Adjusted EBITDA is reconciled to Net income (loss) in the following table:

Three Months Ended Nine Months Ended

In thousands September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Net income $ 266,824 $ 70,726 $ 370,903 $ 21,048

Interest expense, net of capitalized interest 6,273 8,251 24,974 39,389

Income tax provision (96,881) 62,595 (15,873) 49,030

Amortization 72,930 61,421 177,444 88,441

EBITDA 249,146 202,993 557,448 197,908

Fair value adjustments, net — (4) 342 —

Foreign exchange (gain) loss 2,080 (246) 2,593 (3,432)

Asset retirement obligation accretion 4,988 4,900 14,620 12,463

Inventory adjustments and write-downs 1,198 1,598 4,723 6,490

(Gain) loss on sale of assets 113 117 416 4,352

RMC bankruptcy distribution — (37) (38) (1,199)

(Gain) loss on debt extinguishment 6 — 6 (417)

Kensington royalty settlement — 28 (67) 7,369

Wage and labor litigation settlement 6,998 — 6,998 —

Mexico arbitration matter 743 1,740 2,893 3,459

Flow-through share premium (111) (112) (808) (5,194)

COVID-19 — — — 10

Transaction costs 451 2,823 12,161 976

Acquired inventory purchase price allocation 33,443 29,681 90,163 —

Adjusted EBITDA 299,055 243,481 691,450 222,785

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations.

Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows.

The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors.

Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Free Cash Flow , a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities , which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.

Consolidated Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Cash flow from operations $ 237,706 $ 206,951 $ 512,292 $ 110,441

Capital expenditures 49,034 60,807 159,843 135,468

Free cash flow $ 188,672 $ 146,144 $ 352,449 $ (25,027)

Operating Cash Flow Before Changes in Working Capital

Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations.

Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables , Prepaid expenses and other , Inventories and Accounts payable and accrued liabilities as presented on the Consolidated Statements of Cash Flows.

The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors.

Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as

measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital , a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities , which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Cash provided by operating activities $ 237,706 $ 206,951 $ 512,292 $ 110,441

Changes in operating assets and liabilities:

Receivables 7,132 4,766 7,953 520

Prepaid expenses and other 7,489 (2,424) (77,000) (3,185)

Inventories 5,011 14,125 27,484 53,788

Accounts payable and accrued liabilities (18,636) (61,845) (16,738) (77,757)

Operating cash flow before changes in working capital $ 238,702 $ 161,573 $ 453,991 $ 83,807

Net Debt and Leverage Ratio

Management defines Net Debt , a non-GAAP financial measure, as Total Debt less Cash and Cash Equivalents .

We define Leverage Ratio , a non-GAAP financial measure, as the ratio of Net Debt to the Last Twelve Months Adjusted EBITDA .

Management believes Net Debt and Leverage Ratio are important measures to monitor our financial flexibility and evaluate the strength of our Consolidated Balance Sheets.

Net Debt and Leverage Ratio have limitations as analytical tools and may vary from similarly titled measures used by other companies.

Net Debt and Leverage Ratio should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP.

The following table presents a reconciliation of Total Debt , the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented.

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024

Total debt $ 363,516 $ 380,722 $ 363,516 $ 605,183

Cash and cash equivalents (266,342) (111,646) (266,342) (76,916)

Net debt $ 97,174 $ 269,076 $ 97,174 $ 528,267

Last Twelve Months Adjusted EBITDA $ 807,817 $ 634,803 $ 807,817 $ 287,079

Net Leverage ratio 0.1 $ 0.4 0.1 1.8

Costs Applicable to Sales

Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation.

We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold and silver, as well as assessing our operating performance and ability to generate free cash flow from operations and sustaining production.

These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP.

Management believes that allocating CAS to gold and silver based on gold and silver metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company.

Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in IFRS Accounting Standards.

Three Months Ended September 30, 2025

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

Palmarejo Rochester Kensington Wharf Silvertip Total

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

GAAP) $ 99,012 $ 61,125 $ 70,487 $ 57,144 $ 32,689 $ 989 $ 321,446

Amortization (30,908) (10,115) (18,501) (10,435) (1,762) (989) (72,710)

Costs applicable to sales $ 68,104 $ 51,010 $ 51,986 $ 46,709 $ 30,927 $ — $ 248,736

Gold ounces 17,800 26,850 13,975 28,011 27,859 — 114,495

Silver ounces 1,674,770 1,633,196 1,656,336 — 21,650 — 4,985,952

Costs applicable to sales

Gold ($/oz) $ 1,837 $ 893 $ 1,600 $ 1,669 $ 1,080

Silver ($/oz) $ 21.15 $ 16.55 $ 17.89 $ —

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $33.4 million.

Three Months Ended June 30, 2025

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

Palmarejo Rochester Kensington Wharf Silvertip Total

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

GAAP) $ 80,122 $ 58,109 $ 64,676 $ 56,304 $ 30,542 $ 928 $ 290,681

Amortization (22,375) (9,406) (16,748) (10,221) (1,549) (928) (61,227)

Costs applicable to sales $ 57,747 $ 48,703 $ 47,928 $ 46,083 $ 28,993 $ — $ 229,454

Gold ounces 16,025 26,782 13,881 26,751 23,509 — 106,948

Silver ounces 1,479,410 1,720,383 1,437,811 — 34,916 — 4,672,520

Costs applicable to sales

Gold ($/oz) $ 1,874 $ 891 $ 1,692 $ 1,721 $ 1,183

Silver ($/oz) $ 18.74 $ 14.44 $ 17.00 $ —

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $29.7 million.

Nine Months Ended September 30, 2025

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

Palmarejo Rochester Kensington Wharf Silvertip Total

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

GAAP) $ 230,904 $ 172,118 $ 198,606 $ 163,075 $ 91,742 $ 2,863 $ 859,308

Amortization (62,219) (28,702) (50,156) (28,127) (4,785) (2,863) (176,852)

Costs applicable to sales $ 168,685 $ 143,416 $ 148,450 $ 134,948 $ 86,957 $ — $ 682,456

Gold ounces 43,432 76,345 42,569 76,967 71,446 — 310,759

Silver ounces 4,077,903 4,989,965 4,376,157 — 106,600 — 13,550,625

Costs applicable to sales

Gold ($/oz) $ 1,942 $ 902 $ 1,639 $ 1,753 $ 1,166

Silver ($/oz) $ 20.68 $ 14.95 $ 17.98 $ —

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $90.2 million.

Nine Months Ended September 30, 2024

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

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

GAAP) $ 185,405 $ 128,497 $ 137,762 $ 81,187 $ 2,436 $ 535,287

Amortization (35,429) (25,434) (19,653) (4,879) (2,436) (87,831)

Costs applicable to sales $ 149,976 $ 103,063 $ 118,109 $ 76,308 $ — $ 447,456

Gold ounces 86,430 23,521 69,522 75,788 — 255,261

Silver ounces 5,199,839 2,818,930 — 178,894 — 8,197,663

Costs applicable to sales

Gold ($/oz) $ 902 $ 1,797 $ 1,699 $ 945

Silver ($/oz) $ 13.84 $ 21.57 $ —

Reconciliation of Costs Applicable to Sales for Updated 2025 Guidance

In thousands (except metal sales and per ounce amounts) Las Chispas Palmarejo Rochester Kensington Wharf

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

GAAP) $ 158,700 $ 235,309 $ 269,238 $ 218,752 $ 124,863

Amortization (50,909) (39,018) (73,221) (38,994) (6,527)

Costs applicable to sales $ 107,791 $ 196,291 $ 196,017 $ 179,758 $ 118,336

By-product credit — — — — (4,257)

Adjusted costs applicable to sales $ 107,791 $ 196,291 $ 196,017 $ 179,758 $ 114,079

Gold ounces 56,000 100,400 60,100 103,700 96,800

Silver ounces 5,443,000 6,513,000 6,192,000 127,000

Revenue Split

Gold 49% 48% 47% 100% 100%

Silver 51% 52% 53%

Adjusted costs applicable to sales

Gold ($/oz) $850 - $950 $890 - $960 $1,550 - $1,650 $1,700 - $1,800 $1,125 - $1,225

Silver ($/oz) $9.25 - $10.25 $15.00 - $16.00 $17.00 - $18.50

Reconciliation of Costs Applicable to Sales for Previous 2025 Guidance

In thousands (except metal sales and per ounce amounts) Las Chispas Palmarejo Rochester Kensington Wharf

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

GAAP) $ 144,729 $ 245,767 $ 275,743 $ 222,569 $ 130,856

Amortization (45,992) (38,779) (75,033) (43,903) (7,105)

Costs applicable to sales $ 98,737 $ 206,988 $ 200,710 $ 178,666 $ 123,751

By-product credit — — — — (2,824)

Adjusted costs applicable to sales $ 98,737 $ 206,988 $ 200,710 $ 178,666 $ 120,927

Gold ounces 52,000 100,018 68,000 104,271 95,454

Silver ounces 5,240,757 6,006,911 7,752,237 94,138

Revenue Split

Gold 48% 50% 44% 100% 100%

Silver 52% 50% 56%

Adjusted costs applicable to sales

Gold ($/oz) $850 - $950 $950 - $1,150 $1,250 - $1,450 $1,700 - $1,900 $1,250 - $1,350

Silver ($/oz) $9.25 - $10.25 $17.00 - $18.00 $14.50 - $16.50

Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, tax rates and treatment, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, the gold stream agreement at Palmarejo, liquidity management, financing plans, risk management strategies, capital allocation, and anticipated production, costs, expenses, and cash flow.

Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words.

Actual results could differ materially from those projected in the forward-looking statements.

The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2024 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations and impacts from tariffs or other trade barriers (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt.

Readers are cautioned not to put undue reliance on forward-looking statements.

The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

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

What changed 10-Q

Item 1. Financial Statements