Coeur Mining, Inc. 10-Q

Item 1. Financial Statements and Supplementary Data COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2026 December 31, 2025 ASSETS Notes In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 843,169 $ 553,597 Receivables 5 88,195 69,160 Inventory 6 567,951 163,330 Ore on leach pads 6 160,433 157,461 Prepaid expenses and other 50,430 29,129 1,710,178 972,677 NON-CURRENT ASSETS Property, plant and equipment and mining properties, net 7 12,336,584 2,744,884 Goodwill 3 625,812 625,812 Ore on leach pads 6 155,357 119,446 Restricted assets 9,139 9,114 Receivables 5 19,857 19,683 Deferred tax assets 10 144,586 140,553 Long-term stockpile 6 237,872 42,076 Other 21,942 21,437 TOTAL ASSETS $ 15,261,327 $ 4,695,682 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 258,161 $ 148,872 Accrued liabilities and other 18 166,814 212,213 Debt 8 14,072 16,996 Reclamation 9 19,331 15,063 458,378 393,144 NON-CURRENT LIABILITIES Debt 8 747,304 323,537 Reclamation 9 400,720 262,448 Deferred tax liabilities 10 3,158,651 322,983 Other long-term liabilities 83,949 80,519 4,390,624 989,487 COMMITMENTS AND CONTINGENCIES 17 STOCKHOLDERS’ EQUITY Common stock, par value $ 0.01 per share; 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 10,345 6,421 Additional paid-in capital 12,631,608 5,783,019 Accumulated deficit ( 2,229,628 ) ( 2,476,389 ) 10,412,325 3,313,051 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 15,261,327 $ 4,695,682 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, 2026 2025 Notes In thousands, except share data Revenue 4 $ 856,192 $ 360,062 COSTS AND EXPENSES Costs applicable to sales (1) 4 330,009 204,266 Amortization 99,825 43,093 General and administrative 21,662 13,912 Exploration 25,699 19,682 Pre-development, reclamation, and other 14 29,827 16,953 Total costs and expenses 507,022 297,906 Income from operations 349,170 62,156 OTHER INCOME (EXPENSE), NET Gain (loss) on debt extinguishment ( 1,554 ) — Fair value adjustments, net 12 — ( 346 ) Interest expense, net of capitalized interest 8 ( 6,443 ) ( 10,450 ) Other, net 14 7,542 406 Total other expense, net ( 455 ) ( 10,390 ) Income before income and mining taxes 348,715 51,766 Income and mining tax expense 10 ( 101,954 ) ( 18,413 ) NET INCOME $ 246,761 $ 33,353 OTHER COMPREHENSIVE INCOME: Other comprehensive loss — — COMPREHENSIVE INCOME $ 246,761 $ 33,353 NET INCOME PER SHARE 15 Basic income per share: Basic $ 0.36 $ 0.06 Diluted $ 0.35 $ 0.06 (1) Excludes amortization. The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 5 COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2026 2025 Notes In thousands CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 246,761 $ 33,353 Adjustments: Amortization 99,825 43,093 Accretion 4,839 4,732 Deferred taxes ( 1,565 ) ( 17,353 ) (Gain) loss on debt extinguishment 8 1,554 — Fair value adjustments, net 12 — 346 Stock-based compensation 11 8,627 3,298 Deferred revenue recognition 17 ( 160 ) ( 42,316 ) Acquired inventory purchase price allocation 3 85,362 27,039 Other ( 493 ) 1,524 Changes in operating assets and liabilities: Receivables ( 4,733 ) 3,945 Prepaid expenses and other current assets ( 427 ) 82,065 Inventory and ore on leach pads ( 26,803 ) ( 8,348 ) Accounts payable and accrued liabilities ( 71,951 ) ( 63,743 ) CASH PROVIDED BY OPERATING ACTIVITIES 340,836 67,635 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ( 74,079 ) ( 50,002 ) Acquisitions, net 3 128,259 103,396 Proceeds from the sale of assets 1,263 — Other ( 70 ) ( 90 ) CASH PROVIDED BY INVESTING ACTIVITIES 55,373 53,304 CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 15 401 302 Issuance of notes and bank borrowings, net of issuance costs 8 — 99,500 Payments on debt, finance leases, and associated costs 8 ( 10,283 ) ( 192,234 ) 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 ) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 290,295 22,494 Cash, cash equivalents and restricted cash at beginning of period 555,705 56,874 Cash, cash equivalents and restricted cash at end of period $ 846,000 $ 79,368 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 6 COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) In thousands Notes Common Stock Shares Common Stock Par Value Additional Paid-In Capital Accumulated 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 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 In thousands Common Stock Shares Common Stock Par Value Additional Paid-In Capital Accumulated Deficit Total Balances at December 31, 2024 399,236 $ 3,992 $ 4,181,521 $ ( 3,062,261 ) $ 1,123,252 Net income — — — 33,353 33,353 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 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. 7 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements NOTE 1 - BASIS OF PRESENTATION The interim Condensed Consolidated Financial Statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2026. The condensed consolidated December 31, 2025 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 10-K”). NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Please see Note 2 — Summary of Significant Accounting Policies contained in the 2025 10-K. Use of Estimates The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). 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 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. Accordingly, actual results will differ from the amounts estimated in these financial statements. 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 8 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements 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 changes in estimate and are accounted for prospectively. 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 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 to determine if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. 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 November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures , which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Condensed Consolidated Financial Statements and related disclosures. NOTE 3 – ACQUISITIONS 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. 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 9 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements 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. 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 months ended March 31, 2026 and 2025. 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 ) $ 6,938,701 Total purchase price $ 6,938,701 Assets: Cash and cash equivalents $ 128,259 Short-term receivables 13,669 Inventory 489,032 Prepaid expenses and other 17,379 Property, plant and equipment and mining properties 9,628,460 Long-term stockpile 195,591 Other 3,303 Total Assets $ 10,475,693 Liabilities: Accounts payable 94,179 Accrued liabilities and other (1) 40,314 Debt 424,822 Reclamation 141,234 Deferred tax liabilities (2) 2,833,201 Other long-term liabilities 3,242 Total liabilities $ 3,536,992 Net assets acquired $ 6,938,701 (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 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 In thousands Revenue $ 1,191,119 $ 626,248 Net income (loss) $ 211,723 $ ( 183,376 ) 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 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. 10 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements NOTE 4 – SEGMENT REPORTING 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. The Company’s Chief Operating Decision Maker (“CODM”), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Executive Vice President and Chief Financial Officer, and Michael Routledge, Executive Vice President and Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income 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 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 mining taxes 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 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 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. 11 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements 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 mining taxes 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 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 March 31, 2026 December 31, 2025 Total assets for reportable segments $ 14,004,619 $ 3,928,905 Cash and cash equivalents 843,169 553,597 Other assets 413,539 213,180 Total consolidated assets $ 15,261,327 $ 4,695,682 Geographic Information Long-Lived Assets March 31, 2026 December 31, 2025 United States $ 1,330,576 $ 1,315,939 Mexico 1,789,833 1,815,259 Canada 9,841,754 239,265 Other 233 233 Total $ 12,962,396 $ 3,370,696 Revenue Three months ended March 31, 2026 2025 United States $ 340,067 $ 206,237 Mexico 381,891 153,825 Canada 134,234 — Total $ 856,192 $ 360,062 12 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements NOTE 5 – RECEIVABLES Receivables consist of the following: In thousands March 31, 2026 December 31, 2025 Current receivables: Trade receivables $ 22,882 $ 18,181 VAT receivable 33,310 37,100 Income tax receivable - federal 9,627 11,931 Income tax receivable - state 14,687 — Deferred cash consideration (1) 834 834 Other (2) 6,855 1,114 $ 88,195 $ 69,160 Non-current receivables: Other tax receivable (2) $ 6,662 $ 6,488 Contingent consideration (3) 13,195 13,195 $ 19,857 $ 19,683 Total receivables $ 108,052 $ 88,843 (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. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis. NOTE 6 – INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands March 31, 2026 December 31, 2025 Inventory: Concentrate $ 18,432 $ 3,507 Stockpile ore (1) 356,918 85,450 Precious metals 53,929 15,164 Supplies 138,672 59,209 $ 567,951 $ 163,330 Ore on Leach Pads: Current $ 160,433 $ 157,461 Non-current 155,357 119,446 $ 315,790 $ 276,907 Long-term Stockpile (2) $ 237,872 $ 42,076 Total Inventory and Ore on Leach Pads $ 1,121,613 $ 482,313 (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. 13 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET Property, plant and equipment and mining properties, net consist of the following: In thousands March 31, 2026 December 31, 2025 Mine development $ 1,994,612 $ 1,657,873 Mineral interests 9,992,763 1,683,564 Land 84,694 9,961 Facilities and equipment (1) 2,726,479 1,741,055 Construction in progress 131,840 129,662 Total $ 14,930,388 $ 5,222,115 Accumulated depreciation, depletion and amortization (2) ( 2,593,804 ) ( 2,477,231 ) Property, plant and equipment and mining properties, net $ 12,336,584 $ 2,744,884 (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 March 31, 2026 December 31, 2025 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 290,975 $ — $ 290,792 2032 Senior Notes — 425,008 — — Revolving Credit Facility (2) — — — — 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 $ 2.1 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 In March 2021, the Company completed an offering of $ 375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $ 367.5 million (the “2029 Senior Notes”). 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 14 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 15 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 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. Finance Lease Obligations From time to time, the Company acquires mining equipment and facilities under finance lease agreements. 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. For more details, please see Note 8 -- Leases in the 2025 10-K. 16 Coeur Mining, Inc. and Subsidiaries Notes to Consolidated Financial Statements Interest Expense 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 Finance lease obligations 785 1,658 Amortization of debt issuance costs 842 581 Other obligations 145 645 Capitalized interest ( 189 ) ( 396 ) Total interest expense, net of capitalized interest $ 6,443 $ 10,450 NOTE 9 – RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties and assesses its financial capacity to meet closure requirement obligations. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. The 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 March 31, In thousands 2026 2025 Asset retirement obligation - Beginning $ 277,511 $ 260,492 Accretion 4,839 4,732 Additions and changes to estimates 139,159 8,644 Settlements ( 1,458 ) ( 1,356 ) Asset retirement obligation - Ending $ 420,051 $ 272,512 NOTE 10 - INCOME AND MINING TAXES 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, 2026 2025 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 ) Canada ( 41,567 ) 8,381 ( 9,952 ) ( 118 ) Mexico 251,360 ( 79,693 ) 41,090 ( 12,990 ) Other jurisdictions ( 251 ) — 303 — $ 348,715 $ ( 101,954 ) $ 51,766 $ ( 18,413 ) 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; (vii) U.S. valuation allowance release; 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 17 Coeur Mining, Inc. and Subsidiaries 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. 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 ultimately will be more likely than not 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 the section titled “Item 1A - Risk Factors” in the 2025 10-K. The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. 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 $ 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 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. The Company or one of its subsidiaries files income tax returns in the U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2022 for the U.S. federal jurisdiction, for 2016 and from 2019 for the Mexico federal jurisdiction, and from 2019 for certain other foreign jurisdictions. Our 2016 federal tax return is currently under audit in Mexico. 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 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%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. As a result of 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. NOTE 11 – STOCK-BASED COMPENSATION The Company has stock incentive plans for executives, directors and eligible employees. 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 18 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements 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 value of restricted stock Performance shares units Grant date fair value of performance share units February 20, 2026 635,144 $ 24.63 82,493 $ 36.74 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 March 31, In thousands 2026 2025 Acquired bullion and metal inventory monetization $ — $ ( 346 ) 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 February 14, 2025, the closing date of the acquisition of SilverCrest Metals Inc. (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. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2026 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts $ 1,751 $ — $ 1,751 $ — Gold and copper swap contracts 2,667 — $ 2,667 — $ 4,418 $ — $ 4,418 $ — Liabilities: Provisional metal sales contracts $ 2,620 $ — $ 2,620 $ — $ 2,620 $ — $ 2,620 $ — Fair Value at December 31, 2025 In thousands Total Level 1 Level 2 Level 3 Assets: Provisional metal sales contracts $ 1,103 $ — $ 1,103 $ — Liabilities: Provisional metal sales contracts $ 124 $ — $ 124 $ — 19 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. 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 Liabilities: 2029 Senior Notes (1) $ 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 $ — (1) Net of unamortized debt issuance costs of $ 2.1 million. December 31, 2025 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 290,792 $ 289,232 $ — $ 289,232 $ — Deferred Cash Due 2026 $ 4,829 $ 4,852 $ — $ 4,852 $ — (1) Net of unamortized debt issuance costs of $ 2.3 million. 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 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. Such instruments are classified within Level 2 of the fair value hierarchy. NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. Derivatives Not Designated as Hedging Instruments Provisional Metal Sales The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The 20 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. 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 Provisional gold sales contracts $ 80,275 $ — Average gold price per ounce $ 4,795 $ — 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: March 31, 2026 In thousands Prepaid expenses and other Accrued liabilities and other Provisional gold and copper sales contracts $ 1,751 $ 2,620 Gold and copper swap contracts $ 2,667 $ — December 31, 2025 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 1,103 $ 124 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 gold contracts $ ( 1,410 ) $ 207 Revenue Provisional metal sales copper contracts 897 $ — Revenue Gold swap contracts 944 — Revenue Copper swap contracts 165 — $ 596 $ 207 Credit Risk The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. 21 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 March 31, In thousands 2026 2025 Silvertip ongoing carrying costs $ 3,266 $ 2,626 Loss on sale of assets 25 186 Asset retirement accretion 4,839 4,732 Kensington royalty settlement (1) — ( 95 ) Transaction costs 19,910 8,887 Wage and hour litigation settlement (1) ( 517 ) — Other 2,304 617 Pre-development, reclamation and other $ 29,827 $ 16,953 (1) See Note 17 -- Commitments and Contingencies for additional details on the Kensington royalty settlement and Wage and Hour Litigation settlement. Other, net consists of the following: Three Months Ended March 31, In thousands 2026 2025 Foreign exchange gain (loss) $ 878 $ ( 758 ) Flow-through shares — 630 Interest income 6,225 321 Other 439 213 Other, net $ 7,542 $ 406 NOTE 15 – NET INCOME PER SHARE Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. 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 Net income available to common stockholders $ 246,761 $ 33,353 Weighted average shares: Basic 690,558 514,501 Effect of stock-based compensation plans 8,131 6,702 Diluted 698,689 521,203 Income per share: Basic $ 0.36 $ 0.06 Diluted $ 0.35 $ 0.06 On May 27, 2025, the Company announced a $ 75 million share repurchase program (the “Program”), effective through May 31, 2026. Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) 22 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “Modified Company 10b5-1 Plan”). 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 The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively, the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan. SUMMARIZED BALANCE SHEET Coeur Mining, Inc. Subsidiary Guarantors In thousands March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 Current assets $ 351,164 $ 375,741 $ 372,474 $ 291,673 Non-current assets (1) $ 1,286,005 $ 1,110,145 $ 1,542,713 $ 1,494,435 Non-guarantor intercompany assets $ — $ 3,008 $ — $ — Current liabilities $ 10,833 $ 33,646 $ 167,636 $ 166,385 Non-current liabilities $ 331,521 $ 311,921 $ 221,509 $ 216,889 Non-guarantor intercompany liabilities $ 4,886 $ 1,423 $ 1,620 $ 1,608 (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 23 Coeur Mining, Inc. and Subsidiaries 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 THREE MONTHS ENDED MARCH 31, 2026 In thousands New Gold Inc. Revenue $ 461,073 Gross profit (loss) $ 183,549 Net income $ 30,046 NOTE 17 – COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters 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. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration). While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and certain unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur initiated an arbitration proceeding against Mexico under Annex 14-C of the United States-Mexico-Canada Agreement, or USMCA, for violations of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in arbitration and the process for recovering funds even if there is a successful outcome in arbitration can be lengthy and unpredictable. Palmarejo Gold Stream Coeur Mexicana currently sells 50 % of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $ 800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50 % of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total 24 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. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $ 22.0 million deposit toward future deliveries. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended March 31, In thousands 2026 2025 Opening Balance $ 5,722 $ 6,382 Revenue Recognized ( 160 ) ( 152 ) Closing Balance $ 5,562 $ 6,230 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 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 March 31, In thousands 2026 2025 Opening Balance $ — $ 42,164 Additions — — Revenue Recognized — ( 42,164 ) Closing Balance $ — $ — 25 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements U.S. Wage and Hour Matter On November 13, 2024, a putative collective and class action lawsuit was filed against the Company by a former employee in the United States District Court for the Northern District of Illinois, Eastern Division (the “Court”) alleging non-compliance with certain provisions of the Fair Labor Standards Act and the Alaska Wage and Hour Act (“Wage and Hour Litigation”). 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 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 The Company, either directly or through its subsidiaries, has a number of active litigation matters related to labor and employment matters involving its operations in Mexico. Although the Company intends to vigorously defend its interests in these matters, litigation is inherently uncertain and the Company has determined it is reasonably possible that it may incur a loss of $ 0 to $ 12 million in these matters. This good faith estimate of the potential loss in these matters includes estimates of penalties and interest through the date of this Report, but such penalties and interest may continue to grow during the course of legal proceedings. As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, and other general corporate purposes. As of 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. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise. NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: In thousands March 31, 2026 December 31, 2025 Accrued salaries and wages $ 51,162 $ 42,354 Deferred revenue (1) 710 683 Income and mining taxes 82,770 116,230 Deferred Cash Due 2026 (2) 4,914 4,829 Accrued operating costs 5,710 12,506 Unrealized losses on derivatives 1,254 124 Taxes other than income and mining 6,452 17,465 Accrued interest payable 1,996 6,060 Operating lease liabilities 11,846 11,962 Accrued liabilities and other $ 166,814 $ 212,213 (1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities. (2) See Note 12 -- Fair Value Measurements for additional details on Deferred Cash Due 2026. 26 Coeur Mining, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements 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 months ended March 31, 2026 and 2025: In thousands March 31, 2026 March 31, 2025 Cash and cash equivalents $ 843,169 $ 77,574 Restricted cash equivalents (1) 2,831 1,794 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 846,000 $ 79,368 (1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Condensed Consolidated Balance Sheet. 27