What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-05 compared with 2026-05-06 · 342 added, 254 removed, 495 unchanged (55% of the section changed)

9 unchanged sentences

In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.

First Quarter Highlights

For the quarter, Coeur reported revenue of $856 million and cash provided by operating activities of $341 million.

Second Quarter Highlights

For the quarter, Coeur reported revenue of $1 billion and cash provided by operating activities of $513 million, driven by the first full quarter of contributions from New Afton and Rainy River.

We reported GAAP net income of $122 million, or $0.12 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA of $478 million and net income of $123 million or $0.12 per diluted share.

• Solid production and cost performance in line with 2026 guidance – Operating strength across the portfolio led to first quarter production of 96,503 ounces of gold and 4.4 million ounces of silver, representing year-over-year increases of 11% and 18%, respectively.

Full-year 2026 production remains on-track to reach 680,000 - 815,000 ounces of gold, 18.7 - 21.9 million ounces of silver, and 50 - 65 million pounds of copper

• Record financial results – First quarter free cash flow totaled $267 million despite several first-quarter specific outflows totaling over $200 million.

Quarterly adjusted EBITDA 1 increased 12% versus the prior quarter and nearly quadrupled year-over-year to a record $475 million, driving the last-twelve-month total to nearly $1.4 billion.

Average realized prices for gold and silver increased 15% and 53%, respectively, compared to the fourth quarter

• Strong financial position and growing liquidity resulting in updated financial policy – Cash and cash equivalents of $843 million represented an increase of 52% compared to the prior quarter and a near eleven-fold increase compared to the prior-year period.

On March 23, 2026, Coeur announced an expanded $750 million share repurchase program and the establishment of an inaugural dividend policy of $0.02 per share of Coeur common stock paid semiannually, with the first dividend expected to be paid during the second quarter of 2026.

The Company also entered into a new $1 billion revolving credit facility during the first quarter

• New Gold transaction completed;

integration efforts advancing on schedule – During the eleven days of the first quarter following completion of the New Gold transaction on March 20, 2026, New Afton and Rainy River contributed production of 14,145 ounces of gold, 22,989 ounces of silver and 1.4 million pounds of copper.

Ongoing organizational integration initiatives are progressing according to plan

• New Afton’s K-Zone maiden resource adds to Coeur’s pipeline of attractive growth projects – On March 23, 2026, Coeur filed updated technical reports for New Afton and Rainy River, which included an initial resource at New Afton’s K-Zone totaling 47.6 million tonnes of measured and indicated mineral resources, containing an estimated 715,000 ounces of gold, 2.9 million ounces of silver and 606 million pounds of copper.

Inferred mineral resources totaled 5.9 million tonnes containing 86,000 ounces of gold, 309,000 ounces of silver, and 77 million pounds of copper

• Updated Rainy River technical report highlights mine life expansion – New life of mine plan reflects strong production and cash flow profile including a two-year mine life extension to 2035

For the six months ended June 30, 2026, Coeur reported revenue of $2 billion and cash provided by operating activities of $854 million.

We reported GAAP net income of $369 million, or $0.42 per diluted share.

On a non-GAAP adjusted basis, the Company reported EBITDA of $953 million and net income of $376 million or $0.43 per diluted share.

• Record financial results despite lower realized prices – Record revenue of $1.1 billion increased 27% quarter over quarter and 126% year over year, record adjusted EBITDA of $478 million was slightly higher quarter over quarter and increased 124% year over year, and free cash flow of $388 million increased 45% quarter over quarter and 165% year over year.

Average realized gold and silver prices declined 6% and 14% quarter over quarter, respectively, to $4,140 per gold ounce and $71.18 per silver ounce.

Average realized prices in June were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce.

Silver contributed 30% of the Company’s revenue in the quarter

• Solid production balanced across portfolio, including record gold output – Quarterly gold production reached a record 163,490 ounces, representing a 51% increase year over year and 69% increase quarter over quarter, reflecting the first full quarter of contributions from the recently-acquired New Afton and Rainy River operations and a near doubling of Wharf’s gold production from the prior quarter.

Quarterly silver production of 4.4 million ounces was flat quarter over quarter and down 7% year over year, partially driven by lower silver grades at Rochester and Palmarejo and offset by record crusher performance at Rochester

• Growing liquidity and robust capital returns – Coeur’s $1.1 billion quarter-end cash balance was nearly ten times higher than the prior-year quarter-end and double the year-end 2025 cash balance.

Since the commencement of the enhanced capital return program in mid-May, Coeur has repurchased $121 million of common stock, or 6.7 million shares, through July 31, and issued payment of an inaugural $0.02 per share semi-annual dividend in June.

The Company also eliminated $39 million of capital leases in the quarter

• Record expected full-year production and financial results;

adjustments to partial-year guidance ranges at new Canadian operations – Based on the mid-point of refined 2026 guidance ranges and updated metals price assumptions, the Company now expects to produce approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper and generate record full-year adjusted EBITDA of $2.3 billion and free cash flow of $1.5 billion.

Coeur’s five legacy operations remain on track to achieve their prior stated full-year guidance while partial-year guidance updates at the two new Canadian operations reflect slightly slower than previously assumed ramp-up rates at New Afton’s C-Zone and Rainy River’s underground operations in 2026

Selected Financial and Operating Results

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Financial Results:

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

Includes costs of $85 million, $3 million, and $27 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively, related to the purchase price allocation (“PPA”) ascribed to Inventory at New Afton, Rainy River and Las Chispas .

Includes costs of $140 million and $85 million for the three months ended June 30, 2026 and March 31, 2026, respectively, and $225 million and $57 million for the six months ended June 30, 2026 and 2025, respectively, related to the PPA ascribed to Inventory at New Afton, Rainy River and Las Chispas .

(2) Includes finance leases.

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Consolidated Financial Results

Three Months Ended March 31, 2026 compared to Three Months Ended December 31, 2025

We sold 108,420 gold ounces, 4.4 million silver ounces, and 3.4 million copper pounds, compared to 111,273 gold ounces, 4.6 million silver ounces and zero copper pounds.

Revenue increased by $181 million, or 27%, as a result of 15% and 53% increases in average realized gold and silver prices, respectively, and sales of 3.4 million copper pounds from acquired inventory at New Afton, partially offset by a 3% and 5% decrease in gold and silver ounces sold, respectively.

The decrease in gold ounces sold was the result of temporarily-reduced crushing capacity at Wharf, lower mill throughput at Kensington and Palmarejo, lower grades at Rochester and Kensington, and lower placement rates at Rochester.

This was partially offset by post-acquisition sales at Rainy River and New Afton.

The decrease in silver ounces sold was the result of lower mill throughput at Palmarejo, and lower placement rates at Rochester, partially offset by higher mill throughput and recoveries at Las Chispas.

Gold, silver, and copper represented 56%, 42%, and 2% of first quarter 2026 sales revenue, respectively, compared to 63%, 37%, and nil of fourth quarter 2025 sales revenue, respectively.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

We sold 167,877 gold ounces, 4.5 million silver ounces, and 11.3 million copper pounds compared to 108,420 gold ounces, 4.4 million silver ounces, and 3.4 million copper pounds.

Revenue increased by $229 million, or 27%, as a result of full-quarter sales from Rainy River and New Afton, a 2% increase in gold ounces sold from Coeur’s legacy mines, and a 10% increase in average realized copper price, partially offset by a 1% decrease in silver sales from Coeur’s legacy mines and 6% and 14% decreases in average realized gold and silver prices, respectively.

The increase in gold ounces sold was the result of higher mill throughput at Las Chispas and Kensington, higher placement rates at Wharf, and full-quarter sales at Rainy River and New Afton.

This was partially offset by lower grades at Palmarejo, and sequencing and timing of grade delivered to pad at Rochester.

The slight increase in silver ounces sold was the result of full-quarter sales at Rainy River and New Afton, partially offset by lower grades at Palmarejo, and sequencing and timing of grade delivered to pad at Rochester.

Gold, silver, and copper represented 64%, 30%, and 6% of second quarter 2026 sales revenue, respectively, compared to 56%, 42%, and 2% of first quarter 2026 sales revenue, respectively.

The following table summarizes consolidated metal sales:

Three Months Ended Increase (Decrease) Percentage Change

In thousands March 31, 2026 December 31, 2025

In thousands June 30, 2026 March 31, 2026

Gold sales $ 694,992 $ 475,222 $ 219,770 46 %

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Costs Applicable to Sales

Costs applicable to sales increased $114 million, or 53%, primarily driven by post-acquisition sales at Rainy River and New Afton as well as the impact of the purchase price allocation (“PPA”) ascribed to Inventory of $85 million compared to $3 million in the fourth quarter of 2025, partially offset by lower gold ounces sold at Wharf.

Costs applicable to sales increased $220 million, or 67%, primarily driven by full-quarter sales at Rainy River and New Afton as well as the impact of the PPA ascribed to Inventory of $140 million compared to $85 million in the first quarter of 2026.

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

Amortization increased $26 million, or 36%, as a result of post-acquisition sales at Rainy River and New Afton, and higher gold and silver ounces sold at Las Chispas, partially offset by lower gold and silver ounces sold at Palmarejo, Rochester, Kensington and Wharf.

General and administrative expenses increased $6 million, or 42%, primarily due to higher stock-based compensation and annual incentive costs.

Exploration expense increased $7 million, or 39%, primarily due to planned increased drilling at Las Chispas, Kensington and Wharf.

Pre-development, reclamation, and other expenses increased $6 million, or 25%, as a result of higher transaction costs associated with the acquisition of New Gold.

Amortization increased $156 million, or 156%, as a result of full-quarter sales at Rainy River and New Afton, and higher gold and silver ounces sold at Las Chispas and Wharf, partially offset by lower gold and silver ounces sold at Palmarejo, Rochester, and Kensington.

General and administrative expenses increased $1 million, or 5%, primarily due to higher outside service and travel costs, partially offset by lower stock-based compensation costs.

Exploration expense increased $8 million, or 33%, primarily due to full-quarter of exploration activity at Rainy River and New Afton, and increased drilling activity at Wharf, Kensington, and Rochester.

Pre-development, reclamation, and other expenses decreased $23 million, or 78%, as a result of lower transaction and integration costs associated with the acquisition of New Gold in the first quarter and the receipt of property damage insurance proceeds related to the fire incident at Wharf.

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

Three Months Ended Increase (Decrease) Percentage Change

In thousands March 31, 2026 December 31, 2025

In thousands June 30, 2026 March 31, 2026

Silvertip ongoing carrying costs $ 3,242 $ 3,266 $ (24) (1) %

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Asset retirement accretion 6,088 4,839 1,249 26 %

Transaction costs 19,910 14,248 5,662 40 %

Transaction and integration costs 3,954 19,910 (15,956) (80) %

Wage and hour litigation settlement — (517) 517 (100) %

Obligor exchange 2,464 — 2,464 100 %

Wharf property damage proceeds (10,000) — (10,000) 100 %

Other 790 2,304 (1,514) (66) %

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Other Income and Expenses

The Company incurred $2 million of debt extinguishment costs following the termination of the $400 million revolving credit facility and its replacement with a new $1.0 billion revolving credit facility.

Interest expense (net of capitalized interest) was unchanged at $6 million as interest on the $400 million of debt assumed from the New Gold Transaction was offset by lower interest paid on finance leases.

The new $1.0 billion RCF had no outstanding amount drawn as of March 31, 2026.

Other, net increased to a gain of $8 million compared to $6 million as a result of higher interest income, partially offset by lower foreign exchange rate gains.

The Company incurred $0.3 million of debt extinguishment costs following the prepayment of $39 million of Rochester finance leases.

Interest expense (net of capitalized interest) increased to $11 million attributable to the higher interest paid under the New Gold 2032 Senior Notes assumed in the New Gold Transaction and 2032 Senior Notes, partially offset by lower interest paid on finance leases.

The new $1.0 billion RCF had no outstanding amount drawn as of June 30, 2026.

Other, net increased to a gain of $10 million compared to $8 million as a result of higher foreign exchange rate gains.

Income and Mining Taxes

Income and mining tax expense of approximately $102 million resulted in an effective tax rate of 29.2% for three months ended March 31, 2026.

This compares to income tax expense of $113 million for an effective tax rate of 34.4% for three months ended December 31, 2025.

Income and mining tax expense of approximately $93 million resulted in an effective tax rate of 43.3% for the three months ended June 30, 2026.

This compares to income tax expense of $102 million for an effective tax rate of 29.2% for the three months ended March 31, 2026.

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) foreign exchange rates;

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

(v) mining taxes;

(vi) the impact of uncertain tax positions;

(vii) percentage depletion and (viii) U.S.

valuation allowance release.

(ii) foreign exchange rates;

(iii) variations in our income before income taxes;

(iv) geographic distribution of that income;

(v) the impact of uncertain tax positions;

(vi) mining taxes;

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

and (viii) percentage depletion.

Fluctuations in foreign exchange rates on deferred tax balances decreased income and mining tax expense by $2 million and increased income and mining tax expense by $6 million for the three months ended March 31, 2026 and December 31, 2025, respectively.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $10 million and decreased income and mining tax expense by $2 million for the three months ended June 30, 2026 and March 31, 2026, 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.

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

Three Months Ended March 31, Three Months Ended December 31,

Three Months Ended June 30, Three Months Ended March 31,

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

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net deferred tax assets.

In the first quarter of 2026, the Company released $1 million of valuation allowance against its U.S.

During the three and six months ended June 30, 2026, the Company released nil and $1.0 million, respectively, of valuation allowance against its U.S.

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

The $1 million valuation allowance release is related to forecasted future year income.

The $1.0 million valuation allowance released 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 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.

federal and state deferred tax assets as of June 30, 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.

Net income was $122 million, or $0.12 per diluted share, compared to $247 million, or $0.35 per diluted share.

The increase in net income was driven by a 15% and 53% increase in average realized gold and silver prices, respectively, and post-acquisition sales at Rainy River and New Afton.

This was partially offset by a 3% and 5% decrease in gold and silver ounces sold, respectively, post-acquisition costs applicable to sales at Rainy River and New Afton, higher general and administrative and exploration costs, and higher income and mining taxes.

The decrease in net income resulted from a 1% decrease in silver sales from Coeur’s legacy mines and a 6% and 14% decrease in average realized gold and silver prices, respectively, post-acquisition costs applicable to sales at Rainy River and New Afton, and higher exploration and interest expense.

This was partially offset by full-quarter sales from Rainy River and New Afton and a 2% increase in gold ounces sold from Coeur’s legacy mines, and lower income and mining taxes.

Adjusted net income was $123 million, or $0.12 per diluted share, compared to $253 million, or $0.36 per diluted share (see “Non-GAAP Financial Performance Measures”).

Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025

We sold 108,420 gold ounces, 4.4 million silver ounces, and 3.4 million copper pounds, compared to 89,316 gold ounces, 3.9 million silver ounces and zero copper pounds.

Revenue increased by $496 million, or 138%, as a result of 21% and 12% increases in gold and silver ounces sold, respectively, sales of 3.4 million copper pounds from acquired inventory at New Afton, and a 66% and 159% increase in average realized gold and silver prices, respectively.

The increase in gold ounces sold was primarily due to full-quarter sales at Las Chispas and post-acquisition sales at Rainy River and New Afton, partially offset by lower mill throughput at Kensington and temporarily-reduced crushing capacity at Wharf.

The increase in silver ounces sold resulted from full-quarter sales at Las Chispas, higher placement rates at Rochester, partially offset by lower grades at Palmarejo and Rochester.

Gold, silver and copper represented 56%, 42% and 2% of sales revenue during the first quarter of 2026, respectively, compared to 65%, 35% and nil during the first quarter of 2025, respectively.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

The Company sold 276,297 gold ounces, 8.9 million silver ounces, and 14.7 million copper pounds compared to 196,264 gold ounces, 8.6 million silver ounces, and zero copper pounds.

Revenue increased by $1,101 million, or 131%, as a result of post-acquisition sales at Rainy River and New Afton, a 1% increase in silver ounces sold from Coeur’s legacy mines, and a 49% and 133% increase in average realized gold and silver prices, respectively.

This was partially offset by a 14% decrease in gold ounces sold from Coeur’s legacy mines.

The increase in gold ounces sold was primarily due to full-year sales at Las Chispas and post-acquisition sales at Rainy River and New Afton, partially offset by lower mill throughput at Palmarejo and Kensington, lower grades at Palmarejo, Rochester, and Kensington, and temporarily reduced crushing capacity at Wharf.

The increase in silver ounces sold resulted from full-quarter sales at Las Chispas, partially offset by lower mill throughput at Palmarejo, and grades at Palmarejo and Rochester.

Gold, silver and copper represented 60%, 35% and 5% of 2026 sales, respectively, compared to 66%, 34% and nil of 2025 sales, respectively.

The following table summarizes consolidated metal sales:

Three Months Ended March 31, Increase (Decrease) Percentage Change

Six Months Ended June 30, Increase (Decrease) Percentage Change

In thousands 2026 2025

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Costs Applicable to Sales

Costs applicable to sales increased $126 million, or 62%, primarily due to the post-acquisition sales at Rainy River and New Afton, full-quarter sales at Las Chispas and higher operating costs at Palmarejo, Rochester and Kensington, partially offset lower gold ounces sold Wharf.

Cost applicable to sales includes the impact of the PPA ascribed to Inventory of $85 million compared to $27 million during the first quarter of 2025.

Costs applicable to sales increased $446 million, or 103%, primarily due to the post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas and higher operating costs at Palmarejo, Rochester and Kensington, partially offset by lower gold ounces sold Wharf.

Cost applicable to sales includes the impact of the PPA ascribed to Inventory of $225 million compared to $57 million during 2025.

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

Amortization increased $57 million, or 132%, as a result of post-acquisition sales at Rainy River and New Afton, full-quarter sales at Las Chispas, partially offset lower gold ounces sold at Palmarejo and Wharf.

General and administrative expenses increased $8 million, or 56%, primarily due to higher stock-based compensation, annual incentive, outside service, and audit fees.

Exploration expense increased $6 million, or 31%, driven by planned higher resource expansion drilling activity at all locations, and full-quarter exploration expense at Las Chispas.

Pre-development, reclamation, and other expenses increased $13 million, or 76%, primarily due to higher transaction costs related to the acquisition of New Gold.

Amortization increased $251 million, or 240%, as a result of post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas, partially offset by lower gold ounces sold at Palmarejo, Kensington and Wharf.

General and administrative expenses increased $17 million, or 63%, primarily due to higher stock-based compensation, annual incentive compensation, outside services, and audit fees.

Exploration expense increased $17 million, or 39%, driven by planned higher resource expansion drilling activity at all locations, full-year exploration expense at Las Chispas, and post-acquisition exploration expense at Rainy River and New Afton.

Pre-development, reclamation, and other expenses increased $6 million, or 21%, primarily due to higher transaction and integration costs related to the New Gold Transaction, partially offset by the receipt of property damage insurance proceeds related to the fire incident at Wharf.

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

Three Months Ended March 31, Increase (Decrease) Percentage Change

Six Months Ended June 30, Increase (Decrease) Percentage Change

In thousands 2026 2025

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Kensington royalty settlement — (95) 95 (100) %

Transaction costs 19,910 8,887 11,023 124 %

Wage and hour litigation settlement (517) — (517) (100) %

Transaction and integration costs 23,864 11,710 12,154 104 %

Obligor exchange 2,464 — 2,464 100 %

Wharf property damage proceeds (10,000) — (10,000) (100) %

Other 2,576 3,514 (938) (27) %

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Other Income and Expenses

The Company incurred $2 million of debt extinguishment costs following the termination of the $400 million revolving credit facility and its replacement with the new $1.0 billion revolving credit facility.

Interest expense (net of capitalized interest) decreased to $6 million from $10 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 2025.

The new $1.0 billion RCF had no outstanding amount drawn as of March 31, 2026.

Other, net increased to a gain of $8 million compared to $0.4 million as a result of higher interest income.

Interest expense (net of capitalized interest) decreased to $17 million from $19 million due to lower interest paid under the RCF driven by lower average debt levels and lower interest paid under finance leases, partially offset by higher interest paid under the New Gold 2032 Senior Notes assumed in the New Gold Transaction and 2032 Senior Notes.

The new $1.0 billion RCF had no outstanding amount drawn as of June 30, 2026.

Other, net increased to a gain of $17 million compared to $1.9 million as a result of higher interest income and foreign exchange rate gains.

Income and Mining Taxes

Income and mining tax expense of approximately $102 million resulted in an effective tax rate of 29.2% for the first quarter of 2026.

This compares to income tax expense of $18 million for an effective tax rate of 35.6% for the first quarter of 2025.

Income and mining tax expense of approximately $195 million resulted in an effective tax rate of 34.6% for the six months ended June 30, 2026.

This compares to income tax expense of $81 million for an effective tax rate of 43.8% for the six 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:

3 unchanged sentences

(iv) percentage depletion;

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

(vi) foreign exchange rates;

(v) foreign exchange rates;

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

(vii) the impact of uncertain tax positions and (viii) 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 $2 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $9 million and $28 million for the six months ended June 30, 2026 and 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.

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

Three Months Ended March 31,

Six Months Ended June 30,

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

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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.

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”.

1 unchanged sentence

net deferred tax assets.

In the first quarter of 2026, the Company released $1 million of valuation allowance against its U.S.

net deferred tax assets, resulting

in a non-cash deferred tax benefit.

The $1 million valuation allowance release is related to forecasted future year income.

During the three and six months ended June 30, 2026, the Company released nil and $1.0 million, respectively, of valuation allowance against its U.S.

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

The $1 million valuation allowance released 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 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.

federal and state deferred tax assets as of June 30, 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.

Net income was $369 million, or $0.42 per diluted share, compared to $104 million, or $0.18 per diluted share.

The increase in net income was driven by a 21% and 12% increase in gold and silver ounces sold, respectively, which includes post-acquisition sales at Rainy River and New Afton and full-quarter sales at Las Chispas, a 66% and 159% increase in average realized gold and silver prices, respectively, and lower interest expense This was partially offset by post-acquisition costs applicable to sales at Rainy River and New Afton, higher general and administrative, exploration, and Transaction costs.

The increase in net income was driven by a 1% increase in silver ounces sold from Coeur’s legacy mines, post-acquisition sales at Rainy River and New Afton, a 49% and 133% increase in average realized gold and silver prices, respectively, and full-quarter sales at Las Chispas.

This was partially offset by post-acquisition costs applicable to sales at Rainy River and New Afton, higher general and administrative, exploration, transaction and integration costs, and mining and income tax expense.

Adjusted net income was $376 million, or $0.43 per diluted share, compared to $143 million, or $0.25 per diluted share (see “Non-GAAP Financial Performance Measures”).

2026 Guidance

The Company has reaffirmed its full-year 2026 guidance, including production, CAS, capital expenditures, depreciation, depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax.

Overall cost guidance reflects higher expected royalty expense driven by stronger realized metal prices, particularly at Rochester, the impact of a stronger Mexican peso, inflation of 3% to 5% across the portfolio, and higher planned maintenance costs.

For our co-product mines (New Afton, Las Chispas, Palmarejo, and Rochester), costs are allocated to gold, silver, and copper based on their relative revenue contribution.

Given the higher expected contribution of silver to total revenue due to the outperformance of silver’s price relative to the gold price, silver CAS per ounce is expected to be higher in 2026, consistent with the trend seen in the second half of 2025.

The Company has refined its full-year 2026 guidance for production, CAS, capital expenditures, amortization, and income and mining tax to reflect lower assumed metals prices in the second half of 2026 and to incorporate post-acquisition adjustments following the initial full quarter of ownership by Coeur of Rainy River and New Afton.

Updated production and CAS guidance for the nine months of ownership of Rainy River and New Afton in 2026 reflects slightly slower assumed ramp-up rates at Rainy River’s underground operations and New Afton’s C-Zone.

Full-year production and CAS guidance for Coeur’s five legacy operations remain unchanged.

The Company reaffirmed its full-year guidance for exploration and general and administrative expenses (“G&A”).

Capital expenditure guidance increased to $520 - $605 million (previously $437 - $526 million), primarily reflecting the inclusion of approximately $45 million of capitalized stripping costs (previously categorized as expensed) and $25 million of expenditures related to underground development, equipment and infrastructure at Rainy River.

The updated capital expenditure guidance also included the addition of approximately $15 million of development capital at Silvertip to support further project study work.

Based on lower assumed metal prices, the Company reduced full-year 2026 cash income and mining tax guidance to $350 - $450 million (previously $475 - $600 million).

Based on the preliminary purchase price allocation for mineral properties, the Company reduced full-year 2026 amortization to $1.1 - $1.2 billion (previously $1.2 - $1.4 billion).

2026 Production Guidance

Gold Silver Copper

(oz) (K oz) (M lbs)

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Gold Silver Copper Gold Silver Copper

(oz) (K oz) (M lbs) (oz) (K oz) (M lbs)

New Afton 60,000 - 80,000 130 - 180 50 - 65 50,000 - 60,000 100 - 180 40 - 50

7 unchanged sentences

2026 Adjusted Costs Applicable to Sales Guidance

Gold Silver Copper

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

Previous Updated

Gold Silver Copper Gold Silver Copper

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

New Afton (co-product) $1,000 - $1,200 - $1.20 - $1.35 $1,300 - $1,600 - $2.00 - $2.30

$1,000 - $1,200 — $1.20 - $1.35

Rainy River (by-product) $2,150 - $2,350 - - $2,700 - $3,000 - -

$2,150 - $2,350 — —

Las Chispas (co-product) $750 - $950 $12.50 - $14.50 - $750 - $950 $12.50 - $14.50 -

3 unchanged sentences

Wharf (by-product) $1,400 - $1,600 - - $1,400 - $1,600 - -

2026 Capital, DD&A, Exploration, G&A and Income and Mining Tax Guidance

2026 Capital, Amortization, Exploration, G&A and Income and Mining Tax Guidance

Previous Updated

Capital Expenditures, Sustaining $291 - $337 $360 - $405

6 unchanged sentences

Effective Tax Rate (%) 30% - 36% 34% - 38%

The Company’s guidance figures assume estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00.

The Company’s previous guidance figures assumed estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00.

The Company’s updated guidance figures assume estimated prices of $4,000/oz gold, $60.00/oz silver, and $6.00/lb copper, as well as CAD of 1.38 and MXN of 18.00.

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

2 unchanged sentences

New Afton, Canada

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Tonnes milled 1,101,408 134,385 1,235,793 —

10 unchanged sentences

CAS per gold ounce (1)

$ 1,778 $ 4,488 $ 2,371 —

CAS per copper pound (1)

$ 2.33 $ 5.36 $ 3.04 —

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2026

New Afton results represent eleven days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026.

Includes the impact of $2,560 and $3.10 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the first quarter of 2026, and $531 and $0.73 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the six months ended June 30, 2026.

The impact on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA in the second quarter of 2026 was not significant.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Gold and copper production increased 776% and 761%, respectively, reflecting the first full quarter of operations under Coeur’s ownership, as the prior quarter represented only 11 days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026, and higher gold and copper grades.

Metal sales were $133 million, or 12% of Coeur’s metal sales, compared with $38 million, or 4% of Coeur’s metal sales.

Revenue increased by $96 million, or 253%, of which $95 million was due to higher volume of gold and copper production and $1 million was due to higher average realized copper prices, partially offset by lower average realized gold prices.

Costs applicable to sales per gold ounce and copper pound sold in the first quarter of 2026 included $2,560 and $3.10, respectively, of costs related to the expensing of $20 million of PPA that was ascribed to Inventory.

The second quarter PPA impact was not significant.

Amortization totaled $106 million.

Capital expenditures were $12 million.

Six Months Ended June 30, 2026

New Afton results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026.

Metal sales were $171 million, or 9% of Coeur’s metal sales.

1 unchanged sentence

Amortization totaled $121 million.

Capital expenditures were not significant.

Capital expenditures were $12 million.

Rainy River, Canada

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Tonnes milled 2,396,866 225,632 2,622,498 —

6 unchanged sentences

CAS per gold ounce (1)

$ 3,788 $ 4,215 $ 3,889 —

(1) See Non-GAAP Financial Performance Measures.

Includes the impact of $3,026 on costs applicable to sales per gold ounce sold, attributable to PPA ascribed to Inventory of $65 million in the first quarter of 2026.

Three Months Ended March 31, 2026

Rainy River results represent eleven days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026.

Includes the impact of $2,036, $3,026, and $2,270 on costs applicable to sales per gold ounce sold, attributable to PPA ascribed to Inventory of $141 million, $65 million, and $205 million in the second quarter, first quarter and six months ended June 30, 2026, respectively.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Gold and silver production increased 413% and 561%, respectively, reflecting the first full quarter of operations under Coeur’s ownership, as the prior quarter represented only 11 days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026, and higher gold grades.

Metal sales were $305 million, or 28% of Coeur’s metal sales, compared with $96 million, or 11% of Coeur’s metal sales.

Revenue increased by $208 million, or 216%, of which $211 million was due to higher volume of gold and silver production, partially offset by $3 million due to lower average realized gold and silver prices.

Costs applicable to sales per gold ounce sold for second and first quarter of 2026 include $2,036 and $3,026, respectively, of costs related to the expensing of $141 million and $65 million, respectively, of PPA that was ascribed to Inventory .

Amortization totaled $79 million.

Capital expenditures were $57 million.

Six Months Ended June 30, 2026

Rainy River results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026.

Metal sales were $401 million, or 21% of Coeur’s metal sales.

Costs applicable to sales per gold ounce sold includes $3,026 of costs related to the expensing of $65 million of PPA that was ascribed to Inventory .

Costs applicable to sales per gold ounce sold include $2,270 of costs related to the expensing of $205 million of PPA that was ascribed to Inventory .

Amortization totaled $96 million.

1 unchanged sentence

Las Chispas, Mexico

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Tonnes milled 129,334 119,197 248,531 161,267

12 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

Includes the impact of $1,351 and $15.22 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $27.0 million in the first quarter of 2025.

Includes the impact of $101 and $1.33 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $3 million in the fourth quarter of 2025.

Three Months Ended March 31, 2026 compared to Three Months Ended December 31, 2025

Gold and silver production increased 2% and 8%, respectively, as a result of a 4% increase in mill throughput and higher average gold grade and silver recoveries.

Includes the impact of $1,106 and $11.80 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $57 million in the six months ended June 30, 2025.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Gold and silver production increased 3% and 2%, respectively, as a result of higher mill throughput, partially offset by lower silver grades.

Metal sales were $187 million, or 17% of Coeur’s metal sales, compared with $194 million, or 23% of Coeur’s metal sales.

Revenue increased by $59 million, or 44%, of which $51 million was due to higher average realized gold and silver prices and $8 million was the result of higher volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 22% and increased 2%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher production and the absence of impact of PPA in 2026, partially offset by higher labor costs.

Revenue decreased by $7 million, or 3%, of which $21 million was due to lower average realized gold and silver prices, partially offset by $14 million due to higher volume of gold and silver production.

Costs applicable to sales per gold and silver ounce increased 9% and decreased 1%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, and higher production, partially offset by higher outside service costs.

Amortization increased by $4 million to $40 million as a result of higher gold and silver ounces sold.

Capital expenditures remained comparable at $13 million.

Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025

Las Chispas results represent post-acquisition activity subsequent to the acquisition of SilverCrest on February 14, 2025, which drove the gold and silver production increase of 109% and 107%, respectively.

Capital expenditures increased to $16 million driven by the timing of capital expenditure payments.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

Las Chispas results represent post-acquisition activity subsequent to the SilverCrest Transaction that closed on February 14, 2025, which drove the gold and silver production increase of 30% and 35%, respectively.

Metal sales were $381 million, or 20% of Coeur’s metal sales, compared with $161 million, or 19% of Coeur’s metal sales.

1 unchanged sentence

Costs applicable to sales per gold and silver ounce decreased 59% and 35%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and the absence of PPA that was ascribed to Inventory in 2026.

In the prior year quarter, costs applicable to sales per gold and silver ounce sold includes $1,351 and $15.22, respectively, of costs related to the expensing of the $27 million of PPA.

Amortization and capital expenditures increased to $35 million and $13 million, respectively, due to a full-quarter of results in 2026.

In the prior year, costs applicable to sales per gold and silver ounce sold included $1,106 and $11.80, respectively, of costs related to the expensing of the $57 million of PPA.

Amortization and capital expenditures increased to $75 million and $29 million, respectively, due to a full year of results in 2026.

Palmarejo, Mexico

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Tonnes milled 485,614 441,721 927,335 838,964

12 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2026 compared to Three Months Ended December 31, 2025

Gold and silver production decreased 11% and 6%, respectively, as a result of a 6% decrease in mill throughput and lower gold and silver grades, partially offset by higher average gold and silver recoveries.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Gold and silver production decreased 19% and increased 1%, respectively, as a result of lower gold and silver grades and lower average gold and silver recoveries, partially offset by higher mill throughput.

Metal sales were $160 million, or 15% of Coeur’s metal sales, compared with $188 million, or 22% of Coeur’s metal sales.

Revenue increased by $46 million, or 32%, of which $53 million was due to higher average realized gold and silver prices, partially offset by $7 million as a result of lower volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 11% and increased 26%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor costs and lower production.

Amortization decreased by $2 million to $7 million as a result of lower gold and silver ounces sold.

Capital expenditures remained comparable at $9 million as higher underground development expenditures offset lower mining equipment purchases.

Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025

Gold production remained comparable and silver production decreased 12%, as a result of a decrease in gold and silver grades, partially offset by an increase of 10% in mill throughput and higher average gold and silver recoveries.

Revenue decreased by $29 million, or 15%, of which $22 million was due to lower average realized gold and silver prices, and $7 million was attributable to lower volume of gold and silver production.

Costs applicable to sales per gold and silver ounce increased 34% and 20%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, and lower gold production.

Amortization decreased by $1 million to $6 million as a result of lower gold ounces sold.

Capital expenditures decreased to $7 million due to lower infill drilling.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

Gold and silver production decreased 17% and 13%, respectively, as a result of lower gold and silver grades, partially offset by higher mill throughput.

Metal sales were $348 million, or 18% of Coeur’s metal sales, compared with $210 million, or 25% of Coeur’s metal sales.

Revenue increased by $138 million, or 66%, of which $188 million was due to higher gold and silver prices, partially offset by $50 million due to lower volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 14% and increased 60%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation, higher labor and consumable costs, and favorable impact of exchange rates in the first quarter of 2025.

Amortization decreased by $2 million to $7 million due to lower silver ounces sold.

Capital expenditures increased from $6 million to $9 million due to the higher underground development.

Costs applicable to sales per gold and silver ounce remained comparable and increased 76%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, lower production, and favorable impact of exchange rates in 2025.

Amortization decreased to $13 million due to lower gold and silver ounces sold.

Capital expenditures increased to $16 million due to higher levels of underground development and infill drilling.

Rochester, United States

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Tonnes placed (1)

10 unchanged sentences

$ 30.04 $ 24.04 $ 27.07 $ 17.73

(1) Includes 6.5 million, 7.0 million and 5.5 million of crushed ore tonnes placed on the new leach pad in the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(1) During the three months ended June 30, 2026 and March 31, 2026, 6.8 million and 5.9 million tonnes of crushed ore were placed on the new leach pad, respectively.

During the six months ended June 30, 2026 and June 30, 2025, 12.7 million and 11.1 million tonnes of crushed ore were placed on the new leach pad, respectively.

(2) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2026 compared to Three Months Ended December 31, 2025

Gold and silver production decreased 20% driven by lower grades and placement rates of crushed and direct-to-pad (“DTP”) material during the quarter affected by hauling of overliner material for the pad expansion.

Ore tonnes crushed during the quarter consisted of approximately 5.9 million tonnes (6.5 million tons) through the crushing circuit and 0.8 million tonnes (0.9 million tons) of DTP material.

Ore tonnes placed during the quarter totaled 6.7 tonnes (7.4 million tons), a 28% (2.5 million tonnes) decrease from the prior quarter.

Metal sales were $181 million, or 21% of Coeur’s metal sales, compared with $168 million, or 25% of Coeur’s metal sales in the prior year period.

Revenue increased by $13 million, or 8%, of which $58 million was due to higher average realized gold and silver prices, partially offset by $45 million was due to a lower volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 2% and increased 20%, respectively, as a result of the decrease in ore tonnes placed, higher labor and maintenance costs, and the mix of gold and silver sales which impacted co-production cost allocation.

Amortization decreased to $16 million due to the decrease in gold and silver ounces sold.

Capital expenditures increased to $23 million from $15 million due to equipment purchases and higher capitalized stripping related to the construction of a new open pit.

Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025

Gold and silver production increased 6% and 9%, respectively, driven by the increased production from the new leach pad driven by higher placement rates in prior quarters.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Gold and silver production decreased 17% and 12%, respectively, driven by timing of tonnes delivered to pad .

Ore tonnes crushed during the quarter consisted of approximately 6.8 million tonnes (7.5 million tons) through the crushing circuit and 1.3 million tonnes (1.4 million tons) of direct to pad (“DTP”) material.

Ore tonnes placed during the quarter totaled 8.0 million tonnes (8.9 million tons), a 20% (1.3 million tonnes) increase from the prior quarter.

Metal sales were $141 million, or 13% of Coeur’s metal sales, compared with $181 million, or 21% of Coeur’s metal sales.

Revenue decreased by $41 million, or 22%, of which $20 million was due to lower average realized gold and silver prices, and $21 million was attributable to a lower volume of gold and silver production.

Costs applicable to sales per gold and silver ounce increased 28% and 25%, respectively, as a result of higher labor, consumable and maintenance costs, and the mix of gold and silver sales which impacted co-production cost allocation, partially offset by increased recoverable ounces placed on the new leach pad.

Amortization decreased to $14 million driven by the decrease in gold and silver ounces sold.

Capital expenditures decreased to $18 million from $23 million due to lower capitalized stripping related to the Phase 2 development of the Stage 6 leach pad.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

Gold and silver production decreased 7% and 4%, respectively, as a result of lower grade, partially offset by higher placement rates.

Metal sales were $322 million, or 17% of Coeur’s metal sales, compared with $178 million, or 21% of Coeur’s metal sales in the prior year period.

Revenue increased by $99 million, or 120%, of which $93 million was due to higher average realized gold and silver prices and $6 million was attributable to a higher volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 14% and increased 30%, respectively, as a result of the increase in tonnes placed on the new leach pad and higher labor, consumable and maintenance costs.

Amortization increased to $16 million due to higher gold and silver ounces sold.

Capital expenditures increased to $23 million from $15 million due to equipment purchases and higher capitalized stripping related to the construction of a new open pit.

Revenue increased by $145 million, or 81%, of which $165 million was due to higher average realized gold and silver prices, partially offset by $20 million due to lower volume of gold and silver production.

Costs applicable to sales per gold and silver ounce decreased 4% and increased 53%, respectively, as a result of the mix of gold and silver sales which impacted co-product cost allocation, higher labor, diesel and royalties costs, and lower production, partially offset by increased tonnes placed on the new leach pad.

Amortization decreased to $30 million due to lower gold and silver ounces sold.

Capital expenditures increased to $41 million from $39 million due higher capitalized stripping related to the construction of a new open pit, partially offset by lower equipment purchases.

Kensington, United States

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Tonnes milled 169,823 157,253 327,076 342,474

6 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2026 compared to Three Months Ended December 31, 2025

Gold production decreased 31% as a result of lower mill throughput and grades.

Metal sales were $109 million, or 13% of Coeur’s metal sales, compared to $124 million, or 18% of Coeur’s metal sales in the prior year period.

Revenue decreased by $15 million, or 12%, of which $38 million was due to lower volume of gold production, partially offset by $23 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce increased 46% as lower freight and royalty costs were more than offset by lower production and higher maintenance costs.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Gold production increased 5% as a result of higher mill throughput, partially offset by lower grades.

Metal sales were $87 million, or 8% of Coeur’s metal sales, compared to $109 million, or 13% of Coeur’s metal sales.

Revenue decreased by $21 million, or 20%, of which $2 million was due to lower volume of gold production and $19 million was due to lower average realized gold prices.

Costs applicable to sales per gold ounce increased 3% as lower labor costs and higher production were more than offset by higher consumable costs.

Amortization decreased to $8 million, primarily due to a decrease in gold ounces sold.

Capital expenditures decreased to $9 million due to the timing of expenditure payments.

Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025

Gold production decreased 10% as a result of lower mill throughput.

Capital expenditures increased to $12 million due to higher tailing dams expansion expenditures.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

Gold production decreased 15% as a result of lower mill throughput and lower grades.

Metal sales were $196 million, or 10% of Coeur’s metal sales, compared to $155 million, or 18% of Coeur’s metal sales in the prior year period.

Revenue increased by $41 million, or 27%, of which $74 million was due to higher average realized gold prices, partially offset by $33 million resulting from lower volume of gold production.

Costs applicable to sales per gold ounce increased 19% due to lower production, and higher labor, maintenance and royalty costs, partially offset by lower outside service costs.

Amortization increased to $9 million resulting from a higher depletable base.

Costs applicable to sales per gold ounce increased 27% due to lower production, and higher labor and maintenance costs, partially offset by lower outside service costs.

Amortization decreased to $17 million resulting lower gold ounces sold.

Capital expenditures decreased to $21 million from $32 million due to a decrease in underground development, capitalized exploration and tailings dam expansion expenditures.

Wharf, United States

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Tonnes placed 1,412,212 366,184 1,778,396 1,940,744

7 unchanged sentences

(1) See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2026 compared to Three Months Ended December 31, 2025

Gold production decreased 61% driven by lower material placed on the pads and the timing of recoveries.

Ore tonnes placed during the first quarter were impacted by a fire incident at the tertiary crusher in the fourth quarter which occurred during regularly scheduled maintenance.

Reduced crushing capacity has been partially offset with temporary crushers and repairs to the conveyor belts and electrical system components in the tertiary crusher.

Commissioning of the repaired crusher is complete and is expected to allow a return to normal crushing and placement rates for the balance of 2026.

Production is expected to progressively increase throughout the year as permanent crushing capacity is restored.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Gold production increased 85% driven by increased ore tonnes placed, reflecting the successful return to normal crushing rates following the November 2025 crusher fire, bolstered by contract crushing exceeding planned throughput.

Demobilization of the contract crushing is complete and normal site operations have resumed, concurrent with the completion of secondary and tertiary crusher upgrades.

Metal sales were $73 million, or 7% of Coeur’s metal sales, compared to $50 million, or 6% of Coeur’s metal sales in the prior year period.

Revenue decreased by $56 million, or 53%, of which $77 million resulted from lower gold production, partially offset by $21 million due to higher average realized gold prices.

Costs applicable to sales per gold ounce increased 41% due to lower ore tonnes placed and higher outside service costs, partially offset by lower labor and royalty costs.

Amortization decreased to $1 million due to the decrease in gold ounces mined.

Capital expenditures increased to $13 million from $4 million as a result of the crusher rebuild.

Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025

Gold production decreased 52% driven by lower material placed on the pads and the timing of recoveries.

Ore tonnes placed during the first quarter were impacted by a fire incident at the tertiary crusher which occurred during regularly scheduled maintenance.

Revenue increased by $23 million, or 46%, of which $28 million resulted from higher gold production, partially offset by $5 million due to lower average realized gold prices.

Costs applicable to sales per gold ounce decreased 20% due to higher ore tons placed and the $10 million received for the business interruption claim, partially offset by higher labor, consumable, and royalty costs.

Amortization increased to $1 million as a result of the increase in gold ounces mined.

Capital expenditures decreased to $(2) million from $13 million, reflecting a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million.

The Company recognizes property damage and business interruption insurance recoveries in accordance with the nature of the claim.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

Gold production decreased 38% driven by lower material placed on the pads.

Ore tonnes placed were negatively impacted by a fire incident at the tertiary crusher which occurred during regularly scheduled maintenance in late 2025.

Metal sales were $123 million, or 6% of Coeur’s metal sales, compared to $137 million, or 16% of Coeur’s metal sales in the prior year period.

Revenue decreased by $15 million, or 11%, of which $85 million was due to lower gold production, partially offset by $70 million attributable to higher average realized gold prices.

Costs applicable to sales per gold ounce increased 26% due to lower ore tonnes placed and higher outside service costs, partially offset by lower labor and royalty costs.

Costs applicable to sales per gold ounce increased 14% due to lower ore tonnes placed and higher labor, consumable, royalty, and outside service costs, partially offset by the he $10 million received for the business interruption claim.

Amortization decreased to $2 million as a result of lower gold ounces mined.

Capital expenditures increased to $13 million from $7 million due to the crusher rebuild.

Capital expenditures remained comparable at $11 million.

Silvertip, Canada

Three Months Ended March 31, 2026 compared to Three Months Ended December 31, 2025

Exploration expenses totaled $9 million in the first quarter of 2026 compared to $5.8 million in the fourth quarter of 2025.

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Exploration expenses totaled $6 million in the second quarter of 2026 compared to $9 million in the first quarter of 2026.

Ongoing carrying costs at Silvertip totaled $3 million in both periods.

Capital expenditures totaled $2 million in both periods.

Three Months Ended March 31, 2026 compared to Three Months Ended March 31, 2025

Capital expenditures totaled $5 million compared to $2 million in the prior period.

Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025

Exploration expense totaled $16 million in 2026 as the Company continued to focus on expanding the mineral resources at Silvertip, which were supported by 500 meters of underground mine development.

Ongoing carrying costs at Silvertip totaled $3 million in both periods.

Ongoing carrying costs at Silvertip totaled $7 million compared to $5 million in the prior year period.

Capital expenditures totaled $7 million compared to $2 million in the prior year period.

Liquidity and Capital Resources

At March 31, 2026, the Company had $846 million of cash, cash equivalents and restricted cash and $1.0 billion available under the RCF.

At June 30, 2026, the Company had $1.1 billion of cash, cash equivalents and restricted cash and $1.0 billion available under the RCF.

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

Cash and cash equivalents increased $290 million in the three months ended March 31, 2026 due to $128 million cash acquired in the New Gold Transaction, a 15% and 53% increase in average realized gold and silver prices, respectively, and post-acquisition sales at Rainy River and New Afton.

This was partially offset by a 3% and 5% decrease in gold and silver ounces sold, respectively, transaction cost related payments of $30 million, $123 million of income and mining tax payments at Palmarejo and Las Chispas, vesting performance share cash settlement of $72 million, and $74 million of capital expenditures.

Cash and cash equivalents increased $499 million in the six months ended June 30, 2026 due to $128 million cash acquired in the New Gold Transaction, a 49% and 133% increase in average realized gold and silver prices, respectively, and post-acquisition sales at Rainy River and New Afton.

This was partially offset by transaction and integration related payments of $35 million, $123 million of income and mining tax payments at Palmarejo and Las Chispas, cash settlement of vesting performance shares of $72 million, $110 million of Company stock repurchases, finance leases prepayments of $43 million at Rochester, the inaugural dividend payment of $21 million and $200 million of capital expenditures.

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 and the cash acquired through the acquisition of New Gold to fund near term capital requirements, including those described in this 10-Q Report for our 2026 capital expenditure guidance, and to repurchase shares pursuant to the Company’s Expanded Program.

We expect to use cash provided by operating activities and the cash acquired through the acquisition of New Gold to fund near term capital requirements, including those described in this 10-Q Report for our 2026 capital expenditure guidance, to repurchase stock pursuant to the Company’s Expanded Program, and to continue declaring semi-annual dividends.

Our longer-term plans contemplate continued exploration to extend the mine lives at our operating sites, reduction of debt, and additional investment to progress exploration and study work at 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 March 31, 2026.

Our current net leverage ratio is (0.2) times Adjusted EBITDA as of June 30, 2026.

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.

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Cash Provided by Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2026 was $341 million, compared to $375 million for the three months ended December 31, 2025 and $68 million for the three months ended March 31, 2025.

Adjusted EBITDA for the three months ended March 31, 2026 was $475 million, compared to $424 million for the three months ended December 31, 2025 and $122 million for the three months ended March 31, 2025 (see “Non-GAAP Financial Performance Measures”).

Net cash provided by operating activities for the three months ended June 30, 2026 was $513 million compared to $341 million for the three months ended March 31, 2026.

Net cash provided by operating activities for the six months ended June 30, 2026 was $854 million compared to $275 million for the six months ended June 30, 2025.

Adjusted EBITDA for the three months ended June 30, 2026 was $478 million compared to $475 million for the three months ended March 31, 2026.

Adjusted EBITDA for the six months ended June 30, 2026 was $953 million compared to $336 million for the six months ended June 30, 2025 (see “Non-GAAP Financial Performance Measures”).

Net cash provided by operating activities was impacted by the following key factors for the applicable periods:

Three Months Ended

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

Three Months Ended Six Months Ended

In thousands June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Cash flow before changes in operating assets and liabilities $ 513,308 $ 444,750 $ 958,058 $ 215,289

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Cash provided by operating activities $ 513,232 $ 340,836 $ 854,068 $ 274,586

Net cash provided by operating activities decreased $34 million for the three months ended March 31, 2026 compared to the three months ended December 31, 2025, primarily due to a 3% and 5% decrease in gold and silver ounces sold, timing of VAT collections at Palmarejo and Las Chispas, income and mining taxes paid at Palmarejo and Las Chispas, debt interest payments, and annual incentive payments.

This was partially offset by a 15% and 53% increase in average realized gold and silver prices, respectively, and post-acquisition sales at Rainy River and New Afton.

Revenue for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 increased by $181 million, of which $194 million was due to higher average realized gold and silver prices, partially offset by $13 million due to lower volume of gold and silver which was partially offset by the addition of copper sales at New Afton in the current year.

Net cash provided by operating activities increased $273 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to a 21% and 12% increase in gold and silver ounces sold, respectively, a 66% and 159% increase in average realized gold and silver prices, respectively, post-acquisition sales at Rainy River and New Afton, partially offset by higher ore placed on leach pads at Rochester and Wharf, and increased exploration, general and administrative, and income and mining tax expense.

Revenue for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 increased by $496 million, of which $354 million was the result of higher average gold and silver prices and $142 million was due to higher volume of gold, silver and copper sales.

Net cash provided by operating activities increased $172 million for the three months ended June 30, 2026 compared to the three months ended March 31, 2026, primarily due to a 2% increase in gold ounces sold from Coeur’s legacy mines, full-quarter sales from Rainy River and New Afton, timing of VAT collections at Palmarejo and Las Chispas, and income and mining taxes paid at Palmarejo and Las Chispas, debt interest payments, and annual incentive payments paid in the first quarter.

This was partially offset by a 1% decrease in silver sales and a 6% and 14% decrease in average realized gold and silver prices, respectively.

Revenue for the three months ended June 30, 2026 compared to the three months ended March 31, 2026 increased by $229 million, of which $305 million was due to a full-quarter of sales from Rainy River and New Afton, partially offset by $75 million due to lower average realized gold and silver prices.

Net cash provided by operating activities increased $579 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, as a result of post-acquisition sales at Rainy River and New Afton, a 1% increase in silver ounces sold from Coeur’s legacy mines, and a 49% and 133% increase in average realized gold and silver prices, respectively.

This was partially offset by a 14% decrease of in gold ounces sold from Coeur’s legacy mines, higher ore placed on leach pads at Rochester and Wharf, the sale of $72.0 million of bullion and metal inventory acquired in the SilverCrest Transaction, and increased exploration, general and administrative, and income and mining tax expense.

Revenue for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 increased by $1.1 billion, of which $649 million was the result of higher average gold and silver prices and $452 million was due to higher volume of gold, silver and copper sales.

Cash Provided by (Used in) Investing Activities

Net cash provided by investing activities in the three months ended March 31, 2026 was $55 million compared to net cash used in investing activities of $61 million in the three months ended December 31, 2025.

Cash provided by investing activities increased due to the cash acquired in the New Gold Transaction of $128 million, partially offset by capital expenditures related to the crusher rebuild and post-acquisition capital expenditures at New Gold.

The Company incurred capital expenditures of $74 million in the three months ended March 31, 2026 compared with $61 million in the three months ended December 31, 2025 primarily related to the crusher rebuild at Wharf, post-acquisition expenditures at Rainy River, equipment purchases at Rochester, underground development at Palmarejo and Kensington in both periods, expanded tailings impoundment at Kensington and the construction of a water treatment facility at Wharf in the fourth quarter.

Net cash provided by investing activities in the three months ended March 31, 2026 was $55 million compared to $53 million in the three months ended March 31, 2025.

Cash provided by investing activities remained comparable as the higher cash acquired in the New Gold Transaction compared to the SilverCrest Transaction was offset by an increase in capital expenditures.

The Company incurred capital expenditures of $74 million in the three months ended March 31, 2026 compared with $50 million in the three months ended March 31, 2025.

Net cash used in investing activities in the three months ended June 30, 2026 was $125 million compared to net cash provided by investing activities of $55 million in the three months ended March 31, 2026.

Cash used in investing activities increased due to the cash acquired in the New Gold Transaction of $128 million in the first quarter, partially offset by post-acquisition capital expenditures at Rainy River and New Afton.

The Company incurred capital expenditures of $126 million in the three months ended June 30, 2026 compared with $74 million in the three months ended March 31, 2026, primarily related to the crusher rebuild at Wharf, full-quarter expenditures at Rainy River, equipment purchases at Rochester, 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.

Capital expenditures reflect a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million.

Net cash used in investing activities in the six months ended June 30, 2026 was $70 million compared to $7 million in the six months ended June 30, 2025.

Cash used in investing activities increased due to higher post-acquisition capital expenditures at Rainy River and New Afton, partially offset by higher cash acquired in the New Gold Transaction compared to the SilverCrest Transaction.

The Company incurred capital expenditures of $200 million in the six months ended June 30, 2026 compared with $111 million in the six months ended June 30, 2025.

Capital expenditures reflect a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million.

Cash Used in Financing Activities

Net cash used in financing activities in the three months ended March 31, 2026 was $105 million compared with $26 million in the three months ended December 31, 2025.

Net cash used in financing activities in the three months ended June 30, 2026 was $177 million compared with $105 million in the three months ended March 31, 2026.

During the three months ended June 30, 2026, the Company repurchased $110 million of common stock in connection with the Company’s Program (as defined below), prepaid $39 million in finance leases at Rochester, and paid a dividend of $21 million.

During the three months ended March 31, 2026, the Company cash settled $41 million of vested performance shares in connection with the Company’s Long-Term Incentive Program and made cash payments of $54 million in connection with tax withholding on vested share-based compensation.

During the three months ended March 31, 2025, the Company repurchased $2 million of common stock in connection with the Company’s Program, and prepaid $26 million in finance leases at Rochester and Kensington.

Net cash used in financing activities in the three months ended March 31, 2026 was $105 million compared to net cash used in financing activities was $98 million in the three months ended March 31, 2025.

During the three months ended March 31, 2025, the Company repaid $85 million, net, under the RCF and made cash payments of $6 million in connection with tax withholding on vested share-based compensation.

In April 2026, the Company prepaid $41 million of Rochester finance leases, incurring a loss of $0.8 million related to termination fees.

On May 27, 2025, the Company announced a $75 million share repurchase program (the “Program”), effective through May 31, 2026.

Net cash used in financing activities in the six months ended June 30, 2026 was $282 million compared to $211 million in the six months ended June 30, 2025.

During the six months ended June 30, 2025, the Company repaid $195 million, net, under the RCF and repurchased $2 million of common stock in connection with the Company’s Program.

On May 27, 2025, the Company announced a $75 million share repurchase program (the “Program”).

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.

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Pursuant to its terms, the Second Modified Company 10b5-1 Plan terminated on December 12, 2025.

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.

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:

On May 8, 2026, the Company entered into an issuer securities repurchase 10b5-1 plan (the “Expanded Program Company 10b5-1 Plan”) with BMO Capital Markets Corp.

as the Company’s broker.

The following table summarizes repurchases made in the quarter ended June 30, 2026 and the approximate dollar value of stock that may yet be purchased pursuant to the Program:

(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

April 1, 2026 - April 30, 2026 — $ — — $ 740.4

May 1, 2026 - May 31, 2026 4,532,240 $ 18.50 4,532,240 $ 656.5

June 1, 2026 - June 30, 2026 1,450,072 $ 18.24 1,450,072 $ 630.1

Total 5,982,312 $ 18.44 5,982,312

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.

On May 13, 2026, the Board declared an inaugural dividend of $0.02 per share of Coeur common shares, which was paid on June 10, 2026 to stockholders of record at the close of business on May 25, 2026.

Due to an NYSE market holiday on May 25, 2026, the effective record date of the dividend was May 22, 2026.

Dividend payments to stockholders in the second quarter totaled approximately $21 million on approximately 1.0 billion qualifying shares.

Critical Accounting Policies and Accounting Developments

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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.

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.

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During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant.

Updated recoverable ounce estimates are considered a change in estimate and are accounted for

prospectively.

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

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

As of June 30, 2026, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 72,851 and 9.7 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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Adjusted net income is reconciled to Net income in the following table:

Three Months Ended

In thousands except per share amounts March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

In thousands except per share amounts June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Net income $ 121,853 $ 246,761 $ 368,614 $ 104,079

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Loss on sale of assets 19 25 45 303

RMC bankruptcy distribution — — — (37)

(Gain) loss on debt extinguishment 320 1,554 1,874 —

Transaction costs 19,910 14,248 8,887

Transaction and integration costs 3,954 19,910 23,864 11,710

Kensington royalty settlement — — — (67)

Obligor Exchange 2,464 2,464

Wharf property damage proceeds (10,000) — (10,000) —

Wage and Hour Litigation settlement 47 (517) (470) —

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Adjusted net income per share, Diluted $ 0.12 $ 0.36 $ 0.43 $ 0.25

(1) F or the three months ended March 31, 2026, tax effect of adjustments of $6 million (37.1%) are primarily related to the Transaction costs at Corporate.

For the three months ended December 31, 2025, tax effect of adjustments of $4 million (27.1%) is primarily related to Transaction costs at Corporate and nonrecurring expenses at Palmarejo.

F or the three months ended March 31, 2025, tax effect of adjustments of $3 million (29.4%) are primarily related to the Transaction costs at Corporate.

(1) For the three and six months ended June 30, 2026, tax effect of adjustments of $2 million (26.1%) and $3 million (37.1%) are primarily related to transaction and integration costs at Corporate.

For the three months ended March 31, 2026, tax effect of adjustments of $6 million (37.1%) are primarily related to the transaction and integration costs at Corporate.

For the six months ended June 30, 2025, tax effect of adjustments of $3.1 million (22.9%) are primarily related to the transaction and integration costs at Corporate.

EBITDA and Adjusted EBITDA

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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, 2032 Senior Notes, and the RCF to determine our ability to make certain payments and incur additional indebtedness.

Adjusted EBITDA is the basis of a measure used in the indentures governing the 2029 Senior Notes, the New Gold 2032 Senior Notes, 2032 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 or Cash Flow from Operations as determined under GAAP.

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Adjusted EBITDA is reconciled to Net income in the following table:

Three Months Ended

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

Three Months Ended Six Months Ended

In thousands June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Net income $ 121,853 $ 246,761 $ 368,614 $ 104,079

8 unchanged sentences

Loss on sale of assets 19 25 45 303

RMC bankruptcy distribution — — — (37)

(Gain) loss on debt extinguishment 320 1,554 1,874 —

Kensington royalty settlement — — — (67)

Obligor Exchange 2,464 — 2,464 —

Wharf property damage proceeds (10,000) — (10,000) —

Wage and Hour Litigation settlement 47 (517) (470) —

2 unchanged sentences

Interest income (4,661) (6,225) (10,886) —

Transaction costs 19,910 14,248 8,887

Transaction and integration costs 3,954 19,910 23,864 11,710

Adjusted EBITDA $ 478,267 $ 474,883 953,151 $ 335,675

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The following table sets forth a reconciliation of Free Cash Flow , a non-GAAP financial measure, to Cash Provided By Operating Activities , which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.

Consolidated Three Months Ended

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025

Consolidated Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Cash provided by operating activities $ 513,232 $ 340,836 $ 854,068 $ 274,586

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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 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

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Cash provided by operating activities $ 513,232 $ 340,836 $ 854,068 $ 274,586

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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

(Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025

Three Months Ended Six Months Ended

(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025

Total debt $ 705,291 $ 761,376 $ 705,291 $ 380,722

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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 June 30, 2026

In thousands (except metal sales and per ounce amounts) New Afton (1)

Rainy River (2)

Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Total

Costs applicable to sales, including amortization (U.S.

GAAP) $ 159,103 $ 351,100 $ 74,719 $ 67,371 $ 72,598 $ 56,400 $ 23,074 $ 934 $ 805,299

Amortization (106,377) (79,357) (39,626) (6,086) (13,691) (8,220) (1,261) (934) (255,552)

Costs applicable to sales $ 52,726 $ 271,743 $ 35,093 $ 61,285 $ 58,907 $ 48,180 $ 21,813 $ — $ 549,747

Gold ounces 13,832 69,050 16,459 19,907 11,748 20,700 16,181 — 167,877

Silver ounces 29,261 189,824 1,565,096 1,483,118 1,235,420 — 15,544 — 4,518,263

Copper pounds 11,287,253 — — — — — — — 11,287,253

Costs applicable to sales

Gold ($/oz) $ 1,778 $ 3,788 $ 853 $ 1,016 $ 1,855 $ 2,327 $ 1,280

Silver ($/oz) $ 13.45 $ 27.69 $ 30.04

Copper ($/lb) $ 2.33

(1) Includes the impact of the preliminary PPA ascribed to Inventory of $(0.5) million.

(2) Includes the impact of the preliminary PPA ascribed to Inventory of $141 million.

Three Months Ended March 31, 2026

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Copper ($/lb) $ 5.36

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $21 million.

(2) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $65 million.

Three Months Ended December 31, 2025

In thousands (except metal sales and per ounce amounts) Las Chispas (1)

Palmarejo Rochester Kensington Wharf Silvertip Total

(1) Includes the impact of the preliminary PPA ascribed to Inventory of $21 million.

(2) Includes the impact of the preliminary PPA ascribed to Inventory of $65 million.

Six Months Ended June 30, 2026

In thousands (except metal sales and per ounce amounts) New Afton (1)

Rainy River (2)

Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Total

Costs applicable to sales, including amortization (U.S.

4 unchanged sentences

Silver ounces 38,393 221,814 3,025,608 2,951,581 2,622,339 — 30,084 — 8,889,819

Copper pounds 14,672,328 — — — — — — — 14,672,328

Costs applicable to sales

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Silver ($/oz) $ 13.64 $ 25.16 $ 27.07

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $3 million.

Three Months Ended March 31, 2025

Copper ($/lb) $ 3.04

(1) Includes the impact of the preliminary PPA ascribed to Inventory of $20 million.

(2) Includes the impact of the preliminary PPA ascribed to Inventory of $205 million.

Six Months Ended June 30, 2025

In thousands (except metal sales and per ounce amounts) Las Chispas (1)

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Silver ($/oz) $ 20.93 $ 14.31 $ 17.73 $ —

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $27 million.

Reconciliation of Costs Applicable to Sales for 2026 Guidance

In thousands (except metal sales and per ounce amounts) New Afton Rainy River Las Chispas Palmarejo Rochester Kensington Wharf

(1) Includes the impact of the preliminary PPA ascribed to Inventory of $57 million.

Reconciliation of Costs Applicable to Sales for Updated 2026 Guidance

In thousands (except metal sales and per ounce amounts) New Afton (1)

Rainy River (2)

Las Chispas Palmarejo Rochester Kensington Wharf

Costs applicable to sales, including amortization (U.S.

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Copper ($lb) $2.00 - $2.30

(1) Includes the impact of the preliminary PPA ascribed to Inventory of $20 million.

(2) Includes the impact of the preliminary PPA ascribed to Inventory of $244 million.

Reconciliation of Costs Applicable to Sales for Previous 2026 Guidance

In thousands (except metal sales and per ounce amounts) New Afton (1)

Rainy River (2)

Las Chispas Palmarejo Rochester Kensington Wharf

Costs applicable to sales, including amortization (U.S.

GAAP) $ 723,147 $ 930,884 $ 397,764 $ 161,390 $ 365,418 $ 233,583 $ 142,683

Amortization (557,321) (309,164) (174,548) (36,491) (88,753) (41,722) (8,965)

Costs applicable to sales $ 165,826 $ 621,720 $ 223,216 $ 124,899 $ 276,665 $ 191,861 $ 133,718

By-product credit (14,325) (26,950) — — — — (6,132)

Adjusted costs applicable to sales $ 151,501 $ 594,770 $ 223,216 $ 124,899 $ 276,665 $ 191,861 $ 127,586

Gold ounces 70,071 267,315 59,521 100,000 81,143 105,137 86,868

Silver ounces 187,153 664,427 5,934,277 6,796,223 7,136,315 79,401

Copper pounds 57,921,066

Revenue Split

Gold 53% 100% 34% 37% 40% 100% 100%

Silver 66% 63% 60%

Adjusted costs applicable to sales

Gold ($/oz) $1,000-$1,200 $2,150 - $2,350 $750 - $950 $700 - $900 $1,350 - $1,550 $1,750 - $1,950 $1,400 - $1,600

Silver ($/oz) $12.50 - $14.50 $21.50 - $23.50 $23.00 - $23.50

Copper ($lb) $1.20 - $1.35

(1) Includes the impact of the preliminary PPA ascribed to Inventory of $21 million.

(2) Includes the impact of the preliminary PPA ascribed to Inventory of $180 million.

Cautionary Statement Concerning Forward-Looking Statements

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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 2025 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, silver, copper, lead and zinc 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.

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 2025 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, silver and copper, 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.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis