Coeur Mining, Inc. 10-Q

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item. We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Rainy River, New Afton and Wharf. Revenue from secondary metal, such as silver at Rainy River, New Afton and Wharf, is treated as a cost credit. Overview We are a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned North American operations: the New Afton gold-copper mine in British Columbia, Canada, the Rainy River gold-silver mine in Ontario, Canada, the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver mine in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada. 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. 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 30 Selected Financial and Operating Results Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Financial Results: (in thousands, except per share amounts) Gold sales $ 694,992 $ 475,222 $ 1,170,214 $ 558,441 Silver sales $ 321,629 $ 362,198 $ 683,827 $ 282,271 Copper sales $ 68,971 $ 18,772 $ 87,743 $ — Consolidated revenue $ 1,085,592 $ 856,192 $ 1,941,784 $ 840,712 Net income $ 121,853 $ 246,761 $ 368,614 $ 104,079 Net income per share, diluted $ 0.12 $ 0.35 $ 0.42 $ 0.18 Adjusted net income (loss) (1) $ 122,607 $ 253,497 $ 376,105 $ 143,372 Adjusted net income (loss) per share, diluted (1) $ 0.12 $ 0.36 $ 0.43 $ 0.25 EBITDA (1) $ 482,086 $ 454,983 $ 937,069 $ 308,302 Adjusted EBITDA (1) $ 478,267 $ 474,883 $ 953,151 $ 335,675 Free cash flow $ 387,523 $ 266,757 $ 654,280 $ 163,777 Total debt (2) $ 705,291 $ 761,376 $ 705,291 $ 380,722 Operating Results: Gold ounces produced 163,490 96,457 259,947 195,253 Silver ounces produced 4,391,870 4,388,346 8,780,216 8,451,412 Copper pounds produced 11,377,407 1,321,844 12,699,251 — Gold ounces sold 167,877 108,420 276,297 196,264 Silver ounces sold 4,518,263 4,371,556 8,889,819 8,564,673 Copper pounds sold 11,287,253 3,385,075 14,672,328 — Average realized price per gold ounce $ 4,140 $ 4,383 $ 4,235 $ 2,845 Average realized price per silver ounce $ 71.18 $ 82.85 $ 76.92 $ 32.96 Average realized price per copper pound $ 6.11 $ 5.55 $ 5.98 $ — (1) See “Non-GAAP Financial Performance Measures”. 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. Net of debt issuance costs and premium received. Consolidated Financial Results Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026 Revenue 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. 31 The following table summarizes consolidated metal sales: Three Months Ended Increase (Decrease) Percentage Change In thousands June 30, 2026 March 31, 2026 Gold sales $ 694,992 $ 475,222 $ 219,770 46 % Silver sales 321,629 362,198 (40,569) (11) % Copper sales 68,971 18,772 50,199 267 % Metal sales $ 1,085,592 $ 856,192 $ 229,400 27 % Costs Applicable to Sales 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 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. Expenses 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 June 30, 2026 March 31, 2026 Silvertip ongoing carrying costs $ 3,242 $ 3,266 $ (24) (1) % Loss on sale of assets 19 25 (6) (24) % Asset retirement accretion 6,088 4,839 1,249 26 % 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) % Pre-development, reclamation and other expense $ 6,557 $ 29,827 $ (23,270) (78) % Other Income and Expenses 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. 32 Income and Mining Taxes 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. 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. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Three Months Ended June 30, Three Months Ended March 31, 2026 2026 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 122,619 $ (40,034) $ 139,173 $ (30,642) Canada (101,258) 29,955 (41,567) 8,381 Mexico 193,907 (83,159) 251,360 (79,693) Other jurisdictions (177) — (251) — $ 215,091 $ (93,238) $ 348,715 $ (101,954) A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”. The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. 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 $1.0 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 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 Net income was $122 million, or $0.12 per diluted share, compared to $247 million, or $0.35 per diluted share. 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”). 33 Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025 Revenue 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: Six Months Ended June 30, Increase (Decrease) Percentage Change In thousands 2026 2025 Gold sales $ 1,170,214 $ 558,441 $ 611,773 110 % Silver sales 683,827 282,271 401,556 142 % Copper sales 87,743 — 87,743 100 % Metal sales $ 1,941,784 $ 840,712 $ 1,101,072 131 % Costs Applicable to Sales 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 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. Expenses 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: 34 Six Months Ended June 30, Increase (Decrease) Percentage Change In thousands 2026 2025 Silvertip ongoing carrying costs $ 6,508 $ 5,050 $ 1,458 29 % (Gain) Loss on sale of assets 45 303 (258) (85) % Asset retirement accretion 10,927 9,632 1,295 13 % Kensington royalty settlement — (95) 95 (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) % Pre-development, reclamation and other expense $ 36,384 $ 30,114 $ 6,270 21 % 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 RCF, and prepayment of $39 million of Rochester finance leases. 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 $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: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) percentage depletion; (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. 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. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Six Months Ended June 30, 2026 2025 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 261,792 $ (70,676) $ 102,463 $ (20,534) Canada (142,825) 38,336 (25,051) (811) Mexico 445,267 (162,852) 107,969 (59,663) Other jurisdictions (428) — (294) — $ 563,806 $ (195,192) $ 185,087 $ (81,008) A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number 35 of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”. The Company has historically provided a valuation allowance against a portion its U.S. net deferred tax assets. 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 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 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 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 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 - $1.4 billion). 2026 Production Guidance Previous Updated Gold Silver Copper Gold Silver Copper (oz) (K oz) (M lbs) (oz) (K oz) (M lbs) New Afton 60,000 - 80,000 130 - 180 50 - 65 50,000 - 60,000 100 - 180 40 - 50 Rainy River 230,000 - 275,000 350 - 450 - 190,000 - 230,000 380 - 450 - Las Chispas 55,000 - 65,000 5,500 - 6,300 - 55,000 - 65,000 5,500 - 6,300 - Palmarejo 95,000 - 105,000 6,250 - 7,000 - 95,000 - 105,000 6,250 - 7,000 - Rochester 70,000 - 90,000 6,400 - 7,800 - 70,000 - 90,000 6,400 - 7,800 - Kensington 98,000 - 110,000 - - 98,000 - 110,000 - - Wharf 72,000 - 90,000 50 - 200 - 72,000 - 90,000 50 - 200 - Total 680,000 - 815,000 18,680 - 21,930 50 - 65 630,000 - 750,000 18,680 - 21,930 40 - 50 36 2026 Adjusted Costs Applicable to Sales Guidance Previous Updated Gold Silver Copper Gold Silver Copper ($/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 Rainy River (by-product) $2,150 - $2,350 - - $2,700 - $3,000 - - Las Chispas (co-product) $750 - $950 $12.50 - $14.50 - $750 - $950 $12.50 - $14.50 - Palmarejo (co-product) $700 - $900 $21.50 - $23.50 - $700 - $900 $21.50 - $23.50 - Rochester (co-product) $1,350 - $1,550 $23.00 - $25.00 - $1,350 - $1,550 $23.00 - $25.00 - Kensington $1,750 - $1,950 - - $1,750 - $1,950 - - Wharf (by-product) $1,400 - $1,600 - - $1,400 - $1,600 - - 2026 Capital, Amortization, Exploration, G&A and Income and Mining Tax Guidance Previous Updated ($M) ($M) Capital Expenditures, Sustaining $291 - $337 $360 - $405 Capital Expenditures, Development $146 - $189 $160 - $200 Exploration, Expensed $118 - $132 $118 - $132 Exploration, Capitalized $29 - $37 $29 - $37 General & Administrative Expenses $90 - $100 $90 - $100 Cash Income and Mining Taxes $475 - $600 $350 - $450 Amortization $1,200 - $1,400 $1,100 - $1,200 Effective Tax Rate (%) 30% - 36% 34% - 38% Note: 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. The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments. 37 Results of Operations New Afton, Canada 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 — Average gold grade (grams/tonne) 0.48 0.44 0.48 — Average copper grade (%) 0.54 0.48 0.53 — Average recovery rate – Au 85.1 % 87.4 % 85.4 % — % Average recovery rate – Cu 90.6 % 94.8 % 91.0 % — % Gold ounces produced 14,059 1,605 15,664 — Silver ounces produced 29,209 3,674 32,883 — Copper pounds produced 11,377,407 1,321,844 12,699,251 — Gold ounces sold 13,832 3,906 17,738 — Silver ounces sold 29,261 9,132 38,393 — Copper pounds sold 11,287,253 3,385,075 14,672,328 — 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. 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. Costs applicable to sales per gold ounce and copper pound sold includes $531 and $0.73, respectively, of costs related to the expensing of $20 million of PPA that was ascribed to Inventory . Amortization totaled $121 million. Capital expenditures were $12 million. Rainy River, Canada 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 — Average gold grade (grams/tonne) 0.90 0.87 0.98 — Average recovery rate – Au 92.5 % 90.1 % 93.0 % — % Gold ounces produced 64,042 12,494 76,536 — Silver ounces produced 127,044 19,209 146,253 — Gold ounces sold 69,050 21,407 90,457 — Silver ounces sold 189,824 31,990 221,814 — CAS per gold ounce (1) $ 3,788 $ 4,215 $ 3,889 — 38 (1) See Non-GAAP Financial Performance Measures. 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 include $2,270 of costs related to the expensing of $205 million of PPA that was ascribed to Inventory . Amortization totaled $96 million. Capital expenditures were $64 million. Las Chispas, Mexico 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 Average gold grade (grams/tonne) 4.0 4.0 4.0 5.0 Average silver grade (grams/tonne) 370 389 379 450 Average recovery rate – Au 100.2 % 99.1 % 99.6 % 94.1 % Average recovery rate – Ag 97.6 % 99.4 % 98.5 % 94.5 % Gold ounces produced 15,518 15,031 30,549 23,446 Silver ounces produced 1,502,898 1,480,666 2,983,564 2,202,911 Gold ounces sold 16,459 14,898 31,357 25,632 Silver ounces sold 1,565,096 1,460,512 3,025,608 2,403,133 CAS per gold ounce (1) $ 853 $ 781 $ 806 $ 1,962 CAS per silver ounce (1) $ 13.45 $ 13.57 $ 13.64 $ 20.93 (1) See Non-GAAP Financial Performance Measures. 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 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 increased to $16 million driven by the timing of capital expenditure payments. 39 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. Revenue increased by $220 million, or 137%, of which $145 million was due to higher gold and silver prices, and $75 million was attributable to higher volume of gold and silver production. 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, 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 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 Average gold grade (grams/tonne) 1.3 1.7 1.5 2.0 Average silver grade (grams/tonne) 112 116 114 144 Average recovery rate – Au 93.8 % 96.2 % 95.1 % 94.0 % Average recovery rate – Ag 85.5 % 89.6 % 87.5 % 88.1 % Gold ounces produced 18,602 22,918 41,520 50,304 Silver ounces produced 1,488,595 1,475,267 2,963,862 3,421,268 Gold ounces sold 19,907 22,935 42,842 49,495 Silver ounces sold 1,483,118 1,468,463 2,951,581 3,356,769 CAS per gold ounce (1) $ 1,016 $ 760 $ 893 $ 896 CAS per silver ounce (1) $ 27.69 $ 23.03 $ 25.16 $ 14.31 (1) See Non-GAAP Financial Performance Measures. 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 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 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. 40 Rochester, United States Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Tonnes placed (1) 8,041,787 6,724,626 14,766,413 13,461,708 Average gold grade (grams/tonne) 0.07 0.07 0.07 0.09 Average silver grade (grams/tonne) 10.2 12.2 11.1 20.3 Gold ounces produced 11,671 14,112 25,783 27,655 Silver ounces produced 1,225,170 1,394,434 2,619,604 2,740,048 Gold ounces sold 11,748 14,090 25,838 28,594 Silver ounces sold 1,235,420 1,386,919 2,622,339 2,719,821 CAS per gold ounce (2) $ 1,855 $ 1,451 $ 1,614 $ 1,687 CAS per silver ounce (2) $ 30.04 $ 24.04 $ 27.07 $ 17.73 (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 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 $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 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 Average gold grade (grams/tonne) 4.3 4.5 4.4 4.8 Average recovery rate 91.5 % 91.2 % 91.4 % 92.5 % Gold ounces produced 21,528 20,525 42,053 49,270 Gold ounces sold 20,700 21,267 41,967 48,956 CAS per gold ounce (1) $ 2,327 $ 2,249 $ 2,288 $ 1,801 (1) See Non-GAAP Financial Performance Measures. 41 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 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 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 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 Average gold grade (grams/tonne) 1.1 1.1 1.1 1.0 Gold ounces produced 18,070 9,772 27,842 44,578 Silver ounces produced 18,954 15,096 34,050 87,185 Gold ounces sold 16,181 9,917 26,098 43,587 Silver ounces sold 15,544 14,540 30,084 84,950 CAS per gold ounce (1) $ 1,280 $ 1,591 $ 1,398 $ 1,221 (1) See Non-GAAP Financial Performance Measures. 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 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 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 remained comparable at $11 million. 42 Silvertip, Canada 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 $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 $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 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 $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, 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 (0.2) 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. If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”. Cash Provided by Operating Activities Net cash provided by operating activities for the three months ended 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: 43 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 Changes in operating assets and liabilities: Receivables 17,890 (4,733) 13,157 (821) Prepaid expenses and other (22,944) (427) (23,371) 84,489 Inventories (24,463) (26,803) (51,266) (22,473) Accounts payable and accrued liabilities 29,441 (71,951) (42,510) (1,898) Cash provided by operating activities $ 513,232 $ 340,836 $ 854,068 $ 274,586 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 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 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. 44 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. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “First Modified Company 10b5-1 Plan”). On November 12, 2025, the Company and BMO Capital Markets Corp. further amended the First Modified Company 10b5-1 Plan (the “Second Modified Company 10b5-1 Plan”). 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. 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. 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) 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 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 See Note 2 -- Summary of Significant Accounting Policies contained in the 2025 10-K and Note 2 -- Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach 45 pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered a change in estimate and are accounted for prospectively. As of 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 Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The Las Chispas mine is considered a distinct reporting unit for purposes of goodwill impairment testing. Based on the December 31, 2025 review, the Company concluded that Goodwill was not impaired. The Company may elect to perform a qualitative assessment to determine if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Other Liquidity Matters We believe that our liquidity and capital resources in the U.S. are adequate to fund our U.S. and Canada operations and corporate activities. The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity. In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time to time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount. Non-GAAP Financial Performance Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. 46 Adjusted Net Income Management uses Adjusted net income to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income is reconciled to Net income in the following table: Three Months Ended 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 Fair value adjustments, net — — — 342 Foreign exchange loss (gain) 6,524 (2,600) 3,924 28,646 Loss on sale of assets 19 25 45 303 RMC bankruptcy distribution — — — (37) (Gain) loss on debt extinguishment 320 1,554 1,874 — 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) — Mexico arbitration matter 46 95 141 2,150 Flow-through share premium — — — (697) Interest income (4,661) (6,225) (10,886) — Valuation allowance and tax effect of adjustments (1) 2,041 (5,506) (3,465) (3,057) Adjusted net income $ 122,607 $ 253,497 $ 376,105 $ 143,372 Adjusted net income per share, Basic $ 0.12 $ 0.37 $ 0.44 $ 0.25 Adjusted net income per share, Diluted $ 0.12 $ 0.36 $ 0.43 $ 0.25 (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 Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is the basis of a measure used in the 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. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income in the following table: 47 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 Interest expense, net of capitalized interest 11,010 6,443 17,453 18,701 Income tax provision 93,238 101,954 195,192 81,008 Amortization 255,985 99,825 355,810 104,514 EBITDA 482,086 454,983 937,069 308,302 Fair value adjustments, net — — — 342 Foreign exchange (gain) loss (3,856) (878) (4,734) 512 Asset retirement obligation accretion 6,088 4,839 10,927 9,632 Inventory adjustments and write-downs 1,760 1,097 2,857 3,525 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) — Mexico arbitration matter 46 95 141 2,150 Flow-through share premium — — — (697) Interest income (4,661) (6,225) (10,886) — Transaction and integration costs 3,954 19,910 23,864 11,710 Adjusted EBITDA $ 478,267 $ 474,883 953,151 $ 335,675 Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies. The following table sets forth a reconciliation of Free Cash Flow , a non-GAAP financial measure, to Cash Provided By Operating Activities , which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow. 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 Capital expenditures 125,709 74,079 199,788 110,809 Free cash flow $ 387,523 $ 266,757 $ 654,280 $ 163,777 Operating Cash Flow Before Changes in Working Capital Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By Operating Activities excluding the change in Receivables , Prepaid expenses and other , Inventories and Accounts payable and accrued liabilities as presented on the Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies. 48 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 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 Changes in operating assets and liabilities: Receivables (17,890) 4,733 (13,157) 821 Prepaid expenses and other 22,944 427 23,371 (84,489) Inventories 24,463 26,803 51,266 22,473 Accounts payable and accrued liabilities (29,441) 71,951 42,510 1,898 Operating cash flow before changes in working capital $ 513,308 $ 444,750 $ 958,058 $ 215,289 Net Debt and Leverage Ratio Management defines Net Debt , a non-GAAP financial measure, as Total Debt less Cash and Cash Equivalents . We define Leverage Ratio , a non-GAAP financial measure, as the ratio of Net Debt to the Last Twelve Months Adjusted EBITDA . Management believes Net Debt and Leverage Ratio are important measures to monitor our financial flexibility and evaluate the strength of our Consolidated Balance Sheets. Net Debt and Leverage Ratio have limitations as analytical tools and may vary from similarly titled measures used by other companies. Net Debt and Leverage Ratio should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP. The following table presents a reconciliation of Total Debt , the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented. Three Months Ended 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 Cash and cash equivalents (1,052,274) (843,169) (1,052,274) (111,646) Net (cash) debt $ (346,983) $ (81,793) $ (346,983) $ 269,076 Net (cash) debt $ (346,983) $ (81,793) $ (346,983) $ 269,076 Last Twelve Months Adjusted EBITDA $ 1,643,246 $ 1,378,779 $ 1,643,246 $ 578,082 Net Leverage ratio (0.2) $ (0.1) (0.2) 0.5 49 Costs Applicable to Sales Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation. We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold, silver and copper, as well as assessing our operating performance and ability to generate free cash flow from operations and sustaining production. These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP. Management believes that allocating CAS to gold, silver and copper based on gold, silver and copper metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company. Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in IFRS Accounting Standards. Three Months Ended 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 Metal Sales 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 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) $ 50,453 $ 109,133 $ 66,777 $ 58,037 $ 69,826 $ 56,482 $ 17,917 $ 956 $ 429,581 Amortization (14,214) (16,689) (35,319) (6,789) (16,043) (8,669) (893) (956) (99,572) Costs applicable to sales $ 36,239 $ 92,444 $ 31,458 $ 51,248 $ 53,783 $ 47,813 $ 17,024 $ — $ 330,009 Metal Sales Gold ounces 3,906 21,407 14,898 22,935 14,090 21,267 9,917 — 108,420 Silver ounces 9,132 31,990 1,460,512 1,468,463 1,386,919 — 14,540 — 4,371,556 Copper pounds 3,385,075 — — — — — — — 3,385,075 Costs applicable to sales Gold ($/oz) $ 4,488 $ 4,215 $ 781 $ 760 $ 1,451 $ 2,249 $ 1,591 Silver ($/oz) $ 13.57 $ 23.03 $ 24.04 Copper ($/lb) $ 5.36 (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. 50 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. GAAP) $ 209,556 $ 460,233 $ 141,496 $ 125,408 $ 142,424 $ 112,882 $ 40,991 $ 1,890 $ 1,234,880 Amortization (120,591) (96,046) (74,945) (12,875) (29,734) (16,889) (2,154) (1,890) (355,124) Costs applicable to sales $ 88,965 $ 364,187 $ 66,551 $ 112,533 $ 112,690 $ 95,993 $ 38,837 $ — $ 879,756 Metal Sales Gold ounces 17,738 90,457 31,357 42,842 25,838 41,967 26,098 — 276,297 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 Gold ($/oz) $ 2,371 $ 3,889 $ 806 $ 893 $ 1,614 $ 2,288 $ 1,398 Silver ($/oz) $ 13.64 $ 25.16 $ 27.07 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) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 131,892 $ 110,993 $ 128,119 $ 105,931 $ 59,053 $ 1,874 $ 537,862 Amortization (31,311) (18,587) (31,655) (17,692) (3,023) (1,874) (104,142) Costs applicable to sales $ 100,581 $ 92,406 $ 96,464 $ 88,239 $ 56,030 $ — $ 433,720 Metal Sales Gold ounces 25,632 49,495 28,594 48,956 43,587 — 196,264 Silver ounces 2,403,133 3,356,769 2,719,821 — 84,950 — 8,564,673 Costs applicable to sales Gold ($/oz) $ 1,962 $ 896 $ 1,687 $ 1,801 $ 1,221 Silver ($/oz) $ 20.93 $ 14.31 $ 17.73 $ — (1) Includes the impact of the preliminary PPA ascribed to Inventory of $57 million. 51 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. GAAP) $ 669,740 $ 1,057,220 $ 287,680 $ 264,180 $ 394,840 $ 249,030 $ 132,130 Amortization (487,430) (323,920) (151,870) (27,110) (93,460) (42,660) (6,450) Costs applicable to sales $ 182,310 $ 733,300 $ 135,810 $ 237,070 $ 301,380 $ 206,370 $ 125,680 By-product credit (7,520) (35,620) (6,580) Adjusted costs applicable to sales $ 174,790 $ 697,680 $ 135,810 $ 237,070 $ 301,380 $ 206,370 $ 119,100 Metal Sales Gold ounces 55,000 240,640 60,950 98,680 81,720 104,000 87,380 Silver ounces 122,610 750,230 5,994,630 6,380,890 6,704,770 99,410 Copper pounds 45,000,000 Revenue Split Gold 46% 100% 39% 37% 43% 100% 100% Silver 61% 63% 57% Copper 54% Adjusted costs applicable to sales Gold ($/oz) $1,300 - $1,600 $2,700 - $3,000 $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 - $25.00 Copper ($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 Metal Sales 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% Copper 47% 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. 52 Cautionary Statement Concerning Forward-Looking Statements This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold, silver and copper mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, tax rates and treatment, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, the Franco-Nevada Gold Stream Agreement at Palmarejo, liquidity management, financing plans, risk management strategies, capital allocation, and anticipated production, costs, expenses, and cash flow. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 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. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. 53