CDE

Coeur Mining (NYSE:CDE) just delivered the biggest quarter in its history on August 6. Quarterly revenue crossed $1 billion for the first time, powered by the first full quarter of contributions from the newly acquired New Afton and Rainy River mines. Free cash flow hit a record, the cash balance topped $1 billion, and the company started paying a dividend for the first time in 30 years. But an accounting quirk dented reported earnings, and the two new Canadian mines are still finding their footing. For the quarter reported August 6, revenue reached $1.1 billion, up 27% from the prior quarter, while EBITDA hit a record $478 million and free cash flow came in at $388 million, up 45% quarter-over-quarter and more than $4 million a day. The Canadian assets, despite still ramping up, contributed 45% of that free cash flow, roughly $175 million. Cash on hand doubled from year-end 2025 to $1.1 billion by June 30, with total liquidity over $2 billion. Management is putting that strength to work. It expanded its buyback authorization to $750 million and repurchased $110 million of stock through June 30, alongside paying an inaugural $0.02 dividend, the company's first payout in three decades. Rochester also had a standout quarter, crushing a record 6.8 million metric tons, a 15% jump from the prior quarter, and finished its Phase IIa leach pad expansion, which should support stronger silver output in the second half. Wharf returned to normal operations after last November's crusher fire damage, exploration results at Palmarejo and Las Chispas continued to look promising, and Coeur joined the S&P 400 MidCap Index effective June 22 (announced June 8). Full-year guidance now calls for roughly $2.3 billion of EBITDA and $1.5 billion of free cash flow. The quarter had real friction. Realized gold and silver prices came in lower, especially in June, and diesel costs pushed overall expenses higher. Grades ran below plan at Kensington, Rochester, and Palmarejo. A noncash accounting charge tied to the fair value uplift of acquired Rainy River inventory shaved $140 million, or about $0.10 per share, off second-quarter EPS and EBITDA, part of a full-year total of $244 million at Rainy River and $20 million at New Afton, with another $38 million expected in the third quarter. The ramp-ups themselves have been bumpy. New Afton averaged roughly 12,000 tonnes of daily mining in the quarter, and management now expects to reach its 16,000-tonne target only early in the fourth quarter, later than originally planned. At Rainy River, underground rates averaged just 2,300 tonnes per day after execution problems with the mining contractor, prompting roughly $30 million in extra operating costs, a 10% increase, though rates climbed to about 3,300 tonnes per day in July. Guidance for both mines was recalibrated downward to reflect the slower pace. Hedge fund ownership ticked up from 51 funds to 52 quarter-over-quarter, a modest sign of accumulating interest rather than an exodus. Short interest sits at 5.68% of the float, enough to signal a real but not overwhelming bear camp. The stock trades at a forward P/E of 11.21 as of August 13, a multiple that does not look like it is pricing in aggressive growth. Rising fund ownership paired with a still-modest earnings multiple suggests the market has not yet fully rewarded the cash flow story. Coeur enters the second half with more cash, a new dividend, and an expanded buyback, all funded by a business that just posted its best quarter ever. Whether that continues depends largely on execution at New Afton and Rainy River, where mining rates are recovering but still trail original plans. The noncash accounting charges from the acquisition should fade after the third quarter, removing a source of reported earnings noise. For the growth story to hold, both Canadian mines need to keep closing the gap toward their targeted tonnage rates in the coming quarters. While we acknowledge the potential of CDE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Future Stocks to Buy Under $10 and 12 Best Performing Semiconductor Stocks to Invest In. Disclosure: None. Follow Insider Monkey on Google News.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 11:00 a.m. ET President and Chief Executive Officer - Mitchell J. Krebs Executive Vice President and Chief Financial Officer - Thomas S. Whelan Executive Vice President and Chief Operating Officer - Michael Routledge Senior Vice President, Exploration - Aoife Mairead McGrath Operator: Good morning. And welcome to the conference call to discuss Coeur's Second Quarter Results. All participants will be in a listen-only mode for the duration of the call. And should you need any assistance today, please signal a conference specialist by pressing the star key followed by 0 on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To withdraw your question, you may press star, then 2. Note that this event is being recorded today. I would now like to turn the call over to Mitchell J. Krebs, president and CEO. Please go ahead. Mitchell J. Krebs: Hello, everyone, and thanks for joining our call to discuss Coeur's second quarter results. Before we start, please note our cautionary language regarding forward looking statements and refer to our SEC filings on our website. Starting off on Slide 3, Core's record second quarter results were driven in large part by the first full quarter of contributions from the recently acquired New Afton and Rainy River operations. Quarterly revenue passed the $1 billion mark for the first time in the company's history on the way to record quarterly adjusted EBITDA and free cash flow. Lower prices inflationary pressures, below planned grades at 3 of our operations and the pace of production ramp-ups at Rainy River and New Afton were all headwinds during the quarter, which was also $140 million or $0.10 per share noncash impact to second quarter EPS and EBITDA from the acquisition accounting driven by Rainy River stockpile inventory that is worth highlighting. Off the back of nearly $400 million of quarterly free cash flow, our ending cash balance exceeded $1 billion for the first time in history, and is expected to continue increasing rapidly turning the balance sheet into a significant source of strength. We intend to continue deploying this cash into record levels of exploration investment and into our organic growth projects to help us deliver peer leading ROIC. We also showed in the second quarter our commitment to returning capital to shareholders as we began to more actively repurchase shares under the expanded $750 million buyback program in the second half of the quarter. And we paid the company's first dividend in 30 years. The company's growing financial strength leaves us well positioned, which is expected to further increase with a significant second-half weighted production and cash flow profile. Hitting on a couple of second quarter highlights, Rochester in Nevada achieved an important milestone with a new quarterly record of 6.8 million metric tons crushed, a 15 percent increase over the prior quarter. This progress establishing crusher consistency and predictability has been a true team effort that deserves acknowledgment. As Mick will walk you through, the team also completed the Phase IIa leach pad expansion during the quarter. Leaving Rochester poised for very strong second half silver production given the significant number of ounces placed close to liner. It was also great to see Wharf bounce back with a strong quarter as they returned to more normal operations after recovering from damages to the crusher last November. We issued an exploration update last month highlighting the ongoing success we are having at our 2 Mexican operations. Recent results at Palmarejo with the continued emergence of to the east and at Las Chispas, with drilling in the gap zone and at other new targets underscores the continued impact of our brownfield exploration investments on our efforts to drive higher returns on invested capital. While our 5 legacy operations remain on track to deliver their full year guidance, We recalibrated New Afton's and Rainy River's guidance ranges for the 9 months of Coeur's ownership in 2026. The Rainy River adjustments reflect a more gradual expected ramp up in underground production rates this year than previously assumed and the new Afton modifications reflect the rate of cave growth we are seeing since the C zone development was completed in April. Mick will provide additional details on the great work being done to safely and sustainably deliver the performance that we expect from these 2 new assets. Meanwhile, I am pleased to report that our post acquisition integration efforts are advancing according to schedule. Before turning it over to Mick, our addition to the S&P 400 MidCap Index announced on June 8th was another example of how our U. S.-based North American platform of 7 well balanced operations offers investors liquid high quality exposure to the positive long term outlook for gold, silver and copper. Mick, over to you. Michael Routledge: Thanks, Mitch. Coeur's operating results the second-quarter included several important developments that bode well for the strength of our enhanced portfolio as we look forward to the second half of 26 and beyond. As Mitch mentioned, we saw lower than planned grades at Kensington, Rochester and Palmarejo which are expected to rebound in the second half consistent with our guidance. A strong second half tailwind at Rochester aside from the higher planned grades is the impressive progress of the crushing circuit. Which continues to deliver strong, more consistent performance. Of the record 6.8 million tons crushed in Q2, that Mitchell mentioned, approximately 97 percent ran through all 3 stages of crushing highlighting the enhanced efficiency and flexibility of the operation as the crushing train moves further into a consistent operating rhythm. The pace of construction for Phase IIa of Leach Pad 6 accelerated during the quarter. Some of you may recall the initial flush of silver and gold production in 2023 following placement and irrigation of first ore close to LiDAR on Pad 6 Phase I. With Phase IIa ore placed exceeding 4 million tons through July and growing we expect a similar spike to underpin strong second half 26 production at Rochester. Series IIb of Pad 6 is well on schedule and we expect it to be completed in the fourth quarter of this year providing additional capacity close to Lena. Turning briefly to Wharf, the team continued to exceed expectations and complete all repairs ahead of schedule following the fire incident in the crusher building last November. 2 contract crushing units augmented ore placement rates on the pads as the repaired wharf crusher achieved full capacity in May. Contract crushing has been fully demobilized, and normal operations have now resumed. Moving to the Canadian assets, we have continued to work closely with the New Afton and Rainy River teams over the last 4 months on integration and mine plan optimization. At New Afton, the primary focus remains on prioritizing healthy cave growth. Executing disciplined cave draw management in these early days, the most important factor we control to protect the long term health and productivity of C zone. We increased tonnage draw from the western portion of the cave at similar grades to the North draw points and we are still limiting tonnage from the higher grade eastern portion of the cave following completion of its construction in April. Daily mining rates during the quarter averaged approximately 12 thousand tonnes per day. We are pleased to report that we saw mining rates tick up further in July, including reaching 14 thousand tonnes per day during the last week of the month as we have begun to increase draw rates in the West. We expect to achieve targeted throughput of 16 thousand tonnes per day early in the fourth quarter compared to the end of the second quarter as assumed in the original New Gold 2026 budget they approved in late last year. As a result, we have refined New Afton's partial year guidance to reflect this prudent approach is summarized on slide 12. At Rainy River, solid production from Phase 4 of the open pit drove free cash flow of $123 million the highest free cash flow of any mine in Coeur's long history. Open pit mining, processing and underground development all performed well during the initial full quarter of Coeur's ownership while waste stripping activities on Phase 5 of the open pit remained ahead of schedule. It is important to note we kept the mill full all quarter via the operations significant stockpile inventory. In the third quarter, we will be building up a new stockpile to provide that important level of flexibility with a goal of keeping the mill full at all times. Second quarter production was affected by lower than planned underground mining rates. Which reflected some short term execution challenges with the underground mining contractor I am pleased to report that after assuming control of the operation and addressing the gaps we observed, underground mining rates are now on the rise as evidenced in the performance improvements we saw in July. The gaps did require a relatively modest amount of additional capital and operating costs. That Tom will highlight. However, we are expecting a very quick payback Just to give you a sense, after averaging 2.3 thousand tonnes per day in the second quarter, underground production rates jumped over 40 percent to approximately 3.3 thousand tonnes per day in July, and we now expect to achieve our target of 5 thousand tonnes per day by year end versus the third quarter as assumed in the original New Gold 2026 budget that they approved late last year. Revised partial year 2026 production guidance at Rainy River is shown on slide 13. Which reflects this slightly slower assumed ramp up of underground mining rates. With that, I will turn the call over to Tom. Thomas S. Whelan: Thanks, Mick. Turning to slide 9, I will briefly run through our consolidated financial results. Despite being our second lightest expected production quarter this year, our balanced 7-asset portfolio produced quarterly record financial results off the back of the inclusion of our first full quarter of our Canadian assets. Some of the many quarterly records included record quarterly revenue of $1.1 billion a 27 percent increase quarter over quarter. Record EBITDA of $478 million despite the $141 million non cash expense related to Rainy River's fair value uplift of the short term stockpile must flow through EBITDA, the P&L, and our reported CAS number. And record free cash flow of $388 million or more than $4 million per day, an increase of 45 percent versus last quarter. Our Canadian assets delivered 45 percent of overall quarterly free cash flow, approximately $175 million despite both assets being in ramp up mode. Our second quarter results did see lower realized gold and silver prices than in the first quarter, particularly in June. We are also seeing some signs of cost inflation, specifically diesel cost, as shown on slide 11. Slide 8 illustrates the tremendous impact of these accelerating cash flows on our balance sheet. Cash of $1.1 billion at June 30 represents a doubling of the balance versus year-end 2025. We paid out approximately 45 percent of our second quarter quarterly free cash flow with $110 million of buybacks through June 30, the payment of an inaugural $0.02 dividend and the elimination of $39 million of our higher cost capital lease debt. We exited the second quarter with liquidity of over $2 billion, leaving no doubt about our balance sheet strength. With expectations for significantly higher production during the second half of 26, Coeur is poised to deliver even higher quarterly free cash flow for the remainder of the year. CAS on revised guidance and our updated forecast pricing, of $4 thousand per ounce of gold, $60 per ounce of silver and $6.00 per pound of copper, we expect to generate 2026 EBITDA of approximately $2.3 billion and free cash flow of approximately $1.5 billion despite significantly lower assumed metals prices in the second half of 26 and only 9 months of lower than originally planned contribution from New Afton and Rainy River. What an amazing story. I wanted to highlight the key changes in our updated guidance on slide 21. We have tweaked our overall 2026 CapEx guidance at Rainy River to reflect $45 million of Phase 5 capitalized stripping costs previously guided as an operating cost and $25 million of expenditures related to underground development, equipment and infrastructure to assist with the gaps Mick and his team identified. Revised CapEx guidance also includes an additional $15 million at Silvertip for 2026 pre feasibility study and related costs. Cash taxes were guided downwards to reflect lower assumed metals prices and lower Canadian taxes. Amortization guidance was also reduced as we completed our initial purchase price allocation for the newly acquired Canadian assets. Adjusted CAS guidance for gold and copper at New Afton increased as a result of the lower expected production. However, it is important to note that we did not see an overall increase in total operating costs at New Afton. Adjusted gold CAS guidance at Rainy River also increased as a result of the lower expected production. We are also expecting a 10 percent increase in total operating costs or approximately $30 million during 2026, for additional labor, rental equipment and maintenance to address the gaps Mick and his team identified. I did want to spend a minute on the acquisition accounting related to the short term inventory, including the significant short term stockpile at Rainy River. That we acquired at the transaction closing. The fair value uplift of the acquired inventory as required under U. S. GAAP is an important, pointy-headed accounting matter to clearly understand given the magnitude and the pervasive impact it has on our financial results. While the impact is non cash, the full year total will be $244 million at Rainy River, and $20 million at New Afton. We want to emphasize this non cash amount must be included in our EBITDA net income and CAS. During the first quarter, approximately $85 million of the fair value uplift hit our EBITDA, net income, and CAS. The second quarter impact was a further $140 million approximately $0.10 per share and the remaining $38 million is anticipated to flow through during the third quarter as we expect to have depleted the remaining acquired short term stockpile at Rainy River by the end of the quarter as Mick mentioned. To give a better sense of the order of magnitude of this non cash impact on our CAS, the second quarter impact at Rainy River was $2,036 per ounce, of the total $3.79 thousand CAS per ounce. And on a consolidated basis, it represented $834 per ounce of the total $2.44 thousand CAS per ounce. I hope that made sense, and I will get off the accounting soapbox. We remain extremely excited and proud of this platform we have created as a unique North America only precious metals producer with a heart of silver. We are set up for a strong second half of free cash flow continued capital returns and cash accumulation on the balance sheet as we continue to deliver on our strategic plan. I will now turn the call back to Mitchell. Mitchell J. Krebs: Thanks, Tom. Before opening it up for Q&A, our key strategic priorities for the remainder of the year are shown on slide 20. We are looking forward to delivering sharp increases in production and cash flow during the second half that are expected to lead to record full year 2026 results leaving us well positioned to deliver another record year in 2027. With that, let's go ahead and open it up for questions. Operator: We will now begin the question and answer session. At this time, we will pause this momentarily to assemble our roster. And our first question here will come from Wayne Lam with TD Securities. Please go ahead. Wayne Lam: Yes, thanks. Good morning, guys. Hi, I just want to-- Hey, how's it going? Just want to understand the reset in the expectations for the new gold assets after just the first quarter of operations post-combined guidance. Wayne, starting with New Afton, what was the previously budgeted timeline to get to this 16 thousand-tonne-per day Or was the revision here also largely grade driven? Because I think most of it baked in a ramp up to reach the run rate capacity, but also seems like a second haircut taking that New Afton now from what New Gold management had previously guided to what was outlined in the combined guidance, a few months ago to now. Mitchell J. Krebs: Yes. Well, we will start there with New Afton. Thanks for the for question. The original plan for New Afton coming into the year was for them to be at 16 thousand tons a day by the end of the second quarter. And I think what we are seeing now is hitting that level early in the fourth quarter. So roughly 3 months slower than what they came into the year assuming. And so the reset in the guidance ranges there was driven more by that timing there is a little bit of a grade differential, just as we draw from different parts of the cave in response to kind of how the cave is propagating since the construction was completed in April. But maybe, Mick, you can go a layer deeper than that. Michael Routledge: Yeah, thanks for the question. it is really about that healthy cave propagation. And with respect to the grades, we really try and chop the cave up into 6 main areas. that is north and south, and then split up into the east and west zones. and that is different grades across the cave. But the key to the start of the cave is really about drawing it and getting it balanced and flat so that it comes down as a block. And where our high grades are really in the south and the east, and we have to draw more on the west and the north, at the moment, to get the cave to propagate in a flat manner. So as we see that coming to bear over this next quarter, then we will see the draw rates increase and we should see the grades improve. Over that period between now and the end of the year. Does that help, Wayne? Wayne Lam: Yeah. that is great. And then maybe just at Rainy River, can you give us a bit more detail on the challenges with the underground contractor this quarter? And again, on the prior time line, on the ramp up to 5 thousand-tonne-per day, and maybe some color on the underground grades as well. And then just wondering maybe for Tom, if you are chewing through more of the stockpiles at a faster rate, resulting in a greater noncash impact near term on the purchase price adjustment. Does that mean that non-cash impact to CAS goes away at some point soon? I am just not sure if I am thinking about that correctly. Mitchell J. Krebs: Well, maybe I could-- Tom, I will try and answer that second question first because it is I think, a pretty quick answer, which is, yes, it should go away with the third quarter. I think Tom, in your comments, you mentioned $38 million or so is expected to roll through the P&L in the third quarter, and then we should be done. Thankfully. So that is on that, Wayne. Is that good on the accounting question? Wayne Lam: Yeah. Yeah. that is good color. Mitchell J. Krebs: Yeah. Yeah. Okay. Good. And then just on the Rainy River front, I will say a couple of things, and then, Mick can cover more detail. I would say that those short term execution challenges more in the kind of tactical realm. As those throughput rates started to climb, you could see some gaps start to surface in things like trucks, personnel, availability. Some infrastructure related constraints that will be covered by the CapEx increase that Tom flagged. But we got in there in April, May, Mick and the team and the team at Rainy River did, I think, a really good job of identifying some of these gaps as they started ramping up to that next level. And put a good plan in place pretty quickly and it is really nice to be able to see in July the effects of that work as the rates started to climb up pretty quickly and that is continued here into the early days of August. So that has us feeling really good about the second half ramp up to that 5 thousand tons a day by year end. And just quickly on the underground grade open pit grade mix, I think in the second quarter, the underground contributed something like 9 percent of total tons and that should be almost twice that in the second half. And those underground grades are almost 3x higher than surface grades, the open pit grades. So as we see that tonnage come up to 5 thousand-tonne-a-day with that higher grade impact from those tons, that is going to be the nice tailwind in terms of the second half production levels there at Rainy River. Mick, did I leave anything there for you to cover a couple of bits and pieces? Michael Routledge: Really, just to see actually really happy with the response of what we are the remaining contractor. And working really well with them hand in a glove. The early part of the development of the Oneveron was really focused on those development rates and the contract structure focused on that. Once we address that and we ramped up hard on the development, that outpaced the mining rates, which then effectively exposed the other bottlenecks that we had to address. So we have got we have got after those with our contractor, with a great response, and we are seeing already that the uptick in that performance, with the contractor, focused now on mining rates to balance that against the development rates. And, yeah, really, really happy about how that is improving. Wayne Lam: Okay, great. Yes, looking forward to the operational improvements in the back half of the year. Wayne just last 1, at Rochester. Can you just walk us through the expectations into the second half on grades and recoveries I know the quarterly guidance had accounted for some of the lower grade this quarter. At a pretty big step change on silver into the fourth quarter. But just given the longer cycle for silver recoveries that we have seen in the past, is that still realistic to expect those ounces to come out quickly as per the guided expectations? Mitchell J. Krebs: Yeah, I would say the 3 biggies there, Wayne are Consistent crusher performance. That we are now demonstrating, assume that continues. higher grades. And then you have got the nice mix of higher grades and then close to fresh liner. And those are the ingredients for what should be a pretty dramatic second half compared to the first half. But Mick, you want cover that? Michael Routledge: And, you know, during this first part of the year, Wayne, we had a lot of material that we had to produce as an overlay now for the construction of those new pads. And that is at a higher size fraction and its lowers what crushed our performance down. And so we got through a lot of that. Still producing a little bit of that for the next phase of the expansion. But overall, we are in good shape for that uptick in the second half. there is a lot of tonnes sitting on that new liner now that has not even been started to irrigate yet. So I am looking forward to that. Wayne Lam: Okay, perfect. Nice to see a lot of free cash flow coming through despite the slow ramp-up. And look forward to catch up operationally. Best of luck in months ahead. Thanks, Wayne. Operator: And our next question will come from Cosmos Chiu with CIBC. Please go ahead. Cosmos Chiu: Thanks, Mitch. Mick and Tom for the presentation. My first question is going back to New Afton here. I noticed that recovery was slightly lower. Quarter over quarter, 85.1 percent for gold and 90.6 percent for copper. I guess 2 parts to my question. Number 1, as you talked about grade potentially coming back up later on during the year, does that help in terms of recovery? and then #2, you know, as you had recalibrated your guidance for the year, what kind of recovery rate are you assuming for the rest of 2026? Mitchell J. Krebs: Yeah. Thanks, Cosmos, for the question. I will As we go into the second half of the year and as Mick alluded to, we will not only see a throughput uptick but we will see a grade uptick as well as they start drawing on some of those other areas of the C zone and that should flow through to higher recoveries on both gold and copper relative to what we saw in the first half of the year. But Mick, do you want to cover that as well? Michael Routledge: Yeah. You nailed it, actually. So the those lower grades, it is all really about the cave draw management. As those grades come up, we should see some appreciation in the recovery rates. Cosmos Chiu: Great. And then so is like what we saw in the first quarter, is that a better sort of run rate? I forget in terms of based on the technical report. What kind of recovery rates is expected sort of life of mine for copper and gold. Mitchell J. Krebs: Yes. That first quarter was for us in our world was 11 days. So I cannot even remember what those recoveries looked like for that little snapshot of time. But Mick, do you want to answer Cosmos' question? Michael Routledge: Yeah, based on the material that we pulled from the cave, the recovery is actually just did better than what that model, in fact. So it is tracking well, based on recoveries compared to the tech report. Mhmm. Cosmos Chiu: Great. I guess, going to Rainy River here. You know, as you mentioned, underground development caught up mining rates, are now, are now catching up to those development rates. I guess my question is you did 2.3 thousand tonnes per day in the second quarter. Is there any kind of internal targets that you can share with us? Like what were you expecting in the second quarter for mining rates to have hit And then second part is, you know, getting to 5 thousand tonnes per day or targeting 5 thousand tonnes per day by year end. that is almost double. that is-- yeah, more than double what you did in the second quarter. what is kind of like that cadence of that increase You did 3.3 thousand kind of now. Is that a good number to use for the third quarter or how should we think of how that increase is going to be? Is it a straight line Or is it more parabolic? How should we look at it? Mitchell J. Krebs: Man, you are asking for some pretty good precision there, Cosmos. But I would say the rates of underground production between now and the end of the year is fairly linear and gradual. And that 5 thousand-tonne-a-day is not an average for the fourth quarter. it is sort of the end at the end of the year. Is where we plan to be. So as you think about building that into your model, you know, it is a pretty steady ramp assumed from where we saw July to where we see December. Okay. Great. Yeah, it does not hurt to ask, right, Mitchell? Cosmos Chiu: You can always-- Hey, you know, you have got a model to update. I get it. And then maybe in terms of the pre stripping of phase 5, how's that going? Mitchell J. Krebs: Yeah. it is a good news story. I mean, you know, at Rainy, we talk a lot about these underground mining rates, but let's not forget the open pit is doing great. The mill is doing great. They are really hitting their stride on the underground development. And now, you know, chasing that next bottleneck down into the underground mining rates now that we are we are on top of. But in terms of phase 5, pre strip, that is a good story. Right, Mick? Michael Routledge: Yeah. The strip is ahead of the game, and, we expect to get, a fair amount of material in the second half from 5 now. Which is great as we finish off 4 and then we manage coming out of the 4 pushback. We will get into 5 by the end of the year and post material. And, yeah, really happy about the progress there. And the mill, I mean, the mill is full. We have-- we have stockpiles that allowed us to keep the mill full. Continuously. So yeah. We are in good shape. Cosmos Chiu: Great. Heading over to-- Cool. And maybe 1 last question. I see that in your CapEx discussion in your MD and A. You have allocated additional $15 million in CapEx to Silvertip. Any updates there you can provide to us? Mitchell J. Krebs: And what should we be looking for? Yeah. Yeah. No. Good catch. Good question. Since we talked after the first quarter, in early May, we wrapped up the initial assessment and we have now progressed into a pre-feasibility study, and that was a decision that we made together with our Board in mid May. And so that extra capital that you flagged there, Cosmos, is really a reflection of us funding that additional work to wrap up a PFS, hopefully early 2027. Meantime, exploration, you know, is fully funded for the year to continue to try and expand the resource. that is really hitting its peak right now here in this third quarter. So that capital for Silvertip is really to fund the studies that we are proceeding with. Cosmos Chiu: Great. Thanks, Mitchell, Mick and Tom for answering all my questions. And enjoy the rest of your summer. Thanks. Thanks. You too, Cosmos. Operator: Our next question will come from Joshua Wolfson with RBC Capital Markets. Please go ahead. Joshua Wolfson: Yes. Thank you very much. I appreciate all the disclosures on the call and some of the details for the new gold assets. it is helpful. Just sort of going into some of the details there further and looking at maybe some of the impacts on 2027. You know, the company was talking about changing, I guess, the draw of the cave for New Afton. When balancing things out a bit more. It would it be reasonable to think if you are balancing things out more, the grades that were previously expected in 2027-2028 that were that were quite high, you know, might be a little bit more smoothed out versus the rest of mine plan? Or is that is the cave sort of changes or limited to 2026? Michael Routledge: Mick, do you wanna cover that? Yeah. Yeah. So at the moment, we are busy rerunning those plans. We will really know that through the third and into the fourth quarter as we set the budget for 2027 and beyond. But for the moment, there has not been any more sterilized. We are really just making sure that we balance the cave and we draw from the right points to get that balance. And so my expectation is that we will see that grade at some point over the next period. Thank you. Joshua Wolfson: And then similarly at Rainy, I believe the underground throughput or mining rate was closer to about 6 thousand over the next 2 years. Is that still a reasonable ultimate target? And maybe is there some slight ramp up here, we should be forecasting in 27. Mitchell J. Krebs: Yeah. No. Good question. I would say that technical report some good piece of work, obviously it was New Gold's technical report, ours. And there is still some work that we will want to do here as we get closer to 2027 on how we see that mix of underground versus open pit going forward. For now, getting up to that 5 thousand ton per day from the underground by year end and carrying that into 2027 is the near term plan. But there is still a lot of good work to do there. In terms of figuring out what that future looks like at Rainy River because there is a lot of lot of optionality there with the open pit that we wanna make sure we are we are factoring into our thinking as we go forward. Joshua Wolfson: Right. And then last question, just on the capital allocation side. I mean, good work with the initial buybacks noted the high cash balance projected for year end. In that context, I am wondering, how is the company thinking about the cadence of the buyback through the approved period? Should we forecast similar levels or rates, or will it change based on share prices? And then when you think about the cash position and the growth expected, where would the company look to invest in growth that could start to be spent in 2027? Thanks. Mitchell J. Krebs: Yeah. Great capital allocation question. I will start and then Tom, you can certainly chime in. I think we set up a well designed buyback program with a portion of it just automatically chewing away during blackouts, you know, no matter what. And then we can step in during non blackout periods and be opportunistic when we see the stock at a point where we think it is undervalued. And so it is going to be driven by that. You know, we do not feel like we have a gun to our head to get through $750 million by a certain date. But certainly when the stock is weak or is underperforming or on a relative basis seems undervalued, we are going to step in and be aggressive. And so as we go through the rest of the year, that is really going to be the driver for the pace of that buyback program. But we feel good about coming out of the gate strong since mid May. And the progress that we have made so far and it remains a key focus for us as we go forward. And as far as that building cash, gives us a lot of great financial flexibility to pursue high return growth starting with exploration on the brownfields exploration side. We will keep investing as much as we efficiently can deploy that some of those high priority sites. So that is right up there high on our capital allocation framework. The big chunky growth really is driven by K Zone out there at New Afton. Advancing the studies and seeing if Silvertip is potential new source of know, not that long term or not that far off, primary silver production, you know, Canadian production, silver growth. Look out at East Rochester a little bit longer term and you think about what could we do over there take advantage of the exploration success outside of the Franco Nevada area of interest there at Palmarejo. And then back to Rainy River, you know, what does the future look like there in terms of potential mine life extensions that could require some additional infrastructure to support a longer mine life. So those are some of the big chunks that come to mind Tom, what did I forget? Thomas S. Whelan: Yeah, you nailed that. We are really happy with the design program. We will be coming out of blackout here on Friday. And if we see opportunities with the share price is at versus our expectations of value, we will be aggressive. Joshua Wolfson: Thank you very much. Thanks, Joshua. Operator: And our next question will come from Kevin O'Halloran with BMO Capital Markets. Please go ahead. Kevin O'Halloran: Hey, Mitchell and team. Thanks for taking my questions. Yes, hi Kevin. Hey, at Palmarejo, can you just remind us what your goal is in terms of building out that resource inventory outside the area of influence? And then how much production do you expect to shift outside that stream area over the next say, few years? Mitchell J. Krebs: Yeah. Great question. Been a topic of discussion here a lot. Especially on the heels of that exploration release that we put out a couple of weeks ago that shows continued success over there both further to the east at that San Miguel, La Union. We call it the Guazapares area, is the furthest kinda to the north and east from where our current operations are. that is a longer term game that needs to have additional drilling additional resource growth and then Mick and the team will, you know, are gonna start doing their studies around trade offs of how much mineralization do we need to consider a potential standalone opportunity there longer term? Or in the inner interim, is there an opportunity to haul material from that Guazapares area back to the to the Palmarejo processing facility. So that is, you know, that is a work stream that will go on for a while and with additional drilling in the meantime. The nearer term stuff, that is the Independencia Sur, The Southern Southeastern Extension Of Independencia that extends off the Franco Nevada Franco Nevada area of interest that is the near term opportunity. And think in the second quarter, we saw something like 50% of our gold production subject to the Franco Nevada terms. You know, the goal is to look at that in the peninsula, sir, in the next 2 or 3 years as the nearer term opportunity to start bringing in some gold where we can actually sell it for the market price rather than to Franco Nevada for $800 an ounce. So there is a near term play there. To the south and east at Independencia. there is the kinda medium term play further off to the east in that Guazapares area. And then in between those 2 areas, there is a lot of exploration potential and excitement that we will continue to fund and that is in my mind is then the longer term play even further beyond Guazapares. So it is like a whole new chapter to the Palmarejo story over there to the east with some near term, medium term, and longer term opportunities. Kevin O'Halloran: Great. Yeah. Lots of potential there. Appreciate that. Yeah. But other question was just at Los Chispas. You had higher throughput in the second quarter and slightly lower grade, although grades were still quite strong. How should we be thinking about the production there going forward? Is there a bit of a trend towards higher throughput and a little bit lower grades? Or was this just kinda typical quarter to quarter fluctuation? Mitchell J. Krebs: Yes. Thanks for the question. They are doing a tremendous job there of being very predictable and consistent and steady. And you look at first half performance versus second half expectations, it is a nice equal balance between the 2 and that is kind of the way we see it continuing into the future. Anything, Mick, you want to add to that? Michael Routledge: Just we have a very healthy inventory stockpile, and that helps us to just balance what we get from the main. And balance the grades and the production rates out so that the mill sees what we needed to see, and we just continue to tick along there. Kevin O'Halloran: Okay. Makes sense. And then on the on the mining unit cost there at Las Chispas I noticed they were up a little bit in the second quarter. Was that driven by royalties and the peso? Or are there other factors going on there? Mitchell J. Krebs: Yeah. that is a good 1. I do not have a good answer to it. I will top of my head. I know there was some stockpile management that was taking place building onto the stockpile. Michael Routledge: Mick, is there anything that comes to mind? Yeah. It was just with that little bit lower grade, we a little bit more material to keep hitting the plan. But we expect to be on budget by the end of the year. So it is just really quality fluctuations. Kevin O'Halloran: Okay. Great. that is it for me. Thanks for taking my question. Okay. Thanks, Kevin. Operator: And our next question will come from Eric Windmill with Scotiabank. Please go ahead. Analyst: Hi, good morning Mitchell and team. Thanks for taking my question. Lot of my questions have been answered, but maybe just 1 on New Afton and the K Zone. Any updates there in terms of what is happening? I know you said studies ongoing, but we likely to see an update, you think, later this year or next year? Mitchell J. Krebs: And are you talking K Zone, Eric? Yep. that is correct. Yeah. I knew after. Yeah. Yeah. Yeah. Yeah. there is an exploration piece there and then, you know, a study piece. Mick, do you wanna take the study piece where we are on that work? Michael Routledge: And then Ifa, maybe you could chime in with a couple comments on the drilling that we are doing there. Yeah. We are we are doing the preparations for an FS, which we will get ready. We have not got an exact date when we will kick that off yet, but it will be soon. Because the engineer and the development and if I will talk about the drill in a second, that is that is ongoing. So we are resourced and forward with that. Have time to do that well, and we already looked at how we will do that development to get in the right spot to do the drilling and characterize that ready for the engineering requirements of an FS. Dife? Aoife Mairead McGrath: Yeah. And on the exploration side, there, we are we are having great results from the k zone. We have expanded the footprint by just over 300 metres this year. On a base of somewhere around 600 metres initially. From the maiden resource shape that was outlined in the first quarter. So and the grades are holding up very well. We are seeing some nice, wide juicy intercepts in k zones. So we are we are very excited to see what comes out here in the next resource update. Analyst: Okay. Does that help, Eric, on yeah. Okay. Yeah. Yes. Appreciate the update. Then just point of clarity, did I hear correctly, you said you are expecting a PFS for Silvertip probably early next year? Mitchell J. Krebs: Could you release something? Well, we will complete it As to whether we will release it or not, that is probably something we will just keep internal and whether there is a thumbs up or a thumbs down at that sort of off ramp We will see what it looks like. Is it worth continuing on to an FS? Probably if and if it is, and we make that transition into a feasibility study maybe on the back of that work, that is something we would look to release. That gives us a little more time as well for the drilling to keep going and catching up and adding to that resource so that we could put together a really economically attractive project in that kind of final study. Okay. Great. Thank you very much. And last 1 for me. I know you are still busy integrating the New Gold acquisition, but terms of overall portfolio composition, are you happy with the assets? Any thoughts on divestitures or things you might wanna add down the road? No, I appreciate the question. We are happy with the portfolio. Everybody's doing great. Every asset is contributing second half is going to be a lot of fun. And on the integration front, the people are great. The infrastructure, these assets are terrific. We could not be more pleased with everything. Obviously, we have got a little bit of a timing on the ramp ups that we have we have made an adjustment for. But as far as the overall portfolio, no, we like everything we have. We like the North America only We got good balance across the 7 assets. And so we are pleased with what we have. Alright. Fantastic. Thank you very much. I appreciate it and I will hop back in the queue. Cheers. Okay. Yes. Thanks, Eric. Operator: Our next question will come from Brian MacArthur with Raymond James. Please go ahead. Brian MacArthur: Good morning and thank you for taking my question and thank you for all the guidance. But can I just ask a bigger philosophical question? Obviously, this is all about free cash flow. You have given good guidance for the rest of the year, but I kind of want to break it up into the third and fourth quarters, if I can. If I think about this going forward, for EBITDA, you are sort of saying you need a under your forecast, you need a 1 billion over the back half of the year. With, you know, the noncash stuff coming off into the fourth quarter. You have got ramp ups going on. I assume costs are coming down. Should I think of this as 40-60 between the third and fourth quarters? Is that reasonable? And then maybe the more important part of the question is when I go to free cash flow, for your CapEx in the back half of the year, is it evenly weighted? Or is it heavily weighted to the third quarter or something so that when we get the third quarter free cash flow number, it ends up being you know, 25% or 30% of your expected back half cash flow. I know it is a detailed question. But I think it is about leads into how much free cash flow the market expecting and, know, how much you have available to buy back shares and do everything else. Thanks. Mitchell J. Krebs: Yeah. No. Great. Great philosophical question. I was going to just hand over the call to Tom, thinking it was gonna be a tax question that you are gonna ask, Brian. But on the weighting, your weighting is probably pretty good between the third and fourth quarters. On the free cash flow. And typically CapEx is a little higher in the third quarter during the better summer season. than our weather versus the fourth quarter. Thomas S. Whelan: Tom? Yeah. No. I yeah. Q3 is, definitely higher CapEx than in the fourth quarter. And do not forget, Eva has a gazillion drills going in Q3. So it will be the heaviest-impact quarter for exploration. But just look at the production profile that we guided to. You do see the production sets up pretty nicely in the third quarter. And then steps up even nicer in the fourth quarter. So that should help out the geography of the free cash flow growth by quarter well. Mitchell J. Krebs: And back to Wayne's question on timing of silver. At Rochester, that gold comes out a lot faster in the third quarter. But in the fourth quarter then on the silver at Rochester is where you will really start to see the hockey stick in the second half of the year out there. Yeah. Brian MacArthur: that is what was trying to work out. You get all these moving parts, and you set up and down there in a couple of. And then I guess the other thing just for you, but so we get rid of the $38 million as you said, from the third quarter to the fourth quarter as well, right? Mitchell J. Krebs: So that will be You know, in income statement for the third quarter, but noncash in the third quarter. that is right. Yeah. It will be nice to get past that purchase price allocation noise. Analyst: The third quarter and a cleaner simpler fourth quarter. Thomas S. Whelan: Offset by-- like, let's-- I know it is accounting noise, but this is great operational for us to have. Mean, Las Chispas has proven to be it is been great to have that stockpile, and at Rainy, it is been great to have that stockpile. Just apologies for the accounting. We are just this is what has been forced upon us. And so the pain's almost done, and for everyone's understanding. All of the analysts did a really good job of understanding this, and thank you. Brian MacArthur: Great. Thanks very much. I was just more concerned about the free cash flow. I think that is what is really important. Thank you. Yes. No, thanks, Brian. Operator: And this concludes our question and answer session. I would like to turn the conference back over to Mitchell J. Krebs for any closing remarks. Mitchell J. Krebs: Okay. Well, we appreciate all the great questions and everybody's time today, and we look forward to talking with you all again later in the fall. After our third quarter results. Have a great rest of the day and rest of the summer. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines. Before you buy stock in Coeur Mining, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Coeur Mining wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Coeur Mining (CDE) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Coeur Mining, Inc.? Here are five stocks we like better. Coeur Mining reported record Q2 results, with revenue topping $1 billion, adjusted EBITDA reaching $478 million and free cash flow totaling $388 million. The company ended June with $1.1 billion in cash and more than $2 billion in liquidity. Reported results were reduced by a $141 million non-cash acquisition-accounting expense tied to Rainy River inventory, with another $38 million expected in Q3. The company also cited lower metal prices, diesel-cost inflation and operational ramp-up challenges as headwinds. Coeur lowered ramp-up expectations for New Afton and Rainy River, delaying throughput targets and adding approximately $55 million in Rainy River costs. Despite the revisions, management forecasts about $2.3 billion in 2026 EBITDA and $1.5 billion in free cash flow, supported by stronger second-half production. 3 Stocks Under $20 to Buy Before a Broader Market Rally Coeur Mining (NYSE:CDE) reported record second-quarter financial results, supported by the first full quarter of contributions from its recently acquired New Afton and Rainy River operations. The company said quarterly revenue exceeded $1 billion for the first time, while adjusted EBITDA and free cash flow also reached quarterly records. The company generated $1.1 billion in revenue, up 27% from the prior quarter, adjusted EBITDA of $478 million and free cash flow of $388 million. Chief Financial Officer Tom Whelan said free cash flow increased 45% sequentially, with the Canadian assets contributing approximately $175 million, or 45% of the quarterly total, despite both being in ramp-up mode. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Which Mining Firms Are Striking It Rich in the Metals Rally? Coeur ended June with $1.1 billion in cash, double its balance at the end of 2025, and more than $2 billion in liquidity. During the quarter, the company repurchased $110 million of shares, paid its inaugural $0.02-per-share dividend and eliminated $39 million of higher-cost capital lease debt. The quarter included a $141 million non-cash expense associated with the fair-value uplift of acquired short-term inventory at Rainy River. Whelan said the accounting treatment is required under U.S. GAAP and affects EBITDA, net income and costs applicable to sales, or CAS. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Hi Ho Silver Away! Silver Breaks $80 as Poor Man's Gold Explodes The non-cash impact totaled about $140 million, or $0.10 per share, in the second quarter. Coeur expects another $38 million to flow through results in the third quarter as it depletes the remaining acquired Rainy River stockpile. The company said the full-year inventory-related accounting impact is expected to total $244 million at Rainy River and $20 million at New Afton. While results benefited from the Canadian acquisitions, Coeur cited lower realized gold and silver prices, diesel-cost inflation, lower-than-planned grades at Kensington, Rochester and Palmarejo, and the pace of ramp-ups at New Afton and Rainy River as headwinds during the quarter. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling At Rochester in Nevada, the company crushed a quarterly record 6.8 million metric tonnes, up 15% from the prior quarter. Executive Vice President and Chief Operating Officer Mick Routledge said approximately 97% of the material moved through all three crushing stages, reflecting improving efficiency and consistency in the crushing circuit. Rochester also completed the Phase 2A expansion of Leach Pad 6. More than 4 million tonnes of ore had been placed on the new liner through July, according to Routledge. Coeur expects the ore placed close to liner, combined with higher planned grades and more consistent crushing, to support a strong second half for silver production. Phase 2B of the leach pad expansion remains on schedule for completion in the fourth quarter. At Wharf, the company completed crusher repairs following a fire last November ahead of schedule. Contract crushing units supported pad-placement rates until the repaired crusher returned to full capacity in May. Contract crushing has now been demobilized and normal operations have resumed. Coeur revised its partial-year 2026 guidance for New Afton and Rainy River, reflecting a more measured ramp-up at both operations. At New Afton, daily mining rates averaged about 12,000 tonnes during the second quarter and reached 14,000 tonnes per day during the final week of July. The company now expects to reach its 16,000-tonne-per-day throughput target early in the fourth quarter, about three months later than the original plan to reach that level by the end of the second quarter. Routledge said the decision reflects disciplined cave-draw management intended to support the long-term health and productivity of the C-Zone cave. Coeur has been drawing more tonnage from western and northern portions of the cave while limiting draw from the higher-grade eastern area. Management said grades and recoveries should improve as production expands into other parts of the C-Zone later in the year. At Rainy River, second-quarter free cash flow reached $123 million, which Routledge described as the highest free cash flow generated by any mine in the company’s history. The operation maintained mill throughput using stockpiled material while Phase 5 open-pit waste stripping remained ahead of schedule. Underground mining rates, however, averaged 2,300 tonnes per day in the second quarter, below plan due to short-term execution challenges involving the mining contractor and constraints related to trucks, personnel, equipment and infrastructure. After Coeur assumed greater control of the operation and addressed those gaps, July underground rates rose more than 40% to approximately 3,300 tonnes per day. The company now expects to reach 5,000 tonnes per day by year-end, rather than during the third quarter as assumed in the prior New Gold budget. Coeur expects to spend an additional $25 million on underground development, equipment and infrastructure at Rainy River, while total operating costs are expected to rise about 10%, or roughly $30 million, for added labor, rental equipment and maintenance. Based on revised guidance and forecast prices of $4,000 per ounce of gold, $60 per ounce of silver and $6 per pound of copper, Coeur expects approximately $2.3 billion in EBITDA and $1.5 billion in free cash flow for 2026. Whelan said the outlook assumes lower metal prices in the second half and only nine months of contribution from New Afton and Rainy River. Management expects production and cash flow to rise sharply in the second half, with fourth-quarter production anticipated to increase further from third-quarter levels. The company said third-quarter capital spending will be heavier than the fourth quarter, in part because exploration activity will peak during the summer. Coeur said it plans to continue directing cash toward brownfield exploration, organic growth projects and shareholder returns. The company’s $750 million share repurchase program includes automatic purchases during blackout periods and opportunistic repurchases when management views the stock as undervalued. In addition to exploration spending at its Mexican operations, Coeur allocated an additional $15 million to Silvertip for a pre-feasibility study and related work. Management expects to complete that study in early 2027, while continuing exploration intended to expand the resource. Coeur also said it is advancing preparations for a feasibility study at New Afton’s K-Zone, where exploration has expanded the mineralized footprint by more than 300 meters from the maiden resource shape outlined earlier in the year. Coeur Mining, Inc is a publicly traded precious metals mining company headquartered in Chicago, Illinois. The company specializes in the exploration, development and production of silver and gold deposits, with a focus on high-grade underground and open-pit operations. Through a combination of operating mines and advanced exploration projects, Coeur Mining seeks to deliver consistent production of silver and gold bullion while maintaining industry standards for safety, environmental stewardship and cost management. Coeur Mining's portfolio includes five principal operating mines and several exploration projects across North America and Australia. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Coeur Mining Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Coeur Mining, Inc. CDE used its second-quarter call to reset expectations at New Afton and Rainy River, where slower ramp-ups drove lower partial-year production guidance and higher unit-cost assumptions. Management still expects a stronger second half, supported by improving mine rates, Rochester’s crusher gains and cash generation. The call focused heavily on near-term execution against 2026 cash-flow targets. Chairman, president and CEO Mitchell J. Krebs said that New Afton’s C-Zone should reach 16,000 tonnes per day early in the fourth quarter, about three months later than the original 2026 plan. Executive vice president and COO Michael Routledge said that cave draw management remains focused on healthy propagation. New Afton’s nine-month gold guidance fell to 50,000-60,000 ounces from 60,000-80,000, while copper guidance dropped to 40-50 million pounds from 50-65 million. At Rainy River, Routledge said that underground rates improved from 2,300 tonnes per day in the second quarter to about 3,300 in July, with 5,000 targeted by year-end. Nine-month gold guidance fell to 190,000-230,000 ounces from 230,000-275,000. Routledge said that Rochester’s crusher delivered a record 6.8 million tonnes in the quarter, with 97% passing through all three crushing stages. Phase 2A of the leach-pad expansion was completed. CEO Krebs said that higher grades, steadier crushing and fresh liner should support a large second-half improvement at Rochester. In Q&A, he said gold should arrive faster in the third quarter, while silver should step up more sharply in the fourth quarter. Routledge also said Wharf returned to normal operations after repairs following the November crusher fire. Full-year guidance remains unchanged across all five legacy operations. Executive vice president and CFO Thomas Whelan said Coeur still expects about $2.3 billion of adjusted EBITDA and $1.5 billion of free cash flow in 2026, using updated assumptions of $4,000 gold, $60 silver and $6 copper. Second-quarter adjusted earnings of $0.12 per share missed the Zacks Consensus Estimate of $0.22, while revenues of $1.09 billion missed the $1.24 billion estimate. Free cash flow reached a record $388 million. Coeur Mining, Inc. price-consensus-eps-surprise-chart | Coeur Mining, Inc. Quote Whelan said that a $140 million noncash inventory purchase-price adjustment reduced second-quarter earnings by $0.10 per share. Management expects the remaining $38 million impact in the third quarter, leaving the fourth quarter cleaner. Krebs said that the expanded $750 million repurchase program combines automatic buying during blackout periods with opportunistic purchases when management views the stock as undervalued. Coeur had repurchased $121 million of shares through July 31. Whelan added that cash reached $1.1 billion at quarter-end. Coeur paid its first dividend in 30 years and retired $39 million of higher-cost capital lease debt. Krebs said that growth spending centers on brownfield exploration, New Afton’s K-Zone, Silvertip studies, East Rochester, Palmarejo exploration outside the Franco-Nevada stream area and longer-term opportunities at Rainy River. A TD Cowen analyst pressed management on New Afton’s reset and Rainy River’s underground contractor. CEO Krebs replied that the New Afton change was primarily timing-related, while Rainy River’s short-term gaps involved trucks, personnel availability and infrastructure. A CIBC analyst asked about Rainy River’s ramp cadence. Krebs said that the move from July’s roughly 3,300 tonnes per day toward 5,000 by year-end should be fairly linear. A Raymond James analyst asked about second-half cash-flow weighting. CEO Krebs said that a roughly 40-60% split between the third and fourth quarters was reasonable, while Whelan expects third-quarter capital spending and exploration to be heavier. CEO Krebs framed the rest of 2026 around higher production, stronger cash generation, capital returns and Canadian integration. Management’s outlook remains tied to executing the New Afton and Rainy River ramps. Coeur also continues to fund exploration while preserving balance-sheet flexibility for organic projects and shareholder returns. CDE carries a Zacks Rank #5 (Strong Sell) at present, indicating unfavorable earnings-estimate revision trends over the Zacks Rank’s one-to-three-month horizon. Its Growth Score of B is its strongest style reading against a Value Score of D, a Momentum Score of C and a VGM Score of D. The Zacks Style Score is designed to complement the Rank, with A or B scores most favorable alongside a Zacks Rank #1 (Strong Buy) or 2 (Buy). CDE’s current combination lacks that alignment, although the Zacks Rank can change as analysts revise estimates after the just-reported results. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Coeur Mining, Inc. (CDE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record quarterly revenue exceeding $1 billion and record free cash flow of $388 million, driven by the first full quarter of contributions from the New Afton and Rainy River acquisitions. Performance was partially offset by lower-than-planned grades at Kensington, Rochester, and Palmarejo, alongside inflationary pressures and slower-than-expected production ramp-ups at the new Canadian assets. Rochester reached a milestone with record crushing consistency, processing 6.8 million metric tons, which management views as a critical step toward predictable second-half silver production. Strategic focus at Palmarejo involves shifting toward exploration outside of existing streaming agreements, with the Independencia Sur area representing a near-term opportunity over the next 2-3 years, while the Guazapares area to the east is considered a longer-term play. Management emphasized that the balance sheet has become a 'significant source of strength,' with cash balances exceeding $1 billion, enabling the company's first dividend in 30 years and active share repurchases. Integration of Canadian assets is advancing on schedule, though guidance was recalibrated to reflect more prudent underground mining and cave draw management strategies. Second-half 2026 production is expected to be significantly higher, underpinned by a 'spike' in silver production at Rochester as ore placed close to the liner on the new leach pad begins irrigation. New Afton is projected to reach its targeted throughput of 16,000 tonnes per day early in the fourth quarter, approximately three months later than originally budgeted to ensure healthy cave propagation. Rainy River underground mining rates are expected to ramp up linearly from 3,300 tonnes per day in July to a target of 5,000 tonnes per day by year-end. Financial projections for 2026 assume metal prices of $4,000 per ounce for gold and $60 per ounce for silver, resulting in estimated annual free cash flow of approximately $1.5 billion. Capital allocation priorities for 2027 include advancing the K Zone at New Afton, completing the Silvertip pre-feasibility study, and exploring mine life extensions at Rainy River. A $140 million non-cash impact to second-quarter EPS and EBITDA resulted from acquisition accounting related to the fair value uplift of Rainy River's stockpile inventory. Total operating costs at Rainy River are expected to increase by approximately $30 million in 2026 to address labor, equipment, and maintenance gaps identified during the transition from the previous contractor. Capital expenditure guidance for Rainy River was increased by $70 million to account for capitalized stripping and necessary underground infrastructure improvements. Management noted signs of cost inflation specifically related to diesel prices, which remains a variable in the second-half cost structure. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained the New Afton revision is driven by a 'prudent' approach to cave draw management to ensure the block cave comes down flat and remains healthy long-term. At Rainy River, the delay in reaching the 5,000-tonne-per-day target was attributed to tactical execution gaps in personnel and equipment availability under the previous contractor. Management expressed confidence in a 'dramatic' second-half silver uptick because a significant volume of high-grade ore is already sitting on fresh liner and awaiting irrigation. The transition from producing overlay material to standard crushing is expected to improve overall circuit efficiency and throughput consistency. The company intends to be 'aggressive' and opportunistic with the $750 million buyback program during non-blackout periods when the stock is perceived as undervalued. Management clarified they do not feel pressured to exhaust the buyback by a specific date, prioritizing high-return organic growth and exploration first. A Pre-Feasibility Study (PFS) for Silvertip is expected to be completed internally by early 2027 to determine if it warrants a full Feasibility Study. K Zone exploration has expanded the resource footprint by over 300 meters this year, with a formal resource update expected to incorporate these 'wide, juicy intercepts.'

Coeur Mining (CDE) came out with quarterly earnings of $0.12 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -45.46%. A quarter ago, it was expected that this silver mining company would post earnings of $0.37 per share when it actually produced earnings of $0.36, delivering a surprise of -2.7%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Coeur Mining, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $1.09 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 12.59%. This compares to year-ago revenues of $480.65 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Coeur Mining shares have lost about 9.1% since the beginning of the year versus the S&P 500's gain of 13%. While Coeur Mining has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Coeur Mining was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.27 on $1.28 billion in revenues for the coming quarter and $1.25 on $4.72 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Non Ferrous is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Basic Materials sector, Avino Silver (ASM), is yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 30% lower over the last 30 days to the current level. Avino Silver's revenues are expected to be $31.3 million, up 43.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Coeur Mining, Inc. (CDE) : Free Stock Analysis Report Avino Silver (ASM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record quarterly revenue of $1.1 billion, a 27% increase quarter-over-quarter, driven by the first full quarter of contributions from New Afton and Rainy River. Record quarterly adjusted EBITDA of $478 million and free cash flow of $388 million, despite a $141 million non-cash acquisition accounting impact. Ending cash balance exceeded $1 billion for the first time in company history, with liquidity over $2 billion, providing significant balance sheet strength. Rochester achieved a new quarterly record of 6.8 million metric tons crushed, with 97% through all three stages, positioning for strong second-half silver production. Wharf bounced back with a strong quarter, completing all repairs ahead of schedule and resuming normal operations after the November crusher fire. Rainy River generated $123 million in free cash flow, the highest of any mine in Coeur's history, driven by solid open-pit performance and ahead-of-schedule waste stripping. Underground mining rates at Rainy River jumped over 40% in July to approximately 3,300 tons per day, with a clear path to the 5,000 tons per day target by year-end. New Afton saw mining rates tick up in July, including reaching 14,000 tons per day, with expectations to achieve 16,000 tons per day early in Q4. Exploration success at Palmarejo and Las Chispas continues, with the emergence of new zones and targets, supporting higher returns on invested capital. The company initiated a $750 million buyback program and paid its first dividend in 30 years, demonstrating commitment to returning capital to shareholders. Lower than planned grades at Kensington, Rochester, and Palmarejo during the quarter, which are expected to rebound in the second half. A $140 million non-cash impact on Q2 EPS and EBITDA from acquisition accounting related to Rainy River stockpile inventory, with a total of $244 million for the year. New Afton's ramp-up to 16,000 tons per day is delayed by about three months, now expected early in Q4, due to a prudent approach to cave draw management. Rainy River's underground mining rates were lower than planned in Q2 due to short-term execution challenges with the contractor, requiring additional capital and operating costs. Revised guidance for New Afton and Rainy River reflects lower expected production for 2026, with adjusted cost per ounce guidance increased for both assets. Cost inflation pressures, particularly diesel costs, were noted as a headwind during the quarter. The company expects a 10% increase in total operating costs at Rainy River, approximately $30 million, for additional labor, rental equipment, and maintenance. The non-cash fair value uplift of acquired inventory will continue to impact EBITDA, net income, and cash costs through Q3, with $38 million remaining. Silver and gold prices were lower in Q2 compared to Q1, particularly in June, impacting realized prices. The pace of production ramp-ups at Rainy River and New Afton was slower than originally assumed, leading to recalibrated guidance ranges. Warning! GuruFocus has detected 2 Warning Sign with CDE. Is CDE fairly valued? Test your thesis with our free DCF calculator. Q: Can you explain the reset in expectations for the newly acquired New Gold assets, specifically the timeline to reach 16,000 tons per day at New Afton and the challenges with the underground contractor at Rainy River?A: Mitch Krebs (President and CEO) and Mick (COO) explained that the New Afton ramp-up to 16,000 tons per day is now expected early in Q4, roughly three months slower than originally planned. This is driven by a prudent approach to prioritize healthy cave propagation, requiring more draw from the west and north zones to keep the cave flat before accessing higher-grade areas. At Rainy River, short-term execution challenges with the underground mining contractor were identified and addressed, with Coeur assuming more control. Underground production rates jumped over 40% to approximately 3,300 tons per day in July, and the target of 5,000 tons per day is now expected by year-end rather than Q3. Q: What is the impact of the non-cash acquisition accounting related to the Rainy River stockpile inventory, and when will it be fully recognized?A: Tom (CFO) detailed that the fair value uplift of acquired inventory, required under US GAAP, totals $244 million at Rainy River and $20 million at New Afton. This non-cash expense flows through EBITDA, net income, and CAS. The Q2 impact was $140 million, or approximately $0.10 per share, and the remaining $38 million is expected to flow through in Q3 as the acquired short-term stockpile is depleted. This accounting noise will be fully behind the company after Q3. Q: Can you provide more detail on the second-half production expectations at Rochester, particularly regarding grades and the timing of silver recoveries?A: Management highlighted that Rochester achieved a new quarterly record of 6.8 million metric tons crushed, with 97% running through all three stages of crushing. The completion of Phase 2A of Leach Pad 6, with over 4 million tons placed close to liner, is expected to drive a significant spike in silver production in the second half, similar to the initial flush seen in 2023. Higher planned grades and consistent crusher performance are key ingredients for a dramatic second-half improvement. Q: With the revised guidance, what are the expectations for 2026 EBITDA and free cash flow, and how should we think about the weighting between Q3 and Q4?A: Tom (CFO) stated that based on revised guidance and updated forecast pricing of $4,000/oz gold, $60/oz silver, and $6/lb copper, Coeur expects to generate 2026 EBITDA of approximately $2.3 billion and free cash flow of approximately $1.5 billion. The weighting between Q3 and Q4 is roughly 40-60, with Q3 having higher CapEx due to summer construction and peak exploration drilling, while Q4 benefits from higher production, particularly from Rochester's silver, and the absence of the non-cash purchase price accounting impact. Q: How is the company thinking about capital allocation, specifically the cadence of the $750 million buyback program and potential growth investments?A: Mitch Krebs (President and CEO) explained that the buyback program is designed with a portion automatically active during blackout periods and opportunistic purchases during non-blackout periods when the stock appears undervalued. There is no set deadline to complete the $750 million program. Growth investments are focused on high-return brownfield exploration, advancing the K-zone study at New Afton, the Silvertip pre-feasibility study, and potential mine life extensions at Rainy River. Q: At New Afton, how are recovery rates expected to trend, and what is assumed in the revised guidance?A: Mick (COO) noted that recoveries in Q2 were slightly lower (85.1% for gold and 90.6% for copper) due to lower grades from cave draw management. As the cave matures and higher-grade zones are accessed in the second half, recoveries are expected to improve. The company noted that recoveries are actually tracking better than the technical report model based on material pulled from the cave to date. Q: Can you provide an update on the Silvertip project and the additional $15 million in capital allocated for 2026?A: Mitch Krebs (President and CEO) confirmed that after completing the initial assessment, the board approved progressing to a pre-feasibility study (PFS) in mid-May. The additional capital funds this study, which is expected to be completed early in 2027. Exploration is fully funded for the year to continue expanding the resource, with drilling peaking in Q3. The PFS will determine whether to advance to a full feasibility study. Q: At Palmarejo, what is the strategy for reducing reliance on the Franco-Nevada stream agreement and shifting production outside the area of influence?A: Mitch Krebs (President and CEO) outlined a multi-tiered approach. The near-term opportunity is the Independencia area, southeast of the current operations, where gold could be brought in within the next 2-3 years and sold at market prices rather than to Franco-Nevada at $800/oz. The medium-term play is the Guazapares area further east, and the longer-term potential lies in between these zones. Studies are underway to determine if a standalone operation is viable or if material can be hauled back to the Palmarejo mill. Q: How should we think about the production profile at Las Chispas, given higher throughput and slightly lower grades in Q2?A: Management described Las Chispas as very predictable and consistent, with a healthy balance between first-half and second-half production. The operation maintains a healthy stockpile inventory to balance feed from the mine and smooth out grade and production rate fluctuations. The slightly higher unit costs in Q2 were attributed to stockpile management and are expected to be on budget by year-end. Q: Are there any updates on the K-zone project at New Afton, and when can we expect a study update?A: Nick (COO) confirmed that preparations for a pre-feasibility study (PFS) are underway, with engineering and development work progressing. Exploration drilling has expanded the K-zone footprint by over 300 meters this year, on a base of around 600 meters, with grades holding up well. The company is excited about the potential for a resource update For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Record results driven by the first full quarter with New Afton and Rainy River; cash more than doubles since year-end to $1.1 billion; initiated enhanced capital return program; 2026 guidance updated to reflect lower prices and adjustments to New Afton and Rainy River CHICAGO, August 05, 2026--(BUSINESS WIRE)--Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE, TSX: CDE) today reported record second quarter 2026 financial results, including record revenue of $1.1 billion and cash flow from operating activities of $513 million. The Company reported quarterly GAAP net income of $122 million, or $0.12 per share. On an adjusted basis1, Coeur reported record quarterly adjusted EBITDA1 of $478 million, record cash flow from operating activities before changes in working capital of $513 million and net income of $123 million, or $0.12 per share. Financial results in the quarter, including adjusted EBITDA1 and net income, were affected by a non-cash impact of $140 million, or $(0.10) per share, due to purchase price allocation accounting for Rainy River’s stockpile inventory. Key Highlights 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 EBITDA1 of $478 million was slightly higher quarter over quarter and increased 124% year over year, and free cash flow1 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 EBITDA1 of $2.3 billion and free cash flow1 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 "Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we’ve built through a combination of disciplined investments in organic growth and two well-timed acquisitions," said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. "Results were largely driven by the first full quarter of contribution from the newly acquired, lower-cost New Afton and Rainy River operations along with steady performance from our five other North American assets despite lower grades at three of our legacy operations. Most notably, Rochester achieved a 15% quarter-over-quarter increase in tonnes crushed to a quarterly record of 6.8 million tonnes, and Wharf nearly doubled its production. The second quarter also marked the launch of our enhanced capital return policy with $121 million of share repurchases made through the end of July and an inaugural dividend paid in June, all while significantly bolstering our cash levels to over $1.0 billion at quarter-end. "Integration efforts since our acquisition of New Gold closed in late March have continued to progress according to plan. After operating Rainy River and New Afton for a full quarter, we are refining our partial-year 2026 guidance ranges at both new Canadian operations to reflect more achievable ramp-up timetables for underground mining activities at Rainy River and the development of the new C-Zone at New Afton this year. Full-year production and cost guidance ranges remain unchanged at all five of our legacy operations. "As we look to the second half of our back-weighted year, we expect sharp increases in our production levels and free cash flow to drive record full-year 2026 results despite lower assumed metals prices relative to the first half of the year. Compared to 2025, we anticipate delivering strong double-digit gold and silver production increases and generating approximately $2.3 billion of adjusted EBITDA1 (compared to $1.0 billion in 2025) and $1.5 billion of free cash flow1 (compared to $666 million in 2025) with a year-end cash balance approaching $2.0 billion." Financial and Operating Highlights (Unaudited) Financial Results Second quarter 2026 revenue totaled $1.1 billion compared to $856 million in the prior period and $481 million in the second quarter of 2025. The Company produced 163,490 ounces of gold, 4.4 million ounces of silver and 11.4 million pounds of copper during the quarter. Metal sales for the quarter totaled 167,877 ounces of gold, 4.5 million ounces of silver and 11.3 million pounds of copper. Average realized gold, silver and copper prices for the quarter were $4,140 per ounce of gold, $71.18 per ounce of silver and $6.11 per pound of copper compared to $4,383 per ounce of gold, $82.85 per ounce of silver and $5.55 per pound of copper in the prior period and $3,021 and $33.72 per ounce of gold and silver in the second quarter of 2025. Gold, silver and copper sales represented 64%, 30% and 6% of quarterly revenue, respectively. The Company’s U.S. and Canadian operations accounted for approximately 68% of second quarter revenue. Adjusted costs applicable to sales per ounce1 of gold and silver were $2,442 and $22.99, respectively, compared to $2,032 and $20.01 in the prior period. Adjusted CAS1 per gold ounce includes the non-cash impact of the $140 million related to purchase price allocation ascribed to inventory, which added $834 per ounce to the gold CAS1. General and administrative expenses increased 5% quarter-over-quarter to $23 million, due primarily to the inclusion of personnel costs associated with the acquired New Gold operations. Coeur invested approximately $44 million ($34 million expensed and $10 million capitalized) in exploration during the quarter compared to approximately $32 million ($26 million expensed and $6 million capitalized) in the prior period. See the "Operations" and "Exploration" sections for additional detail on the Company’s exploration activities. The Company recorded income tax expense of approximately $93 million during the second quarter. Cash income and mining taxes paid during the period totaled approximately $106 million, primarily reflecting income and mining tax payments in Mexico and the United States. Quarterly operating cash flow increased to $513 million from $341 million in the prior period, primarily due to a full quarter of contributions from New Afton and Rainy River, partially offset by lower realized metal prices. Changes in working capital remained flat quarter over quarter. Second quarter capital expenditures were $126 million compared to $74 million in the prior period. Sustaining and development capital expenditures accounted for approximately $105 million and $21 million, or 83% and 17%, respectively, of Coeur’s total capital investment during the quarter and included approximately $26 million of capitalized stripping costs at Rainy River. Operations Second quarter 2026 highlights for each of the Company’s operations are provided below. New Afton, Canada Operational Gold and copper production in the second quarter totaled 14,059 ounces and 11.4 million pounds, respectively, compared to 1,605 gold ounces and 1.3 million pounds in the prior period, which reflected eleven days of production following the closing of the New Gold transaction on March 20, 2026 Production was affected by lower than planned mining rates as a result of the continued ramp-up of C-Zone cave growth during the quarter after completion of development activities in April Mining rates averaged approximately 12,000 tonnes per day during the quarter, further increasing to approximately 14,000 tonnes per day in the final week of July. Mining rates are expected to increase to 16,000 tonnes per day from the C-Zone beginning early in the fourth quarter of 2026 Financial Copper and gold accounted for approximately 52% and 48% of revenue during the quarter, respectively Second quarter adjusted CAS1 for copper and gold on a by-product basis totaled $2.33 and $1,766 per pound and ounce, respectively Free cash flow1 in the second quarter totaled $51 million Exploration Key exploration goals for 2026 include infill drilling of inferred resources in the K-Zone resource cave shape, expansion of the overall measured, indicated and inferred resources in the K-Zone and testing the Southern Picrite trend Exploration investment in the second quarter totaled approximately $5 million (substantially all expensed) and focused primarily on expanding the K-Zone to the southeast and west, while also advancing the scout drilling of a new target area, the Southern Picrite trend. The footprint of the K-Zone has been extended by more than 300 meters since the acquisition, while scout drilling has intersected porphyry-style mineralization Guidance The Company has revised New Afton’s 2026 production and cost guidance ranges to reflect a slightly slower assumed ramp-up of C-Zone mining rates Prorated production reflecting nine months of contributions is expected to be 50,000 - 60,000 ounces of gold (previously 60,000 - 80,000 ounces), 40 - 50 million pounds of copper (previously 50 - 65 million pounds), and 100,000 - 180,000 ounces of silver (previously 130,000 - 180,000 ounces) Prorated adjusted CAS1 reflecting nine months of results are expected to be $1,300 - $1,600 per gold ounce (previously $1,000 - $1,200 per ounce) and $2.00 - $2.30 per pound of copper (previously $1.20 - $1.35 per pound), which reflects lower expected production levels and includes $175 per ounce of gold and $0.24 per pound of copper of non-cash impacts relating to the purchase price allocation ascribed to short-term inventory Prorated capital expenditures reflecting nine months of ownership are expected to be $51 - $61 million, which are unchanged from the previous guidance range Prorated exploration investment reflecting nine months of activity is expected to be $19 - $23 million ($17 - $19 million expensed and $2 - $4 million capitalized), which is unchanged from the previous guidance range Rainy River, Canada Operational Gold production in the second quarter totaled 64,042 ounces compared to 12,494 gold ounces in the prior period, which reflected eleven days of production following the closing of the New Gold transaction on March 20, 2026 Production was driven by strong mining rates in the open pit, as Phase 4 approaches expected completion at the end of 2026. Stripping and mining of Phase 5 of the open pit is progressing ahead of schedule Underground production rates averaged approximately 2,300 tonnes per day during the quarter, which were below plan due to short-term execution challenges by the underground mining contractor. Underground production rates increased approximately 40% during July to approximately 3,300 tonnes per day and are expected to ramp up to 5,000 tonnes per day by year-end Financial Second quarter adjusted CAS1 for gold on a by-product basis totaled $3,788 per ounce. CAS1 per gold ounce includes the non-cash impact of the $141 million of purchase price allocation ascribed to inventory, which added $2,036 per ounce to the gold CAS1 Free cash flow1 in the second quarter totaled $123 million Exploration Exploration in 2026 is focused on supporting the transition to underground mining by continuing to extend known shoots down-plunge, assess near-mine opportunities for additional open pit resources and explore new targets to further build the resource pipeline Exploration investment in the second quarter totaled approximately $5 million (substantially all expensed) and was focused on drilling to test continuity between the Northwest Trend and Phase 5 open pits, continuation of the underground resource expansion program, and commencement of regional programs Guidance The Company has revised Rainy River’s 2026 production and cost guidance to reflect a slower assumed ramp-up in underground production rates Prorated production reflecting nine months of contributions is expected to be 190,000 - 230,000 ounces of gold (previously 230,000 - 275,000 ounces) and 380,000 - 450,000 ounces of silver (previously 350,000 - 450,000 ounces) Prorated adjusted CAS1 reflecting nine months of results are expected to be $2,700 - $3,000 per gold ounce (previously $2,150 - $2,350 per ounce), which reflects lower production levels and includes $1,020 per ounce of non-cash impacts relating to the purchase price allocation ascribed to short-term inventory and $155 per ounce attributable to the Royal Gold stream Prorated capital expenditures reflecting nine months of ownership are expected to be $150 - $170 million (previously $81 - $101 million), 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 Prorated exploration investment reflecting nine months of activity is expected to be $8 - $10 million (substantially all expensed), which is unchanged from the previous guidance range Las Chispas, Mexico Operational Second quarter silver and gold production totaled 1.5 million and 15,518 ounces, respectively, compared to 1.5 million and 15,031 ounces in the prior period and 1.5 million and 16,271 ounces in the second quarter of 2025 Production during the quarter was driven by higher tonnes milled, partially offset by slightly lower grades for silver Financial Silver and gold accounted for approximately 60% and 40% of revenue during the quarter, respectively Second quarter adjusted CAS1 for silver and gold on a co-product basis totaled $13.27 and $841 per ounce, respectively Free cash flow1 in the second quarter totaled $107 million compared to $76 million in the prior period Exploration Key exploration goals in 2026 include the continuation of expansion and infill drilling on veins in the Babicanora Block, Las Chispas Block and the Gap Zone and the commencement of scout drilling aimed at identifying new vein targets and replenishing inferred inventory for future conversion Exploration investment in the second quarter totaled approximately $7 million ($3 million expensed and $4 million capitalized) compared to $6 million ($4 million expensed and $2 million capitalized) in the prior period, and was focused on scout, expansion and infill drilling across the Babicanora and Las Chispas Blocks, with the Gap Zone yielding successful results in each respective area Guidance Full-year 2026 production is expected to be 55,000 - 65,000 ounces of gold and 5.5 - 6.3 million ounces of silver, which is unchanged from previous guidance ranges Adjusted CAS1 in 2026 are expected to be $750 - $950 per gold ounce and $12.50 - $14.50 per silver ounce, which are unchanged from previous guidance ranges Capital expenditures in 2026 are expected to be $71 - $84 million, consisting primarily of sustaining capital and underground development, which are unchanged from previous guidance ranges Exploration investment in 2026 is expected to be $21 - $26 million ($11 - $14 million expensed and $10 - $12 million capitalized), which is unchanged from previous guidance ranges Palmarejo, Mexico Operational Second quarter silver and gold production totaled 1.5 million and 18,602 ounces, respectively, compared to 1.5 million and 22,918 ounces in the prior period and 1.7 million and 27,272 ounces in the second quarter of 2025 Production during the quarter was impacted by lower grades and recoveries, partially offset by higher mill throughput Financial Silver and gold accounted for approximately 67% and 33% of revenue during the quarter, respectively Second quarter adjusted CAS1 for silver and gold on a co-product basis totaled $27.69 and $1,016 per ounce, respectively Capital expenditures decreased to $7 million compared to $9 million in the prior period Free cash flow1 in the second quarter totaled $56 million compared to $64 million in the prior period Exploration Exploration in 2026 is focused on building reserves and resources near mine infrastructure while developing a significant pipeline to the east in the area unaffected by the Franco-Nevada gold stream, where over 70% of the exploration budget is expected to be spent this year Exploration investment in the second quarter totaled approximately $8 million ($7 million expensed and $1 million capitalized) compared to $6 million ($5 million expensed and $1 million capitalized) in the prior period. Key areas of focus included expansion drilling at San Miguel and La Unión in the Eastern District, expansion drilling in the northwest of the Hidalgo Corridor and expansion and infill drilling at Independencia Sur. Programs to date have successfully extended veins at each target Other 10,084 ounces, or approximately 51% of Palmarejo’s gold sales in the second quarter, were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce. The Company anticipates approximately 40% - 50% of Palmarejo’s 2026 gold sales will be sold under the gold stream agreement Guidance Full-year 2026 production is expected to be 95,000 - 105,000 ounces of gold and 6.25 - 7.0 million ounces of silver, which is unchanged from the previous guidance ranges Adjusted CAS1 in 2026 are expected to be $700 - $900 per gold ounce and $21.50 - $23.50 per silver ounce, which are unchanged from the previous guidance ranges Capital expenditures in 2026 are expected to be $35 - $41 million, consisting primarily of sustaining capital and underground development, which are unchanged from the previous guidance ranges Exploration investment in 2026 is expected to be $24 - $28 million ($22 - $24 million expensed and $2 - $4 million capitalized), which is unchanged from the previous guidance ranges Rochester, United States Operational Silver and gold production in the second quarter totaled 1.2 million and 11,671 ounces, respectively, compared to 1.4 million and 14,112 ounces in the prior period and 1.5 million and 14,302 ounces in the second quarter of 2025 Lower production levels in the quarter were driven by mine sequencing and timing of grade placed on the leach pad Ore tonnes placed through the crushing circuit totaled 6.8 million tonnes compared to 5.9 million tonnes in the prior quarter. A total of 8.0 million tonnes were placed during the quarter compared to 6.7 million tonnes in the prior period, due to improvements in material quality control, mine-to-crusher interface upgrades and maintenance optimization initiatives Financial Silver and gold accounted for approximately 63% and 37% of revenue during the quarter, respectively Second quarter adjusted CAS1 for silver and gold on a co-product basis totaled $29.66 and $1,832 per ounce, respectively Capital expenditures decreased to $18 million compared to $23 million in the prior period Free cash flow1 in the second quarter totaled $25 million compared to $62 million in the prior period, primarily driven by lower production and lower average realized metals prices Exploration Exploration in 2026 is focused on near-pit drilling to support upcoming permitting and the commencement of district-scale exploration to build the resource pipeline Exploration investment in the second quarter totaled approximately $2 million ($1 million expensed and $1 million capitalized), consistent with the prior period, and was directed toward infill drilling of the Wedge target and expansion of the northeast Rochester target Guidance Full-year 2026 production is expected to be 6.4 - 7.8 million ounces of silver and 70,000 - 90,000 ounces of gold, which is unchanged from the previous guidance range Adjusted CAS1 in 2026 are expected to be $23.00 - $25.00 per silver ounce and $1,350 - $1,550 per gold ounce, which are unchanged from the previous guidance range Capital expenditures in 2026 are expected to be $96 - $110 million, which are unchanged from the previous guidance range and includes projects related to the Phase 2 development of the Stage 6 leach pad and modifications after startup of the crusher corridor Exploration investment in 2026 is expected to be $14 - $17 million ($7 - $9 million expensed and $7 - $8 million capitalized), which is unchanged from the previous guidance range Kensington, United States Operational Gold production in the second quarter totaled 21,528 ounces compared to 20,525 ounces in the prior period and 26,555 ounces in the second quarter of 2025 Production during the quarter was driven by higher tonnes milled, partially offset by lower average gold grade as a result of adjustments to stope sequencing and timing Financial Second quarter adjusted CAS1 increased 3% quarter-over-quarter to $2,323 per ounce Capital expenditures increased 34% quarter-over-quarter to $12 million Free cash flow1 in the second quarter totaled $32 million compared to $44 million in the prior period Exploration Exploration in 2026 is focused on maintaining a five-year reserves-based life of mine and bolstering the inferred resource pipeline Exploration investment in the second quarter totaled approximately $4 million ($2 million expensed and $2 million capitalized) compared to $4 million ($3 million expensed and $2 million capitalized) in the prior period. Expansion and infill drilling were focused around multiple zones within Kensington, with scout and expansion drilling undertaken on multiple targets including Bunkhouse, Cookhouse and Elmira Hangingwall. Results to date indicate expansion of multiple zones in Kensington with continuity of mineralization likely between zones in upper and lower portions Guidance Full-year 2026 production is expected to be 98,000 - 110,000 gold ounces, which is unchanged from the previous guidance range Adjusted CAS1 in 2026 are expected to be $1,750 - $1,950 per gold ounce, which are unchanged from the previous guidance range Capital expenditures in 2026 are expected to be $54 - $63 million, which are unchanged from the previous guidance range and includes investment related to raising the main tailings storage facility embankment which is expected to be completed this year Exploration investment in 2026 is expected to be $14 - $15 million ($8 - $9 million expensed and $6 - $6 million capitalized), which is unchanged from the previous guidance range Wharf, United States Operational Gold production in the second quarter increased 85% quarter over quarter to 18,070 ounces compared to 9,772 ounces in the prior period and 24,087 ounces in the second quarter of 2025 Higher production during the quarter was 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 Financial Adjusted CAS1 on a by-product basis decreased 20% quarter over quarter to $1,267 per ounce, primarily due to higher ore tonnes placed and the receipt of a $10 million partial payment of business interruption insurance proceeds Capital expenditures totaled approximately $(2) million compared to $13 million in the prior period, reflecting a partial payment of $10 million of property damage insurance proceeds received in the period and recorded as a reduction of capital expenditures Free cash flow1 in the second quarter totaled $36 million compared to $2 million in the prior period, benefiting from partial property and business interruption insurance recoveries of $20 million received in the quarter Exploration In 2026, exploration programs at Juno and North Foley are expected to build on the 2025 expansion and infill drilling, with the aim of adding to both reserves and resources at year-end. Other targets, including Annie Creek and Summit Flat, are also expected to undergo expansion and infill drilling, while scout drilling is expected to commence to continue development of the inferred resource pipeline Exploration investment during the second quarter totaled $5 million ($2 million expensed and $3 million capitalized) compared to $3 million (substantially all expensed) in the prior quarter, and was focused on a mix of expansion and infill drilling at Juno, North Foley, Boston and Summit Flat targets Guidance Full-year 2026 production is expected to be 72,000 - 90,000 ounces of gold and 50,000 - 200,000 ounces of silver, which is unchanged from previous guidance range Adjusted CAS1 in 2026 are expected to be $1,400 - $1,600 per gold ounce, which are unchanged from previous guidance range Capital expenditures in 2026 are expected to be $17 - $23 million, which reflects remediation of the existing crusher and planned infrastructure upgrades, which are unchanged from previous guidance range Exploration investment in 2026 is expected to be $10 - $12 million ($8 - $9 million expensed and $2 - $3 million capitalized), which is unchanged from previous guidance range Exploration During the second quarter, Coeur invested approximately $44 million ($34 million expensed and $10 million capitalized) compared to roughly $32 million ($26 million expensed and $6 million capitalized) in the prior period and focused on a mix of near-mine expansion and infill programs with multiple sites also commencing significant summer programs that involve early-stage exploration and scout drilling. The Company’s exploration investment in 2026 is expected to total $118 - $132 million for expansion drilling (classified as exploration expense) and $29 - $37 million for infill drilling (capitalized exploration) for a total expected investment of $147 - $169 million. Top exploration priorities for 2026 are: (i) continuing to extend and infill known deposits to support future life of mine, and building the inferred pipeline at Las Chispas, in addition to restarting regional exploration; (ii) infill drilling at Hidalgo and Independencia Sur to support near-term life of mine additions at Palmarejo, also building the inferred pipeline to provide optionality to the operation, with particular emphasis on the Eastern District outside the Franco-Nevada gold stream boundary; (iii) completing drilling to support the next stage of mine permit expansion at Rochester, along with regional studies and scout drilling across the district to build the exploration pipeline; (iv) maintaining a five-year reserve-based mine life at Kensington and increasing focus on scout drilling to add inferred resources; (v) continuing the expansion and infill programs at Wharf to further add to the life of mine and conduct district-scale work to support long-term mine life additions; (vi) drilling programs to support the study program and continue expanding the resource base at Silvertip through a combination of scout, expansion and infill drilling; (vii) infill and expansion drilling at the K-Zone at New Afton; and (viii) expansion drilling of underground shoots at Rainy River, testing of additional open-pit opportunities and commencing more aggressive regional exploration. 2026 Guidance The Company has refined its full-year 2026 guidance for production, CAS1, 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 CAS1 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 CAS1 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 2026 Adjusted Costs Applicable to Sales Guidance 2026 Capital, Amortization, Exploration, G&A and Income and Mining Tax Guidance 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. Financial Results and Conference Call Coeur will host a conference call to discuss its second quarter 2026 financial results on August 6, 2026 at 11:00 a.m. Eastern Time. Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Executive Vice President and Chief Financial Officer, Michael "Mick" Routledge, Executive Vice President and Chief Operating Officer, and other members of management. A replay of the call will be available through August 13, 2026. About Coeur Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned 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. Cautionary Statements This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding EBITDA, cash flow, production, costs, capital expenditures, tax rates and treatment, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the Franco-Nevada gold stream agreement at Palmarejo, anticipated production, and costs and expenses and operations at New Afton, Rainy River, Las Chispas, Palmarejo, Rochester, Kensington and Wharf. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold, silver and copper, and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur’s future acquisition of new mining properties or businesses, risks associated with the integration of the New Afton and Rainy River mines following the acquisition of New Gold Inc., the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations, impacts from tariffs or other trade barriers, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, the ability to maintain positive relationships with indigenous groups and other community stakeholders, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale. The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a "qualified person" under Item 1300 of SEC Regulation S-K, namely our Senior Vice President, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov. Non-U.S. GAAP Measures We supplement the reporting of our financial information determined under United States generally accepted accounting principles ("U.S. GAAP") with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2025. Notes EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s revolving credit facility ("RCF"). Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. Excludes amortization. Includes capital leases. Net of debt issuance costs and premium received. Reflects eleven days of production following the closing of the New Gold acquisition on March 20, 2026. For the three months ended March 31, 2026, New Afton CAS per gold ounce and CAS per copper pound included the non-cash impact of the $21 million purchase price allocation ascribed to inventory, which increased CAS per gold ounce by $2,560 and CAS per copper pound by $3.10. For the three months ended June 30, 2026, Rainy River CAS per gold ounce included the non-cash impact of the $141 million purchase price allocation ascribed to inventory, which increased gold CAS by $2,036 per ounce. For the three months ended March 31, 2026, Rainy River CAS per gold ounce included the non-cash impact of the $65 million purchase price allocation ascribed to inventory, which increased gold CAS by $3,026 per ounce. The amounts shown in this news release for costs applicable to sales ("CAS") per ounce for Las Chispas, adjusted EBITDA, and adjusted net income from continuing operations are presented on a different basis compared to the amounts reported in the news releases reporting results for the first, second, and third quarters of 2025 as a result of revisions to "Acquisition Accounting". Based on discussions with the SEC staff in the course of a regular review of Company disclosures, the staff has provided its view that, under its guidance on non-GAAP financial measures, the Company is required to calculate Las Chispas CAS, adjusted EBITDA and adjusted net income using the fair value of Las Chispas’ legacy inventory held as of the Las Chispas acquisition closing date, February 14, 2025, except when calculating the net leverage ratio under the Company’s RCF since the RCF contractually provides for certain adjustments to be made. As a result, except when calculating the net leverage ratio under the RCF, the Company is not making adjustments that were intended to calculate non-GAAP financial measures using SilverCrest Metals Inc.’s historical costs of producing legacy inventory as such inventory is sold. In our view, the historical cost remains more indicative of the costs Las Chispas incurred in producing this legacy inventory, and is a better measure of performance, than the acquisition accounting measures of these costs. As a result of removing these adjustments, for the three months ended September 30, June 30, and March 31, 2025, adjusted EBITDA (including last-twelve-months ("LTM") adjusted EBITDA) and adjusted net income in this release are lower than previously reported, and Las Chispas CAS are higher, except as used in calculation of the net leverage ratio under the RCF, including the impact of the amortization of acquired inventory purchase price allocation of $3.3 million, $33.4 million, $29.7 million, and $27.0 million for the three months ended December 31, September 30, June 30, and March 31, 2025, respectively and an impact of $93.5 million for last-twelve-months. In each case, we are also providing separately the amount of the relevant impact of amortizing the non-cash, non-recurring step-up in cost basis for legacy inventory from the acquisition-related fair value accounting, so readers can supplementally assess such amounts to the extent they deem appropriate to understand the normal, recurring cost performance of Las Chispas as well as Company-wide adjusted EBITDA and adjusted net income. To calculate amounts comparable to first, second and third quarter disclosures, which is the methodology the Company’s management uses to assess normal, recurring performance and our lenders use for purposes of calculating the net leverage ratio covenant under our RCF, readers would need to subtract the step-up in cost basis from Las Chispas CAS, and add back the impact of the step-up in cost basis to adjusted EBITDA and adjusted net income. Includes $72 million of monetized finished goods following the SilverCrest acquisition on February 14, 2025. New Afton CAS per gold ounce guidance includes the non-cash impact of the $20 million total of the preliminary purchase price allocation ascribed to inventory, split between gold ($175 per ounce) and copper ($0.24 per pound). Rainy River CAS per gold ounce guidance includes the non-cash impact of $244 million ($1,020 per ounce) of the preliminary purchase price allocation ascribed to inventory. It also includes $74 million ($155 per ounce) related to how the streaming arrangement with Royal Gold A.G., a wholly-owned subsidiary of Royal Gold, Inc. ("Royal Gold") is reported under U.S. GAAP. Average Spot Prices View source version on businesswire.com: https://www.businesswire.com/news/home/20260805732465/en/ Contacts For Additional Information Coeur Mining, Inc.200 S. Wacker Drive, Suite 2100Chicago, IL 60606Attention: Jeff Wilhoit, Vice President, Investor RelationsPhone: (312) 489-5800www.coeur.com