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Coeur Reports First Quarter 2026 Results

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ebitda financial
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
free cash flow financial
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
cash flow from operating activities financial
Cash flow from operating activities is the amount of actual cash a company earns or uses from its core business work—money collected from customers minus cash paid for things like suppliers, wages, and everyday bills—similar to a household’s paycheck minus monthly living expenses. Investors watch it because it shows whether the business’s regular operations generate real cash to pay debts, fund growth, or return money to shareholders, and it’s harder to fake than accounting profit.
senior notes financial
Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.
revolving credit facility financial
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
feasibility study technical
A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.
inferred resources technical
An inferred resource is an early-stage estimate of how much mineral or fuel may be present in the ground based on limited geological evidence and sampling. Think of it like seeing scattered clues that suggest a buried treasure might exist but not having dug enough to be sure; the potential size and value are uncertain. For investors it signals possible upside but carries high risk and should not be treated as proven supply or relied on for firm production plans.

Record financial results; eleven-fold increase in cash; New Gold transaction closed March 20th; Full-year guidance ranges reaffirmed

CHICAGO--(BUSINESS WIRE)-- Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today reported first quarter 2026 financial results, including revenue of $856 million and cash flow from operating activities of $341 million. The Company reported quarterly GAAP net income from continuing operations of $247 million, or $0.35 per share. On an adjusted basis1, Coeur reported record quarterly EBITDA of $475 million, record cash flow from operating activities before changes in working capital of $445 million and net income from continuing operations of $254 million, or $0.36 per share.

Key Highlights

  • Solid production and cost performance in line with 2026 guidance – Operating strength across the portfolio led to first quarter production of 96,503 ounces of gold and 4.4 million ounces of silver, representing year-over-year increases of 11% and 18%, respectively. Full-year 2026 production remains on-track to reach 680,000 - 815,000 ounces of gold, 18.7 - 21.9 million ounces of silver, and 50 - 65 million pounds of copper
  • Record financial results – First quarter free cash flow totaled $267 million despite several first-quarter specific outflows totaling over $200 million. Quarterly adjusted EBITDA1 increased 12% versus the prior quarter and nearly quadrupled year-over-year to a record $475 million, driving the last-twelve-month total to nearly $1.4 billion. Average realized prices for gold and silver increased 15% and 53%, respectively, compared to the fourth quarter
  • Strong financial position and growing liquidity resulting in updated financial policy – Cash and cash equivalents of $843 million represented an increase of 52% compared to the prior quarter and a near eleven-fold increase compared to the prior-year period. On March 23, 2026, Coeur announced an expanded $750 million share repurchase program and the establishment of an inaugural dividend policy of $0.02 per share of Coeur common stock paid semiannually, with the first dividend expected to be paid during the second quarter of 2026. The Company also entered into a new $1 billion revolving credit facility during the first quarter
  • New Gold transaction completed; integration efforts advancing on schedule – During the eleven days of the first quarter following completion of the New Gold transaction on March 20, 2026, New Afton and Rainy River contributed production of 14,145 ounces of gold, 22,989 ounces of silver and 1.4 million pounds of copper. Ongoing organizational integration initiatives are progressing according to plan
  • New Afton’s K-Zone maiden resource adds to Coeur’s pipeline of attractive growth projects – On March 23, 2026, Coeur filed updated technical reports for New Afton and Rainy River, which included an initial resource at New Afton’s K-Zone totaling 47.6 million tonnes of measured and indicated mineral resources, containing an estimated 715,000 ounces of gold, 2.9 million ounces of silver and 606 million pounds of copper. Inferred mineral resources totaled 5.9 million tonnes containing 86,000 ounces of gold, 309,000 ounces of silver, and 77 million pounds of copper
  • Updated Rainy River technical report highlights mine life expansion – New life of mine plan reflects strong production and cash flow profile including a two-year mine life extension to 2035

“Coeur delivered a strong start to what is expected to be a record year, with every mine in the portfolio contributing to record first quarter results,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Adjusted EBITDA reached a new quarterly record and free cash flow remained robust, leading to a quarter-end cash balance of over $840 million – nearly an eleven-fold year-over-year increase. Our recently updated financial policy is designed to maintain flexible liquidity levels while also returning capital to stockholders through prudent share repurchases and the initiation of a sustainable dividend policy. Our results were especially impressive given the quarter was our softest of the year as expected, with several first quarter-specific outflows totaling over $200 million, and only eleven days of contribution from New Afton and Rainy River following the close of the New Gold transaction on March 20th.

“Starting with the second quarter, Coeur is equipped to deliver on the full potential of our enhanced platform, built through a combination of investments in exploration and expansions and two well-timed M&A transactions. With our well-balanced platform of seven operations, Coeur remains exceptionally well positioned as the sector’s only senior all-North America precious metals company and top-five global silver producer.”

Financial and Operating Highlights (Unaudited)

(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Gold Sales

$

475.2

$

424.8

$

360.5

$

323.1

$

235.3

Silver Sales

$

362.2

$

250.1

$

194.1

$

157.5

$

124.7

Copper Sales

$

18.8

$

—

$

—

$

—

$

—

Consolidated Revenue

$

856.2

$

674.7

$

554.6

$

480.7

$

360.1

Costs Applicable to Sales2

$

330.0

$

215.9

$

248.7

$

229.5

$

204.3

General and Administrative Expenses

$

21.7

$

15.2

$

14.8

$

13.3

$

13.9

Net Income

$

246.8

$

215.0

$

266.8

$

70.7

$

33.4

Net Income Per Share

$

0.35

$

0.33

$

0.41

$

0.11

$

0.06

Adjusted Net Income1

$

253.5

$

227.3

$

122.7

$

102.9

$

40.5

Adjusted Net Income1 Per Share

$

0.36

$

0.35

$

0.19

$

0.16

$

0.08

Weighted Average Shares Outstanding

 

698.7

 

645.9

 

644.9

 

643.1

 

521.2

EBITDA1

$

455.0

$

407.2

$

249.1

$

203.0

$

105.3

Adjusted EBITDA1

$

474.9

$

424.5

$

265.6

$

213.8

$

121.9

Cash Flow from Operating Activities

$

340.8

$

374.6

$

237.7

$

207.0

$

67.6

Capital Expenditures

$

74.1

$

61.4

$

49.0

$

60.8

$

50.0

Free Cash Flow1

$

266.8

$

313.2

$

188.7

$

146.2

$

17.6

Cash Income and Mining Taxes

$

132.2

$

41.2

$

36.4

$

38.2

$

62.6

Cash, Equivalents & Short-Term Investments

$

843.2

$

553.6

$

266.3

$

111.6

$

77.6

Total Debt3

$

761.4

$

340.5

$

363.5

$

380.7

$

498.3

Average Realized Price Per Ounce – Gold

$

4,383

$

3,818

$

3,148

$

3,021

$

2,635

Average Realized Price Per Ounce – Silver

$

82.85

$

54.30

$

38.93

$

33.72

$

32.05

Average Realized Price Per Pound – Copper

$

5.55

$

—

$

—

$

—

$

—

Gold Ounces Produced

 

96,503

 

112,429

 

111,364

 

108,487

 

86,766

Silver Ounces Produced

 

4.4

 

4.7

 

4.8

 

4.7

 

3.7

Copper Pounds Produced

 

1.4

 

—

 

—

 

—

 

—

Gold Ounces Sold

 

108,420

 

111,273

 

114,495

 

106,948

 

89,316

Silver Ounces Sold

 

4.4

 

4.6

 

5.0

 

4.7

 

3.9

Copper Pounds Sold

 

3.4

 

—

 

—

 

—

 

—

Adjusted CAS per AuOz1

$

2,032

$

1,207

$

1,355

$

1,405

$

1,476

Adjusted CAS per AgOz1

$

20.01

$

17.29

$

18.45

$

16.48

$

17.94

Adjusted CAS per CuLb1

$

5.36

$

—

$

—

$

—

$

—

Financial Results

First quarter 2026 revenue totaled $856 million compared to $675 million in the prior period and $360 million in the first quarter of 2025. The Company produced 96,503 and 4.4 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 108,420 ounces of gold and 4.4 million ounces of silver. Average realized gold and silver prices for the quarter were $4,383 and $82.85 per ounce, respectively, compared to $3,818 and $54.30 per ounce in the prior period and $2,635 and $32.05 per ounce in the first quarter of 2025.

Gold and silver sales represented 56% and 42% of quarterly revenue, while copper represented 2% of revenue for the quarter.

Adjusted costs applicable to sales per ounce1 of gold and silver totaled $2,032 and $20.01, respectively. Adjusted CAS1 per gold ounce includes the non-cash impact of the $74.8 million related to purchase price allocation ascribed to inventory, which added $689 per ounce to the gold CAS1. General and administrative expenses increased 43% quarter over quarter to $22 million, driven by higher stock-based compensation, annual incentive payouts, and audit fees paid in the first quarter.

Coeur invested approximately $32 million ($26 million expensed and $6 million capitalized) in exploration during the quarter, compared to approximately $25 million ($19 million expensed and $7 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 $102 million during the first quarter. Cash income and mining taxes paid during the period totaled approximately $132 million. Cash taxes paid in the quarter primarily reflect income and mining tax payments in Mexico.

Quarterly operating cash flow decreased to $341 million from $375 million in the prior period, primarily due to higher costs applicable to sales and lower metal sales volumes, partially offset by higher realized metal prices. Changes in working capital during the quarter were $104 million, reflecting tax payments in Mexico, semi-annual interest payments on the Company’s 2029 5.125% Senior Notes and New Gold’s 2032 6.875% Senior Notes, as well as New Gold transaction-related and annual incentive compensation payments.

First quarter capital expenditures were $74 million compared to $61 million in the prior period. Sustaining and development capital expenditures accounted for approximately $63 million and $11 million, or 85% and 15%, respectively, of Coeur’s total capital investment during the quarter.

Operations

First quarter 2026 highlights for each of the Company’s operations are provided below.

New Afton, Canada

(Dollars in millions, except per ounce amounts)

 

1Q 2026

 

 

4Q 2025

 

 

3Q 2025

 

 

2Q 2025

 

 

1Q 2025

 

Tonnes milled

 

134,385

 

 

—

 

 

—

 

 

—

 

 

—

 

Average gold grade (grams/tonne)

 

0.44

 

 

—

 

 

—

 

 

—

 

 

—

 

Average copper grade (grams/tonne)

 

0.48

 

 

—

 

 

—

 

 

—

 

 

—

 

Average recovery rate – Au

 

87.4

%

 

—

%

 

—

%

 

—

%

 

—

%

Average recovery rate – Cu

 

94.8

%

 

—

%

 

—

%

 

—

%

 

—

%

Gold ounces produced

 

1,651

 

 

—

 

 

—

 

 

—

 

 

—

 

Silver ounces produced (000’s)

 

4

 

 

—

 

 

—

 

 

—

 

 

—

 

Copper pounds produced (000’s)

 

1,360

 

 

—

 

 

—

 

 

—

 

 

—

 

Gold ounces sold

 

3,906

 

 

—

 

 

—

 

 

—

 

 

—

 

Silver ounces sold (000’s)

 

9

 

 

—

 

 

—

 

 

—

 

 

—

 

Copper pounds sold (000’s)

 

3,385

 

 

—

 

 

—

 

 

—

 

 

—

 

Average realized price per gold ounce

$

4,733

 

$

—

 

$

—

 

$

—

 

$

—

 

Average realized price per copper pound

$

5.55

 

$

—

 

$

—

 

$

—

 

$

—

 

Metal sales

$

37.8

 

$

—

 

$

—

 

$

—

 

$

—

 

Costs applicable to sales2

$

36.2

 

$

—

 

$

—

 

$

—

 

$

—

 

Adjusted CAS per AuOz1

$

4,488

 

$

—

 

$

—

 

$

—

 

$

—

 

Adjusted CAS per CuLb1

$

5.36

 

$

—

 

$

—

 

$

—

 

$

—

 

Exploration expense

$

0.3

 

$

—

 

$

—

 

$

—

 

$

—

 

Cash flow from operating activities

$

24.6

 

$

—

 

$

—

 

$

—

 

$

—

 

Sustaining capital expenditures (excludes capital lease payments)

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Development capital expenditures

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Total capital expenditures

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Free cash flow1

$

24.6

 

$

—

 

$

—

 

$

—

 

$

—

 

Operational

  • Quarterly production and costs reflect approximately eleven days of the first quarter, following the closing of the New Gold transaction on March 20, 2026
  • Throughput is expected to ramp up to 15,000 tonnes per day from the C-Zone during the first half of 2026
  • C-Zone cave construction was finalized with drawbell blasting completed

Financial

  • Copper, gold, and silver accounted for approximately 50%, 49%, and 1%, respectively, of revenue during the quarter
  • First quarter adjusted CAS1 for copper and gold on a by-product basis totaled $5.36 and $4,488 per pound and ounce, respectively. CAS1 per copper pound and gold ounce includes the non-cash impact of the $20.5 million of purchase price allocation ascribed to inventory, which added $3.10 per pound to the copper CAS1 and $2,560 per ounce to the gold CAS1
  • Free cash flow1 in the first quarter totaled $25 million

Exploration

  • Exploration investment in the first quarter totaled approximately $0.3 million (substantially all expensed)
  • Key exploration goals for 2026 include infill drilling of inferred resources in the K-Zone resource cave shape and expansion of the overall measured, indicated and inferred resources in the K-Zone
  • During the quarter, up to five underground drill rigs were active, with drilling aimed at upgrading the 5.9 million tonnes of inferred resources in the K-Zone into measured and indicated, in support of the feasibility study expected to commence in the second half of the year. Results received to date are encouraging with mineralization grades and widths meeting expectations
  • Scout and expansion drilling during the quarter was focused on lateral extension of the K-Zone in the southeast and west. Drilling occurred to the west of the K-Zone, back toward D-Zone, intersected high grades and widths over an additional 150 meters of strike length, with similar results over an additional 125 meters to the southeast. These results continue to indicate significant upside potential at the K-Zone
  • 2026 drilling further to the east is expected to commence early in the second quarter from an underground exploration drift

Guidance

  • Prorated production reflecting nine months of contribution is expected to be 60,000 - 80,000 ounces of gold, 50 - 65 million pounds of copper, and 130,000 - 180,000 ounces of silver
  • Prorated adjusted CAS1 reflecting nine months of results are expected to be $1,000 - $1,200 per gold ounce and $1.20 - $1.35 per pound of copper which includes $134 per ounce of gold and $0.15 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 expected to be $51 - $61 million, driven by C-Zone development and cave construction completion, ongoing drawbell rehabilitation, and K-Zone development
  • Prorated exploration investment reflecting nine months of activity is expected to be $19 - $23 million ($17 - $19 million expensed and $2 - $4 million capitalized)

Rainy River, Canada

(Dollars in millions, except per ounce amounts)

 

1Q 2026

 

 

4Q 2025

 

 

3Q 2025

 

 

2Q 2025

 

 

1Q 2025

 

Tonnes milled

 

225,632

 

 

—

 

 

—

 

 

—

 

 

—

 

Average gold grade (grams/tonne)

 

0.87

 

 

—

 

 

—

 

 

—

 

 

—

 

Average recovery rate – Au

 

90.1

%

 

—

%

 

—

%

 

—

%

 

—

%

Gold ounces produced

 

12,494

 

 

—

 

 

—

 

 

—

 

 

—

 

Silver ounces produced (000’s)

 

19

 

 

—

 

 

—

 

 

—

 

 

—

 

Gold ounces sold

 

21,407

 

 

—

 

 

—

 

 

—

 

 

—

 

Silver ounces sold (000’s)

 

32

 

 

—

 

 

—

 

 

—

 

 

—

 

Average realized price per gold ounce

$

4,401

 

$

—

 

$

—

 

$

—

 

$

—

 

Metal sales

$

96.4

 

$

—

 

$

—

 

$

—

 

$

—

 

Costs applicable to sales2

$

92.4

 

$

—

 

$

—

 

$

—

 

$

—

 

Adjusted CAS per AuOz1

$

4,215

 

$

—

 

$

—

 

$

—

 

$

—

 

Exploration expense

$

0.4

 

$

—

 

$

—

 

$

—

 

$

—

 

Cash flow from operating activities

$

90.0

 

$

—

 

$

—

 

$

—

 

$

—

 

Sustaining capital expenditures (excludes capital lease payments)

$

6.4

 

$

—

 

$

—

 

$

—

 

$

—

 

Development capital expenditures

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Total capital expenditures

$

6.4

 

$

—

 

$

—

 

$

—

 

$

—

 

Free cash flow1

$

83.6

 

$

—

 

$

—

 

$

—

 

$

—

 

Operational

  • Quarterly production and costs reflect approximately eleven days of the first quarter, following the closing of the New Gold transaction on March 20, 2026
  • Underground production ramp-up is expected to continue throughout 2026
  • Phase 5 open pit stripping remains on schedule

Financial

  • First quarter adjusted CAS1 for gold on a by-product basis totaled $4,215 per ounce. CAS1 per gold ounce includes the non-cash impact of the $64.8 million of purchase price allocation ascribed to inventory, which added $3,026 per ounce to the gold CAS1
  • Free cash flow1 in the first quarter totaled $84 million

Exploration

  • Exploration investment in the first quarter totaled approximately $0.4 million (substantially all expensed)
  • 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
  • During the period, up to three rigs were active in the near-mine area. A key focus was expansion drilling on the down-plunge extensions to ODM Main and Zone 17 which yielded excellent results, including ODM Main being extended by 150 meters and Zone 17 by 200 meters
  • In addition to expansion drilling, infill drilling in the 433 Zone has demonstrated continuity between previously planned stopes, demonstrating potential for an upgrade to this Zone
  • Preparations for the summer field season are well underway, with work expected to begin in the second quarter

Guidance

  • Prorated production reflecting nine months of contributions is expected to be 230,000 - 275,000 ounces of gold and 350,000 - 450,000 ounces of silver
  • Prorated adjusted CAS1 reflecting nine months of results are expected to be $2,150 - $2,350 per gold ounce, which includes $675 per ounce of non-cash impacts relating to the purchase price allocation ascribed to short-term inventory, $155 per ounce for deferred stripping and $239 per ounce for the Royal Gold stream
  • Prorated capital expenditures reflecting nine months of ownership are expected to be $81 - $101 million, reflecting investments in underground mine development and infrastructure, as well as the tailings management area perimeter dam raise
  • Prorated exploration investment reflecting nine months of activity is expected to be $8 - $10 million (substantially all expensed)

Las Chispas, Mexico

(Dollars in millions, except per ounce amounts)

 

1Q 2026

 

 

4Q 2025

 

 

3Q 2025

 

 

2Q 2025

 

 

1Q 2025

 

Tonnes milled

 

119,197

 

 

114,814

 

 

126,930

 

 

107,410

 

 

53,857

 

Average gold grade (grams/tonne)

 

4.0

 

 

4.4

 

 

3.7

 

 

5.0

 

 

4.4

 

Average silver grade (grams/tonne)

 

389

 

 

411

 

 

354

 

 

457

 

 

436

 

Average recovery rate – Au

 

99.1

%

 

89.9

%

 

97.9

%

 

98.6

%

 

98.6

%

Average recovery rate – Ag

 

99.4

%

 

90.3

%

 

97.8

%

 

98.5

%

 

98.1

%

Gold ounces produced

 

15,031

 

 

14,719

 

 

16,540

 

 

16,271

 

 

7,175

 

Silver ounces produced (000’s)

 

1,481

 

 

1,371

 

 

1,572

 

 

1,489

 

 

714

 

Gold ounces sold

 

14,898

 

 

14,819

 

 

17,800

 

 

16,025

 

 

9,607

 

Silver ounces sold (000’s)

 

1,461

 

 

1,367

 

 

1,675

 

 

1,479

 

 

924

 

Average realized price per gold ounce

$

4,857

 

$

4,131

 

$

3,427

 

$

3,315

 

$

2,902

 

Average realized price per silver ounce

$

83.03

 

$

53.68

 

$

38.89

 

$

33.48

 

$

32.63

 

Metal sales

$

193.6

 

$

134.6

 

$

126.1

 

$

102.7

 

$

58.0

 

Costs applicable to sales2

$

31.5

 

$

33.1

 

$

68.1

 

$

57.7

 

$

42.8

 

Adjusted CAS per AuOz1

$

775

 

$

1,010

 

$

1,836

 

$

1,857

 

$

2,095

 

Adjusted CAS per AgOz1

$

13.46

 

$

13.37

 

$

21.13

 

$

18.57

 

$

23.61

 

Exploration expense

$

3.5

 

$

2.7

 

$

2.5

 

$

3.3

 

$

1.9

 

Cash flow from operating activities4

$

88.7

 

$

92.3

 

$

75.9

 

$

58.6

 

$

97.1

 

Sustaining capital expenditures (excludes capital lease payments)

$

12.5

 

$

13.8

 

$

9.8

 

$

9.2

 

$

5.3

 

Development capital expenditures

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Total capital expenditures

$

12.5

 

$

13.8

 

$

9.8

 

$

9.2

 

$

5.3

 

Free cash flow1,4

$

76.2

 

$

78.5

 

$

66.1

 

$

49.4

 

$

91.8

 

Operational

  • First quarter silver and gold production totaled 1.5 million and 15,031 ounces, respectively, compared to 1.4 million and 14,719 ounces in the prior period and 0.7 million and 7,175 ounces in the first quarter of 2025, which reflects approximately 1.5 months of production following the closing of the SilverCrest transaction on February 14, 2025
  • Production during the quarter was driven by higher tonnes milled, partially offset by lower grades

Financial

  • Silver and gold accounted for approximately 63% and 37%, respectively, of revenue during the quarter
  • First quarter adjusted CAS1 for silver and gold on a co-product basis totaled $13.46 and $775 per ounce, respectively
  • Free cash flow1 in the first quarter totaled $76 million compared to $79 million in the prior period despite over $61 million paid in taxes during the quarter (with $18 million paid in the fourth quarter of 2025)

Exploration

  • Exploration investment in the first quarter totaled approximately $6 million ($4 million expensed and $2 million capitalized) compared to $7 million ($3 million expensed and $4 million capitalized) in the prior period
  • Key exploration goals in 2026 are to maintain expansion and infill drilling on veins in the Babicanora and Las Chispas Blocks and undertake scout drilling to identify new vein targets and replenish inferred inventory for future conversion
  • Up to seven rigs were in operation in the Las Chispas Block and the Gap Zone (three on surface and four underground), and up to seven rigs were in operation at Babicanora
  • Drilling in the Las Chispas and Babicanora Blocks during the quarter was primarily focused on expansion and infill drilling of known veins. On the Las Chispas Block, key targets included Augusta, Promesa and William Tell veins, with excellent results received from all veins. On the Babicanora Block, drilling focused on the Babi Main, Babi Sur and El Muerto veins, with several results pending
  • Scout drilling was conducted within the same blocks during the quarter with results expected later in 2026
  • The Cumaro scout target (in the northeast of Las Chispas Block) was mapped in detail over 400 meters of strike to improve targeting for further drill testing

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
  • Adjusted CAS1 in 2026 are expected to be $750 - $950 per gold ounce and $12.50 - $14.50 per silver ounce
  • Capital expenditures in 2026 are expected to be $71 - $84 million, consisting primarily of sustaining capital and underground development
  • Exploration investment in 2026 is expected to be $21 - $26 million ($11 - $14 million expensed and $10 - $12 million capitalized)

Palmarejo, Mexico

(Dollars in millions, except per ounce amounts)

 

1Q 2026

 

 

4Q 2025

 

 

3Q 2025

 

 

2Q 2025

 

 

1Q 2025

 

Tonnes milled

 

441,721

 

 

470,127

 

 

440,227

 

 

438,968

 

 

399,996

 

Average gold grade (grams/tonne)

 

1.7

 

 

1.8

 

 

1.8

 

 

2.1

 

 

1.9

 

Average silver grade (grams/tonne)

 

116

 

 

117

 

 

119

 

 

139

 

 

149

 

Average recovery rate – Au

 

96.2

%

 

93.9

%

 

95.0

%

 

92.9

%

 

95.2

%

Average recovery rate – Ag

 

89.6

%

 

88.8

%

 

89.9

%

 

88.6

%

 

87.4

%

Gold ounces produced

 

22,918

 

 

25,662

 

 

24,802

 

 

27,272

 

 

23,032

 

Silver ounces produced (000’s)

 

1,475

 

 

1,566

 

 

1,514

 

 

1,741

 

 

1,680

 

Gold ounces sold

 

22,935

 

 

24,378

 

 

26,850

 

 

26,782

 

 

22,713

 

Silver ounces sold (000’s)

 

1,468

 

 

1,510

 

 

1,633

 

 

1,720

 

 

1,636

 

Average realized price per gold ounce

$

2,811

 

$

2,492

 

$

2,144

 

$

2,093

 

$

1,924

 

Average realized price per silver ounce

$

84.29

 

$

54.26

 

$

38.97

 

$

33.76

 

$

31.85

 

Metal sales

$

188.3

 

$

142.7

 

$

121.2

 

$

114.1

 

$

95.8

 

Costs applicable to sales2

$

51.2

 

$

48.3

 

$

51.0

 

$

48.7

 

$

43.7

 

Adjusted CAS per AuOz1

$

758

 

$

847

 

$

887

 

$

888

 

$

882

 

Adjusted CAS per AgOz1

$

22.99

 

$

18.13

 

$

16.44

 

$

14.39

 

$

14.37

 

Exploration expense

$

4.6

 

$

4.9

 

$

5.7

 

$

4.0

 

$

3.9

 

Cash flow from operating activities

$

72.8

 

$

70.8

 

$

52.6

 

$

47.9

 

$

8.7

 

Sustaining capital expenditures (excludes capital lease payments)

$

6.8

 

$

5.2

 

$

4.3

 

$

3.6

 

$

2.5

 

Development capital expenditures

$

1.7

 

$

3.1

 

$

1.4

 

$

2.0

 

$

3.4

 

Total capital expenditures

$

8.5

 

$

8.3

 

$

5.7

 

$

5.6

 

$

5.9

 

Free cash flow1

$

64.3

 

$

62.5

 

$

46.9

 

$

42.3

 

$

2.8

 

Operational

  • First quarter silver and gold production totaled 1.5 million and 22,918 ounces, respectively, compared to 1.6 million and 25,662 ounces in the prior period and 1.7 million and 23,032 ounces in the first quarter of 2025
  • Production during the quarter was impacted by fewer tonnes milled, partially offset by higher recoveries

Financial

  • Silver and gold accounted for approximately 66% and 34%, respectively, of revenue during the quarter
  • First quarter adjusted CAS1 for silver and gold on a co-product basis totaled $22.99 and $758 per ounce, respectively
  • Capital expenditures increased to $9 million compared to $8 million in the prior period
  • Free cash flow1 in the first quarter totaled $64 million compared to $63 million in the prior period despite over $62 million in taxes paid during the quarter (with $15 million paid in the fourth quarter of 2025)

Exploration

  • Exploration investment for the first quarter totaled approximately $6 million ($5 million expensed and $1 million capitalized), consistent with the prior period
  • Exploration utilized up to nine rigs during the first quarter, including step-out drilling along the Hidalgo Corridor (Hidalgo and Libertad trends), at Barrera Norte, Independencia Sur and over Guazapares targets
  • 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 agreement, where over 70% of the exploration budget is expected to be spent this year
  • During the quarter, infill drilling commenced at Independencia Sur with excellent grades and width received over a 200-meter strike length and 200 meters vertically. Mineralization is directly along strike from the Independencia deposit and is located outside the area affected by the Franco-Nevada gold stream
  • In the Guazapares region located further to the East and also outside the Franco-Nevada gold stream area of interest, drilling focused on the San Miguel and La Union deposits to expand and build on measured and inferred ounces generated during 2025. Drilling is progressing ahead of schedule at San Miguel with results received to date demonstrating high grades over excellent widths and extending the deposit along strike and at depth. Many targets in the Guazapares region crop out at surface unlike most deposits in the mine trend. This allows for faster and easier exploration

Other

  • 11,692 ounces or approximately 51% of Palmarejo’s gold sales in the first 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
  • Adjusted CAS1 in 2026 are expected to be $700 - $900 per gold ounce and $21.50 - $23.50 per silver ounce
  • Capital expenditures in 2026 are expected to be $35 - $41 million, consisting primarily of sustaining capital and underground development
  • Exploration investment in 2026 is expected to be $24 - $28 million ($22 - $24 million expensed and $2 - $4 million capitalized)

Rochester, United States

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Ore tonnes placed

 

6,724,626

 

9,275,732

 

7,535,326

 

7,122,912

 

6,338,796

 

Average silver grade (grams/tonne)

 

12

 

17

 

19

 

20

 

20

 

Average gold grade (grams/tonne)

 

0.1

 

0.1

 

0.1

 

0.1

 

0.1

 

Silver ounces produced (000’s)

 

1,394

 

1,748

 

1,644

 

1,456

 

1,284

 

Gold ounces produced

 

14,112

 

17,722

 

14,801

 

14,302

 

13,353

 

Silver ounces sold (000’s)

 

1,387

 

1,701

 

1,656

 

1,438

 

1,282

 

Gold ounces sold

 

14,090

 

18,043

 

13,975

 

13,881

 

14,713

 

Average realized price per silver ounce

$

81.59

$

54.85

$

38.95

$

33.88

$

31.86

 

Average realized price per gold ounce

$

4,843

$

4,139

$

3,431

$

3,333

$

2,840

 

Metal sales

$

181.4

$

167.9

$

112.5

$

95.0

$

82.6

 

Costs applicable to sales2

$

53.8

$

60.7

$

52.0

$

47.9

$

48.5

 

Adjusted CAS per AgOz1

$

23.74

$

19.69

$

17.73

$

16.83

$

18.41

 

Adjusted CAS per AuOz1

$

1,432

$

1,458

$

1,585

$

1,675

$

1,670

 

Prepayment, working capital cash flow

$

—

$

—

$

—

$

—

$

(17.5

)

Exploration expense

$

0.9

$

2.7

$

3.2

$

1.2

$

1.5

 

Cash flow from operating activities

$

84.7

$

92.6

$

41.2

$

39.6

$

(7.0

)

Sustaining capital expenditures (excludes capital lease payments)

$

18.6

$

13.1

$

7.5

$

20.7

$

8.5

 

Development capital expenditures

$

4.2

$

1.7

$

4.1

$

3.8

$

6.4

 

Total capital expenditures

$

22.8

$

14.8

$

11.6

$

24.5

$

14.9

 

Free cash flow1

$

61.9

$

77.8

$

29.6

$

15.1

$

(21.9

)

Operational

  • Silver and gold production in the first quarter totaled 1.4 million and 14,112 ounces, respectively, compared to 1.7 million and 17,722 ounces in the prior period and 1.3 million and 13,353 ounces in the first quarter of 2025. The decrease from the prior period related to lower planned grades due to positioning in the open pit, several planned down days for maintenance activities on the crusher, and lower placement rates of crushed and direct-to-pad material due to overliner hauling for the ongoing pad leach expansion
  • Ore tonnes placed through the crushing circuit totaled 5.9 million tonnes compared to 6.4 million tonnes in the prior quarter. Tonnes placed during the quarter totaled 6.7 million tonnes, compared to 9.3 million tonnes in the prior period, reflecting lower direct-to-pad material placement as additional fleet capacity was redirected to accelerate removal of legacy leach pads at East Rochester in preparation for mining later this year

Financial

  • Silver and gold accounted for approximately 62% and 38%, respectively, of revenue during the quarter
  • First quarter adjusted CAS1 for silver and gold on a co-product basis totaled $23.74 and $1,432 per ounce, respectively
  • Capital expenditures increased to $23 million compared to $15 million in the prior period, driven by activities related to the next phase of the Stage 6 leach pad development
  • Free cash flow1 in the first quarter totaled $62 million compared to $78 million in the prior period driven by higher prices offset by lower production, the timing of the annual property tax payments to Pershing County and higher royalty costs

Exploration

  • Exploration investment in the first quarter totaled approximately $2 million ($1 million expensed and $1 million capitalized) compared to roughly $3 million (substantially all expensed) in the prior quarter
  • In the first half of 2026, exploration drilling to support the future POA 12 expansion is expected to be completed, with drilling in the second half of the year expected to transition to target generation, condemnation and scout drilling
  • One rig was active during the quarter conducting infill drilling at the Wedge target in East Rochester. Limited results received thus far indicate grade continuity, with additional assays pending
  • Significant data integration and analysis is occurring for targets that plan to be drilled in the second half of the year

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
  • Adjusted CAS1 in 2026 are expected to be $23.00 - $25.00 per silver ounce and $1,350 - $1,550 per gold ounce
  • Capital expenditures in 2026 are expected to be $96 - $110 million, which 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)

Kensington, United States

(Dollars in millions, except per ounce amounts)

 

1Q 2026

 

 

4Q 2025

 

 

3Q 2025

 

 

2Q 2025

 

 

1Q 2025

 

Tonnes milled

 

157,253

 

 

178,513

 

 

171,190

 

 

174,333

 

 

168,142

 

Average gold grade (grams/tonne)

 

4.5

 

 

5.6

 

 

5.5

 

 

5.2

 

 

4.5

 

Average recovery rate

 

91.2

%

 

92.7

%

 

90.5

%

 

91.8

%

 

93.3

%

Gold ounces produced

 

20,525

 

 

29,567

 

 

27,231

 

 

26,555

 

 

22,715

 

Gold ounces sold

 

21,267

 

 

28,715

 

 

28,011

 

 

26,751

 

 

22,205

 

Average realized price per gold ounce, gross

$

5,187

 

$

4,379

 

$

3,588

 

$

3,410

 

$

2,990

 

Treatment and refining charges per gold ounce

$

70

 

$

67

 

$

56

 

$

56

 

$

53

 

Average realized price per gold ounce, net

$

5,117

 

$

4,312

 

$

3,532

 

$

3,354

 

$

2,937

 

Metal sales

$

108.8

 

$

123.8

 

$

98.9

 

$

89.8

 

$

65.2

 

Costs applicable to sales2

$

47.8

 

$

44.1

 

$

46.7

 

$

46.1

 

$

42.2

 

Adjusted CAS per AuOz1

$

2,246

 

$

1,533

 

$

1,659

 

$

1,713

 

$

1,882

 

Prepayment, working capital cash flow

$

—

 

$

—

 

$

—

 

$

—

 

$

(12.1

)

Exploration expense

$

2.5

 

$

0.8

 

$

2.2

 

$

1.5

 

$

3.3

 

Cash flow from operating activities

$

53.3

 

$

69.0

 

$

46.4

 

$

36.0

 

$

5.9

 

Sustaining capital expenditures (excludes capital lease payments)

$

8.5

 

$

9.4

 

$

9.4

 

$

12.3

 

$

15.2

 

Development capital expenditures

$

0.6

 

$

8.8

 

$

6.2

 

$

4.0

 

$

0.3

 

Total capital expenditures

$

9.1

 

$

18.2

 

$

15.6

 

$

16.3

 

$

15.5

 

Free cash flow1

$

44.2

 

$

50.8

 

$

30.8

 

$

19.7

 

$

(9.6

)

Operational

  • Gold production in the first quarter totaled 20,525 ounces compared to 29,567 ounces in the prior period and 22,715 ounces in the first quarter of 2025
  • Production during the quarter was impacted by mine sequencing and planned mill maintenance

Financial

  • First quarter adjusted CAS1 increased 47% quarter over quarter to $2,246 per ounce, due primarily to lower production, and higher labor, maintenance and royalty costs
  • Capital expenditures decreased 50% quarter over quarter to $9 million
  • Free cash flow1 in the first quarter totaled $44 million compared to $51 million in the prior period

Exploration

  • Exploration investment in the first quarter totaled approximately $4 million ($3 million expensed and $2 million capitalized), compared to $2 million ($1 million expensed and $1 million capitalized) in the prior period
  • Exploration in 2026 is focused on maintaining a five-year reserves-based life of mine and beginning to develop the inferred pipeline
  • During the quarter, up to four rigs were active with the key focus on the Zone 30B, Cookhouse and Bunkhouse targets
  • Scout, expansion and infill drilling was conducted on Zone 30B to continue to trace the zone to the south and down dip. Results to date demonstrate a down-dip extension of 100 meters with results pending for drillholes along strike
  • Drilling during the quarter also focused on two scout targets, Cookhouse and Bunkhouse located between Elmira and Kensington. Most results are pending

Guidance

  • Full-year 2026 production is expected to be 98,000 - 110,000 gold ounces
  • Adjusted CAS1 in 2026 are expected to be $1,750 - $1,950 per gold ounce
  • Capital expenditures in 2026 are expected to be $54 - $63 million, which includes investment related to raising the main tailings storage facility embankment, 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)

Wharf, United States

(Dollars in millions, except per ounce amounts)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Ore tonnes placed

 

366,184

 

595,737

 

1,220,764

 

1,002,988

 

937,756

 

Average gold grade (grams/tonne)

 

1.1

 

0.9

 

1.0

 

1.2

 

0.7

 

Gold ounces produced

 

9,772

 

24,759

 

27,990

 

24,087

 

20,491

 

Silver ounces produced (000’s)

 

15

 

24

 

25

 

36

 

51

 

Gold ounces sold

 

9,917

 

25,318

 

27,859

 

23,509

 

20,078

 

Silver ounces sold (000’s)

 

15

 

27

 

22

 

35

 

50

 

Average realized price per gold ounce

$

4,902

$

4,120

$

3,412

$

3,315

$

2,827

 

Metal sales

$

49.9

$

105.8

$

95.9

$

79.1

$

58.4

 

Costs applicable to sales2

$

17.0

$

30.0

$

30.9

$

29.0

$

27.0

 

Adjusted CAS per AuOz1

$

1,588

$

1,121

$

1,079

$

1,175

$

1,260

 

Prepayment, working capital cash flow

$

—

$

—

$

—

$

—

$

(12.5

)

Exploration expense

$

3.2

$

0.6

$

0.7

$

3.5

$

2.6

 

Cash flow from operating activities

$

15.3

$

65.9

$

57.2

$

41.4

$

15.7

 

Sustaining capital expenditures (excludes capital lease payments)

$

10.0

$

2.9

$

1.2

$

2.3

$

6.4

 

Development capital expenditures

$

3.1

$

0.7

$

2.0

$

1.3

$

1.0

 

Total capital expenditures

$

13.1

$

3.6

$

3.2

$

3.6

$

7.4

 

Free cash flow1

$

2.2

$

62.3

$

54.0

$

37.8

$

8.3

 

Operational

  • Gold production in the first quarter decreased 61% quarter over quarter to 9,772 ounces compared to 24,759 ounces in the prior period and 20,491 ounces in the first quarter of 2025
  • Lower production during the quarter was largely due to fewer ore tonnes placed, partially offset by higher grades
  • Ore tonnes placed were lower than the previous quarter due to the impact of fire damage to portions of the tertiary crusher which occurred in November 2025. Crushing was completed via a temporary mobile crusher with a second temporary crusher added early in the second quarter. Commissioning of the repaired crusher is complete and is expected to allow a return to normal crushing and placement rates for the balance of 2026

Financial

  • Adjusted CAS1 on a by-product basis increased 42% quarter over quarter to $1,588 per ounce, due to lower ore tonnes placed and higher outside service costs
  • Capital expenditures totaled approximately $13 million compared to $4 million in the prior period
  • Free cash flow1 in the first quarter totaled $2 million compared to $62 million in the prior period

Exploration

  • Exploration investment during the first quarter totaled $3 million (substantially all expensed), compared to $1 million (substantially all expensed) in the prior quarter
  • 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. 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 pipeline
  • During the first quarter, up to two rigs were active on expansion and infill drilling at Juno and North Foley. Results are in line with expectations and indicate mineralization continues to the north and northeast
  • Towards the end of the period, expansion drilling also commenced at Summit Flat target, a program that will continue through the second quarter, with all results pending

Guidance

  • Full-year 2026 production is expected to be 72,000 - 90,000 ounces of gold and 50,000 - 200,000 ounces of silver
  • Adjusted CAS1 in 2026 are expected to be $1,400 - $1,600 per gold ounce
  • Capital expenditures in 2026 are expected to be $17 - $23 million, which reflects remediation of the existing crusher and planned infrastructure upgrades
  • Exploration investment in 2026 is expected to be $10 - $12 million ($8 - $9 million expensed and $2 - $3 million capitalized)

Exploration

During the first quarter, Coeur invested approximately $32 million ($26 million expensed and $6 million capitalized), compared to roughly $25 million ($19 million expensed and $7 million capitalized) in the prior period.

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 East Palmarejo outside the Franco-Nevada gold stream area of interest; (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, totaling approximately $35 million; (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 reaffirmed its full-year 2026 guidance, including production, CAS, capital expenditures, depreciation, depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax.

Overall cost guidance reflects higher expected royalty expense driven by stronger realized metal prices, particularly at Rochester, the impact of a stronger Mexican peso, inflation of 3% to 5% across the portfolio, and higher planned maintenance costs. For our co-product mines (New Afton, Las Chispas, Palmarejo, and Rochester), costs are allocated to gold, silver, and copper based on their relative revenue contribution. Given the higher expected contribution of silver to total revenue due to the outperformance of silver’s price relative to the gold price, silver CAS per ounce is expected to be higher in 2026, consistent with the trend seen in the second half of 2025.

2026 Production Guidance

 

 

 

Gold

 

Silver

 

Copper

 

 

 

(oz)

 

(K oz)

 

(M lbs)

New Afton

 

 

60,000 - 80,000

 

130 - 180

 

50 - 65

Rainy River

 

 

230,000 - 275,000

 

350 - 450

 

—

Las Chispas

 

 

55,000 - 65,000

 

5,500 - 6,300

 

—

Palmarejo

 

 

95,000 - 105,000

 

6,250 - 7,000

 

—

Rochester

 

 

70,000 - 90,000

 

6,400 - 7,800

 

—

Kensington

 

 

98,000 - 110,000

 

—

 

—

Wharf

 

 

72,000 - 90,000

 

50 - 200

 

—

Total

 

 

680,000 - 815,000

 

18,680 - 21,930

 

50 - 65

2026 Adjusted Costs Applicable to Sales Guidance

 

 

 

Gold

 

Silver

Copper

 

 

 

($/oz)

 

($/oz)

($/lb)

New Afton (co-product)5

 

 

$1,000 - $1,200

 

—

$1.20 - $1.35

Rainy River (by-product)6

 

 

$2,150 - $2,350

 

—

—

Las Chispas (co-product)

 

 

$750 - $950

 

$12.50 - $14.50

—

Palmarejo (co-product)

 

 

$700 - $900

 

$21.50 - $23.50

—

Rochester (co-product)

 

 

$1,350 - $1,550

 

$23.00 - $25.00

—

Kensington

 

 

$1,750 - $1,950

 

—

—

Wharf (by-product)

 

 

$1,400 - $1,600

 

—

—

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

 

 

 

 

 

($M)

Capital Expenditures, Sustaining

 

 

 

 

$291 - $337

Capital Expenditures, Development

 

 

 

 

$146 - $189

Exploration, Expensed

 

 

 

 

$118 - $132

Exploration, Capitalized

 

 

 

 

$29 - $37

General & Administrative Expenses

 

 

 

 

$90 - $100

Cash Income and Mining Taxes

 

 

 

 

$475 - $600

Amortization

 

 

 

 

$1,200 - $1,400

Effective Tax Rate (%)

 

 

 

 

30% - 36%

Note: The Company’s guidance figures assume estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. 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 first quarter 2026 financial results on May 7, 2026 at 11:00 a.m. Eastern Time.

Dial-In Numbers:

(855) 560-2581 (U.S./Canada)

 

(412) 542-4166 (International)

Conference ID:

Coeur Mining

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 May 14, 2026.

Replay numbers:

(855) 669-9658 (U.S./Canada)

 

(412) 317-0088 (International)

Conference ID:

197 07 92

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

1.

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 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. 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 revolving credit facility (“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.

2.

Excludes amortization.

3.

Includes capital leases. Net of debt issuance costs and premium received.

4.

Includes $72.0 million of monetized finished goods following the SilverCrest acquisition on February 14, 2025.

5.

New Afton CAS per gold ounce includes the non-cash impact of the $21 million total of the preliminary purchase price allocation ascribed to inventory, split between gold ($134 per ounce) and copper ($0.15 per pound).

6.

Rainy River CAS per gold ounce includes the non-cash impact of $180 million ($675 per ounce) of the preliminary purchase price allocation ascribed to inventory. It also includes $41 million ($155 per ounce) of stripping costs which are required to be capitalized under U.S. GAAP and $93 million ($239 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

 

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Average Gold Spot Price Per Ounce

$

4,873

$

4,135

$

3,457

$

3,280

$

2,860

Average Silver Spot Price Per Ounce

$

84.33

$

54.73

$

39.40

$

33.68

$

31.88

Average Copper Spot Price Per Pound

$

5.83

$

5.03

$

4.44

$

4.32

$

4.24

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

March 31, 2026

 

December 31, 2025

ASSETS

In thousands, except share data

CURRENT ASSETS

 

 

 

Cash and cash equivalents

$

843,169

 

 

$

553,597

 

Receivables

 

88,195

 

 

 

69,160

 

Inventory

 

567,951

 

 

 

163,330

 

Ore on leach pads

 

160,433

 

 

 

157,461

 

Prepaid expenses and other

 

50,430

 

 

 

29,129

 

 

 

1,710,178

 

 

 

972,677

 

NON-CURRENT ASSETS

 

 

 

Property, plant and equipment and mining properties, net

 

12,336,584

 

 

 

2,744,884

 

Goodwill

 

625,812

 

 

 

625,812

 

Ore on leach pads

 

155,357

 

 

 

119,446

 

Restricted assets

 

9,139

 

 

 

9,114

 

Receivables

 

19,857

 

 

 

19,683

 

Deferred tax assets

 

144,586

 

 

 

140,553

 

Long-term stockpile

 

237,872

 

 

 

42,076

 

Other

 

21,942

 

 

 

21,437

 

TOTAL ASSETS

$

15,261,327

 

 

$

4,695,682

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES

 

 

 

Accounts payable

$

258,161

 

 

$

148,872

 

Accrued liabilities and other

 

166,814

 

 

 

212,213

 

Debt

 

14,072

 

 

 

16,996

 

Reclamation

 

19,331

 

 

 

15,063

 

 

 

458,378

 

 

 

393,144

 

NON-CURRENT LIABILITIES

 

 

 

Debt

 

747,304

 

 

 

323,537

 

Reclamation

 

400,720

 

 

 

262,448

 

Deferred tax liabilities

 

3,158,651

 

 

 

322,983

 

Other long-term liabilities

 

83,949

 

 

 

80,519

 

 

 

4,390,624

 

 

 

989,487

 

COMMITMENTS AND CONTINGENCIES

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

Common stock, par value $0.01 per share; authorized 1,300,000,000 shares, 1,034,497,016 issued and outstanding at March 31, 2026 and 642,092,761 at December 31, 2025

 

10,345

 

 

 

6,421

 

Additional paid-in capital

 

12,631,608

 

 

 

5,783,019

 

Accumulated deficit

 

(2,229,628

)

 

 

(2,476,389

)

 

 

10,412,325

 

 

 

3,313,051

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

15,261,327

 

 

$

4,695,682

 

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

Three Months Ended March 31,

 

 

2026

 

 

 

2025

 

 

In thousands, except share data

Revenue

$

856,192

 

 

$

360,062

 

COSTS AND EXPENSES

 

 

 

Costs applicable to sales(1)

 

330,009

 

 

 

204,266

 

Amortization

 

99,825

 

 

 

43,093

 

General and administrative

 

21,662

 

 

 

13,912

 

Exploration

 

25,699

 

 

 

19,682

 

Pre-development, reclamation, and other

 

29,827

 

 

 

16,953

 

Total costs and expenses

 

507,022

 

 

 

297,906

 

Income from operations

 

349,170

 

 

 

62,156

 

OTHER INCOME (EXPENSE), NET

 

 

 

Gain (loss) on debt extinguishment

 

(1,554

)

 

 

—

 

Fair value adjustments, net

 

—

 

 

 

(346

)

Interest expense, net of capitalized interest

 

(6,443

)

 

 

(10,450

)

Other, net

 

7,542

 

 

 

406

 

Total other expense, net

 

(455

)

 

 

(10,390

)

Income before income and mining taxes

 

348,715

 

 

 

51,766

 

Income and mining tax expense

 

(101,954

)

 

 

(18,413

)

NET INCOME

$

246,761

 

 

$

33,353

 

OTHER COMPREHENSIVE INCOME:

 

 

 

Other comprehensive loss

 

—

 

 

 

—

 

COMPREHENSIVE INCOME

$

246,761

 

 

$

33,353

 

 

 

 

 

NET INCOME PER SHARE

 

 

 

Basic income per share:

 

 

 

Basic

$

0.36

 

 

$

0.06

 

 

 

 

 

Diluted

$

0.35

 

 

$

0.06

 

(1) Excludes amortization.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Three Months Ended March 31,

 

 

2026

 

 

 

2025

 

 

In thousands

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

246,761

 

 

$

33,353

 

Adjustments:

 

 

 

Amortization

 

99,825

 

 

 

43,093

 

Accretion

 

4,839

 

 

 

4,732

 

Deferred taxes

 

(1,565

)

 

 

(17,353

)

(Gain) loss on debt extinguishment

 

1,554

 

 

 

—

 

Fair value adjustments, net

 

—

 

 

 

346

 

Stock-based compensation

 

8,627

 

 

 

3,298

 

Deferred revenue recognition

 

(160

)

 

 

(42,316

)

Acquired inventory purchase price allocation

 

85,362

 

 

 

27,039

 

Other

 

(493

)

 

 

1,524

 

Changes in operating assets and liabilities:

 

 

 

Receivables

 

(4,733

)

 

 

3,945

 

Prepaid expenses and other current assets

 

(427

)

 

 

82,065

 

Inventory and ore on leach pads

 

(26,803

)

 

 

(8,348

)

Accounts payable and accrued liabilities

 

(71,951

)

 

 

(63,743

)

CASH PROVIDED BY OPERATING ACTIVITIES

 

340,836

 

 

 

67,635

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Capital expenditures

 

(74,079

)

 

 

(50,002

)

Acquisitions, net

 

128,259

 

 

 

103,396

 

Proceeds from the sale of assets

 

1,263

 

 

 

—

 

Other

 

(70

)

 

 

(90

)

CASH USED IN INVESTING ACTIVITIES

 

55,373

 

 

 

53,304

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Issuance of common stock

 

401

 

 

 

302

 

Issuance of notes and bank borrowings, net of issuance costs

 

—

 

 

 

99,500

 

Payments on debt, finance leases, and associated costs

 

(10,283

)

 

 

(192,234

)

Performance share cash settlement

 

(41,031

)

 

 

—

 

Stock-based compensation tax withholdings and other financing activities

 

(53,959

)

 

 

(5,721

)

CASH USED IN FINANCING ACTIVITIES

 

(104,872

)

 

 

(98,153

)

Effect of exchange rate changes on cash and cash equivalents

 

(1,042

)

 

 

(292

)

INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

290,295

 

 

 

22,494

 

Cash, cash equivalents and restricted cash at beginning of period

 

555,705

 

 

 

56,874

 

Cash, cash equivalents and restricted cash at end of period

$

846,000

 

 

$

79,368

 

Adjusted EBITDA Reconciliation

 

(Dollars in thousands except per share amounts)

LTM 1Q
2026

 

1Q 2026

 

4Q 2025

 

3Q 2025

 

2Q 2025

 

1Q 2025

Net income

$

799,280

 

 

$

246,761

 

 

$

214,969

 

 

$

266,824

 

 

$

70,726

 

 

$

33,353

 

Interest expense, net of capitalized interest

 

26,935

 

 

 

6,443

 

 

 

5,968

 

 

 

6,273

 

 

 

8,251

 

 

 

10,450

 

Income tax provision (benefit)

 

180,207

 

 

 

101,954

 

 

 

112,539

 

 

 

(96,881

)

 

 

62,595

 

 

 

18,413

 

Amortization

 

307,831

 

 

 

99,825

 

 

 

73,655

 

 

 

72,930

 

 

 

61,421

 

 

 

43,093

 

EBITDA

 

1,314,253

 

 

 

454,983

 

 

 

407,131

 

 

 

249,146

 

 

 

202,993

 

 

 

105,309

 

Fair value adjustments, net

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

346

 

Foreign exchange (gain) loss

 

(3,065

)

 

 

(878

)

 

 

(4,021

)

 

 

2,080

 

 

 

(246

)

 

 

758

 

Asset retirement obligation accretion

 

19,804

 

 

 

4,839

 

 

 

5,077

 

 

 

4,988

 

 

 

4,900

 

 

 

4,732

 

Inventory adjustments and write-downs

 

5,434

 

 

 

1,097

 

 

 

1,541

 

 

 

1,198

 

 

 

1,598

 

 

 

1,928

 

(Gain) loss on sale of assets

 

537

 

 

 

25

 

 

 

282

 

 

 

113

 

 

 

117

 

 

 

186

 

RMC bankruptcy distribution

 

(37

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(37

)

 

 

—

 

(Gain) loss on debt extinguishment

 

1,667

 

 

 

1,554

 

 

 

107

 

 

 

6

 

 

 

—

 

 

 

—

 

Transaction costs

 

37,432

 

 

 

19,910

 

 

 

14,248

 

 

 

451

 

 

 

2,823

 

 

 

8,887

 

Kensington royalty settlement

 

29

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

28

 

 

 

(95

)

Wage and hour litigation settlement

 

6,542

 

 

 

(517

)

 

 

61

 

 

 

6,998

 

 

 

—

 

 

 

—

 

Mexico arbitration matter

 

2,635

 

 

 

95

 

 

 

57

 

 

 

743

 

 

 

1,740

 

 

 

410

 

Flow-through share premium

 

(223

)

 

 

—

 

 

 

—

 

 

 

(111

)

 

 

(112

)

 

 

(585

)

Interest income

 

(6,225

)

 

 

(6,225

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Adjusted EBITDA

$

1,378,779

 

 

$

474,883

 

 

$

424,484

 

 

$

265,612

 

 

$

213,800

 

 

$

121,876

 

Revenue

$

2,264,631

 

 

$

554,567

 

 

$

674,847

 

 

$

554,567

 

 

$

480,650

 

 

$

360,062

 

Adjusted EBITDA Margin

 

61

%

 

 

86

%

 

 

63

%

 

 

48

%

 

 

44

%

 

 

34

%

Adjusted Net Income Reconciliation

 

(Dollars in thousands except per share amounts)

 

1Q 2026

 

 

 

4Q25

 

 

 

3Q 2025

 

 

 

2Q 2025

 

 

 

1Q 2025

 

Net income

$

246,761

 

 

$

214,969

 

 

$

266,824

 

 

$

70,726

 

 

$

33,353

 

Fair value adjustments, net

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

346

 

Foreign exchange loss (gain)(1)

 

(2,600

)

 

 

1,563

 

 

 

11,831

 

 

 

28,072

 

 

 

574

 

(Gain) loss on sale of assets

 

25

 

 

 

282

 

 

 

113

 

 

 

117

 

 

 

186

 

RMC bankruptcy distribution

 

—

 

 

 

—

 

 

 

—

 

 

 

(37

)

 

 

—

 

(Gain) loss on debt extinguishment

 

1,554

 

 

 

107

 

 

 

6

 

 

 

—

 

 

 

—

 

Transaction costs

 

19,910

 

 

 

14,248

 

 

 

451

 

 

 

2,823

 

 

 

8,887

 

Kensington royalty settlement

 

—

 

 

 

1

 

 

 

—

 

 

 

28

 

 

 

(95

)

Wage and hour litigation settlement

 

(517

)

 

 

61

 

 

 

6,998

 

 

 

—

 

 

 

—

 

Mexico arbitration matter

 

95

 

 

 

57

 

 

 

743

 

 

 

1,740

 

 

 

410

 

Flow-through share premium

 

—

 

 

 

—

 

 

 

(111

)

 

 

(112

)

 

 

(585

)

Interest income

 

(6,225

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Valuation allowance and tax effect of adjustments

 

(5,506

)

 

 

(3,992

)

 

 

(164,162

)

 

 

(467

)

 

 

(2,590

)

Adjusted net income

$

253,497

 

 

$

227,296

 

 

$

122,693

 

 

$

102,886

 

 

$

40,486

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per share - Basic

$

0.37

 

 

$

0.36

 

 

$

0.19

 

 

$

0.16

 

 

$

0.08

 

Adjusted net income per share - Diluted

$

0.36

 

 

$

0.35

 

 

$

0.19

 

 

$

0.16

 

 

$

0.08

 

(1) Includes the impact of foreign exchange rates on deferred tax balances of $(1.7) million, $5.9 million, $9.8 million, $28.3 million, $(0.2) million for the three months ended March 31, 2026 and three months end December 31 September 30, June 30 and March 31, 2025, respectively.

Consolidated Free Cash Flow Reconciliation

 

(Dollars in thousands)

 

1Q 2026

 

 

4Q 2025

 

 

3Q 2025

 

 

2Q 2025

 

 

1Q 2025

Cash flow from operations

$

340,836

 

$

374,587

 

$

237,706

 

$

206,951

 

$

67,635

Capital expenditures

 

74,079

 

 

61,319

 

 

49,034

 

 

60,807

 

 

50,002

Free cash flow

$

266,757

 

$

313,268

 

$

188,672

 

$

146,144

 

$

17,633

Consolidated Operating Cash Flow

Before Changes in Working Capital Reconciliation

 

(Dollars in thousands)

 

1Q 2026

 

 

4Q 2025

 

 

 

3Q 2025

 

 

 

2Q 2025

 

 

 

1Q 2025

 

Cash provided by operating activities

$

340,836

 

$

374,587

 

 

$

237,706

 

 

$

206,951

 

 

$

67,635

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Receivables

 

4,733

 

 

(1,265

)

 

 

7,132

 

 

 

4,766

 

 

 

(3,945

)

Prepaid expenses and other

 

427

 

 

4,366

 

 

 

7,489

 

 

 

(2,424

)

 

 

(82,065

)

Inventories

 

26,803

 

 

24,314

 

 

 

5,011

 

 

 

14,125

 

 

 

8,348

 

Accounts payable and accrued liabilities

 

71,951

 

 

(84,436

)

 

 

(18,636

)

 

 

(61,845

)

 

 

63,743

 

Operating cash flow before changes in working capital

$

444,750

 

$

317,566

 

 

$

238,702

 

 

$

161,573

 

 

$

53,716

 

Net Debt and Leverage Ratio

 

(Dollars in thousands)

 

1Q 2026

 

 

 

4Q 2025

 

 

 

3Q 2025

 

 

 

2Q 2025

 

 

 

1Q 2025

 

Total debt

$

761,376

 

 

$

340,533

 

 

$

363,516

 

 

$

380,722

 

 

$

498,269

 

Cash and cash equivalents

 

(843,169

)

 

 

(553,597

)

 

 

(266,342

)

 

 

(111,646

)

 

 

(77,574

)

Net debt

$

(81,793

)

 

$

(213,064

)

 

$

97,174

 

 

$

269,076

 

 

$

420,695

 

 

 

 

 

 

 

 

 

 

 

Net debt

$

(81,793

)

 

$

(213,064

)

 

$

97,174

 

 

$

269,076

 

 

$

420,695

 

Last Twelve Months Adjusted EBITDA

$

1,378,779

 

 

$

1,025,772

 

 

$

807,817

 

 

$

634,803

 

 

$

443,729

 

Leverage ratio

 

(0.1

)

 

 

(0.2

)

 

 

0.1

 

 

 

0.4

 

 

 

0.9

 

Reconciliation of Costs Applicable to Sales

for Three Months Ended March 31, 2026

 

In thousands (except metal sales, per ounce or per pound amounts)

New Afton (1)

 

Rainy River (2)

 

Las Chispas

 

Palmarejo

 

Rochester

 

Kensington

 

Wharf

 

Silvertip

 

Total

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

$

50,453

 

 

$

109,133

 

 

$

66,777

 

 

$

58,037

 

 

$

69,826

 

 

$

56,482

 

 

$

17,917

 

 

$

956

 

 

$

429,581

 

Amortization

 

(14,214

)

 

 

(16,689

)

 

 

(35,319

)

 

 

(6,789

)

 

 

(16,043

)

 

 

(8,669

)

 

 

(893

)

 

 

(956

)

 

 

(99,572

)

Costs applicable to sales

$

36,239

 

 

$

92,444

 

 

$

31,458

 

 

$

51,248

 

 

$

53,783

 

 

$

47,813

 

 

$

17,024

 

 

$

—

 

 

$

330,009

 

Inventory Adjustments

 

—

 

 

 

—

 

 

 

(244

)

 

 

(105

)

 

 

(681

)

 

 

(75

)

 

 

(22

)

 

 

 

 

(1,127

)

By-product credit

 

(556

)

 

 

(2,203

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22

 

 

 

(1,250

)

 

 

—

 

 

 

(3,987

)

Adjusted costs applicable to sales

$

35,683

 

 

$

90,241

 

 

$

31,214

 

 

$

51,143

 

 

$

53,102

 

 

$

47,760

 

 

$

15,752

 

 

$

—

 

 

$

324,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ounces

 

3,906

 

 

 

21,407

 

 

 

14,898

 

 

 

22,935

 

 

 

14,090

 

 

 

21,267

 

 

 

9,917

 

 

 

—

 

 

 

108,420

 

Silver ounces

 

9,132

 

 

 

31,990

 

 

 

1,460,512

 

 

 

1,468,463

 

 

 

1,386,919

 

 

 

—

 

 

 

14,540

 

 

 

—

 

 

 

4,371,556

 

Copper pounds

 

3,385,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,385,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

49

%

 

 

100

%

 

 

37

%

 

 

34

%

 

 

38

%

 

 

100

%

 

 

100

%

 

 

 

 

Silver

 

 

 

 

 

63

%

 

 

66

%

 

 

62

%

 

 

 

 

 

 

 

 

Copper

 

51

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted costs applicable to sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ($/oz)

$

4,488

 

 

$

4,215

 

 

$

775

 

 

$

758

 

 

$

1,432

 

 

$

2,246

 

 

$

1,588

 

 

 

 

$

2,032

 

Silver ($/oz)

 

 

 

 

$

13.46

 

 

$

22.99

 

 

$

23.74

 

 

 

 

 

 

$

—

 

 

$

20.01

 

Copper

$

5.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

5.36

 

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

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

Reconciliation of Costs Applicable to Sales

for Three Months Ended December 31, 2025

   

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas(1)

 

Palmarejo

 

Rochester

 

Kensington

 

Wharf

 

Silvertip

 

Total

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

$

65,377

 

 

$

56,553

 

 

$

79,791

 

 

$

55,272

 

 

$

31,745

 

 

$

1,040

 

 

$

289,778

 

Amortization

 

(31,995

)

 

 

(8,312

)

 

 

(19,127

)

 

 

(11,167

)

 

 

(1,774

)

 

 

(1,040

)

 

 

(73,415

)

Costs applicable to sales

$

33,382

 

 

$

48,241

 

 

$

60,664

 

 

$

44,105

 

 

$

29,971

 

 

$

—

 

 

$

216,363

 

Inventory Adjustments

 

(131

)

 

 

(242

)

 

 

(861

)

 

 

(115

)

 

 

(123

)

 

 

—

 

 

 

(1,472

)

By-product credit

 

—

 

 

 

—

 

 

 

—

 

 

 

18

 

 

 

(1,478

)

 

 

—

 

 

 

(1,460

)

Adjusted costs applicable to sales

$

33,251

 

 

$

47,999

 

 

$

59,803

 

 

$

44,008

 

 

$

28,370

 

 

$

—

 

 

$

213,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ounces

 

14,819

 

 

 

24,378

 

 

 

18,044

 

 

 

28,715

 

 

 

25,318

 

 

 

—

 

 

 

111,274

 

Silver ounces

 

1,367,427

 

 

 

1,508,856

 

 

 

1,700,956

 

 

 

 

 27,370

 

 

 

—

 

 

 

4,604,609

 

Zinc pounds

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

Lead pounds

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

45

%

 

 

43

%

 

 

44

%

 

 

100

%

 

 

100

%

 

 

 

 

Silver

 

55

%

 

 

57

%

 

 

56

%

 

 

 

 

 

 

 

—

%

 

 

Zinc

 

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

Lead

 

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted costs applicable to sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ($/oz)

$

1,010

 

 

$

847

 

 

$

1,458

 

 

$

1,533

 

 

$

1,121

 

 

 

 

$

1,207

 

Silver ($/oz)

$

13.37

 

 

$

18.13

 

 

$

19.69

 

 

 

 

 

 

 

$

—

 

 

$

17.29

 

Zinc ($/lb)

 

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

Lead ($/lb)

 

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

   

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

Reconciliation of Costs Applicable to Sales

for Three Months Ended September 30, 2025

 

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas

 

Palmarejo

 

Rochester

 

Kensington

 

Wharf

 

Silvertip

 

Total

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

$

99,012

 

 

$

61,125

 

 

$

70,487

 

 

$

57,144

 

 

$

32,689

 

 

$

989

 

 

$

321,446

 

Amortization

 

(30,908

)

 

 

(10,115

)

 

 

(18,501

)

 

 

(10,435

)

 

 

(1,762

)

 

 

(989

)

 

 

(72,710

)

Costs applicable to sales

$

68,104

 

 

$

51,010

 

 

$

51,986

 

 

$

46,709

 

 

$

30,927

 

 

$

—

 

 

$

248,736

 

Inventory Adjustments

 

(36

)

 

 

(358

)

 

 

(473

)

 

 

(272

)

 

 

(23

)

 

 

—

 

 

 

(1,162

)

By-product credit

 

—

 

 

 

—

 

 

 

—

 

 

 

41

 

 

 

(846

)

 

 

—

 

 

 

(805

)

Adjusted costs applicable to sales

$

68,068

 

 

$

50,652

 

 

$

51,513

 

 

$

46,478

 

 

$

30,058

 

 

$

—

 

 

$

246,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ounces

 

17,800

 

 

 

26,850

 

 

 

13,975

 

 

 

28,011

 

 

 

27,859

 

 

 

—

 

 

 

114,495

 

Silver ounces

 

1,674,770

 

 

 

1,633,196

 

 

 

1,656,336

 

 

 

—

 

 

 

21,650

 

 

 

—

 

 

 

4,985,952

 

Zinc pounds

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

Lead pounds

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Split

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

48

%

 

 

47

%

 

 

43

%

 

 

100

%

 

 

100

%

 

 

 

 

Silver

 

52

%

 

 

53

%

 

 

57

%

 

 

 

 

 

 

—

%

 

 

Zinc

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

Lead

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted costs applicable to sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ($/oz)

$

1,836

 

 

$

887

 

 

$

1,585

 

 

$

1,659

 

 

$

1,079

 

 

 

 

$

1,355

 

Silver ($/oz)

$

21.13

 

 

$

16.44

 

 

$

17.73

 

 

 

 

 

 

$

—

 

 

$

18.45

 

Zinc ($/lb)

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

Lead ($/lb)

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

Reconciliation of Costs Applicable to Sales

for Three Months Ended June 30, 2025

 

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas

 

Palmarejo

 

Rochester

 

Kensington

 

Wharf

 

Silvertip

 

Total

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

$

80,122

 

 

$

58,109

 

 

$

64,676

 

 

$

56,304

 

 

$

30,542

 

 

$

928

 

 

$

290,681

 

Amortization

 

(22,375

)

 

 

(9,406

)

 

 

(16,748

)

 

 

(10,221

)

 

 

(1,549

)

 

 

(928

)

 

 

(61,227

)

Costs applicable to sales

$

57,747

 

 

$

48,703

 

 

$

47,928

 

 

$

46,083

 

 

$

28,993

 

 

$

—

 

 

$

229,454

 

Inventory Adjustments

 

(523

)

 

 

(147

)

 

 

(489

)

 

 

(222

)

 

 

(191

)

 

 

—

 

 

 

(1,572

)

By-product credit

 

—

 

 

 

—

 

 

 

—

 

 

 

(41

)

 

 

(1,188

)

 

 

—

 

 

 

(1,229

)

Adjusted costs applicable to sales

$

57,224

 

 

$

48,556

 

 

$

47,439

 

 

$

45,820

 

 

$

27,614

 

 

$

—

 

 

$

226,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ounces

 

16,025

 

 

 

26,782

 

 

 

13,881

 

 

 

26,751

 

 

 

23,509

 

 

 

—

 

 

 

106,948

 

Silver ounces

 

1,479,410

 

 

 

1,720,383

 

 

 

1,437,811

 

 

 

—

 

 

 

34,916

 

 

 

—

 

 

 

4,672,520

 

Zinc pounds

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

Lead pounds

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Split

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

52

%

 

 

49

%

 

 

49

%

 

 

100

%

 

 

100

%

 

 

 

 

Silver

 

48

%

 

 

51

%

 

 

51

%

 

 

 

 

 

 

—

%

 

 

Zinc

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

Lead

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted costs applicable to sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ($/oz)

$

1,857

 

 

$

888

 

 

$

1,675

 

 

$

1,713

 

 

$

1,175

 

 

 

 

$

1,405

 

Silver ($/oz)

$

18.57

 

 

$

14.39

 

 

$

16.83

 

 

 

 

 

 

$

—

 

 

$

16.48

 

Zinc ($/lb)

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

Lead ($/lb)

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

Reconciliation of Costs Applicable to Sales

for Three Months Ended March 31, 2025

 

In thousands (except metal sales, per ounce or per pound amounts)

Las Chispas

 

Palmarejo

 

Rochester

 

Kensington

 

Wharf

 

Silvertip

 

Total

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

$

51,770

 

 

$

52,884

 

 

$

63,443

 

 

$

49,627

 

 

$

28,511

 

 

$

946

 

 

$

247,181

 

Amortization

 

(8,936

)

 

 

(9,181

)

 

 

(14,907

)

 

 

(7,471

)

 

 

(1,474

)

 

 

(946

)

 

 

(42,915

)

Costs applicable to sales

$

42,834

 

 

$

43,703

 

 

$

48,536

 

 

$

42,156

 

 

$

27,037

 

 

$

—

 

 

$

204,266

 

Inventory Adjustments

 

(900

)

 

 

(164

)

 

 

(372

)

 

 

(339

)

 

 

(131

)

 

 

—

 

 

 

(1,906

)

By-product credit

 

—

 

 

 

—

 

 

 

—

 

 

 

(36

)

 

 

(1,608

)

 

 

—

 

 

 

(1,644

)

Adjusted costs applicable to sales

$

41,934

 

 

$

43,539

 

 

$

48,164

 

 

$

41,781

 

 

$

25,298

 

 

$

—

 

 

$

200,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ounces

 

9,607

 

 

 

22,713

 

 

 

14,713

 

 

 

22,205

 

 

 

20,078

 

 

 

—

 

 

 

89,316

 

Silver ounces

 

923,723

 

 

 

1,636,386

 

 

 

1,282,010

 

 

 

—

 

 

 

50,034

 

 

 

—

 

 

 

3,892,153

 

Zinc pounds

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

Lead pounds

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Split

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

48

%

 

 

46

%

 

 

51

%

 

 

100

%

 

 

100

%

 

 

 

 

Silver

 

52

%

 

 

54

%

 

 

49

%

 

 

 

 

 

 

—

%

 

 

Zinc

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

Lead

 

 

 

 

 

 

 

 

 

 

 

—

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted costs applicable to sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ($/oz)

$

2,095

 

 

$

882

 

 

$

1,670

 

 

$

1,882

 

 

$

1,260

 

 

 

 

$

1,476

 

Silver ($/oz)

$

23.61

 

 

$

14.37

 

 

$

18.41

 

 

 

 

 

 

$

—

 

 

$

17.94

 

Zinc ($/lb)

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

Lead ($/lb)

 

 

 

 

 

 

 

 

 

 

$

—

 

 

$

—

 

Reconciliation of Costs Applicable to Sales for 2026 Guidance

 

In thousands (except metal sales and per ounce amounts)

New Afton

 

Rainy River

 

Las Chispas

 

Palmarejo

 

Rochester

 

Kensington

 

Wharf

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

$

723,147

 

 

$

930,884

 

 

$

397,764

 

 

$

161,390

 

 

$

365,418

 

 

$

233,583

 

 

$

142,683

 

Amortization

 

(557,321

)

 

 

(309,164

)

 

 

(174,548

)

 

 

(36,491

)

 

 

(88,753

)

 

 

(41,722

)

 

 

(8,965

)

Costs applicable to sales

$

165,826

 

 

$

621,720

 

 

$

223,216

 

 

$

124,899

 

 

$

276,665

 

 

$

191,861

 

 

$

133,718

 

By-product credit

 

(14,325

)

 

 

(26,950

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,132

)

Adjusted costs applicable to sales

$

151,501

 

 

$

594,770

 

 

$

223,216

 

 

$

124,899

 

 

$

276,665

 

 

$

191,861

 

 

$

127,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metal Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ounces

 

70,071

 

 

 

267,315

 

 

 

59,521

 

 

 

100,000

 

 

 

81,143

 

 

 

105,137

 

 

 

86,868

 

Silver ounces

 

187,153

 

 

 

664,427

 

 

 

5,934,277

 

 

 

6,796,223

 

 

 

7,136,315

 

 

 

 

 

79,401

 

Copper pounds

 

57,921,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Split

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold

 

53

%

 

 

100

%

 

 

34

%

 

 

37

%

 

 

40

%

 

 

100

%

 

 

100

%

Silver

 

 

 

 

 

66

%

 

 

63

%

 

 

60

%

 

 

 

 

Copper

 

47

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted costs applicable to sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold ($/oz)

$1,000-$1,200

 

$2,150 - $2,350

 

$750 - $950

 

$700 - $900

 

$1,350 - $1,550

 

$1,750 - $1,950

 

$1,400 - $1,600

Silver ($/oz)

 

 

 

 

$12.50 - $14.50

 

$21.50 - $23.50

 

$23.00 - $23.50

 

 

 

 

Copper ($lb)

$1.20 - $1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

For Additional Information
Coeur Mining, Inc.
200 S. Wacker Drive, Suite 2100
Chicago, IL 60606
Attention: Jeff Wilhoit, Senior Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com

Source: Coeur Mining

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