Coeur Mining (NYSE: CDE) expands with New Gold acquisition and higher cash
Rhea-AI Filing Summary
Coeur Mining, Inc. reported substantially larger scale for the quarter ended June 30, 2026 following completion of the all‑stock acquisition of New Gold Inc., issuing about 392,682,578 Coeur shares for an implied equity value of approximately $6,938,701 (dollars in thousands). Quarterly revenue was $1,085,592 and net income was $121,853 (both in thousands), with six‑month net income of $368,614 (in thousands).
Total assets increased to $15,203,745 (in thousands), including $12,163,136 (in thousands) of property, plant and equipment and mining properties. Cash and cash equivalents rose to $1,052,274 (in thousands), supported by $854,068 (in thousands) of operating cash flow. Long‑term debt included $291,158 (in thousands) of 2029 senior notes, $396,596 (in thousands) of new 2032 senior notes and $13,690 (in thousands) of New Gold 2032 senior notes, while a new $1,000,000 (in thousands) revolving credit facility remained undrawn. Coeur repurchased 5,982,312 shares for $110,422 (in thousands) under an expanded $750,000 (in thousands) authorization and paid an inaugural $0.02 per‑share dividend. New Afton and Rainy River in Canada now contribute alongside existing U.S. and Mexican mines, broadening the production base in gold, silver and copper.
Positive
- Scale and cash generation expanded, with Q2 2026 revenue of $1,085,592 vs. $480,650 (in thousands) a year earlier and six‑month operating cash flow of $854,068 (in thousands), lifting cash and equivalents to $1,052,274 (in thousands).
Negative
- None.
Filing Explained
Acquisition accounting remains subject to final valuation, while Coeur had $972.3 million of revolving-facility availability at June 30, 2026.
The New Gold acquisition closed on
The debt structure includes approximately
At
Key Figures
Q2 2026 Revenue: 1,085,592 (in thousands)
Q2 2026 Net income: 121,853 (in thousands)
Six‑month 2026 Net income: 368,614 (in thousands)
+5 more
8 metrics
Q2 2026 Revenue
1,085,592 (in thousands)
Consolidated revenue for the three months ended June 30, 2026
Q2 2026 Net income
121,853 (in thousands)
Net income for the three months ended June 30, 2026
Six‑month 2026 Net income
368,614 (in thousands)
Net income for the six months ended June 30, 2026
Operating cash flow
854,068 (in thousands)
Cash provided by operating activities for the six months ended June 30, 2026
Total assets
15,203,745 (in thousands)
Total consolidated assets at June 30, 2026
New Gold purchase price
6,938,701 (in thousands)
Common shares issued for New Gold acquisition at $17.67 per share
Cash and cash equivalents
1,052,274 (in thousands)
Cash and cash equivalents balance at June 30, 2026
Shares repurchased
5,982,312 shares for 110,422 (in thousands)
Repurchases under the share buyback program in Q2 2026
Key Terms
heap leach pads, asset retirement obligation, provisional metal sales contracts, Royal Gold Stream Agreement, +1 more
5 terms
heap leach pads technical
"There are five reusable heap leach pads (load/offload) used at Wharf."
A heap leach pad is an engineered, lined area where crushed ore is stacked like a large, drained sponge and a chemical solution is sprayed or dripped through it to pull out valuable metals such as gold, silver or copper. Investors care because this method is a low‑cost way to produce metal but brings operational variables (recovery rates, reagent costs, water use) and environmental/regulatory risks (permits, spills, closure liabilities) that affect profitability and project value.
asset retirement obligation regulatory
"Changes to the Company’s asset retirement obligations for its operating sites are as follows"
A liability recorded for the future cost to retire, dismantle or clean up a long-lived asset — for example removing an oil rig, closing a mine, or decommissioning a plant. Investors care because it reduces reported profit and ties up capital: companies must estimate and set aside money now for a known future expense, and changes to that estimate can swing earnings, debt ratios and the company’s cash needs much like setting aside savings to repair or return a rented property later.
provisional metal sales contracts financial
"The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts"
Royal Gold Stream Agreement financial
"is party to a streaming agreement (“Royal Gold Stream Agreement”) with Royal Gold A.G."
Pillar Two global minimum tax regulatory
"Pillar Two Model Rules defining a global minimum tax, which calls for the taxation"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Coeur Mining (CDE) perform financially in Q2 2026?
Coeur Mining reported Q2 2026 revenue of 1,085,592 and net income of 121,853 (dollars in thousands). For the first six months, revenue was 1,941,784 and net income 368,614 (in thousands), reflecting much larger operations after recent acquisitions.
What impact did the New Gold acquisition have on Coeur Mining (CDE)?
Coeur acquired New Gold in an all‑stock deal, issuing 392,682,578 shares for implied equity value of about 6,938,701 (in thousands). The transaction added the New Afton and Rainy River mines, significantly increasing gold and copper output and assets in Canada.
What is Coeur Mining (CDE)'s debt and liquidity position as of June 30, 2026?
At June 30, 2026, Coeur held 1,052,274 in cash and cash equivalents (in thousands) and had a $1,000,000 (in thousands) revolving credit facility undrawn. Long‑term debt included 2029 senior notes of 291,158 and 2032 senior notes of 396,596 (in thousands), plus New Gold 2032 notes.
How diversified are Coeur Mining (CDE)'s operations by region and metal?
For Q2 2026, revenue was 438,112 from Canada, 346,466 from Mexico, and 301,014 from the United States (in thousands). By metal, gold sales were 694,992, silver 321,629, and copper 68,971 (in thousands), showing a diversified portfolio across jurisdictions and commodities.
What are Coeur Mining (CDE)'s key non‑cash obligations such as reclamation?
Coeur reported an asset retirement obligation of 423,463 (in thousands) at June 30, 2026, up from 277,511 (in thousands) at year‑end 2025. The increase mainly reflects higher estimated reclamation and mine closure costs associated with the New Afton and Rainy River operations.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________
FORM 10-Q
___________________________________________
| Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||
For the quarterly period ended June 30, 2026
OR
| Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||
For the transition period from to
Commission file number 001-08641
____________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(312 ) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☑ | Accelerated filer | ☐ | |||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
| Emerging growth company | |||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The Company has 1,300,000,000 shares of common stock, par value of $0.01, authorized of which 1,027,934,998 shares were issued and outstanding as of August 3, 2026.
COEUR MINING, INC.
INDEX
| Page | ||||||||
| Part I. | Financial Information | |||||||
Item 1. Financial Statements | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | 4 | |||||||
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | 5 | |||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | 6 | |||||||
| Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) | 7 | |||||||
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 8 | |||||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 30 | |||||||
| Consolidated Financial Results | 31 | |||||||
| Results of Operations | 38 | |||||||
| Liquidity and Capital Resources | 43 | |||||||
| Non-GAAP Financial Performance Measures | 46 | |||||||
Item 3. Quantitative and Qualitative Disclosures about Market Risk | 54 | |||||||
Item 4. Controls and Procedures | 55 | |||||||
| Part II. | Other Information | 57 | ||||||
Item 1. Legal Proceedings | 57 | |||||||
Item 1A. Risk Factors | 57 | |||||||
Item 4. Mine Safety Disclosures | 57 | |||||||
| Item 5. Other Information | 57 | |||||||
Item 6. Exhibits | 58 | |||||||
| Signatures | 58 | |||||||
3
PART I
Item 1. Financial Statements and Supplementary Data
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| June 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | Notes | In thousands, except share data | ||||||||||||
| CURRENT ASSETS | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
| Receivables | 5 | |||||||||||||
| Inventory | 6 | |||||||||||||
| Ore on leach pads | 6 | |||||||||||||
| Prepaid expenses and other | ||||||||||||||
| NON-CURRENT ASSETS | ||||||||||||||
| Property, plant and equipment and mining properties, net | 7 | |||||||||||||
| Goodwill | ||||||||||||||
| Ore on leach pads | 6 | |||||||||||||
| Restricted assets | ||||||||||||||
| Receivables | 5 | |||||||||||||
| Deferred tax assets | 10 | |||||||||||||
| Long-term stockpile | 6 | |||||||||||||
| Other | ||||||||||||||
| TOTAL ASSETS | $ | $ | ||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| CURRENT LIABILITIES | ||||||||||||||
| Accounts payable | $ | $ | ||||||||||||
| Accrued liabilities and other | 18 | |||||||||||||
| Debt | 8 | |||||||||||||
| Reclamation | 9 | |||||||||||||
| NON-CURRENT LIABILITIES | ||||||||||||||
| Debt | 8 | |||||||||||||
| Reclamation | 9 | |||||||||||||
| Deferred tax liabilities | 10 | |||||||||||||
| Other long-term liabilities | ||||||||||||||
| COMMITMENTS AND CONTINGENCIES | 17 | |||||||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||||||
Common stock, par value $ | ||||||||||||||
| Additional paid-in capital | ||||||||||||||
| Accumulated deficit | ( | ( | ||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ | ||||||||||||
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Notes | In thousands, except share data | |||||||||||||||||||||||||
| Revenue | 4 | $ | $ | $ | $ | |||||||||||||||||||||
| COSTS AND EXPENSES | ||||||||||||||||||||||||||
Costs applicable to sales(1) | 4 | |||||||||||||||||||||||||
| Amortization | ||||||||||||||||||||||||||
| General and administrative | ||||||||||||||||||||||||||
| Exploration | ||||||||||||||||||||||||||
| Pre-development, reclamation, and other | 14 | |||||||||||||||||||||||||
| Total costs and expenses | ||||||||||||||||||||||||||
| Income from operations | ||||||||||||||||||||||||||
| OTHER INCOME (EXPENSE), NET | ||||||||||||||||||||||||||
| Gain (loss) on debt extinguishment | ( | ( | ||||||||||||||||||||||||
| Fair value adjustments, net | 12 | ( | ||||||||||||||||||||||||
| Interest expense, net of capitalized interest | 8 | ( | ( | ( | ( | |||||||||||||||||||||
| Other, net | 14 | |||||||||||||||||||||||||
| Total other expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
| Income before income and mining taxes | ||||||||||||||||||||||||||
| Income and mining tax expense | 10 | ( | ( | ( | ( | |||||||||||||||||||||
| NET INCOME | $ | $ | $ | $ | ||||||||||||||||||||||
| OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||||||||
| Other comprehensive loss | ||||||||||||||||||||||||||
| COMPREHENSIVE INCOME | $ | $ | $ | $ | ||||||||||||||||||||||
| NET INCOME PER SHARE | 15 | |||||||||||||||||||||||||
| Basic income per share: | ||||||||||||||||||||||||||
| Basic | $ | $ | $ | $ | ||||||||||||||||||||||
| Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
(1) Excludes amortization.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Notes | In thousands | |||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Amortization | ||||||||||||||||||||||||||
| Accretion | ||||||||||||||||||||||||||
| Deferred taxes | ( | ( | ( | ( | ||||||||||||||||||||||
| Loss on debt extinguishment | 8 | |||||||||||||||||||||||||
| Fair value adjustments, net | 12 | ( | ||||||||||||||||||||||||
| Stock-based compensation | 11 | |||||||||||||||||||||||||
| Deferred revenue recognition | 17 | ( | ( | ( | ( | |||||||||||||||||||||
| Acquired inventory purchase price allocation | 3 | |||||||||||||||||||||||||
| Other | ( | ( | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
| Receivables | ( | ( | ||||||||||||||||||||||||
| Prepaid expenses and other current assets | ( | ( | ||||||||||||||||||||||||
| Inventory and ore on leach pads | ( | ( | ( | ( | ||||||||||||||||||||||
| Accounts payable and accrued liabilities | ( | ( | ||||||||||||||||||||||||
| CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||
| Capital expenditures | ( | ( | ( | ( | ||||||||||||||||||||||
| Acquisitions, net | 3 | |||||||||||||||||||||||||
| Proceeds from the sale of assets | ||||||||||||||||||||||||||
| Purchase of investments | ( | ( | ||||||||||||||||||||||||
| Other | ( | ( | ( | ( | ||||||||||||||||||||||
| CASH PROVIDED BY INVESTING ACTIVITIES | ( | ( | ( | ( | ||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||
| Issuance of common stock | 15 | |||||||||||||||||||||||||
| Issuance of notes and bank borrowings, net of issuance costs | 8 | |||||||||||||||||||||||||
| Payments on debt, finance leases, and associated costs | 8 | ( | ( | ( | ( | |||||||||||||||||||||
| Performance share cash settlement | 11 | ( | ( | |||||||||||||||||||||||
| Dividend payments | 15 | ( | ( | |||||||||||||||||||||||
| Share repurchases | 15 | ( | ( | ( | ( | |||||||||||||||||||||
| Stock-based compensation tax withholdings and other financing activities | 11 | ( | ( | ( | ( | |||||||||||||||||||||
| CASH USED IN FINANCING ACTIVITIES | ( | ( | ( | ( | ||||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||||||||||||||
| INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | $ | ||||||||||||||||||||||
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
| In thousands | Notes | Common Stock Shares | Common Stock Par Value | Additional Paid-In Capital | Accumulated Deficit | Total | ||||||||||||||||||||||||||
| Balances at December 31, 2025 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| Net income | — | — | — | |||||||||||||||||||||||||||||
| New Gold acquisition | 3 | — | ||||||||||||||||||||||||||||||
| Stock options exercised | — | |||||||||||||||||||||||||||||||
| Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net | 11 | ( | ( | ( | — | ( | ||||||||||||||||||||||||||
| Balances at March 31, 2026 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| Net income | — | — | — | |||||||||||||||||||||||||||||
| Stock options exercise | — | |||||||||||||||||||||||||||||||
| Stock repurchase program | 15 | ( | ( | ( | — | ( | ||||||||||||||||||||||||||
| Dividend payment | 15 | — | — | — | ( | ( | ||||||||||||||||||||||||||
| Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net | 11 | ( | — | |||||||||||||||||||||||||||||
| Balances at June 30, 2026 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| In thousands | Common Stock Shares | Common Stock Par Value | Additional Paid-In Capital | Accumulated Deficit | Total | ||||||||||||||||||||||||
| Balances at December 31, 2024 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| Net income | — | — | — | ||||||||||||||||||||||||||
| SilverCrest acquisition | — | ||||||||||||||||||||||||||||
| Kensington Royalty Settlement | — | ||||||||||||||||||||||||||||
| Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net | ( | ( | ( | — | ( | ||||||||||||||||||||||||
| Balances at March 31, 2025 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| Net income | — | — | — | ||||||||||||||||||||||||||
| Stock options exercise | — | ||||||||||||||||||||||||||||
| Stock repurchase program | ( | ( | ( | — | ( | ||||||||||||||||||||||||
| Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net | — | ||||||||||||||||||||||||||||
| Balances at June 30, 2025 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
NOTE 1 - BASIS OF PRESENTATION
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 — Summary of Significant Accounting Policies contained in the 2025 10-K.
Use of Estimates
The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable gold, silver and copper on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations
8
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered changes in estimate and are accounted for prospectively. As of June 30, 2026, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 72,851 and 9.7 million, respectively.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.
The Company may elect to perform a qualitative assessment to determine if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company has not recognized an impairment related to the goodwill resulting from the acquisition of SilverCrest on February 14, 2025.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Condensed Consolidated Financial Statements and related disclosures.
NOTE 3 – ACQUISITIONS
On November 2, 2025, the Company entered into a definitive agreement (the “Arrangement Agreement”) whereby, a wholly-owned subsidiary of Coeur (“Canadian Sub”) would acquire all of the issued and outstanding shares of New Gold Inc. (“New Gold”) pursuant to a court-approved plan of arrangement (the “New Gold Transaction”). Under the terms of the Arrangement Agreement, New Gold shareholders received 0.4959 Coeur common shares for each New Gold common share (the “Exchange Ratio”). The Company completed the New Gold Transaction on March 20, 2026, acquiring all of the issued and outstanding shares of New Gold in exchange for approximately 392,682,578 6.9 billion. The acquisition of New Gold materially increased the Company’s level of gold production while adding meaningful copper production alongside Coeur’s existing substantial silver production profile. It also significantly increased Coeur’s presence in Canada with the addition of the New Afton gold-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario.
The Company retained an independent appraiser to assist with the determination of the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of New Gold has been allocated to the acquired assets and assumed liabilities based on their estimated fair values at the Acquisition Date. The fair value estimates were based on income, market and cost valuation methods.
As of June 30, 2026, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore, the purchase price allocation (“PPA”) for New Gold is preliminary. At June 30, 2026, remaining items to finalize include the fair value of reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary PPA will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the Acquisition Date. These refinements may result in material changes to the
9
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
estimated fair value of assets acquired and liabilities assumed. The PPA adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the Acquisition Date. Total transaction costs were $38.1 million, with $23.9 million incurred in the six months ended June 30, 2026. These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income and are reflected in pro forma earnings in the table below for the three and six months ended June 30, 2026.
The following table summarizes the preliminary Acquisition Date PPA for the New Gold Transaction as of June 30, 2026:
(Amounts in thousands, except shares and share price amounts) | |||||
Common shares issued ( | $ | ||||
| Total purchase price | $ | ||||
| Assets: | |||||
| Cash and cash equivalents | $ | ||||
| Short-term receivables | |||||
| Inventory | |||||
| Prepaid expenses and other | |||||
| Property, plant and equipment and mining properties | |||||
| Long-term stockpile | |||||
| Other | |||||
| Total Assets | $ | ||||
| Liabilities: | |||||
| Accounts payable | |||||
Accrued liabilities and other(1) | |||||
| Debt | |||||
| Reclamation | |||||
Deferred tax liabilities (2) | |||||
| Other long-term liabilities | |||||
| Total liabilities | $ | ||||
| Net assets acquired | $ | ||||
(1) In connection with the transaction, 1.4 million cash-settled replacement restricted units were granted.
(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and a tax basis increase to the fair value of the assets acquired in Canada and the historical carryover tax basis of assets and liabilities in all other jurisdictions.
Pro Forma Financial Information
Sales and net income in the Condensed Consolidated Statement of Comprehensive Income includes New Gold revenue of $438.1 million and $572.3 million and New Gold net loss of $52.0 million and $69.9 million in the three and six months ended June 30, 2026, respectively. The following unaudited pro forma financial information presents consolidated results assuming the New Gold Transaction occurred on January 1, 2025.
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||
| In thousands | ||||||||||||||||||||
| Revenue | $ | $ | $ | $ | ||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||
Pro forma amounts assume that transaction costs were incurred in the first quarter of 2025. The pro forma results have been calculated after applying the Company’s accounting policies and adjusting the results of New Gold to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties and the impact of PPA on acquired inventory, which have been applied from January 1, 2025, with the consequential tax effects.
10
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 4 – SEGMENT REPORTING
The Company’s operating segments include the New Afton, Rainy River, Las Chispas, Palmarejo, Rochester, Kensington and Wharf mines, and the Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold, silver and/or copper. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
The Company’s Chief Operating Decision Maker (“CODM”), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Executive Vice President and Chief Financial Officer, and Michael Routledge, Executive Vice President and Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income from operations. The CODM uses segment Income from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes. The CODM considers budget-to-actual variances on a monthly basis using the segment Income from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies.
Financial information relating to the Company’s segments is as follows (in thousands):
Three Months Ended June 30, 2026
| Segment Profit (Loss) | Revenue | Costs applicable to sales(1) | Amortization | Exploration | General and Administrative | Pre-development, reclamation, and other | Income (loss) from operations | Other non-operating income (expense)(2) | Income (loss) before income and mining taxes | ||||||||||||||||||||||||||||||||||||||||||||
| New Afton | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
| Rainy River | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Chispas | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Palmarejo | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rochester | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kensington | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wharf | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Silvertip | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
(1)
| Other Segment Information | Gold Sales | Silver Sales | Copper Sales | Revenue | Segment Assets(1) | Capital Expenditures | |||||||||||||||||||||||||||||
| New Afton | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Rainy River | |||||||||||||||||||||||||||||||||||
| Las Chispas | |||||||||||||||||||||||||||||||||||
| Palmarejo | |||||||||||||||||||||||||||||||||||
| Rochester | |||||||||||||||||||||||||||||||||||
| Kensington | |||||||||||||||||||||||||||||||||||
| Wharf | ( | ||||||||||||||||||||||||||||||||||
| Silvertip | |||||||||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(1)
11
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Three Months Ended June 30, 2025
| Segment Profit (Loss) | Revenue | Costs applicable to sales(1) | Amortization | Exploration | General and Administrative | Pre-development, reclamation, and other | Income (loss) from operations | Other non-operating income (expense)(2) | Income (loss) before income and mining taxes | ||||||||||||||||||||||||||||||||||||||||||||
| Las Chispas | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Palmarejo | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rochester | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kensington | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wharf | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silvertip | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
(1)
| Other Segment Information | Gold Sales | Silver Sales | Revenue | Segment Assets(1) | Capital Expenditures | ||||||||||||||||||||||||
| Las Chispas | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Palmarejo | |||||||||||||||||||||||||||||
| Rochester | |||||||||||||||||||||||||||||
| Kensington | |||||||||||||||||||||||||||||
| Wharf | |||||||||||||||||||||||||||||
| Silvertip | |||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Six Months Ended June 30, 2026
| Segment Profit (Loss) | Revenue | Costs applicable to sales(1) | Amortization | Exploration | General and Administrative | Pre-development, reclamation, and other | Income (loss) from operations | Other non-operating income (expense)(2) | Income (loss) before income and mining taxes | ||||||||||||||||||||||||||||||||||||||||||||
| New Afton | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||
| Rainy River | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Las Chispas | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Palmarejo | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rochester | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kensington | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wharf | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Silvertip | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
| Other Segment Information | Gold Sales | Silver Sales | Copper Sales | Revenue | Segment Assets(1) | Capital Expenditures | |||||||||||||||||||||||||||||
| New Afton | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Rainy River | |||||||||||||||||||||||||||||||||||
| Las Chispas | |||||||||||||||||||||||||||||||||||
| Palmarejo | |||||||||||||||||||||||||||||||||||
| Rochester | |||||||||||||||||||||||||||||||||||
| Kensington | ( | ||||||||||||||||||||||||||||||||||
| Wharf | |||||||||||||||||||||||||||||||||||
| Silvertip | |||||||||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
12
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Six Months Ended June 30, 2025
| Segment Profit (Loss) | Revenue | Costs applicable to sales(1) | Amortization | Exploration | General and Administrative | Pre-development, reclamation, and other | Income (loss) from operations | Other non-operating income (expense)(2) | Income (loss) before income and mining taxes | ||||||||||||||||||||||||||||||||||||||||||||
| Las Chispas | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Palmarejo | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rochester | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kensington | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wharf | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silvertip | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
| Other Segment Information | Gold Sales | Silver Sales | Revenue | Segment Assets(1) | Capital Expenditures | ||||||||||||||||||||||||
| Las Chispas | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Palmarejo | |||||||||||||||||||||||||||||
| Rochester | |||||||||||||||||||||||||||||
| Kensington | |||||||||||||||||||||||||||||
| Wharf | |||||||||||||||||||||||||||||
| Silvertip | |||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Assets | June 30, 2026 | December 31, 2025 | |||||||||
| Total assets for reportable segments | $ | $ | |||||||||
| Cash and cash equivalents | |||||||||||
| Other assets | |||||||||||
| Total consolidated assets | $ | $ | |||||||||
Geographic Information
| Long-Lived Assets | June 30, 2026 | December 31, 2025 | |||||||||
| United States | $ | $ | |||||||||
| Mexico | |||||||||||
| Canada | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
| Revenue | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| United States | $ | $ | $ | $ | |||||||||||||||||||
| Mexico | |||||||||||||||||||||||
| Canada | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
13
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 5 – RECEIVABLES
| In thousands | June 30, 2026 | December 31, 2025 | |||||||||
| Current receivables: | |||||||||||
| Trade receivables | $ | $ | |||||||||
| VAT receivable | |||||||||||
| Income tax receivable - federal | |||||||||||
Deferred cash consideration (1) | |||||||||||
| Other | |||||||||||
| $ | $ | ||||||||||
| Non-current receivables: | |||||||||||
Other tax receivable (2) | $ | $ | |||||||||
Contingent consideration (3) | |||||||||||
| $ | $ | ||||||||||
| Total receivables | $ | $ | |||||||||
(1) Represents the fair value of the contingent consideration related to the sale of an asset. For more details, please see Note 5 -- Receivables contained in the 2025 10-K.
(2) Consists of exploration credit refunds at Silvertip.
(3) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million based on gold resources reported in the Sterling/Crown exploration properties by the buyer, its affiliates or its successors. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
NOTE 6 – INVENTORY AND ORE ON LEACH PADS
| In thousands | June 30, 2026 | December 31, 2025 | |||||||||
| Inventory: | |||||||||||
| Concentrate | $ | $ | |||||||||
Stockpile ore (1) | |||||||||||
| Precious metals | |||||||||||
| Supplies | |||||||||||
| $ | $ | ||||||||||
| Ore on Leach Pads: | |||||||||||
| Current | $ | $ | |||||||||
| Non-current | |||||||||||
| $ | $ | ||||||||||
Long-term Stockpile (2) | $ | $ | |||||||||
| Total Inventory and Ore on Leach Pads | $ | $ | |||||||||
(1) Includes $90.3 million, $74.1 million, $7.3 million, $3.7 million, $1.8 million, and $1.1 million at Las Chispas, Rainy River, New Afton, Wharf, Kensington and Palmarejo at June 30, 2026, respectively. Includes $73.6 million, $8.4 million, $2.3 million, and $1.1 million at Las Chispas, Wharf, Kensington and Palmarejo at December 31, 2025, respectively.
(2) Includes $239.0 million and $42.1 million at Rainy River and Rochester at June 30, 2026, respectively. Includes $42.1 million at Rochester at December 31, 2025 .
14
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET
Property, plant and equipment and mining properties, net consist of the following:
| In thousands | June 30, 2026 | December 31, 2025 | |||||||||
| Mine development | $ | $ | |||||||||
| Mineral interests | |||||||||||
| Land | |||||||||||
Facilities and equipment(1) | |||||||||||
| Construction in progress | |||||||||||
| Total | $ | $ | |||||||||
Accumulated depreciation, depletion and amortization(2) | ( | ( | |||||||||
| Property, plant and equipment and mining properties, net | $ | $ | |||||||||
(1) Includes $11.7 million and $123.8 million associated with facilities and equipment assets under finance leases at June 30, 2026 and December 31, 2025, respectively.
(2) Includes $10.4 million and $75.1 million of accumulated amortization related to assets under finance leases at June 30, 2026 and December 31, 2025, respectively.
NOTE 8 – DEBT
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| In thousands | Current | Non-Current | Current | Non-Current | |||||||||||||||||||
2029 Senior Notes, net(1) | $ | $ | $ | $ | |||||||||||||||||||
2032 Senior Notes, net(2) | |||||||||||||||||||||||
| New Gold 2032 Senior Notes, net | |||||||||||||||||||||||
BOA Revolving Credit Facility(3) | |||||||||||||||||||||||
| Finance lease obligations | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
(1) Net of unamortized debt issuance costs of $2.0 million and $2.3 million at June 30, 2026 and December 31, 2025, respectively.
(2) Net of unamortized debt issuance costs of $0.9 million at June 30, 2026.
(3) Unamortized debt issuance costs of $3.7 million and $1.9 million at June 30, 2026 and December 31, 2025, respectively, included in Other Non-Current Assets.
2029 Senior Notes
In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 among the Company, as issuer, certain of the Company’s subsidiaries named therein, as guarantors thereto, and The Bank of New York Mellon, as trustee (the “2029 Senior Notes Indenture”). For more details, please see Note 9 -- Debt contained in the 2025 10-K.
On April 30, 2026, the Company entered into a supplemental indenture to the 2029 Senior Notes Indenture to include each of 1561611 B.C. Ltd., Coeur Silvertip Holdings Ltd., and New Gold Inc. as a Guaranteeing Subsidiary (as defined therein).
New Gold 2032 Senior Notes
Prior to the acquisition of New Gold, New Gold issued $400.0 million of its 6.875 % senior unsecured notes due 2032 (“New Gold 2032 Senior Notes”) on March 18, 2025, for net cash proceeds of $393.7 million after transaction costs. In conjunction with the New Gold Transaction, Coeur completed a private exchange offer (the “Exchange Offer”) for any and all of the New Gold 2032 Senior Notes for up to $400.0 million aggregate principal amount of 6.875 % Senior Notes due 2032 to be issued by the Company and cash. As part of the Exchange Offer, Coeur received requisite consents from holders of the New Gold 2032 Senior Notes to amend the indenture dated March 18, 2025 that governs the New Gold 2032 Senior Notes (the “New Gold 2032 Senior Notes Indenture”) to, among other things, eliminate numerous restrictive covenants and remove certain of the events which may lead to an “Event of Default” under the New Gold 2032 Senior Notes Indenture.
The Exchange Offer was made pursuant to the terms and subject to the conditions set forth in the offer memorandum and consent solicitation dated March 23, 2026. The Exchange Offer expired on April 20, 2026 and amendments to the New Gold 2032 Senior Notes Indenture (the “Amended New Gold Indenture”) became operative upon consummation of the
15
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Exchange Offer on the final settlement date on April 22, 2026. Of the $400.0 million aggregate principal amount of New Gold 2032 Senior Notes, $385.8 million aggregate principal amount of New Gold 2032 Senior Notes were exchanged under the Exchange Offer for approximately $385.8 million aggregate principal amount of Coeur’s 6.875 % Senior Notes due 2032 (the “2032 Senior Notes”) and $14.2 million of New Gold 2032 Senior Notes remained outstanding as obligations of New Gold and governed by the Amended New Gold Indenture.
On June 16, 2026, Coeur agreed to repurchase $1.6 million of the outstanding New Gold 2032 Senior Notes. RBC Capital Markets, LLC acted as the seller, and the repurchase was settled on June 24, 2026. As at June 30, 2026, approximately $12.6 million of New Gold 2032 Senior Notes remained outstanding. Coeur is not an obligor or guarantor of such remaining New Gold 2032 Senior Notes.
2032 Senior Notes
In connection with the settlement of the Exchange Offer, Coeur issued approximately $385.8 million aggregate principal amount of Coeur’s 2032 Senior Notes. The 2032 Senior Notes are governed by an Indenture dated as of April 22, 2026 (the “2032 Senior Notes Indenture”), among the Company, as issuer, certain of the Company’s subsidiaries named therein, as guarantors thereto (the “Guarantors”), and The Bank of New York Mellon, as trustee (the “Trustee”). The 2032 Senior Notes are denominated in U.S. dollars and bear interest at the rate of 6.875 % per annum. Interest is payable in arrears in equal semiannual installments on April 1 and October 1 of each year. The 2032 Senior Notes will mature on April 1, 2032.
The 2032 Senior Notes are the Company’s unsecured senior obligations and rank equally in right of payment with all of its existing and future unsecured senior debt and rank senior in right of payment to all of its existing and future subordinated debt. The 2032 Senior Notes are effectively subordinated to any of the Company’s existing and future secured debt to the extent of the value of the assets securing such debt. Initially, the Company’s obligations under the 2032 Senior Notes are jointly and severally guaranteed by certain of the Company’s wholly owned subsidiaries. In addition, each of the Company’s restricted subsidiaries that guarantees other indebtedness that exceeds $20.0 million aggregate principal amount, will be required to guarantee the 2032 Senior Notes in the future. The guarantees rank equally in right of payment to all of the Guarantors’ existing and future unsecured senior debt and rank senior in right of payment to all of the Guarantors’ existing and future subordinated debt. The guarantees are effectively subordinated to any of the Guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt. The 2032 Senior Notes are also structurally subordinated to the liabilities of subsidiaries of the Company that have not guaranteed the 2032 Senior Notes.
Upon the occurrence of a Change of Control (as defined in the 2032 Senior Notes Indenture), unless the Company has exercised its right to redeem the 2032 Senior Notes, each holder of 2032 Senior Notes will have the right to require the Company to repurchase all or a portion of such holder’s 2032 Senior Notes at a price equal to 101 % of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase.
If the Company or its restricted subsidiaries sell assets under certain circumstances specified in the 2032 Senior Notes Indenture and do not use the proceeds for certain specified purposes, the Company must offer to use certain net proceeds therefrom to repurchase the 2032 Senior Notes and other debt that ranks equal in right of payment to the 2032 Senior Notes on a pro rata basis. The purchase price of the 2032 Senior Notes will be equal to 100 % of the principal amount of the 2032 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the applicable date of repurchase.
The 2032 Senior Notes Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The 2032 Senior Notes Indenture also contains certain “Events of Default” (as defined in the 2032 Senior Notes Indenture) customary for indentures of this type. If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25 % in aggregate principal amount of the 2032 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25 % in aggregate principal amount of the 2032 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2032 Senior Notes to be due and payable.
16
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Revolving Credit Facility
On March 20, 2026, the Company entered into a Credit Agreement (the “Credit Agreement”) by and among Coeur, as borrower, certain subsidiaries of Coeur as guarantors, the lenders party thereto and National Bank of Canada, as administrative agent. The Credit Agreement replaced Coeur’s prior credit agreement dated as of September 29, 2017, by and among Coeur, as borrower, certain subsidiaries of Coeur, as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent, as amended.
The Credit Agreement provides for a $1.0 billion senior secured revolving credit facility (the “RCF”) which may be increased by up to $250 million in incremental loans and commitments subject to the terms of the Credit Agreement. Proceeds from the RCF are expected to be used to finance working capital and general corporate purposes for Coeur and its subsidiaries. The RCF has a term of five years, maturing in March 2031.
Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 0.45 % to 1.50 %, Term SOFR plus a margin ranging from 1.45 % to 2.50 %, or Daily Simple SOFR plus a margin ranging from 1.45 % to 2.50 %, in each case as selected by Coeur, with such margin determined in accordance with a pricing grid based upon Coeur’s consolidated net leverage ratio as of the end of the applicable period. Subject to no event of default, upon Coeur receiving at least two of the following debt ratings: BBB- (or better) from S&P, Baa3 (or better) from Moody’s, or BBB- (or better) from Fitch (the “Collateral Release Event”) and the one-time election of Coeur, the applicable margin will instead be determined based upon Coeur’s debt ratings from S&P, Moody’s and Fitch, and will range from 0.125 % to 1.000 % for Base Rate Loans and from 1.125 2.000
The RCF is secured by a pledge of the shares of certain of Coeur’s domestic and Canadian subsidiaries. Upon the occurrence of the Collateral Release Event and provided no event of default has occurred and is continuing, the equity pledge will be released and the RCF will be unsecured.
The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of Coeur and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement also contains representations, warranties, and covenants that, among other things, require compliance with environmental laws and maintenance of mining rights. The Credit Agreement also contains financial covenants consisting of a consolidated net leverage ratio and a net debt to capital ratio. Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default.
At June 30, 2026, the Company had no outstanding draws, $27.7 million in outstanding letters of credit and $972.3 million available under the RCF. Future borrowing may be subject to certain financial covenants.
Finance Lease Obligations
From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the six months ended June 30, 2026, the Company did not enter into a new lease financing arrangement. In April 2026, the Company prepaid $42.5 million of Rochester finance leases, of which $39.0 million represented principal repayments and the remaining for accrued and unpaid interest and other. A loss of $0.3 million was incurred primarily related to termination fees. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 8 -- Leases in the 2025 10-K.
17
Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Interest Expense
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| 2029 Senior Notes | $ | $ | $ | $ | |||||||||||||||||||
| 2032 Senior Notes | |||||||||||||||||||||||
| New Gold 2032 Senior Notes | |||||||||||||||||||||||
| Revolving Credit Facility | |||||||||||||||||||||||
| Finance lease obligations | |||||||||||||||||||||||
| Amortization of debt issuance costs | |||||||||||||||||||||||
| Other obligations | |||||||||||||||||||||||
| Capitalized interest | ( | ( | ( | ( | |||||||||||||||||||
| Total interest expense, net of capitalized interest | $ | $ | $ | $ | |||||||||||||||||||
NOTE 9 – RECLAMATION
Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties and assesses its financial capacity to meet closure requirement obligations. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. The asset retirement obligation increased in 2026 due to increased reclamation and mine closure costs associated with New Afton and Rainy River.
Changes to the Company’s asset retirement obligations for its operating sites are as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Asset retirement obligation - Beginning | $ | $ | $ | $ | |||||||||||||||||||
| Accretion | |||||||||||||||||||||||
| Additions and changes to estimates | |||||||||||||||||||||||
| Settlements | ( | ( | ( | ( | |||||||||||||||||||
| Asset retirement obligation - Ending | $ | $ | $ | $ | |||||||||||||||||||
NOTE 10 - INCOME AND MINING TAXES
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||||||||||||||||
| United States | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||
| Canada | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Mexico | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Other jurisdictions | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
During the second quarter of 2026, the Company reported estimated income and mining tax expense of approximately $93.2 million, resulting in an effective tax rate of 43.3 %. This compares to income tax expense of $62.6 million for an effective tax rate of 47.0 % during the second quarter of 2025. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) foreign exchange rates; (v) percentage depletion; (vi) the impact of uncertain tax positions; and (vii) excess of tax benefits from share-based compensation. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $10.4 million and
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Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
$28.3 million for the three months ended June 30, 2026 and 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Item 1A - Risk Factors” in the 2025 10-K.
The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. During the three and six months ended June 30, 2026, the Company released nil and $1.0 million, respectively, of valuation allowance against its U.S. net deferred tax assets resulting in a non-cash deferred tax benefit. The $1.0 million valuation allowance released is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.
The Company continues to maintain a valuation allowance against approximately $56.0 million of U.S. federal and state deferred tax assets as of June 30, 2026, because the Company has concluded it is not more likely than not to be realized.
The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.
The Company or one of its subsidiaries files income tax returns in the U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2022 for the U.S. federal jurisdiction, for 2016 and from 2019 for the Mexico federal jurisdiction, and from 2019 for certain other foreign jurisdictions. Our 2016 federal tax return is currently under audit in Mexico.
At June 30, 2026 and December 31, 2025, the Company had $34.8 million and $34.4 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At June 30, 2026 and December 31, 2025, the amount of accrued income-tax-related interest and penalties was $17.6 million and $15.3 million, respectively.
In 2021, the Organization for Economic Co-operation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal.
As a result of 2026 business expansions, including the New Gold Transaction in the first quarter of 2026, the Company expects to fall within the scope of the Pillar Two rules from January 1, 2026. The Company will continue to monitor developments and evaluate the potential impact on future periods. At this time, based on the Company’s current analysis of the Pillar Two provisions and because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its Consolidated Financial Statements.
NOTE 11 – STOCK-BASED COMPENSATION
The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance share units, restricted stock units and awards, and stock options. Stock-based compensation expense in the three and six months ended June 30, 2026 was $8.4 million and $17.0 million, respectively, compared to $4.2 million and $7.5 million in the three and six months ended June 30, 2025. At June 30, 2026, there was $30.0 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of two years . The Company granted 1.4 million cash-settled replacement restricted stock units that have a remaining vesting period of one year for awards assumed as part of the New Gold Transaction.
Granted restricted stock units and awards generally vest in equal installments annually over three years. Performance share units granted during 2026 vest at the end of a three-year service period if relative stockholder return and an internal performance metric are met. The existence of a market condition requires recognition of compensation cost for the performance share unit awards over the requisite period regardless of whether the relative stockholder return metric is met. On the other hand, the existence of a performance condition requires recognition of compensation cost for the performance share awards based on the performance achieved ranging from 0%-200%. Outstanding performance share units granted prior to 2025 will
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Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric.
The following table summarizes the grants awarded during the six months ended June 30, 2026:
| Grant date | Restricted stock | Grant date fair value of restricted stock | Performance shares units | Grant date fair value of performance share units | |||||||||||||||||||
| February 20, 2026 | $ | $ | |||||||||||||||||||||
| February 20, 2026 | $ | $ | |||||||||||||||||||||
| April 9, 2026 | $ | $ | |||||||||||||||||||||
| April 16, 2026 | $ | $ | |||||||||||||||||||||
| April 16, 2026 | $ | $ | |||||||||||||||||||||
During the six months ended June 30, 2026, 77,616 stock options issued under the stock incentive plan were exercised at a weighted average price of $21.31 .
NOTE 12 – FAIR VALUE MEASUREMENTS
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Acquired bullion and metal inventory monetization | $ | $ | ( | ||||||||||||||||||||
| Fair value adjustments, net | $ | $ | $ | $ | ( | ||||||||||||||||||
Coeur Rochester, Inc., a subsidiary of the Company, had a loan payable of $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on February 14, 2025, the closing date of the acquisition of SilverCrest Metals Inc. (the “SilverCrest Transaction”). The acquired bullion and metal inventory was sold during the first quarter of 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter of 2025, and the $0.3 million loss was recorded in Fair value adjustments, net on the Consolidated Statements of Comprehensive Income.
Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
| Fair Value at June 30, 2026 | |||||||||||||||||||||||
| In thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Provisional metal sales contracts | $ | $ | $ | $ | |||||||||||||||||||
| Gold and copper swap contracts | $ | ||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Provisional metal sales contracts | $ | $ | $ | $ | |||||||||||||||||||
| Gold and copper swap contracts | $ | $ | $ | $ | |||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
20
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
| Fair Value at December 31, 2025 | |||||||||||||||||||||||
| In thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Provisional metal sales contracts | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Provisional metal sales contracts | $ | $ | $ | $ | |||||||||||||||||||
The Company’s investments in equity securities are recorded at fair market value in the financial statements based
primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy.
The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices. The fair value of the gold and copper swap contracts is calculated using the forward prices of London Metals Exchange based on the applicable settlement dates of the outstanding provisionally priced contracts and copper swap contracts.
No assets or liabilities were transferred between fair value levels in the six months ended June 30, 2026.
The fair values of financial liabilities carried at book value in the financial statements at June 30, 2026 and December 31, 2025 is presented in the following tables, respectively:
| June 30, 2026 | |||||||||||||||||||||||||||||
| In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||
2029 Senior Notes, net(1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
2032 Senior Notes, net(2) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| New Gold 2032 Senior Notes, net | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Deferred Cash Due 2026 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1) Net of unamortized debt issuance costs of $2.0 million.
(2) Net of unamortized debt issuance costs of $0.9 million .
| December 31, 2025 | |||||||||||||||||||||||||||||
| In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||
2029 Senior Notes, net(1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Deferred Cash Due 2026 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1) Net of unamortized debt issuance costs of $2.3 million.
The fair values of the 2029 Senior Notes, 2032 Senior Notes, and New Gold 2032 Senior Notes were estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.
In July 2024, the Company completed the purchase of mining concessions adjacent to the Palmarejo complex from Fresnillo. Total consideration included a deferred cash payment of $5 million, which became due and was paid in July 2026. The fair value of the Deferred Cash Due 2026 at June 30, 2026 and December 31, 2025 was estimated using the pricing model with inputs derived from observable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES
The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management
21
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.
Derivatives Not Designated as Hedging Instruments
Provisional Metal Sales
The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. Additionally, prior to completing the New Gold Transaction, New Gold had entered into gold and copper swap contracts to reduce exposure to gold and copper prices. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.
At June 30, 2026, the Company had the following derivative instruments that settle as follows:
| In thousands except average prices and gold notional ounces | 2026 | 2027 and Thereafter | |||||||||
| Provisional gold sales contracts | $ | ||||||||||
| Average gold price per ounce | $ | ||||||||||
| Notional ounces | |||||||||||
| Provisional copper sales contracts | $ | ||||||||||
| Average copper price per pound | $ | ||||||||||
| Notional pounds | |||||||||||
| Gold swap contracts | $ | ||||||||||
| Average gold price per ounce | $ | ||||||||||
| Notional ounces | |||||||||||
| Copper swap contracts | $ | ||||||||||
| Average copper price per pound | $ | ||||||||||
| Notional pounds | |||||||||||
The following summarizes the classification of the fair value of the derivative instruments:
| June 30, 2026 | |||||||||||
| In thousands | Prepaid expenses and other | Accrued liabilities and other | |||||||||
| Provisional gold and copper sales contracts | $ | $ | |||||||||
| Gold and copper swap contracts | $ | $ | |||||||||
22
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
| December 31, 2025 | |||||||||||
| In thousands | Prepaid expenses and other | Accrued liabilities and other | |||||||||
| Provisional metal sales contracts | $ | $ | |||||||||
The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2026 and 2025, respectively (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| Financial statement line | Derivative | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||
| Revenue | Provisional gold sales contracts | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||
| Revenue | Provisional copper sales contracts | |||||||||||||||||||||||||
| Revenue | Gold swap contracts | |||||||||||||||||||||||||
| Revenue | Copper swap contracts | ( | ( | |||||||||||||||||||||||
| $ | $ | ( | $ | $ | ||||||||||||||||||||||
Credit Risk
NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME DETAIL
Pre-development, reclamation, and other consists of the following:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Silvertip ongoing carrying costs | $ | $ | $ | $ | |||||||||||||||||||
| Loss on sale of assets | |||||||||||||||||||||||
| Asset retirement accretion | |||||||||||||||||||||||
Kensington royalty settlement(1) | ( | ||||||||||||||||||||||
| Transaction and integration costs | |||||||||||||||||||||||
| Obligor exchange | |||||||||||||||||||||||
Wharf property damage proceeds(1) | ( | ( | |||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Pre-development, reclamation and other | $ | $ | $ | $ | |||||||||||||||||||
Other, net consists of the following:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Foreign exchange gain (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
| Flow-through shares | |||||||||||||||||||||||
| RMC bankruptcy distribution | |||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Other, net | $ | $ | $ | $ | |||||||||||||||||||
23
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 15 – NET INCOME PER SHARE
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and six months ended June 30, 2026, there were 0.8 million and 0.8 million common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 1.1 million and 2.8 million common stock equivalents were excluded in the diluted earnings per share calculation for the three and six months ended June 30, 2025, respectively.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands except per share amounts | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income available to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
| Weighted average shares: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Effect of stock-based compensation plans | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
| Income per share: | |||||||||||||||||||||||
| Basic | $ | $ | $ | $ | |||||||||||||||||||
| Diluted | $ | $ | $ | $ | |||||||||||||||||||
On May 27, 2025, the Company announced a $75 million share repurchase program (the “Program”). Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “Modified Company 10b5-1 Plan”). On November 12, 2025, the Company and BMO Capital Markets Corp. further amended the First Modified Company 10b5-1 Plan (the “Second Modified Company 10b5-1 Plan”). Pursuant to its terms, the Second Modified Company 10b5-1 Plan terminated on December 12, 2025.
On March 23, 2026, the Company announced an expanded $750 million share repurchase program (the “Expanded Program”), which incorporates and supersedes the Company’s previous Program. Under the Expanded Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On May 8, 2026, the Company entered into an issuer securities repurchase 10b5-1 plan (the “Expanded Program Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker.
The following table summarizes repurchases made in the three and six months ended June 30, 2026 and 2025 pursuant to the Program:
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Shares repurchased | ||||||||||||||
| Cost of shares (in thousands) | $ | $ | $ | $ | ||||||||||
| Average price paid per share | $ | $ | $ | $ | ||||||||||
On May 13, 2026, the Board declared an inaugural dividend of $0.02 per share of Coeur common shares, which was paid on June 10, 2026 to stockholders of record at the close of business on May 25, 2026. Due to an NYSE market holiday on May 25, 2026, the effective record date for the dividend was May 22, 2026. Dividend payments to stockholders in the second quarter totaled approximately $21 million on approximately 1.0 billion qualifying shares.
24
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION
The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., Coeur Sterling Holdings LLC, 1561611 B.C. Ltd, Coeur Silvertip Holdings Ltd., and New Gold Inc. (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively, the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.
SUMMARIZED BALANCE SHEET
| Coeur Mining, Inc. | Subsidiary Guarantors | ||||||||||||||||||||||
| In thousands | June 30, 2026 | December 31, 2025(1) | June 30, 2026 | December 31, 2025((1) | |||||||||||||||||||
| Current assets | $ | $ | $ | $ | |||||||||||||||||||
Non-current assets(2) | $ | $ | $ | $ | |||||||||||||||||||
| Non-guarantor intercompany assets | $ | $ | $ | $ | |||||||||||||||||||
| Current liabilities | $ | $ | $ | $ | |||||||||||||||||||
| Non-current liabilities | $ | $ | $ | $ | |||||||||||||||||||
| Non-guarantor intercompany liabilities | $ | $ | $ | $ | |||||||||||||||||||
(1) Financial information excludes 1561611 B.C. Ltd., Coeur Silvertip Holdings Ltd., and New Gold Inc., which were added as subsidiary guarantors in the second quarter of 2026.
(2) Coeur Mining, Inc.’s non-current assets include its investment in Guarantor Subsidiaries.
SUMMARIZED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 2026
| In thousands | Coeur Mining, Inc. | Subsidiary Guarantors | |||||||||
| Revenue | $ | $ | |||||||||
| Gross profit (loss) | $ | ( | $ | ||||||||
| Net income | $ | $ | |||||||||
The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., Coeur Sterling Holdings LLC, 1561611 B.C. Ltd, Coeur Silvertip Holdings Ltd., and New Gold Inc. (collectively, the “2032 Subsidiary Guarantors”) of the 2032 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively, the “2032 Obligor Group”). The summarized financial information of the 2032 Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the 2032 Obligor Group eliminated. The 2032 Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the 2032 Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the 2032 Subsidiary Guarantors by dividend or loan.
25
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
SUMMARIZED BALANCE SHEET
| Coeur Mining, Inc. | Subsidiary Guarantors | ||||||||||
| In thousands | June 30, 2026 | June 30, 2026 | |||||||||
| Current assets | $ | $ | |||||||||
Non-current assets(1) | $ | $ | |||||||||
| Non-guarantor intercompany assets | $ | $ | |||||||||
| Current liabilities | $ | $ | |||||||||
| Non-current liabilities | $ | $ | |||||||||
| Non-guarantor intercompany liabilities | $ | $ | |||||||||
(1) Coeur Mining, Inc.’s non-current assets include its investment in Guarantor Subsidiaries.
SUMMARIZED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 2026
| In thousands | Coeur Mining, Inc. | Subsidiary Guarantors | |||||||||
| Revenue | $ | $ | |||||||||
| Gross profit (loss) | $ | ( | $ | ||||||||
| Net income | $ | $ | |||||||||
The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantee by New Gold Inc. of the New Gold 2032 Senior Notes. The following schedules present summarized financial information of New Gold Inc. In conjunction with the New Gold Transaction, Coeur completed the Exchange Offer for any and all of the New Gold 2032 Senior Notes for up to $400.0 million aggregate principal amount of 6.875 % Senior Notes due 2032 to be issued by the Company and cash. The Exchange Offer expired on April 20, 2026 and the Amended New Gold Indenture became operative upon consummation of the Exchange Offer on the final settlement date on April 22, 2026. Under the Exchange Offer, of the $400.0 million aggregate principal amount of New Gold 2032 Senior Notes, $385.8 million aggregate principal amount of New Gold 2032 Senior Notes were exchanged for approximately $385.8 million aggregate principal amount of Coeur’s 2032 Senior Notes, and $14.2 million of New Gold 2032 Senior Notes remained outstanding as obligations of New Gold and governed by the Amended New Gold Indenture. Following the repurchase of $1.6 million of the outstanding New Gold 2032 Senior Notes during the second quarter, approximately $12.6 million of New Gold 2032 Senior Notes remained outstanding as at June 30, 2026. Coeur is not an obligor or guarantor of such remaining New Gold 2032 Senior Notes. See Note 8 -- Debt for additional details.
SUMMARIZED BALANCE SHEET
| New Gold Inc. | |||||
| In thousands | June 30, 2026 | ||||
| Current assets | $ | ||||
| Non-current assets | $ | ||||
| Non-guarantor intercompany assets | $ | ||||
| Current liabilities | $ | ||||
| Non-current liabilities | $ | ||||
| Non-guarantor intercompany liabilities | $ | ||||
SUMMARIZED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 2026
| In thousands | New Gold Inc. | ||||
| Revenue | $ | ||||
| Gross profit | $ | ||||
| Net income | $ | ( | |||
26
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 17 – COMMITMENTS AND CONTINGENCIES
Mexico Litigation Matters
As of June 30, 2026, $30.2 million in principal is due from the Mexican government associated with amounts that were paid as value-added tax (“VAT”) under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration). While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and certain unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur initiated an arbitration proceeding against Mexico under Annex 14-C of the United States-Mexico-Canada Agreement, or USMCA, for violations of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in arbitration and the process for recovering funds even if there is a successful outcome in arbitration can be lengthy and unpredictable.
Palmarejo Gold Stream
Coeur Mexicana currently sells 50 % of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50 % of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $78.0 million, consisting of $75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $3.0 million (the “Prior Gold Stream Agreement”). The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $22.0 million deposit toward future deliveries. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.
The following table presents a roll forward of the Franco-Nevada contract liability balance:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Opening Balance | $ | $ | $ | $ | |||||||||||||||||||
| Revenue Recognized | ( | ( | ( | ( | |||||||||||||||||||
| Closing Balance | $ | $ | $ | $ | |||||||||||||||||||
27
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Royal Gold Stream Agreement
The Company’s subsidiary, New Gold Inc., is party to a streaming agreement (“Royal Gold Stream Agreement”) with Royal Gold A.G., a wholly-owned subsidiary of Royal Gold, Inc. (“Royal Gold”). Under the terms of the Royal Gold Stream Agreement, the Company is required to deliver to 6.5 % of gold production from Rainy River to Royal Gold, up to a total of 230,000 ounces of gold and then 3.25 % of the mine’s gold production thereafter. The Company is also required to deliver 60 % of the mine’s silver production to Royal Gold, up to a maximum of 3.1 million ounces and then 30 % of silver production thereafter. Royal Gold is required to pay 25 % of the average spot gold or silver price at the time each ounce of gold or silver is delivered under the Royal Gold Stream Agreement. As of June 30, 2026, Rainy River had delivered 135,477 and 2,155,142 ounces of gold and silver, respectively, under the terms of the Royal Gold Stream Agreement. The Royal Gold Stream Agreement is satisfied by delivering gold and silver metal purchased in the open market. The cost to purchase gold and silver metal is included in Costs applicable to sales while the payment received from Royal Gold is recognized in Revenue under ASC 606 on the Condensed Consolidated Statements of Comprehensive Income.
Metal Sales Prepayments
In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine.
The metal sales prepayments represented a contract liability under ASC 606, which required the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability was included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. At June 30, 2026, there were no remaining contract liabilities.
The following table presents a roll forward of the prepayment contract liability balance:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| In thousands | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Opening Balance | $ | $ | $ | $ | |||||||||||||||||||
| Additions | |||||||||||||||||||||||
| Revenue Recognized | ( | ||||||||||||||||||||||
| Closing Balance | $ | $ | $ | $ | |||||||||||||||||||
U.S. Wage and Hour Matter
On November 13, 2024, a putative collective and class action lawsuit was filed against the Company by a former employee in the United States District Court for the Northern District of Illinois, Eastern Division (the “Court”) alleging non-compliance with certain provisions of the Fair Labor Standards Act and the Alaska Wage and Hour Act (“Wage and Hour Litigation”). On August 26, 2025, the Company reached an agreement in principle to resolve the Wage and Hour Litigation. The Company denies any wrongdoing and its settlement of the Wage and Hour Litigation is not an admission of any non-compliance with the Fair Labor Standards Act or the Alaska Wage and Hour Act, but rather a business decision made in recognition of the costs of defense and inherent uncertainty presented in litigation matters. The definitive settlement agreement was negotiated between the parties and was approved by the Court on January 16, 2026. Following Court approval, the Company made settlement payments in the first quarter of 2026 for approximately $6.3 million, inclusive of the employer’s share of relevant taxes for amounts treated as wages.
Other Commitments and Contingencies
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, and other general corporate purposes. As of June 30, 2026 and December 31, 2025, the Company had surety bonds totaling $526.0 million and $372.4 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time to time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be
28
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
able to satisfy future bonding requirements through existing or alternative means, as they arise.
On June 22, 2026, the Company received proceeds of $10 million for a property damage claim and $10 million for a business interruption claim for a total of $20 million in partial satisfaction of insurance claims filed following the fire incident at the tertiary crusher at the Wharf mine in the fourth quarter of 2025, which occurred during regularly scheduled maintenance. The $10 million received for the business interruption claim was included in Costs applicable to sales and the $10 million received for the property damage claim was included in Pre-development, reclamation, and other. The Company recognizes property damage and business interruption insurance recoveries in accordance with the nature of the claim.
NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION
Accrued liabilities and other consist of the following:
| In thousands | June 30, 2026 | December 31, 2025 | |||||||||
| Accrued salaries and wages | $ | $ | |||||||||
Deferred revenue (1) | |||||||||||
| Income and mining taxes | |||||||||||
Deferred Cash Due 2026(2) | |||||||||||
| Accrued operating costs | |||||||||||
| Unrealized losses on derivatives | |||||||||||
| Taxes other than income and mining | |||||||||||
| Accrued interest payable | |||||||||||
| Operating lease liabilities | |||||||||||
| Accrued liabilities and other | $ | $ | |||||||||
(1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities.
(2) See Note 12 -- Fair Value Measurements for additional details on Deferred Cash Due 2026. Payment provided in July 2026 to satisfy the contractual obligation .
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and six months ended June 30, 2026 and 2025:
| In thousands | June 30, 2026 | June 30, 2025 | |||||||||
| Cash and cash equivalents | $ | $ | |||||||||
Restricted cash equivalents(1) | |||||||||||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | $ | |||||||||
(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Condensed Consolidated Balance Sheet.
29
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item. We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Rainy River, New Afton and Wharf. Revenue from secondary metal, such as silver at Rainy River, New Afton and Wharf, is treated as a cost credit.
Overview
We are a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned North American operations: the New Afton gold-copper mine in British Columbia, Canada, the Rainy River gold-silver mine in Ontario, Canada, the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver mine in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.
Second Quarter Highlights
For the quarter, Coeur reported revenue of $1 billion and cash provided by operating activities of $513 million, driven by the first full quarter of contributions from New Afton and Rainy River. We reported GAAP net income of $122 million, or $0.12 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $478 million and net income of $123 million or $0.12 per diluted share. For the six months ended June 30, 2026, Coeur reported revenue of $2 billion and cash provided by operating activities of $854 million. We reported GAAP net income of $369 million, or $0.42 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $953 million and net income of $376 million or $0.43 per diluted share.
•Record financial results despite lower realized prices – Record revenue of $1.1 billion increased 27% quarter over quarter and 126% year over year, record adjusted EBITDA of $478 million was slightly higher quarter over quarter and increased 124% year over year, and free cash flow of $388 million increased 45% quarter over quarter and 165% year over year. Average realized gold and silver prices declined 6% and 14% quarter over quarter, respectively, to $4,140 per gold ounce and $71.18 per silver ounce. Average realized prices in June were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce. Silver contributed 30% of the Company’s revenue in the quarter
•Solid production balanced across portfolio, including record gold output – Quarterly gold production reached a record 163,490 ounces, representing a 51% increase year over year and 69% increase quarter over quarter, reflecting the first full quarter of contributions from the recently-acquired New Afton and Rainy River operations and a near doubling of Wharf’s gold production from the prior quarter. Quarterly silver production of 4.4 million ounces was flat quarter over quarter and down 7% year over year, partially driven by lower silver grades at Rochester and Palmarejo and offset by record crusher performance at Rochester
•Growing liquidity and robust capital returns – Coeur’s $1.1 billion quarter-end cash balance was nearly ten times higher than the prior-year quarter-end and double the year-end 2025 cash balance. Since the commencement of the enhanced capital return program in mid-May, Coeur has repurchased $121 million of common stock, or 6.7 million shares, through July 31, and issued payment of an inaugural $0.02 per share semi-annual dividend in June. The Company also eliminated $39 million of capital leases in the quarter
•Record expected full-year production and financial results; adjustments to partial-year guidance ranges at new Canadian operations – Based on the mid-point of refined 2026 guidance ranges and updated metals price assumptions, the Company now expects to produce approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper and generate record full-year adjusted EBITDA of $2.3 billion and free cash flow of $1.5 billion. Coeur’s five legacy operations remain on track to achieve their prior stated full-year guidance while partial-year guidance updates at the two new Canadian operations reflect slightly slower than previously assumed ramp-up rates at New Afton’s C-Zone and Rainy River’s underground operations in 2026
30
Selected Financial and Operating Results
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Financial Results: (in thousands, except per share amounts) | |||||||||||||||||||||||
| Gold sales | $ | 694,992 | $ | 475,222 | $ | 1,170,214 | $ | 558,441 | |||||||||||||||
| Silver sales | $ | 321,629 | $ | 362,198 | $ | 683,827 | $ | 282,271 | |||||||||||||||
| Copper sales | $ | 68,971 | $ | 18,772 | $ | 87,743 | $ | — | |||||||||||||||
| Consolidated revenue | $ | 1,085,592 | $ | 856,192 | $ | 1,941,784 | $ | 840,712 | |||||||||||||||
| Net income | $ | 121,853 | $ | 246,761 | $ | 368,614 | $ | 104,079 | |||||||||||||||
| Net income per share, diluted | $ | 0.12 | $ | 0.35 | $ | 0.42 | $ | 0.18 | |||||||||||||||
Adjusted net income (loss)(1) | $ | 122,607 | $ | 253,497 | $ | 376,105 | $ | 143,372 | |||||||||||||||
Adjusted net income (loss) per share, diluted(1) | $ | 0.12 | $ | 0.36 | $ | 0.43 | $ | 0.25 | |||||||||||||||
EBITDA(1) | $ | 482,086 | $ | 454,983 | $ | 937,069 | $ | 308,302 | |||||||||||||||
Adjusted EBITDA(1) | $ | 478,267 | $ | 474,883 | $ | 953,151 | $ | 335,675 | |||||||||||||||
| Free cash flow | $ | 387,523 | $ | 266,757 | $ | 654,280 | $ | 163,777 | |||||||||||||||
Total debt(2) | $ | 705,291 | $ | 761,376 | $ | 705,291 | $ | 380,722 | |||||||||||||||
| Operating Results: | |||||||||||||||||||||||
| Gold ounces produced | 163,490 | 96,457 | 259,947 | 195,253 | |||||||||||||||||||
| Silver ounces produced | 4,391,870 | 4,388,346 | 8,780,216 | 8,451,412 | |||||||||||||||||||
| Copper pounds produced | 11,377,407 | 1,321,844 | 12,699,251 | — | |||||||||||||||||||
| Gold ounces sold | 167,877 | 108,420 | 276,297 | 196,264 | |||||||||||||||||||
| Silver ounces sold | 4,518,263 | 4,371,556 | 8,889,819 | 8,564,673 | |||||||||||||||||||
| Copper pounds sold | 11,287,253 | 3,385,075 | 14,672,328 | — | |||||||||||||||||||
| Average realized price per gold ounce | $ | 4,140 | $ | 4,383 | $ | 4,235 | $ | 2,845 | |||||||||||||||
| Average realized price per silver ounce | $ | 71.18 | $ | 82.85 | $ | 76.92 | $ | 32.96 | |||||||||||||||
| Average realized price per copper pound | $ | 6.11 | $ | 5.55 | $ | 5.98 | $ | — | |||||||||||||||
(1)See “Non-GAAP Financial Performance Measures”. Includes costs of $140 million and $85 million for the three months ended June 30, 2026 and March 31, 2026, respectively, and $225 million and $57 million for the six months ended June 30, 2026 and 2025, respectively, related to the PPA ascribed to Inventory at New Afton, Rainy River and Las Chispas.
(2)Includes finance leases. Net of debt issuance costs and premium received.
Consolidated Financial Results
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Revenue
We sold 167,877 gold ounces, 4.5 million silver ounces, and 11.3 million copper pounds compared to 108,420 gold ounces, 4.4 million silver ounces, and 3.4 million copper pounds. Revenue increased by $229 million, or 27%, as a result of full-quarter sales from Rainy River and New Afton, a 2% increase in gold ounces sold from Coeur’s legacy mines, and a 10% increase in average realized copper price, partially offset by a 1% decrease in silver sales from Coeur’s legacy mines and 6% and 14% decreases in average realized gold and silver prices, respectively. The increase in gold ounces sold was the result of higher mill throughput at Las Chispas and Kensington, higher placement rates at Wharf, and full-quarter sales at Rainy River and New Afton. This was partially offset by lower grades at Palmarejo, and sequencing and timing of grade delivered to pad at Rochester. The slight increase in silver ounces sold was the result of full-quarter sales at Rainy River and New Afton, partially offset by lower grades at Palmarejo, and sequencing and timing of grade delivered to pad at Rochester. Gold, silver, and copper represented 64%, 30%, and 6% of second quarter 2026 sales revenue, respectively, compared to 56%, 42%, and 2% of first quarter 2026 sales revenue, respectively.
31
The following table summarizes consolidated metal sales:
| Three Months Ended | Increase (Decrease) | Percentage Change | |||||||||||||||||||||
| In thousands | June 30, 2026 | March 31, 2026 | |||||||||||||||||||||
| Gold sales | $ | 694,992 | $ | 475,222 | $ | 219,770 | 46 | % | |||||||||||||||
| Silver sales | 321,629 | 362,198 | (40,569) | (11) | % | ||||||||||||||||||
| Copper sales | 68,971 | 18,772 | 50,199 | 267 | % | ||||||||||||||||||
| Metal sales | $ | 1,085,592 | $ | 856,192 | $ | 229,400 | 27 | % | |||||||||||||||
Costs Applicable to Sales
Costs applicable to sales increased $220 million, or 67%, primarily driven by full-quarter sales at Rainy River and New Afton as well as the impact of the PPA ascribed to Inventory of $140 million compared to $85 million in the first quarter of 2026. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $156 million, or 156%, as a result of full-quarter sales at Rainy River and New Afton, and higher gold and silver ounces sold at Las Chispas and Wharf, partially offset by lower gold and silver ounces sold at Palmarejo, Rochester, and Kensington.
Expenses
General and administrative expenses increased $1 million, or 5%, primarily due to higher outside service and travel costs, partially offset by lower stock-based compensation costs.
Exploration expense increased $8 million, or 33%, primarily due to full-quarter of exploration activity at Rainy River and New Afton, and increased drilling activity at Wharf, Kensington, and Rochester.
Pre-development, reclamation, and other expenses decreased $23 million, or 78%, as a result of lower transaction and integration costs associated with the acquisition of New Gold in the first quarter and the receipt of property damage insurance proceeds related to the fire incident at Wharf.
The following table summarizes pre-development, reclamation and other expenses:
| Three Months Ended | Increase (Decrease) | Percentage Change | |||||||||||||||||||||
| In thousands | June 30, 2026 | March 31, 2026 | |||||||||||||||||||||
| Silvertip ongoing carrying costs | $ | 3,242 | $ | 3,266 | $ | (24) | (1) | % | |||||||||||||||
| Loss on sale of assets | 19 | 25 | (6) | (24) | % | ||||||||||||||||||
| Asset retirement accretion | 6,088 | 4,839 | 1,249 | 26 | % | ||||||||||||||||||
| Transaction and integration costs | 3,954 | 19,910 | (15,956) | (80) | % | ||||||||||||||||||
| Wage and hour litigation settlement | — | (517) | 517 | (100) | % | ||||||||||||||||||
| Obligor exchange | 2,464 | — | 2,464 | 100 | % | ||||||||||||||||||
| Wharf property damage proceeds | (10,000) | — | (10,000) | 100 | % | ||||||||||||||||||
| Other | 790 | 2,304 | (1,514) | (66) | % | ||||||||||||||||||
| Pre-development, reclamation and other expense | $ | 6,557 | $ | 29,827 | $ | (23,270) | (78) | % | |||||||||||||||
Other Income and Expenses
The Company incurred $0.3 million of debt extinguishment costs following the prepayment of $39 million of Rochester finance leases.
Interest expense (net of capitalized interest) increased to $11 million attributable to the higher interest paid under the New Gold 2032 Senior Notes assumed in the New Gold Transaction and 2032 Senior Notes, partially offset by lower interest paid on finance leases. The new $1.0 billion RCF had no outstanding amount drawn as of June 30, 2026.
Other, net increased to a gain of $10 million compared to $8 million as a result of higher foreign exchange rate gains.
32
Income and Mining Taxes
Income and mining tax expense of approximately $93 million resulted in an effective tax rate of 43.3% for the three months ended June 30, 2026. This compares to income tax expense of $102 million for an effective tax rate of 29.2% for the three months ended March 31, 2026. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) foreign exchange rates; (iv) excess of tax benefits from share-based compensation; (v) mining taxes; (vi) the impact of uncertain tax positions; (vii) percentage depletion and (viii) U.S. valuation allowance release. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $10 million and decreased income and mining tax expense by $2 million for the three months ended June 30, 2026 and March 31, 2026, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:
| Three Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||
| 2026 | 2026 | ||||||||||||||||
| In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||
| United States | $ | 122,619 | $ | (40,034) | $ | 139,173 | $ | (30,642) | |||||||||
| Canada | (101,258) | 29,955 | (41,567) | 8,381 | |||||||||||||
| Mexico | 193,907 | (83,159) | 251,360 | (79,693) | |||||||||||||
| Other jurisdictions | (177) | — | (251) | — | |||||||||||||
| $ | 215,091 | $ | (93,238) | $ | 348,715 | $ | (101,954) | ||||||||||
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.
The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. During the three and six months ended June 30, 2026, the Company released nil and $1.0 million, respectively, of valuation allowance against its U.S. net deferred tax assets resulting in a non-cash deferred tax benefit. The $1.0 million valuation allowance released is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.
The Company continues to maintain a valuation allowance against approximately $56 million of U.S. federal and state deferred tax assets as of June 30, 2026 because the Company has concluded it is not more likely than not to be realized.
The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.
Net Income
Net income was $122 million, or $0.12 per diluted share, compared to $247 million, or $0.35 per diluted share. The decrease in net income resulted from a 1% decrease in silver sales from Coeur’s legacy mines and a 6% and 14% decrease in average realized gold and silver prices, respectively, post-acquisition costs applicable to sales at Rainy River and New Afton, and higher exploration and interest expense. This was partially offset by full-quarter sales from Rainy River and New Afton and a 2% increase in gold ounces sold from Coeur’s legacy mines, and lower income and mining taxes. Adjusted net income was $123 million, or $0.12 per diluted share, compared to $253 million, or $0.36 per diluted share (see “Non-GAAP Financial Performance Measures”).
33
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Revenue
The Company sold 276,297 gold ounces, 8.9 million silver ounces, and 14.7 million copper pounds compared to 196,264 gold ounces, 8.6 million silver ounces, and zero copper pounds. Revenue increased by $1,101 million, or 131%, as a result of post-acquisition sales at Rainy River and New Afton, a 1% increase in silver ounces sold from Coeur’s legacy mines, and a 49% and 133% increase in average realized gold and silver prices, respectively. This was partially offset by a 14% decrease in gold ounces sold from Coeur’s legacy mines. The increase in gold ounces sold was primarily due to full-year sales at Las Chispas and post-acquisition sales at Rainy River and New Afton, partially offset by lower mill throughput at Palmarejo and Kensington, lower grades at Palmarejo, Rochester, and Kensington, and temporarily reduced crushing capacity at Wharf. The increase in silver ounces sold resulted from full-quarter sales at Las Chispas, partially offset by lower mill throughput at Palmarejo, and grades at Palmarejo and Rochester. Gold, silver and copper represented 60%, 35% and 5% of 2026 sales, respectively, compared to 66%, 34% and nil of 2025 sales, respectively.
The following table summarizes consolidated metal sales:
| Six Months Ended June 30, | Increase (Decrease) | Percentage Change | |||||||||||||||||||||
| In thousands | 2026 | 2025 | |||||||||||||||||||||
| Gold sales | $ | 1,170,214 | $ | 558,441 | $ | 611,773 | 110 | % | |||||||||||||||
| Silver sales | 683,827 | 282,271 | 401,556 | 142 | % | ||||||||||||||||||
| Copper sales | 87,743 | — | 87,743 | 100 | % | ||||||||||||||||||
| Metal sales | $ | 1,941,784 | $ | 840,712 | $ | 1,101,072 | 131 | % | |||||||||||||||
Costs Applicable to Sales
Costs applicable to sales increased $446 million, or 103%, primarily due to the post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas and higher operating costs at Palmarejo, Rochester and Kensington, partially offset by lower gold ounces sold Wharf. Cost applicable to sales includes the impact of the PPA ascribed to Inventory of $225 million compared to $57 million during 2025. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $251 million, or 240%, as a result of post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas, partially offset by lower gold ounces sold at Palmarejo, Kensington and Wharf.
Expenses
General and administrative expenses increased $17 million, or 63%, primarily due to higher stock-based compensation, annual incentive compensation, outside services, and audit fees.
Exploration expense increased $17 million, or 39%, driven by planned higher resource expansion drilling activity at all locations, full-year exploration expense at Las Chispas, and post-acquisition exploration expense at Rainy River and New Afton.
Pre-development, reclamation, and other expenses increased $6 million, or 21%, primarily due to higher transaction and integration costs related to the New Gold Transaction, partially offset by the receipt of property damage insurance proceeds related to the fire incident at Wharf.
The following table summarizes pre-development, reclamation and other expenses:
34
| Six Months Ended June 30, | Increase (Decrease) | Percentage Change | ||||||||||||||||||
| In thousands | 2026 | 2025 | ||||||||||||||||||
| Silvertip ongoing carrying costs | $ | 6,508 | $ | 5,050 | $ | 1,458 | 29 | % | ||||||||||||
| (Gain) Loss on sale of assets | 45 | 303 | (258) | (85) | % | |||||||||||||||
| Asset retirement accretion | 10,927 | 9,632 | 1,295 | 13 | % | |||||||||||||||
| Kensington royalty settlement | — | (95) | 95 | (100) | % | |||||||||||||||
| Transaction and integration costs | 23,864 | 11,710 | 12,154 | 104 | % | |||||||||||||||
| Obligor exchange | 2,464 | — | 2,464 | 100 | % | |||||||||||||||
| Wharf property damage proceeds | (10,000) | — | (10,000) | (100) | % | |||||||||||||||
| Other | 2,576 | 3,514 | (938) | (27) | % | |||||||||||||||
| Pre-development, reclamation and other expense | $ | 36,384 | $ | 30,114 | $ | 6,270 | 21 | % | ||||||||||||
Other Income and Expenses
The Company incurred $2 million of debt extinguishment costs following the termination of the $400 million revolving credit facility and its replacement with the new $1.0 billion RCF, and prepayment of $39 million of Rochester finance leases.
Interest expense (net of capitalized interest) decreased to $17 million from $19 million due to lower interest paid under the RCF driven by lower average debt levels and lower interest paid under finance leases, partially offset by higher interest paid under the New Gold 2032 Senior Notes assumed in the New Gold Transaction and 2032 Senior Notes. The new $1.0 billion RCF had no outstanding amount drawn as of June 30, 2026.
Other, net increased to a gain of $17 million compared to $1.9 million as a result of higher interest income and foreign exchange rate gains.
Income and Mining Taxes
Income and mining tax expense of approximately $195 million resulted in an effective tax rate of 34.6% for the six months ended June 30, 2026. This compares to income tax expense of $81 million for an effective tax rate of 43.8% for the six months ended June 30, 2025. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) percentage depletion; (v) foreign exchange rates; (vi) excess of tax benefits from share-based compensation; (vii) the impact of uncertain tax positions and (viii) U.S. valuation allowance release. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $9 million and $28 million for the six months ended June 30, 2026 and 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:
| Six Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||
| United States | $ | 261,792 | $ | (70,676) | $ | 102,463 | $ | (20,534) | |||||||||
| Canada | (142,825) | 38,336 | (25,051) | (811) | |||||||||||||
| Mexico | 445,267 | (162,852) | 107,969 | (59,663) | |||||||||||||
| Other jurisdictions | (428) | — | (294) | — | |||||||||||||
| $ | 563,806 | $ | (195,192) | $ | 185,087 | $ | (81,008) | ||||||||||
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number
35
of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.
The Company has historically provided a valuation allowance against a portion its U.S. net deferred tax assets. During the three and six months ended June 30, 2026, the Company released nil and $1.0 million, respectively, of valuation allowance against its U.S. net deferred tax assets resulting in a non-cash deferred tax benefit. The $1 million valuation allowance released is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.
The Company continues to maintain a valuation allowance against approximately $56 million of U.S. federal and state deferred tax assets as of June 30, 2026, because the Company has concluded it is not more likely than not to be realized.
The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.
Net Income
Net income was $369 million, or $0.42 per diluted share, compared to $104 million, or $0.18 per diluted share. The increase in net income was driven by a 1% increase in silver ounces sold from Coeur’s legacy mines, post-acquisition sales at Rainy River and New Afton, a 49% and 133% increase in average realized gold and silver prices, respectively, and full-quarter sales at Las Chispas. This was partially offset by post-acquisition costs applicable to sales at Rainy River and New Afton, higher general and administrative, exploration, transaction and integration costs, and mining and income tax expense. Adjusted net income was $376 million, or $0.43 per diluted share, compared to $143 million, or $0.25 per diluted share (see “Non-GAAP Financial Performance Measures”).
2026 Guidance
The Company has refined its full-year 2026 guidance for production, CAS, capital expenditures, amortization, and income and mining tax to reflect lower assumed metals prices in the second half of 2026 and to incorporate post-acquisition adjustments following the initial full quarter of ownership by Coeur of Rainy River and New Afton.
Updated production and CAS guidance for the nine months of ownership of Rainy River and New Afton in 2026 reflects slightly slower assumed ramp-up rates at Rainy River’s underground operations and New Afton’s C-Zone. Full-year production and CAS guidance for Coeur’s five legacy operations remain unchanged.
The Company reaffirmed its full-year guidance for exploration and general and administrative expenses (“G&A”).
Capital expenditure guidance increased to $520 - $605 million (previously $437 - $526 million), primarily reflecting the inclusion of approximately $45 million of capitalized stripping costs (previously categorized as expensed) and $25 million of expenditures related to underground development, equipment and infrastructure at Rainy River. The updated capital expenditure guidance also included the addition of approximately $15 million of development capital at Silvertip to support further project study work.
Based on lower assumed metal prices, the Company reduced full-year 2026 cash income and mining tax guidance to $350 - $450 million (previously $475 - $600 million).
Based on the preliminary purchase price allocation for mineral properties, the Company reduced full-year 2026 amortization to $1.1 - $1.2 billion (previously $1.2 - $1.4 billion).
2026 Production Guidance
| Previous | Updated | |||||||||||||||||||||||||||||||||||||
| Gold | Silver | Copper | Gold | Silver | Copper | |||||||||||||||||||||||||||||||||
| (oz) | (K oz) | (M lbs) | (oz) | (K oz) | (M lbs) | |||||||||||||||||||||||||||||||||
| New Afton | 60,000 - 80,000 | 130 - 180 | 50 - 65 | 50,000 - 60,000 | 100 - 180 | 40 - 50 | ||||||||||||||||||||||||||||||||
| Rainy River | 230,000 - 275,000 | 350 - 450 | - | 190,000 - 230,000 | 380 - 450 | - | ||||||||||||||||||||||||||||||||
| Las Chispas | 55,000 - 65,000 | 5,500 - 6,300 | - | 55,000 - 65,000 | 5,500 - 6,300 | - | ||||||||||||||||||||||||||||||||
| Palmarejo | 95,000 - 105,000 | 6,250 - 7,000 | - | 95,000 - 105,000 | 6,250 - 7,000 | - | ||||||||||||||||||||||||||||||||
| Rochester | 70,000 - 90,000 | 6,400 - 7,800 | - | 70,000 - 90,000 | 6,400 - 7,800 | - | ||||||||||||||||||||||||||||||||
| Kensington | 98,000 - 110,000 | - | - | 98,000 - 110,000 | - | - | ||||||||||||||||||||||||||||||||
| Wharf | 72,000 - 90,000 | 50 - 200 | - | 72,000 - 90,000 | 50 - 200 | - | ||||||||||||||||||||||||||||||||
| Total | 680,000 - 815,000 | 18,680 - 21,930 | 50 - 65 | 630,000 - 750,000 | 18,680 - 21,930 | 40 - 50 | ||||||||||||||||||||||||||||||||
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2026 Adjusted Costs Applicable to Sales Guidance
| Previous | Updated | ||||||||||||||||||||||
| Gold | Silver | Copper | Gold | Silver | Copper | ||||||||||||||||||
| ($/oz) | ($/oz) | ($/lb) | ($/oz) | ($/oz) | ($/lb) | ||||||||||||||||||
| New Afton (co-product) | $1,000 - $1,200 | - | $1.20 - $1.35 | $1,300 - $1,600 | - | $2.00 - $2.30 | |||||||||||||||||
| Rainy River (by-product) | $2,150 - $2,350 | - | - | $2,700 - $3,000 | - | - | |||||||||||||||||
| Las Chispas (co-product) | $750 - $950 | $12.50 - $14.50 | - | $750 - $950 | $12.50 - $14.50 | - | |||||||||||||||||
| Palmarejo (co-product) | $700 - $900 | $21.50 - $23.50 | - | $700 - $900 | $21.50 - $23.50 | - | |||||||||||||||||
| Rochester (co-product) | $1,350 - $1,550 | $23.00 - $25.00 | - | $1,350 - $1,550 | $23.00 - $25.00 | - | |||||||||||||||||
| Kensington | $1,750 - $1,950 | - | - | $1,750 - $1,950 | - | - | |||||||||||||||||
| Wharf (by-product) | $1,400 - $1,600 | - | - | $1,400 - $1,600 | - | - | |||||||||||||||||
2026 Capital, Amortization, Exploration, G&A and Income and Mining Tax Guidance
| Previous | Updated | ||||||||||||||||
| ($M) | ($M) | ||||||||||||||||
| Capital Expenditures, Sustaining | $291 - $337 | $360 - $405 | |||||||||||||||
| Capital Expenditures, Development | $146 - $189 | $160 - $200 | |||||||||||||||
| Exploration, Expensed | $118 - $132 | $118 - $132 | |||||||||||||||
| Exploration, Capitalized | $29 - $37 | $29 - $37 | |||||||||||||||
| General & Administrative Expenses | $90 - $100 | $90 - $100 | |||||||||||||||
| Cash Income and Mining Taxes | $475 - $600 | $350 - $450 | |||||||||||||||
| Amortization | $1,200 - $1,400 | $1,100 - $1,200 | |||||||||||||||
| Effective Tax Rate (%) | 30% - 36% | 34% - 38% | |||||||||||||||
Note: The Company’s previous guidance figures assumed estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. The Company’s updated guidance figures assume estimated prices of $4,000/oz gold, $60.00/oz silver, and $6.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.
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Results of Operations
New Afton, Canada
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 1,101,408 | 134,385 | 1,235,793 | — | |||||||||||||||||||
| Average gold grade (grams/tonne) | 0.48 | 0.44 | 0.48 | — | |||||||||||||||||||
| Average copper grade (%) | 0.54 | 0.48 | 0.53 | — | |||||||||||||||||||
| Average recovery rate – Au | 85.1 | % | 87.4 | % | 85.4 | % | — | % | |||||||||||||||
| Average recovery rate – Cu | 90.6 | % | 94.8 | % | 91.0 | % | — | % | |||||||||||||||
| Gold ounces produced | 14,059 | 1,605 | 15,664 | — | |||||||||||||||||||
| Silver ounces produced | 29,209 | 3,674 | 32,883 | — | |||||||||||||||||||
| Copper pounds produced | 11,377,407 | 1,321,844 | 12,699,251 | — | |||||||||||||||||||
| Gold ounces sold | 13,832 | 3,906 | 17,738 | — | |||||||||||||||||||
| Silver ounces sold | 29,261 | 9,132 | 38,393 | — | |||||||||||||||||||
| Copper pounds sold | 11,287,253 | 3,385,075 | 14,672,328 | — | |||||||||||||||||||
CAS per gold ounce(1) | $ | 1,778 | $ | 4,488 | $ | 2,371 | — | ||||||||||||||||
CAS per copper pound(1) | $ | 2.33 | $ | 5.36 | $ | 3.04 | — | ||||||||||||||||
(1)See Non-GAAP Financial Performance Measures. Includes the impact of $2,560 and $3.10 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the first quarter of 2026, and $531 and $0.73 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the six months ended June 30, 2026. The impact on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA in the second quarter of 2026 was not significant.
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Gold and copper production increased 776% and 761%, respectively, reflecting the first full quarter of operations under Coeur’s ownership, as the prior quarter represented only 11 days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026, and higher gold and copper grades. Metal sales were $133 million, or 12% of Coeur’s metal sales, compared with $38 million, or 4% of Coeur’s metal sales. Revenue increased by $96 million, or 253%, of which $95 million was due to higher volume of gold and copper production and $1 million was due to higher average realized copper prices, partially offset by lower average realized gold prices. Costs applicable to sales per gold ounce and copper pound sold in the first quarter of 2026 included $2,560 and $3.10, respectively, of costs related to the expensing of $20 million of PPA that was ascribed to Inventory. The second quarter PPA impact was not significant. Amortization totaled $106 million. Capital expenditures were $12 million.
Six Months Ended June 30, 2026
New Afton results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $171 million, or 9% of Coeur’s metal sales. Costs applicable to sales per gold ounce and copper pound sold includes $531 and $0.73, respectively, of costs related to the expensing of $20 million of PPA that was ascribed to Inventory. Amortization totaled $121 million. Capital expenditures were $12 million.
Rainy River, Canada
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 2,396,866 | 225,632 | 2,622,498 | — | |||||||||||||||||||
| Average gold grade (grams/tonne) | 0.90 | 0.87 | 0.98 | — | |||||||||||||||||||
| Average recovery rate – Au | 92.5 | % | 90.1 | % | 93.0 | % | — | % | |||||||||||||||
| Gold ounces produced | 64,042 | 12,494 | 76,536 | — | |||||||||||||||||||
| Silver ounces produced | 127,044 | 19,209 | 146,253 | — | |||||||||||||||||||
| Gold ounces sold | 69,050 | 21,407 | 90,457 | — | |||||||||||||||||||
| Silver ounces sold | 189,824 | 31,990 | 221,814 | — | |||||||||||||||||||
CAS per gold ounce(1) | $ | 3,788 | $ | 4,215 | $ | 3,889 | — | ||||||||||||||||
38
(1)See Non-GAAP Financial Performance Measures. Includes the impact of $2,036, $3,026, and $2,270 on costs applicable to sales per gold ounce sold, attributable to PPA ascribed to Inventory of $141 million, $65 million, and $205 million in the second quarter, first quarter and six months ended June 30, 2026, respectively.
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Gold and silver production increased 413% and 561%, respectively, reflecting the first full quarter of operations under Coeur’s ownership, as the prior quarter represented only 11 days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026, and higher gold grades. Metal sales were $305 million, or 28% of Coeur’s metal sales, compared with $96 million, or 11% of Coeur’s metal sales. Revenue increased by $208 million, or 216%, of which $211 million was due to higher volume of gold and silver production, partially offset by $3 million due to lower average realized gold and silver prices. Costs applicable to sales per gold ounce sold for second and first quarter of 2026 include $2,036 and $3,026, respectively, of costs related to the expensing of $141 million and $65 million, respectively, of PPA that was ascribed to Inventory. Amortization totaled $79 million. Capital expenditures were $57 million.
Six Months Ended June 30, 2026
Rainy River results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $401 million, or 21% of Coeur’s metal sales. Costs applicable to sales per gold ounce sold include $2,270 of costs related to the expensing of $205 million of PPA that was ascribed to Inventory. Amortization totaled $96 million. Capital expenditures were $64 million.
Las Chispas, Mexico
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 129,334 | 119,197 | 248,531 | 161,267 | |||||||||||||||||||
| Average gold grade (grams/tonne) | 4.0 | 4.0 | 4.0 | 5.0 | |||||||||||||||||||
| Average silver grade (grams/tonne) | 370 | 389 | 379 | 450 | |||||||||||||||||||
| Average recovery rate – Au | 100.2 | % | 99.1 | % | 99.6 | % | 94.1 | % | |||||||||||||||
| Average recovery rate – Ag | 97.6 | % | 99.4 | % | 98.5 | % | 94.5 | % | |||||||||||||||
| Gold ounces produced | 15,518 | 15,031 | 30,549 | 23,446 | |||||||||||||||||||
| Silver ounces produced | 1,502,898 | 1,480,666 | 2,983,564 | 2,202,911 | |||||||||||||||||||
| Gold ounces sold | 16,459 | 14,898 | 31,357 | 25,632 | |||||||||||||||||||
| Silver ounces sold | 1,565,096 | 1,460,512 | 3,025,608 | 2,403,133 | |||||||||||||||||||
CAS per gold ounce(1) | $ | 853 | $ | 781 | $ | 806 | $ | 1,962 | |||||||||||||||
CAS per silver ounce(1) | $ | 13.45 | $ | 13.57 | $ | 13.64 | $ | 20.93 | |||||||||||||||
(1)See Non-GAAP Financial Performance Measures. Includes the impact of $1,106 and $11.80 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $57 million in the six months ended June 30, 2025.
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Gold and silver production increased 3% and 2%, respectively, as a result of higher mill throughput, partially offset by lower silver grades. Metal sales were $187 million, or 17% of Coeur’s metal sales, compared with $194 million, or 23% of Coeur’s metal sales. Revenue decreased by $7 million, or 3%, of which $21 million was due to lower average realized gold and silver prices, partially offset by $14 million due to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 9% and decreased 1%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, and higher production, partially offset by higher outside service costs. Amortization increased by $4 million to $40 million as a result of higher gold and silver ounces sold. Capital expenditures increased to $16 million driven by the timing of capital expenditure payments.
39
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Las Chispas results represent post-acquisition activity subsequent to the SilverCrest Transaction that closed on February 14, 2025, which drove the gold and silver production increase of 30% and 35%, respectively. Metal sales were $381 million, or 20% of Coeur’s metal sales, compared with $161 million, or 19% of Coeur’s metal sales. Revenue increased by $220 million, or 137%, of which $145 million was due to higher gold and silver prices, and $75 million was attributable to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 59% and 35%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and the absence of PPA that was ascribed to Inventory in 2026. In the prior year, costs applicable to sales per gold and silver ounce sold included $1,106 and $11.80, respectively, of costs related to the expensing of the $57 million of PPA. Amortization and capital expenditures increased to $75 million and $29 million, respectively, due to a full year of results in 2026.
Palmarejo, Mexico
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 485,614 | 441,721 | 927,335 | 838,964 | |||||||||||||||||||
| Average gold grade (grams/tonne) | 1.3 | 1.7 | 1.5 | 2.0 | |||||||||||||||||||
| Average silver grade (grams/tonne) | 112 | 116 | 114 | 144 | |||||||||||||||||||
| Average recovery rate – Au | 93.8 | % | 96.2 | % | 95.1 | % | 94.0 | % | |||||||||||||||
| Average recovery rate – Ag | 85.5 | % | 89.6 | % | 87.5 | % | 88.1 | % | |||||||||||||||
| Gold ounces produced | 18,602 | 22,918 | 41,520 | 50,304 | |||||||||||||||||||
| Silver ounces produced | 1,488,595 | 1,475,267 | 2,963,862 | 3,421,268 | |||||||||||||||||||
| Gold ounces sold | 19,907 | 22,935 | 42,842 | 49,495 | |||||||||||||||||||
| Silver ounces sold | 1,483,118 | 1,468,463 | 2,951,581 | 3,356,769 | |||||||||||||||||||
CAS per gold ounce(1) | $ | 1,016 | $ | 760 | $ | 893 | $ | 896 | |||||||||||||||
CAS per silver ounce(1) | $ | 27.69 | $ | 23.03 | $ | 25.16 | $ | 14.31 | |||||||||||||||
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Gold and silver production decreased 19% and increased 1%, respectively, as a result of lower gold and silver grades and lower average gold and silver recoveries, partially offset by higher mill throughput. Metal sales were $160 million, or 15% of Coeur’s metal sales, compared with $188 million, or 22% of Coeur’s metal sales. Revenue decreased by $29 million, or 15%, of which $22 million was due to lower average realized gold and silver prices, and $7 million was attributable to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 34% and 20%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, and lower gold production. Amortization decreased by $1 million to $6 million as a result of lower gold ounces sold. Capital expenditures decreased to $7 million due to lower infill drilling.
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Gold and silver production decreased 17% and 13%, respectively, as a result of lower gold and silver grades, partially offset by higher mill throughput. Metal sales were $348 million, or 18% of Coeur’s metal sales, compared with $210 million, or 25% of Coeur’s metal sales. Revenue increased by $138 million, or 66%, of which $188 million was due to higher gold and silver prices, partially offset by $50 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce remained comparable and increased 76%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, lower production, and favorable impact of exchange rates in 2025. Amortization decreased to $13 million due to lower gold and silver ounces sold. Capital expenditures increased to $16 million due to higher levels of underground development and infill drilling.
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Rochester, United States
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||
Tonnes placed(1) | 8,041,787 | 6,724,626 | 14,766,413 | 13,461,708 | ||||||||||||||||
| Average gold grade (grams/tonne) | 0.07 | 0.07 | 0.07 | 0.09 | ||||||||||||||||
| Average silver grade (grams/tonne) | 10.2 | 12.2 | 11.1 | 20.3 | ||||||||||||||||
| Gold ounces produced | 11,671 | 14,112 | 25,783 | 27,655 | ||||||||||||||||
| Silver ounces produced | 1,225,170 | 1,394,434 | 2,619,604 | 2,740,048 | ||||||||||||||||
| Gold ounces sold | 11,748 | 14,090 | 25,838 | 28,594 | ||||||||||||||||
| Silver ounces sold | 1,235,420 | 1,386,919 | 2,622,339 | 2,719,821 | ||||||||||||||||
CAS per gold ounce(2) | $ | 1,855 | $ | 1,451 | $ | 1,614 | $ | 1,687 | ||||||||||||
CAS per silver ounce(2) | $ | 30.04 | $ | 24.04 | $ | 27.07 | $ | 17.73 | ||||||||||||
(1)During the three months ended June 30, 2026 and March 31, 2026, 6.8 million and 5.9 million tonnes of crushed ore were placed on the new leach pad, respectively. During the six months ended June 30, 2026 and June 30, 2025, 12.7 million and 11.1 million tonnes of crushed ore were placed on the new leach pad, respectively.
(2)See Non-GAAP Financial Performance Measures.
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Gold and silver production decreased 17% and 12%, respectively, driven by timing of tonnes delivered to pad. Ore tonnes crushed during the quarter consisted of approximately 6.8 million tonnes (7.5 million tons) through the crushing circuit and 1.3 million tonnes (1.4 million tons) of direct to pad (“DTP”) material. Ore tonnes placed during the quarter totaled 8.0 million tonnes (8.9 million tons), a 20% (1.3 million tonnes) increase from the prior quarter. Metal sales were $141 million, or 13% of Coeur’s metal sales, compared with $181 million, or 21% of Coeur’s metal sales. Revenue decreased by $41 million, or 22%, of which $20 million was due to lower average realized gold and silver prices, and $21 million was attributable to a lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 28% and 25%, respectively, as a result of higher labor, consumable and maintenance costs, and the mix of gold and silver sales which impacted co-production cost allocation, partially offset by increased recoverable ounces placed on the new leach pad. Amortization decreased to $14 million driven by the decrease in gold and silver ounces sold. Capital expenditures decreased to $18 million from $23 million due to lower capitalized stripping related to the Phase 2 development of the Stage 6 leach pad.
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Gold and silver production decreased 7% and 4%, respectively, as a result of lower grade, partially offset by higher placement rates. Metal sales were $322 million, or 17% of Coeur’s metal sales, compared with $178 million, or 21% of Coeur’s metal sales in the prior year period. Revenue increased by $145 million, or 81%, of which $165 million was due to higher average realized gold and silver prices, partially offset by $20 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 4% and increased 53%, respectively, as a result of the mix of gold and silver sales which impacted co-product cost allocation, higher labor, diesel and royalties costs, and lower production, partially offset by increased tonnes placed on the new leach pad. Amortization decreased to $30 million due to lower gold and silver ounces sold. Capital expenditures increased to $41 million from $39 million due higher capitalized stripping related to the construction of a new open pit, partially offset by lower equipment purchases.
Kensington, United States
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||
| Tonnes milled | 169,823 | 157,253 | 327,076 | 342,474 | ||||||||||||||||
| Average gold grade (grams/tonne) | 4.3 | 4.5 | 4.4 | 4.8 | ||||||||||||||||
| Average recovery rate | 91.5 | % | 91.2 | % | 91.4 | % | 92.5 | % | ||||||||||||
| Gold ounces produced | 21,528 | 20,525 | 42,053 | 49,270 | ||||||||||||||||
| Gold ounces sold | 20,700 | 21,267 | 41,967 | 48,956 | ||||||||||||||||
CAS per gold ounce(1) | $ | 2,327 | $ | 2,249 | $ | 2,288 | $ | 1,801 | ||||||||||||
(1)See Non-GAAP Financial Performance Measures.
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Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Gold production increased 5% as a result of higher mill throughput, partially offset by lower grades. Metal sales were $87 million, or 8% of Coeur’s metal sales, compared to $109 million, or 13% of Coeur’s metal sales. Revenue decreased by $21 million, or 20%, of which $2 million was due to lower volume of gold production and $19 million was due to lower average realized gold prices. Costs applicable to sales per gold ounce increased 3% as lower labor costs and higher production were more than offset by higher consumable costs. Amortization decreased to $8 million, primarily due to a decrease in gold ounces sold. Capital expenditures increased to $12 million due to higher tailing dams expansion expenditures.
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Gold production decreased 15% as a result of lower mill throughput and lower grades. Metal sales were $196 million, or 10% of Coeur’s metal sales, compared to $155 million, or 18% of Coeur’s metal sales in the prior year period. Revenue increased by $41 million, or 27%, of which $74 million was due to higher average realized gold prices, partially offset by $33 million resulting from lower volume of gold production. Costs applicable to sales per gold ounce increased 27% due to lower production, and higher labor and maintenance costs, partially offset by lower outside service costs. Amortization decreased to $17 million resulting lower gold ounces sold. Capital expenditures decreased to $21 million from $32 million due to a decrease in underground development, capitalized exploration and tailings dam expansion expenditures.
Wharf, United States
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||
| Tonnes placed | 1,412,212 | 366,184 | 1,778,396 | 1,940,744 | ||||||||||||||||
| Average gold grade (grams/tonne) | 1.1 | 1.1 | 1.1 | 1.0 | ||||||||||||||||
| Gold ounces produced | 18,070 | 9,772 | 27,842 | 44,578 | ||||||||||||||||
| Silver ounces produced | 18,954 | 15,096 | 34,050 | 87,185 | ||||||||||||||||
| Gold ounces sold | 16,181 | 9,917 | 26,098 | 43,587 | ||||||||||||||||
| Silver ounces sold | 15,544 | 14,540 | 30,084 | 84,950 | ||||||||||||||||
CAS per gold ounce(1) | $ | 1,280 | $ | 1,591 | $ | 1,398 | $ | 1,221 | ||||||||||||
(1)See Non-GAAP Financial Performance Measures.
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Gold production increased 85% driven by increased ore tonnes placed, reflecting the successful return to normal crushing rates following the November 2025 crusher fire, bolstered by contract crushing exceeding planned throughput. Demobilization of the contract crushing is complete and normal site operations have resumed, concurrent with the completion of secondary and tertiary crusher upgrades. Metal sales were $73 million, or 7% of Coeur’s metal sales, compared to $50 million, or 6% of Coeur’s metal sales in the prior year period. Revenue increased by $23 million, or 46%, of which $28 million resulted from higher gold production, partially offset by $5 million due to lower average realized gold prices. Costs applicable to sales per gold ounce decreased 20% due to higher ore tons placed and the $10 million received for the business interruption claim, partially offset by higher labor, consumable, and royalty costs. Amortization increased to $1 million as a result of the increase in gold ounces mined. Capital expenditures decreased to $(2) million from $13 million, reflecting a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million. The Company recognizes property damage and business interruption insurance recoveries in accordance with the nature of the claim.
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Gold production decreased 38% driven by lower material placed on the pads. Ore tonnes placed were negatively impacted by a fire incident at the tertiary crusher which occurred during regularly scheduled maintenance in late 2025. Metal sales were $123 million, or 6% of Coeur’s metal sales, compared to $137 million, or 16% of Coeur’s metal sales in the prior year period. Revenue decreased by $15 million, or 11%, of which $85 million was due to lower gold production, partially offset by $70 million attributable to higher average realized gold prices. Costs applicable to sales per gold ounce increased 14% due to lower ore tonnes placed and higher labor, consumable, royalty, and outside service costs, partially offset by the he $10 million received for the business interruption claim. Amortization decreased to $2 million as a result of lower gold ounces mined. Capital expenditures remained comparable at $11 million.
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Silvertip, Canada
Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026
Exploration expenses totaled $6 million in the second quarter of 2026 compared to $9 million in the first quarter of 2026. Ongoing carrying costs at Silvertip totaled $3 million in both periods. Capital expenditures totaled $5 million compared to $2 million in the prior period.
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Exploration expense totaled $16 million in 2026 as the Company continued to focus on expanding the mineral resources at Silvertip, which were supported by 500 meters of underground mine development. Ongoing carrying costs at Silvertip totaled $7 million compared to $5 million in the prior year period. Capital expenditures totaled $7 million compared to $2 million in the prior year period.
Liquidity and Capital Resources
At June 30, 2026, the Company had $1.1 billion of cash, cash equivalents and restricted cash and $1.0 billion available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants. Cash and cash equivalents increased $499 million in the six months ended June 30, 2026 due to $128 million cash acquired in the New Gold Transaction, a 49% and 133% increase in average realized gold and silver prices, respectively, and post-acquisition sales at Rainy River and New Afton. This was partially offset by transaction and integration related payments of $35 million, $123 million of income and mining tax payments at Palmarejo and Las Chispas, cash settlement of vesting performance shares of $72 million, $110 million of Company stock repurchases, finance leases prepayments of $43 million at Rochester, the inaugural dividend payment of $21 million and $200 million of capital expenditures.
We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer term. We expect to use cash provided by operating activities and the cash acquired through the acquisition of New Gold to fund near term capital requirements, including those described in this 10-Q Report for our 2026 capital expenditure guidance, to repurchase stock pursuant to the Company’s Expanded Program, and to continue declaring semi-annual dividends. Our longer-term plans contemplate continued exploration to extend the mine lives at our operating sites, reduction of debt, and additional investment to progress exploration and study work at the Silvertip project. Our long-term target leverage ratio of Net Debt to the Last Twelve Months Adjusted EBITDA is 0.0 times Adjusted EBITDA. Our current net leverage ratio is (0.2) times Adjusted EBITDA as of June 30, 2026.
We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.
If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.
Cash Provided by Operating Activities
Net cash provided by operating activities for the three months ended June 30, 2026 was $513 million compared to $341 million for the three months ended March 31, 2026. Net cash provided by operating activities for the six months ended June 30, 2026 was $854 million compared to $275 million for the six months ended June 30, 2025. Adjusted EBITDA for the three months ended June 30, 2026 was $478 million compared to $475 million for the three months ended March 31, 2026. Adjusted EBITDA for the six months ended June 30, 2026 was $953 million compared to $336 million for the six months ended June 30, 2025 (see “Non-GAAP Financial Performance Measures”). Net cash provided by operating activities was impacted by the following key factors for the applicable periods:
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| Three Months Ended | Six Months Ended | |||||||||||||||||||
| In thousands | June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| Cash flow before changes in operating assets and liabilities | $ | 513,308 | $ | 444,750 | $ | 958,058 | $ | 215,289 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Receivables | 17,890 | (4,733) | 13,157 | (821) | ||||||||||||||||
| Prepaid expenses and other | (22,944) | (427) | (23,371) | 84,489 | ||||||||||||||||
| Inventories | (24,463) | (26,803) | (51,266) | (22,473) | ||||||||||||||||
| Accounts payable and accrued liabilities | 29,441 | (71,951) | (42,510) | (1,898) | ||||||||||||||||
| Cash provided by operating activities | $ | 513,232 | $ | 340,836 | $ | 854,068 | $ | 274,586 | ||||||||||||
Net cash provided by operating activities increased $172 million for the three months ended June 30, 2026 compared to the three months ended March 31, 2026, primarily due to a 2% increase in gold ounces sold from Coeur’s legacy mines, full-quarter sales from Rainy River and New Afton, timing of VAT collections at Palmarejo and Las Chispas, and income and mining taxes paid at Palmarejo and Las Chispas, debt interest payments, and annual incentive payments paid in the first quarter. This was partially offset by a 1% decrease in silver sales and a 6% and 14% decrease in average realized gold and silver prices, respectively. Revenue for the three months ended June 30, 2026 compared to the three months ended March 31, 2026 increased by $229 million, of which $305 million was due to a full-quarter of sales from Rainy River and New Afton, partially offset by $75 million due to lower average realized gold and silver prices.
Net cash provided by operating activities increased $579 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, as a result of post-acquisition sales at Rainy River and New Afton, a 1% increase in silver ounces sold from Coeur’s legacy mines, and a 49% and 133% increase in average realized gold and silver prices, respectively. This was partially offset by a 14% decrease of in gold ounces sold from Coeur’s legacy mines, higher ore placed on leach pads at Rochester and Wharf, the sale of $72.0 million of bullion and metal inventory acquired in the SilverCrest Transaction, and increased exploration, general and administrative, and income and mining tax expense. Revenue for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 increased by $1.1 billion, of which $649 million was the result of higher average gold and silver prices and $452 million was due to higher volume of gold, silver and copper sales.
Cash Provided by (Used in) Investing Activities
Net cash used in investing activities in the three months ended June 30, 2026 was $125 million compared to net cash provided by investing activities of $55 million in the three months ended March 31, 2026. Cash used in investing activities increased due to the cash acquired in the New Gold Transaction of $128 million in the first quarter, partially offset by post-acquisition capital expenditures at Rainy River and New Afton. The Company incurred capital expenditures of $126 million in the three months ended June 30, 2026 compared with $74 million in the three months ended March 31, 2026, primarily related to the crusher rebuild at Wharf, full-quarter expenditures at Rainy River, equipment purchases at Rochester, underground development at Palmarejo and Kensington in both periods, expanded tailings impoundment at Kensington in both periods, and the construction of a water treatment facility at Wharf. Capital expenditures reflect a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million.
Net cash used in investing activities in the six months ended June 30, 2026 was $70 million compared to $7 million in the six months ended June 30, 2025. Cash used in investing activities increased due to higher post-acquisition capital expenditures at Rainy River and New Afton, partially offset by higher cash acquired in the New Gold Transaction compared to the SilverCrest Transaction. The Company incurred capital expenditures of $200 million in the six months ended June 30, 2026 compared with $111 million in the six months ended June 30, 2025. Capital expenditures reflect a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million.
Cash Used in Financing Activities
Net cash used in financing activities in the three months ended June 30, 2026 was $177 million compared with $105 million in the three months ended March 31, 2026. During the three months ended June 30, 2026, the Company repurchased $110 million of common stock in connection with the Company’s Program (as defined below), prepaid $39 million in finance leases at Rochester, and paid a dividend of $21 million. During the three months ended March 31, 2026, the Company cash settled $41 million of vested performance shares in connection with the Company’s Long-Term Incentive Program and made cash payments of $54 million in connection with tax withholding on vested share-based compensation.
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Net cash used in financing activities in the six months ended June 30, 2026 was $282 million compared to $211 million in the six months ended June 30, 2025. During the six months ended June 30, 2025, the Company repaid $195 million, net, under the RCF and repurchased $2 million of common stock in connection with the Company’s Program.
On May 27, 2025, the Company announced a $75 million share repurchase program (the “Program”). Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “First Modified Company 10b5-1 Plan”). On November 12, 2025, the Company and BMO Capital Markets Corp. further amended the First Modified Company 10b5-1 Plan (the “Second Modified Company 10b5-1 Plan”). Pursuant to its terms, the Second Modified Company 10b5-1 Plan terminated on December 12, 2025.
On March 23, 2026, the Company announced an expanded $750 million share repurchase program (the “Expanded Program”), which incorporates and supersedes the Company’s previous Program. Under the Expanded Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On May 8, 2026, the Company entered into an issuer securities repurchase 10b5-1 plan (the “Expanded Program Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker.
The following table summarizes repurchases made in the quarter ended June 30, 2026 and the approximate dollar value of stock that may yet be purchased pursuant to the Program:
| (a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares purchased as part of publicly announced Program | (d) Approximate dollar value of shares that may yet be purchased under the Program (in millions) | |||||||||||
| April 1, 2026 - April 30, 2026 | — | $ | — | — | $ | 740.4 | ||||||||
| May 1, 2026 - May 31, 2026 | 4,532,240 | $ | 18.50 | 4,532,240 | $ | 656.5 | ||||||||
| June 1, 2026 - June 30, 2026 | 1,450,072 | $ | 18.24 | 1,450,072 | $ | 630.1 | ||||||||
| Total | 5,982,312 | $ | 18.44 | 5,982,312 | ||||||||||
On May 13, 2026, the Board declared an inaugural dividend of $0.02 per share of Coeur common shares, which was paid on June 10, 2026 to stockholders of record at the close of business on May 25, 2026. Due to an NYSE market holiday on May 25, 2026, the effective record date of the dividend was May 22, 2026. Dividend payments to stockholders in the second quarter totaled approximately $21 million on approximately 1.0 billion qualifying shares.
Critical Accounting Policies and Accounting Developments
See Note 2 -- Summary of Significant Accounting Policies contained in the 2025 10-K and Note 2 -- Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes.
The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach
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pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered a change in estimate and are accounted for prospectively. As of June 30, 2026, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 72,851 and 9.7 million, respectively.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The Las Chispas mine is considered a distinct reporting unit for purposes of goodwill impairment testing. Based on the December 31, 2025 review, the Company concluded that Goodwill was not impaired.
The Company may elect to perform a qualitative assessment to determine if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.
Other Liquidity Matters
We believe that our liquidity and capital resources in the U.S. are adequate to fund our U.S. and Canada operations and corporate activities. The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity.
In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time to time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.
Non-GAAP Financial Performance Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
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Adjusted Net Income
Management uses Adjusted net income to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income is reconciled to Net income in the following table:
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| In thousands except per share amounts | June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||
| Net income | $ | 121,853 | $ | 246,761 | $ | 368,614 | $ | 104,079 | |||||||||||||||
| Fair value adjustments, net | — | — | — | 342 | |||||||||||||||||||
| Foreign exchange loss (gain) | 6,524 | (2,600) | 3,924 | 28,646 | |||||||||||||||||||
| Loss on sale of assets | 19 | 25 | 45 | 303 | |||||||||||||||||||
| RMC bankruptcy distribution | — | — | — | (37) | |||||||||||||||||||
| (Gain) loss on debt extinguishment | 320 | 1,554 | 1,874 | — | |||||||||||||||||||
| Transaction and integration costs | 3,954 | 19,910 | 23,864 | 11,710 | |||||||||||||||||||
| Kensington royalty settlement | — | — | — | (67) | |||||||||||||||||||
| Obligor Exchange | 2,464 | 2,464 | |||||||||||||||||||||
| Wharf property damage proceeds | (10,000) | — | (10,000) | — | |||||||||||||||||||
| Wage and Hour Litigation settlement | 47 | (517) | (470) | — | |||||||||||||||||||
| Mexico arbitration matter | 46 | 95 | 141 | 2,150 | |||||||||||||||||||
| Flow-through share premium | — | — | — | (697) | |||||||||||||||||||
| Interest income | (4,661) | (6,225) | (10,886) | — | |||||||||||||||||||
Valuation allowance and tax effect of adjustments(1) | 2,041 | (5,506) | (3,465) | (3,057) | |||||||||||||||||||
| Adjusted net income | $ | 122,607 | $ | 253,497 | $ | 376,105 | $ | 143,372 | |||||||||||||||
| Adjusted net income per share, Basic | $ | 0.12 | $ | 0.37 | $ | 0.44 | $ | 0.25 | |||||||||||||||
| Adjusted net income per share, Diluted | $ | 0.12 | $ | 0.36 | $ | 0.43 | $ | 0.25 | |||||||||||||||
(1) For the three and six months ended June 30, 2026, tax effect of adjustments of $2 million (26.1%) and $3 million (37.1%) are primarily related to transaction and integration costs at Corporate. For the three months ended March 31, 2026, tax effect of adjustments of $6 million (37.1%) are primarily related to the transaction and integration costs at Corporate. For the six months ended June 30, 2025, tax effect of adjustments of $3.1 million (22.9%) are primarily related to the transaction and integration costs at Corporate.
EBITDA and Adjusted EBITDA
Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is the basis of a measure used in the indentures governing the 2029 Senior Notes, the New Gold 2032 Senior Notes, 2032 Senior Notes, and the RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income or Cash Flow from Operations as determined under GAAP. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income in the following table:
47
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| In thousands | June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||
| Net income | $ | 121,853 | $ | 246,761 | $ | 368,614 | $ | 104,079 | |||||||||||||||
| Interest expense, net of capitalized interest | 11,010 | 6,443 | 17,453 | 18,701 | |||||||||||||||||||
| Income tax provision | 93,238 | 101,954 | 195,192 | 81,008 | |||||||||||||||||||
| Amortization | 255,985 | 99,825 | 355,810 | 104,514 | |||||||||||||||||||
| EBITDA | 482,086 | 454,983 | 937,069 | 308,302 | |||||||||||||||||||
| Fair value adjustments, net | — | — | — | 342 | |||||||||||||||||||
| Foreign exchange (gain) loss | (3,856) | (878) | (4,734) | 512 | |||||||||||||||||||
| Asset retirement obligation accretion | 6,088 | 4,839 | 10,927 | 9,632 | |||||||||||||||||||
| Inventory adjustments and write-downs | 1,760 | 1,097 | 2,857 | 3,525 | |||||||||||||||||||
| Loss on sale of assets | 19 | 25 | 45 | 303 | |||||||||||||||||||
| RMC bankruptcy distribution | — | — | — | (37) | |||||||||||||||||||
| (Gain) loss on debt extinguishment | 320 | 1,554 | 1,874 | — | |||||||||||||||||||
| Kensington royalty settlement | — | — | — | (67) | |||||||||||||||||||
| Obligor Exchange | 2,464 | — | 2,464 | — | |||||||||||||||||||
| Wharf property damage proceeds | (10,000) | — | (10,000) | — | |||||||||||||||||||
| Wage and Hour Litigation settlement | 47 | (517) | (470) | — | |||||||||||||||||||
| Mexico arbitration matter | 46 | 95 | 141 | 2,150 | |||||||||||||||||||
| Flow-through share premium | — | — | — | (697) | |||||||||||||||||||
| Interest income | (4,661) | (6,225) | (10,886) | — | |||||||||||||||||||
| Transaction and integration costs | 3,954 | 19,910 | 23,864 | 11,710 | |||||||||||||||||||
| Adjusted EBITDA | $ | 478,267 | $ | 474,883 | 953,151 | $ | 335,675 | ||||||||||||||||
Free Cash Flow
Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.
The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.
| Consolidated | Three Months Ended | Six Months Ended | |||||||||||||||||||||
| (Dollars in thousands) | June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||
| Cash provided by operating activities | $ | 513,232 | $ | 340,836 | $ | 854,068 | $ | 274,586 | |||||||||||||||
| Capital expenditures | 125,709 | 74,079 | 199,788 | 110,809 | |||||||||||||||||||
| Free cash flow | $ | 387,523 | $ | 266,757 | $ | 654,280 | $ | 163,777 | |||||||||||||||
Operating Cash Flow Before Changes in Working Capital
Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By Operating Activities excluding the change in Receivables, Prepaid expenses and other, Inventories and Accounts payable and accrued liabilities as presented on the Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.
48
The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (Dollars in thousands) | June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| Cash provided by operating activities | $ | 513,232 | $ | 340,836 | $ | 854,068 | $ | 274,586 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Receivables | (17,890) | 4,733 | (13,157) | 821 | ||||||||||||||||
| Prepaid expenses and other | 22,944 | 427 | 23,371 | (84,489) | ||||||||||||||||
| Inventories | 24,463 | 26,803 | 51,266 | 22,473 | ||||||||||||||||
| Accounts payable and accrued liabilities | (29,441) | 71,951 | 42,510 | 1,898 | ||||||||||||||||
| Operating cash flow before changes in working capital | $ | 513,308 | $ | 444,750 | $ | 958,058 | $ | 215,289 | ||||||||||||
Net Debt and Leverage Ratio
Management defines Net Debt, a non-GAAP financial measure, as Total Debt less Cash and Cash Equivalents. We define Leverage Ratio, a non-GAAP financial measure, as the ratio of Net Debt to the Last Twelve Months Adjusted EBITDA. Management believes Net Debt and Leverage Ratio are important measures to monitor our financial flexibility and evaluate the strength of our Consolidated Balance Sheets. Net Debt and Leverage Ratio have limitations as analytical tools and may vary from similarly titled measures used by other companies. Net Debt and Leverage Ratio should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP.
The following table presents a reconciliation of Total Debt, the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented.
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| (Dollars in thousands) | June 30, 2026 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||
| Total debt | $ | 705,291 | $ | 761,376 | $ | 705,291 | $ | 380,722 | |||||||||||||||
| Cash and cash equivalents | (1,052,274) | (843,169) | (1,052,274) | (111,646) | |||||||||||||||||||
| Net (cash) debt | $ | (346,983) | $ | (81,793) | $ | (346,983) | $ | 269,076 | |||||||||||||||
| Net (cash) debt | $ | (346,983) | $ | (81,793) | $ | (346,983) | $ | 269,076 | |||||||||||||||
| Last Twelve Months Adjusted EBITDA | $ | 1,643,246 | $ | 1,378,779 | $ | 1,643,246 | $ | 578,082 | |||||||||||||||
| Net Leverage ratio | (0.2) | $ | (0.1) | (0.2) | 0.5 | ||||||||||||||||||
49
Costs Applicable to Sales
Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation. We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold, silver and copper, as well as assessing our operating performance and ability to generate free cash flow from operations and sustaining production. These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP. Management believes that allocating CAS to gold, silver and copper based on gold, silver and copper metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company. Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in IFRS Accounting Standards.
Three Months Ended June 30, 2026
| In thousands (except metal sales and per ounce amounts) | New Afton (1) | Rainy River (2) | Las Chispas | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales, including amortization (U.S. GAAP) | $ | 159,103 | $ | 351,100 | $ | 74,719 | $ | 67,371 | $ | 72,598 | $ | 56,400 | $ | 23,074 | $ | 934 | $ | 805,299 | |||||||||||||||||||||||||||||||||||
| Amortization | (106,377) | (79,357) | (39,626) | (6,086) | (13,691) | (8,220) | (1,261) | (934) | (255,552) | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 52,726 | $ | 271,743 | $ | 35,093 | $ | 61,285 | $ | 58,907 | $ | 48,180 | $ | 21,813 | $ | — | $ | 549,747 | |||||||||||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 13,832 | 69,050 | 16,459 | 19,907 | 11,748 | 20,700 | 16,181 | — | 167,877 | ||||||||||||||||||||||||||||||||||||||||||||
| Silver ounces | 29,261 | 189,824 | 1,565,096 | 1,483,118 | 1,235,420 | — | 15,544 | — | 4,518,263 | ||||||||||||||||||||||||||||||||||||||||||||
| Copper pounds | 11,287,253 | — | — | — | — | — | — | — | 11,287,253 | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $ | 1,778 | $ | 3,788 | $ | 853 | $ | 1,016 | $ | 1,855 | $ | 2,327 | $ | 1,280 | |||||||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $ | 13.45 | $ | 27.69 | $ | 30.04 | |||||||||||||||||||||||||||||||||||||||||||||||
| Copper ($/lb) | $ | 2.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes the impact of the preliminary PPA ascribed to Inventory of $141 million.
Three Months Ended March 31, 2026
(1) Includes the impact of the preliminary PPA ascribed to Inventory of $21 million.
(2) Includes the impact of the preliminary PPA ascribed to Inventory of $65 million.
| In thousands (except metal sales and per ounce amounts) | New Afton (1) | Rainy River (2) | Las Chispas | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales, including amortization (U.S. GAAP) | $ | 50,453 | $ | 109,133 | $ | 66,777 | $ | 58,037 | $ | 69,826 | $ | 56,482 | $ | 17,917 | $ | 956 | $ | 429,581 | |||||||||||||||||||||||||||||||||||
| Amortization | (14,214) | (16,689) | (35,319) | (6,789) | (16,043) | (8,669) | (893) | (956) | (99,572) | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 36,239 | $ | 92,444 | $ | 31,458 | $ | 51,248 | $ | 53,783 | $ | 47,813 | $ | 17,024 | $ | — | $ | 330,009 | |||||||||||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 3,906 | 21,407 | 14,898 | 22,935 | 14,090 | 21,267 | 9,917 | — | 108,420 | ||||||||||||||||||||||||||||||||||||||||||||
| Silver ounces | 9,132 | 31,990 | 1,460,512 | 1,468,463 | 1,386,919 | — | 14,540 | — | 4,371,556 | ||||||||||||||||||||||||||||||||||||||||||||
| Copper pounds | 3,385,075 | — | — | — | — | — | — | — | 3,385,075 | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $ | 4,488 | $ | 4,215 | $ | 781 | $ | 760 | $ | 1,451 | $ | 2,249 | $ | 1,591 | |||||||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $ | 13.57 | $ | 23.03 | $ | 24.04 | |||||||||||||||||||||||||||||||||||||||||||||||
| Copper ($/lb) | $ | 5.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes the impact of the preliminary PPA ascribed to Inventory of $21 million.
(2) Includes the impact of the preliminary PPA ascribed to Inventory of $65 million.
50
Six Months Ended June 30, 2026
| In thousands (except metal sales and per ounce amounts) | New Afton (1) | Rainy River (2) | Las Chispas | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales, including amortization (U.S. GAAP) | $ | 209,556 | $ | 460,233 | $ | 141,496 | $ | 125,408 | $ | 142,424 | $ | 112,882 | $ | 40,991 | $ | 1,890 | $ | 1,234,880 | |||||||||||||||||||||||||||||||||||
| Amortization | (120,591) | (96,046) | (74,945) | (12,875) | (29,734) | (16,889) | (2,154) | (1,890) | (355,124) | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 88,965 | $ | 364,187 | $ | 66,551 | $ | 112,533 | $ | 112,690 | $ | 95,993 | $ | 38,837 | $ | — | $ | 879,756 | |||||||||||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 17,738 | 90,457 | 31,357 | 42,842 | 25,838 | 41,967 | 26,098 | — | 276,297 | ||||||||||||||||||||||||||||||||||||||||||||
| Silver ounces | 38,393 | 221,814 | 3,025,608 | 2,951,581 | 2,622,339 | — | 30,084 | — | 8,889,819 | ||||||||||||||||||||||||||||||||||||||||||||
| Copper pounds | 14,672,328 | — | — | — | — | — | — | — | 14,672,328 | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $ | 2,371 | $ | 3,889 | $ | 806 | $ | 893 | $ | 1,614 | $ | 2,288 | $ | 1,398 | |||||||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $ | 13.64 | $ | 25.16 | $ | 27.07 | |||||||||||||||||||||||||||||||||||||||||||||||
| Copper ($/lb) | $ | 3.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes the impact of the preliminary PPA ascribed to Inventory of $205 million.
Six Months Ended June 30, 2025
(1) Includes the impact of the preliminary PPA ascribed to Inventory of $57 million.
| In thousands (except metal sales and per ounce amounts) | Las Chispas (1) | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales, including amortization (U.S. GAAP) | $ | 131,892 | $ | 110,993 | $ | 128,119 | $ | 105,931 | $ | 59,053 | $ | 1,874 | $ | 537,862 | |||||||||||||||||||||||||||
| Amortization | (31,311) | (18,587) | (31,655) | (17,692) | (3,023) | (1,874) | (104,142) | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 100,581 | $ | 92,406 | $ | 96,464 | $ | 88,239 | $ | 56,030 | $ | — | $ | 433,720 | |||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 25,632 | 49,495 | 28,594 | 48,956 | 43,587 | — | 196,264 | ||||||||||||||||||||||||||||||||||
| Silver ounces | 2,403,133 | 3,356,769 | 2,719,821 | — | 84,950 | — | 8,564,673 | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $ | 1,962 | $ | 896 | $ | 1,687 | $ | 1,801 | $ | 1,221 | |||||||||||||||||||||||||||||||
| Silver ($/oz) | $ | 20.93 | $ | 14.31 | $ | 17.73 | $ | — | |||||||||||||||||||||||||||||||||
51
Reconciliation of Costs Applicable to Sales for Updated 2026 Guidance
| In thousands (except metal sales and per ounce amounts) | New Afton(1) | Rainy River(2) | Las Chispas | Palmarejo | Rochester | Kensington | Wharf | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales, including amortization (U.S. GAAP) | $ | 669,740 | $ | 1,057,220 | $ | 287,680 | $ | 264,180 | $ | 394,840 | $ | 249,030 | $ | 132,130 | |||||||||||||||||||||||||||
| Amortization | (487,430) | (323,920) | (151,870) | (27,110) | (93,460) | (42,660) | (6,450) | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 182,310 | $ | 733,300 | $ | 135,810 | $ | 237,070 | $ | 301,380 | $ | 206,370 | $ | 125,680 | |||||||||||||||||||||||||||
| By-product credit | (7,520) | (35,620) | (6,580) | ||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | $ | 174,790 | $ | 697,680 | $ | 135,810 | $ | 237,070 | $ | 301,380 | $ | 206,370 | $ | 119,100 | |||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 55,000 | 240,640 | 60,950 | 98,680 | 81,720 | 104,000 | 87,380 | ||||||||||||||||||||||||||||||||||
| Silver ounces | 122,610 | 750,230 | 5,994,630 | 6,380,890 | 6,704,770 | 99,410 | |||||||||||||||||||||||||||||||||||
| Copper pounds | 45,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Revenue Split | |||||||||||||||||||||||||||||||||||||||||
| Gold | 46% | 100% | 39% | 37% | 43% | 100% | 100% | ||||||||||||||||||||||||||||||||||
| Silver | 61% | 63% | 57% | ||||||||||||||||||||||||||||||||||||||
| Copper | 54% | ||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $1,300 - $1,600 | $2,700 - $3,000 | $750 - $950 | $700 - $900 | $1,350 - $1,550 | $1,750 - $1,950 | $1,400 - $1,600 | ||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $12.50 - $14.50 | $21.50 - $23.50 | $23.00 - $25.00 | ||||||||||||||||||||||||||||||||||||||
| Copper ($lb) | $2.00 - $2.30 | ||||||||||||||||||||||||||||||||||||||||
(1) Includes the impact of the preliminary PPA ascribed to Inventory of $20 million.
(2) Includes the impact of the preliminary PPA ascribed to Inventory of $244 million.
Reconciliation of Costs Applicable to Sales for Previous 2026 Guidance
| In thousands (except metal sales and per ounce amounts) | New Afton(1) | Rainy River(2) | Las Chispas | Palmarejo | Rochester | Kensington | Wharf | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales, including amortization (U.S. GAAP) | $ | 723,147 | $ | 930,884 | $ | 397,764 | $ | 161,390 | $ | 365,418 | $ | 233,583 | $ | 142,683 | |||||||||||||||||||||||||||
| Amortization | (557,321) | (309,164) | (174,548) | (36,491) | (88,753) | (41,722) | (8,965) | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 165,826 | $ | 621,720 | $ | 223,216 | $ | 124,899 | $ | 276,665 | $ | 191,861 | $ | 133,718 | |||||||||||||||||||||||||||
| By-product credit | (14,325) | (26,950) | — | — | — | — | (6,132) | ||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | $ | 151,501 | $ | 594,770 | $ | 223,216 | $ | 124,899 | $ | 276,665 | $ | 191,861 | $ | 127,586 | |||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 70,071 | 267,315 | 59,521 | 100,000 | 81,143 | 105,137 | 86,868 | ||||||||||||||||||||||||||||||||||
| Silver ounces | 187,153 | 664,427 | 5,934,277 | 6,796,223 | 7,136,315 | 79,401 | |||||||||||||||||||||||||||||||||||
| Copper pounds | 57,921,066 | ||||||||||||||||||||||||||||||||||||||||
| Revenue Split | |||||||||||||||||||||||||||||||||||||||||
| Gold | 53% | 100% | 34% | 37% | 40% | 100% | 100% | ||||||||||||||||||||||||||||||||||
| Silver | 66% | 63% | 60% | ||||||||||||||||||||||||||||||||||||||
| Copper | 47% | ||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $1,000-$1,200 | $2,150 - $2,350 | $750 - $950 | $700 - $900 | $1,350 - $1,550 | $1,750 - $1,950 | $1,400 - $1,600 | ||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $12.50 - $14.50 | $21.50 - $23.50 | $23.00 - $23.50 | ||||||||||||||||||||||||||||||||||||||
| Copper ($lb) | $1.20 - $1.35 | ||||||||||||||||||||||||||||||||||||||||
(1) Includes the impact of the preliminary PPA ascribed to Inventory of $21 million.
(2) Includes the impact of the preliminary PPA ascribed to Inventory of $180 million.
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Cautionary Statement Concerning Forward-Looking Statements
This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold, silver and copper mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, tax rates and treatment, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, the Franco-Nevada Gold Stream Agreement at Palmarejo, liquidity management, financing plans, risk management strategies, capital allocation, and anticipated production, costs, expenses, and cash flow. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2025 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold, silver and copper, and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations and impacts from tariffs or other trade barriers (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to various market risks as a part of its operations and engages in risk management strategies to mitigate these risks. The Company continually evaluates the potential benefits of engaging in these strategies based on current market conditions. The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 13 -- Derivative Financial Instruments & Hedging Activities in the notes to the Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”. For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to “Item 2 - Cautionary Statement Concerning Forward-Looking Statements” in this Report. Actual results and actions could differ materially from those discussed below.
Gold, Silver and Copper Prices
Gold, silver and copper prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, global political and economic conditions, demand, investor sentiment, inflation or deflation, and global mine production. The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold, silver and copper.
Decreases in the market price of gold, silver and copper can also significantly affect the value of our metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets.
Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at June 30, 2026 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $4,504 and $4,116 per ounce, respectively, and a short-term and long-term silver price of $73.15 and $57.85 per ounce, respectively, and a short-term copper price of $6.05 per pound.
The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
Hedging
To mitigate the risks associated with metal price fluctuations, the Company may enter into option contracts to hedge future production. The Company had forward contracts for gold and silver that settled monthly through June 2024 in order to protect cash flow during the Rochester expansion ramp-up. The contracts were net cash settled and, if the spot price of gold at the time of expiration was lower than the fixed price or higher than the fixed prices, it resulted in a realized gain or loss, respectively. The forward contracts exposed us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions. To reduce counter-party credit exposure, the Company entered into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. For additional information, please see the section titled “Item 1A - Risk Factors” in this Report.
Provisional Metal Sales
The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract. Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability. The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold, silver and copper price at the end of each period from the provisional sale date to the date of final settlement. The mark-to-market gains and losses are recorded in earnings. At June 30, 2026, the Company had outstanding provisionally priced sales of 16,030 ounces of gold at an average price of $4,244 and of 4 million pounds of copper at an average price of $6.07. Changes in gold and copper prices resulted the in provisional pricing mark-to-market loss of $4 million and gain of $7 million for gold and copper,
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respectively, during the three months ended June 30, 2026. A 10% change in realized gold and copper prices would cause revenue to vary by $7 million and $2 million for gold and copper, respectively.
Gold and Copper Swap Contracts
Prior to completing the New Gold Transaction, New Gold had entered into gold and copper swap contracts to reduce exposure to gold and copper prices. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. At June 30, 2026, the Company had outstanding gold and copper swap contracts of 5,000 ounces of gold at an average price of $4,779 and of 4 million pounds of copper at an average price of $5.94. Changes in gold and copper prices resulted in swap contract gain of $9 million and $5.0 million for gold and copper, respectively, during the three months ended June 30, 2026.
Foreign Currency
The Company operates, or has mineral interests, in several foreign countries including Canada, Mexico, and New Zealand, which exposes it to foreign currency exchange rate risks. Foreign currency exchange rates are influenced by world market factors beyond the Company’s control, such as supply and demand for U.S. and foreign currencies and related monetary and fiscal policies. Fluctuations in local currency exchange rates in relation to the U.S. dollar may significantly impact profitability and cash flow.
Foreign Exchange Hedging
To manage foreign currency risk, the Company may enter into foreign currency forward exchange contracts. In 2020, the Company entered into foreign currency forward contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company had no outstanding foreign currency forward exchange contracts at June 30, 2026.
Interest Rates
Interest Rate Hedging
The Company may use financial instruments to manage exposures to changes in interest rates on loans, which exposes it to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, it does not pose credit risk. The Company seeks to minimize the credit risk in derivative instruments by entering into transactions with what it believes are high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The Company had no outstanding interest rate swaps at June 30, 2026.
Investment Risk
Equity Price Risk
The Company’s equity securities were not significant at June 30, 2026.
Item 4. Controls and Procedures
(a)Disclosure Controls and Procedures
As of the end of the period covered by this quarterly report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance regarding management’s control objectives.
The design of any system of controls is based in part upon certain assumptions about the likelihood of future events. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by it in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
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(b)Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting during the three months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
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PART II
Item 1. Legal Proceedings
See Note 17 -- Commitments and Contingencies in the notes to the Condensed Consolidated Financial Statements included herein.
Item 1A. Risk Factors
Item 1A – Risk factors of the 2025 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial conditions or operating results. Those risk factors have been supplemented and updated in the Company’s Form 10-Q for the quarter ended March 31, 2026 (the “Q1 2026 10-Q”). Except as supplemented and updated in the Q1 2026 10-Q, the risk factors set forth in the most recent Form 10-K remain current. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.
Item 4. Mine Safety Disclosures
Information pertaining to mine safety matters is reported in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act in Exhibit 95.1 attached to this Form 10-Q.
Item 5. Other Information
(a) Change in Officers
On May 13, 2026, Kenneth J. Watkinson, the Company’s Vice President, Corporate Controller and Chief Accounting Officer informed the Company of his intention to retire in early 2027. Mr. Watkinson is expected to remain in his current role until August 10, 2026, thereafter continuing as Vice President, Accounting to assist with transition matters through his retirement in early 2027.
Anne Beckhelheimer has been selected to assume the role of Senior Vice President, Tax, Corporate Controller and Chief Accounting Officer of the Company effective August 10, 2026. Ms. Beckelheimer, 46, joined the Company in June 2015 and has over 20 years of relevant experience. Ms. Beckelheimer has served as the Company’s Senior Vice President, Tax and Treasurer since February 2026. Ms. Beckelheimer previously served as Vice President, Tax and Treasurer from May 2020 to February 2026, as Vice President, Tax from March 2017 to May 2020, and as Director of Tax from June 2015 to March 2017. She began her career with KPMG, LLP and previously served as Senior Manager, Global Tax Accounting at Newmont Mining Corporation and as Tax Director for Royal Gold, Inc. Ms. Beckelheimer holds a Bachelor of Business Administration from Baylor University and a Masters of Taxation from the University of Denver. She is a Certified Public Accountant.
(c) Trading Plans
On May 19, 2026 , Casey M. Nault , Executive Vice President, General Counsel and Secretary , adopted a new trading arrangement for the sale of the shares of the Company’s common stock (the “Nault 10b5-1 Plan”). The Nault 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s Insider Trading Policy and is intended to satisfy the affirmative defense requirements of Rule 10b5-1(c) under the Exchange Act. The Nault 10b5-1 Plan provides for the sale of up to 240,000 shares of the Company’s common stock between August 18, 2026 and May 8, 2028 , pursuant to terms specified in the Nault 10b5-1 Plan.
On June 1, 2026 , Mitchell J. Krebs , Chairman, President and Chief Executive Officer , adopted a new trading arrangement for the sale of the shares of the Company’s common stock (the “Krebs 10b5-1 Plan”). The Krebs 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s Insider Trading Policy and is intended to satisfy the affirmative defense requirements of Rule 10b5-1(c) under the Exchange Act. The Krebs 10b5-1 Plan provides for the sale
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of up to 250,000 shares of the Company’s common stock between August 31, 2026 and February 28, 2027 , pursuant to terms specified in the Krebs 10b5-1 Plan.
On June 15, 2026 , Aoife McGrath , Executive Vice President, Exploration , adopted a new trading arrangement for the sale of the shares of the Company’s common stock (the “McGrath 10b5-1 Plan”). The McGrath 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s Insider Trading Policy and is intended to satisfy the affirmative defense requirements of Rule 10b5-1(c) under the Exchange Act. The McGrath 10b5-1 Plan provides for the sale of up to 30,000 shares of the Company’s common stock between December 18, 2026 and December 31, 2027 , pursuant to terms specified in the McGrath 10b5-1 Plan.
Item 6. Exhibits
| 31.1 | Certification of the CEO (Filed herewith). | ||||
| 31.2 | Certification of the CFO (Filed herewith). | ||||
| 32.1 | CEO Section 1350 Certification (Filed herewith). | ||||
| 32.2 | CFO Section 1350 Certification (Filed herewith). | ||||
| 95.1 | Mine Safety Disclosure (Filed herewith). | ||||
| 101.INS | XBRL Instance Document* | ||||
| 101.SCH | XBRL Taxonomy Extension Schema* | ||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase* | ||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase* | ||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase* | ||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase* | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101). | ||||
* The following financial information from Coeur Mining, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in XBRL (Extensible Business Reporting Language): Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statement of Changes in Stockholders’ Equity.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| COEUR MINING, INC. | |||||||||||
| (Registrant) | |||||||||||
| Dated | August 5, 2026 | /s/ Mitchell J. Krebs | |||||||||
| MITCHELL J. KREBS | |||||||||||
| Chairman, President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
| Dated | August 5, 2026 | /s/ Thomas S. Whelan | |||||||||
| THOMAS S. WHELAN | |||||||||||
| Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
| Dated | August 5, 2026 | /s/ Ken Watkinson | |||||||||
| KEN WATKINSON | |||||||||||
| Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer) | |||||||||||
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