Coeur Mining Q3 2026 net income falls to $109M
Coeur repurchased 6,083,383 shares in the quarter and declared a further $0.02-per-share dividend expected in December.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Rhea-AI Filing Summary
Coeur Mining, Inc. (CDE) reported third-quarter 2026 revenue of $983.6 million, compared with $554.6 million a year earlier, and net income of $109.4 million versus $266.8 million. Income and mining tax expense was $64.9 million in 2026, compared with a $96.9 million tax benefit in 2025; Coeur said several factors affected comparability, including a 2025 U.S. valuation allowance release.
Coeur completed its acquisition of New Gold on March 20, 2026, issuing approximately 392.7 million common shares for an implied equity value of approximately $6.9 billion. The purchase price allocation remained preliminary at September 30, 2026. New Gold contributed $354.7 million of revenue and a $42.6 million net loss in the third quarter.
For the first nine months of 2026, operating cash flow was $1,239.7 million versus $512.3 million a year earlier. At September 30, Coeur had $1,172.7 million in cash and cash equivalents and $972.3 million available under its $1.0 billion revolving credit facility, with no outstanding draws and $27.7 million of letters of credit.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue was $983.6 million, compared with $554.6 million in 2025.
- Moderate pointNine-month operating cash flow was $1,239.7 million, versus $512.3 million in 2025.
Negative
- Moderate pointThird-quarter net income was $109.4 million, compared with $266.8 million in 2025.
Filing Explained
By September 30, Coeur had repurchased shares; the new dividend remains scheduled for December 16.
Coeur Mining reports completed repurchases of common shares through
The repurchased shares are recorded as reductions to common stock; the dividend was declared but remained a future cash payment at the time of this filing.
Repurchases totaled 12,065,695 shares over the first nine months of 2026; the third-quarter portion was 6,083,383 shares.
Key Figures
Revenue: $983.6 million
Net income: $109.4 million
Cash provided by operating activities: $1,239.7 million
+5 more
8 metrics
Revenue
$983.6 million
Three months ended September 30, 2026; $554.6 million in 2025
Net income
$109.4 million
Three months ended September 30, 2026; $266.8 million in 2025
Cash provided by operating activities
$1,239.7 million
Nine months ended September 30, 2026; $512.3 million in 2025
Cash and cash equivalents
$1,172.7 million
September 30, 2026
Implied New Gold acquisition equity value
Approximately $6.9 billion
Acquisition completed March 20, 2026
Available revolving credit facility
$972.3 million
September 30, 2026
Shares repurchased
6,083,383 shares
Three months ended September 30, 2026
Average repurchase price
$18.20 per share
Three months ended September 30, 2026
Key Terms
purchase price allocation, senior secured revolving credit facility, contract liability, units-of-production basis
4 terms
purchase price allocation financial
"purchase price allocation (“PPA”) for New Gold is preliminary"
Purchase price allocation is the accounting process that breaks down the total amount paid for an acquired business into specific pieces—like tangible assets, identifiable intangible assets (brands, patents, customer lists) and goodwill—based on their estimated fair values. Investors care because this breakdown affects future earnings, tax costs and reported asset values: higher allocations to amortizable intangibles or goodwill can change profit volatility, depreciation and potential impairment charges, similar to splitting a restaurant bill to see what you actually bought versus what you paid extra for goodwill.
senior secured revolving credit facility financial
"provides for a $1.0 billion senior secured revolving credit facility"
A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.
contract liability financial
"represents a contract liability under ASC 606"
A contract liability is a legally binding obligation a company has under a contract to deliver goods, services, or a refund in the future in exchange for money or another benefit already received. Investors care because these obligations represent future cash outflows or performance risks—like an IOU on a household chore list—that can reduce available cash, affect earnings reliability, and change how risky or valuable a company’s financial position looks.
units-of-production basis technical
"recognized as revenue on a units-of-production basis"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CDE's Q3 2026 revenue and net income?
CDE reported $983.6 million in revenue and $109.4 million in net income for the third quarter of 2026. In the third quarter of 2025, revenue was $554.6 million and net income was $266.8 million. Income and mining tax expense was $64.9 million in 2026, versus a $96.9 million tax benefit in 2025.
What were the terms of CDE's New Gold acquisition?
Coeur completed the acquisition on March 20, 2026, issuing approximately 392,682,578 common shares for an implied total equity value of approximately $6.9 billion. New Gold shareholders received 0.4959 Coeur common shares for each New Gold common share. The purchase price allocation remained preliminary at September 30, 2026.
How much cash and revolving credit availability did CDE have at September 30, 2026?
Coeur had $1,172.7 million in cash and cash equivalents and $972.3 million available under its $1.0 billion revolving credit facility. The company had no outstanding draws and $27.7 million in outstanding letters of credit.
What dividend did CDE declare for December 2026?
The board declared a further dividend of $0.02 per share on November 4, 2026. It is expected to be paid on December 16, 2026, to stockholders of record at the close of business on November 30, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 September 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 1,021,903,475 shares were issued and outstanding as of November 2, 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 | 32 | |||||||
| Results of Operations | 38 | |||||||
| Liquidity and Capital Resources | 42 | |||||||
| 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 | 56 | ||||||
Item 1. Legal Proceedings | 56 | |||||||
Item 1A. Risk Factors | 56 | |||||||
Item 4. Mine Safety Disclosures | 56 | |||||||
| Item 5. Other Information | 56 | |||||||
Item 6. Exhibits | 57 | |||||||
| Signatures | 57 | |||||||
3
PART I
Item 1. Financial Statements and Supplementary Data
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| September 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 September 30, | Nine Months Ended September 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 September 30, | Nine Months Ended September 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 | 3,18 | ( | ( | |||||||||||||||||||||||
| Proceeds from the sale of assets | ( | |||||||||||||||||||||||||
| Purchase of investments | ( | ( | ||||||||||||||||||||||||
| Other | ( | ( | ( | ( | ||||||||||||||||||||||
| CASH USED IN 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 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| Net income | — | — | — | |||||||||||||||||||||||||||||
| Stock options exercise | — | |||||||||||||||||||||||||||||||
| Stock repurchase program | 15 | ( | ( | ( | — | ( | ||||||||||||||||||||||||||
| Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net | 11 | — | ||||||||||||||||||||||||||||||
| Balances at September 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 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| 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 September 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 September 30, 2026, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 74,898 and 10.4 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 September 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 September 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
9
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
changes to the 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 and integration costs were $39.3 million, with $25.0 million incurred in the nine months ended September 30, 2026. These 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 nine months ended September 30, 2026.
The following table summarizes the preliminary Acquisition Date PPA for the New Gold Transaction as of September 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 New Gold 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 on the Condensed Consolidated Statement of Comprehensive Income includes New Gold revenue of $354.7 million and $927.0 million and New Gold net loss of $42.6 million and $112.5 million in the three and nine months ended September 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 | Nine Months Ended | |||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||
| In thousands | ||||||||||||||||||||
| Revenue | $ | $ | $ | $ | ||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||||||
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 non-cash 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, 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 (loss) from operations. The CODM uses segment Income (loss) 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 (loss) 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 September 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 September 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 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nine Months Ended September 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
Nine Months Ended September 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 | September 30, 2026 | December 31, 2025 | |||||||||
| Total assets for reportable segments | $ | $ | |||||||||
| Cash and cash equivalents | |||||||||||
| Other assets | |||||||||||
| Total consolidated assets | $ | $ | |||||||||
Geographic Information
| Long-Lived Assets | September 30, 2026 | December 31, 2025 | |||||||||
| United States | $ | $ | |||||||||
| Mexico | |||||||||||
| Canada | |||||||||||
| Other | |||||||||||
| Total | $ | $ | |||||||||
| Revenue | Three months ended September 30, | Nine months ended September 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 | September 30, 2026 | December 31, 2025 | |||||||||
| Current receivables: | |||||||||||
| Trade receivable | $ | $ | |||||||||
VAT receivable(1) | |||||||||||
GST receivable(2) | |||||||||||
Income tax receivable - federal(3) | |||||||||||
Deferred cash consideration(4) | |||||||||||
| Other | |||||||||||
| $ | $ | ||||||||||
| Non-current receivables: | |||||||||||
Other receivable(5) | $ | $ | |||||||||
Contingent consideration(6) | |||||||||||
| $ | $ | ||||||||||
| Total receivables | $ | $ | |||||||||
(1) Consists of VAT receivable from Mexico.
(2) Consists of Goods and Services Tax (“GST”) receivable from Canada.
(3)Primarily consists of receivable owed in Mexico.
(3)
(4) Represents the fair value of the contingent consideration related to the sale of an asset. In September 2026, the Company received the $1.0 million contingent payment, resulting in the recognition of a gain of $0.2 million presented in Other, net on the Condensed Consolidated Statements of Comprehensive Income. For more details, please see Note 5 -- Receivables contained in the 2025 10-K.
(5) Primarily consists of exploration credit refunds at Silvertip.
(6) 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 | September 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 | $ | $ | |||||||||
(2) Includes $181.3 million and $41.5 million at Rainy River and Rochester at September 30, 2026, respectively. Includes $42.1 million at Rochester at December 31, 2025 .
The Company reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. In the three and nine months ended September 30, 2026, the cost of metal inventory at New Afton exceeded its net realizable value, which resulted in a non-cash write down of $7.5
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 | September 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 $4.8 million and $123.8 million associated with facilities and equipment assets under finance leases at September 30, 2026 and December 31, 2025, respectively.
(2) Includes $4.5 million and $75.1 million of accumulated amortization related to assets under finance leases at September 30, 2026 and December 31, 2025, respectively.
NOTE 8 – DEBT
| September 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 | |||||||||||||||||||||||
Revolving Credit Facility(3) | |||||||||||||||||||||||
| Finance lease obligations | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
(1) Net of unamortized debt issuance costs of $1.8 million and $2.3 million at September 30, 2026 and December 31, 2025, respectively.
(2) Net of unamortized debt issuance costs of $0.9 million at September 30, 2026.
(3) Unamortized debt issuance costs of $3.5 million and $1.9 million at September 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.
As at September 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, as amended (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”). On October 7, 2026, the Company entered into a supplemental indenture to the 2032 Senior Notes Indenture to clarify the date from which the initial interest payment on the 2032 Senior Notes accrues. 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 September 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 nine months ended September 30, 2026, the Company did not enter into a new lease financing arrangement. In the nine months ended September 30, 2026, the Company prepaid $43.1 million of Rochester finance leases, of which $39.5 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 September 30, | Nine Months Ended September 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 September 30, | Nine Months Ended September 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 September 30, | Nine Months Ended September 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 third quarter of 2026, the Company reported estimated income and mining tax expense of approximately $64.9 million, resulting in an effective tax rate of 37.3 %. This compares to income tax benefit of $96.9 million for an effective tax rate of (57.0 )% during the third 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) third quarter 2025 U.S. valuation allowance release; (ii) variations in the Company’s income before income taxes; (iii) geographic distribution of that income; (iv) foreign exchange rates; (v) percentage depletion; (vi) mining taxes; (vii) the impact of uncertain tax positions; and (viii) excess of tax benefits from share-based compensation. Fluctuations in foreign exchange rates on deferred tax balances
18
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
decreased income and mining tax expense by $6.5 million and increased income and mining tax expense by $9.8 million for the three months ended September 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 nine months ended September 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 September 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 September 30, 2026 and December 31, 2025, the Company had $34.3 million and $34.4 million of total gross unrecognized tax benefits, respectively, that, if recognized, would favorably 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 September 30, 2026 and December 31, 2025, the amount of accrued income-tax-related interest and penalties was $18.3 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 nine months ended September 30, 2026 was $11.3 million and $28.3 million, respectively, compared to $5.0 million and $12.5 million in the three and nine months ended September 30, 2025. At September 30, 2026, there was $26.7 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
19
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
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 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 nine months ended September 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 | $ | $ | |||||||||||||||||||||
| July 15, 2026 | $ | $ | |||||||||||||||||||||
During the nine months ended September 30, 2026, 89,583 stock options issued under the stock incentive plan were exercised at a weighted average price of $21.26 .
NOTE 12 – FAIR VALUE MEASUREMENTS
| Three Months Ended September 30, | Nine Months Ended September 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 September 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 nine months ended September 30, 2026.
The fair values of financial liabilities carried at book value in the financial statements at September 30, 2026 and December 31, 2025 is presented in the following tables, respectively:
| September 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 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1) Net of unamortized debt issuance costs of $1.8 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 was paid in July 2026. The fair value of the Deferred Cash Due 2026 at 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 objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges
21
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
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 September 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:
| September 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 nine months ended September 30, 2026 and 2025, respectively (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 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 September 30, | Nine Months Ended September 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 | |||||||||||||||||||||||
Wage and Hour Litigation settlement(1) | ( | ( | |||||||||||||||||||||
| Obligor exchange | |||||||||||||||||||||||
Wharf property damage proceeds(1) | ( | ||||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Pre-development, reclamation and other | $ | $ | $ | $ | |||||||||||||||||||
Other, net consists of the following:
| Three Months Ended September 30, | Nine Months Ended September 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 nine months ended September 30, 2026, there were 0.4 million and 0.9 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, nil and 1.1 million common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2025, respectively.
| Three Months Ended September 30, | Nine Months Ended September 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”). 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 June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) with BMO Capital Markets Corp. as the Company’s broker. 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. On September 7, 2026, the Company and BMO Capital Markets amended the Expanded Program Company 10b5-1 Plan to modify certain terms of the arrangement.
The following table summarizes repurchases made in the three and nine months ended September 30, 2026 and 2025 pursuant to the Program:
| Three months ended September 30, | Nine months ended September 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 nine months ended September 30, 2026 totaled approximately $21 million on approximately 1.0 billion qualifying shares.
On November 4, 2026, the Board declared a further dividend of $0.02 per share of Coeur common shares, which is expected to be paid on December 16, 2026 to stockholders of record at the close of business on November 30, 2026.
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 | September 30, 2026 | December 31, 2025(1) | September 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’s non-current assets include its investment in Guarantor Subsidiaries.
SUMMARIZED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 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 | September 30, 2026 | September 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
NINE MONTHS ENDED SEPTEMBER 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 of 2026, approximately $12.6 million of New Gold 2032 Senior Notes remained outstanding as at September 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 | September 30, 2026 | ||||
| Current assets | $ | ||||
| Non-current assets | $ | ||||
| Non-guarantor intercompany assets | $ | ||||
| Current liabilities | $ | ||||
| Non-current liabilities | $ | ||||
| Non-guarantor intercompany liabilities | $ | ||||
SUMMARIZED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 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 September 30, 2026, $29.6 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 September 30, | Nine Months Ended September 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 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 September 30, 2026, Rainy River had delivered 139,194 and 2,216,555 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 September 30, 2026, there were no remaining contract liabilities.
The following table presents a roll forward of the prepayment contract liability balance:
| Three Months Ended September 30, | Nine Months Ended September 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 resulting in a favorable adjustment of $0.6 million in Pre-development, reclamation, and other. In September 2026, the Company received $0.2 million in refund of uncashed checks related to the Wage and Hour Litigation settlement.
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 September 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
28
Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
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 able to satisfy future bonding requirements through existing or alternative means, as they arise.
NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION
Accrued liabilities and other consist of the following:
| In thousands | September 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.
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 on the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2026 and 2025:
| In thousands | September 30, 2026 | September 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 Las Chispas, 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.
Third Quarter Highlights
For the quarter, Coeur reported revenue of $1.0 billion and cash provided by operating activities of $386 million. We reported GAAP net income of $109 million, or $0.11 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $448 million and net income of $98 million or $0.10 per diluted share. For the nine months ended September 30, 2026, Coeur reported revenue of $2.9 billion and cash provided by operating activities of $1.2 billion. We reported GAAP net income of $478 million, or $0.52 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $1.4 billion and net income of $474 million or $0.51 per diluted share.
•Solid financial performance – On a year-over-year basis, revenue increased 77% to $1.0 billion, adjusted EBITDA increased 69% to $448 million, and free cash flow increased 27% to $240 million. Third quarter average realized gold and silver prices per ounce declined to $3,979 and $62.22, respectively, compared to $4,140 and $71.18 in the prior period. Silver contributed 27% of the Company’s revenue in the quarter
•Steady production and strong cost performance across balanced portfolio – Quarterly gold production totaled 161,400 ounces, with sequential quarterly production growth at Rochester and Wharf of 39% and 28%, respectively. Quarterly silver production of 4.2 million ounces decreased 12% year over year, primarily driven by lower silver grades at Palmarejo. Adjusted CAS per gold and silver ounce declined 16% and 1% quarter over quarter, respectively
•Growing balance sheet strength and consistent capital returns – Coeur’s cash balance increased more than fourfold versus the prior year to $1.2 billion, driven by strong free cash flow at each of the Company’s seven North American operations. Since the commencement of the enhanced $750 million share repurchase program in mid-May, Coeur has repurchased $231 million of common stock, or 12.6 million shares, including $111 million in the third quarter, representing approximately 46% of quarterly free cash flow. The Company today declared a second dividend of $0.02 per share, which is expected to be paid on December 16, 2026 to all stockholders of record as at the close of business on November 30, 2026
•Company continuing to target full-year production at the low-end of guidance ranges – Coeur continues to target achieving record full-year production of approximately 630,000 ounces of gold, 18.7 million ounces of silver, and 40.0 million pounds of copper, which represent the low end of the Company’s guidance ranges
30
Selected Financial and Operating Results
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Financial Results: (in thousands, except per share amounts) | |||||||||||||||||||||||
| Gold sales | $ | 653,758 | $ | 694,992 | $ | 1,823,972 | $ | 918,925 | |||||||||||||||
| Silver sales | $ | 268,192 | $ | 321,629 | $ | 952,019 | $ | 476,354 | |||||||||||||||
| Copper sales | $ | 61,666 | $ | 68,971 | $ | 149,409 | $ | — | |||||||||||||||
| Consolidated revenue | $ | 983,616 | $ | 1,085,592 | $ | 2,925,400 | $ | 1,395,279 | |||||||||||||||
| Net income | $ | 109,382 | $ | 121,853 | $ | 477,996 | $ | 370,903 | |||||||||||||||
| Net income per share, diluted | $ | 0.11 | $ | 0.12 | $ | 0.52 | $ | 0.61 | |||||||||||||||
Adjusted net income (loss)(1) | $ | 97,849 | $ | 122,607 | $ | 473,954 | $ | 266,064 | |||||||||||||||
Adjusted net income (loss) per share, diluted(1) | $ | 0.10 | $ | 0.12 | $ | 0.51 | $ | 0.44 | |||||||||||||||
EBITDA(1) | $ | 446,316 | $ | 482,086 | $ | 1,383,385 | $ | 557,448 | |||||||||||||||
Adjusted EBITDA(1) | $ | 447,965 | $ | 478,267 | $ | 1,401,117 | $ | 601,287 | |||||||||||||||
| Free cash flow | $ | 240,211 | $ | 387,523 | $ | 894,491 | $ | 352,449 | |||||||||||||||
Total debt(2) | $ | 701,652 | $ | 705,291 | $ | 701,652 | $ | 363,516 | |||||||||||||||
| Operating Results: | |||||||||||||||||||||||
| Gold ounces produced | 161,400 | 163,490 | 421,347 | 306,617 | |||||||||||||||||||
| Silver ounces produced | 4,201,137 | 4,391,870 | 12,981,353 | 13,207,251 | |||||||||||||||||||
| Copper pounds produced | 9,975,124 | 11,377,407 | 22,674,375 | — | |||||||||||||||||||
| Gold ounces sold | 164,311 | 167,877 | 440,608 | 310,759 | |||||||||||||||||||
| Silver ounces sold | 4,310,202 | 4,518,263 | 13,200,021 | 13,550,625 | |||||||||||||||||||
| Copper pounds sold | 9,268,535 | 11,287,253 | 23,940,863 | — | |||||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 2,054 | $ | 2,442 | $ | 2,191 | $ | 1,411 | |||||||||||||||
Adjusted CAS per silver ounce(1) | $ | 22.73 | $ | 22.99 | $ | 22.07 | $ | 17.54 | |||||||||||||||
Adjusted CAS per copper pound(1) | $ | 2.67 | $ | 2.33 | $ | 2.89 | $ | — | |||||||||||||||
| Average realized price per gold ounce | $ | 3,979 | $ | 4,140 | $ | 4,140 | $ | 2,957 | |||||||||||||||
| Average realized price per silver ounce | $ | 62.22 | $ | 71.18 | $ | 72.12 | $ | 35.15 | |||||||||||||||
| Average realized price per copper pound | $ | 6.65 | $ | 6.11 | $ | 6.24 | $ | — | |||||||||||||||
(1) See “Non-GAAP Financial Performance Measures”. Includes non-cash costs of $40 million and $140 million for the three months ended September 30, 2026 and June 30, 2026, respectively, and $265 million and $90 million for the nine months ended September 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.
31
Consolidated Financial Results
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Revenue
We sold 164,311 gold ounces, 4.3 million silver ounces, and 9.3 million copper pounds compared to 167,877 gold ounces, 4.5 million silver ounces, and 11.3 million copper pounds. Revenue decreased by $102 million, or 9%, as a result of a 2%, 5%, and 18% decrease in gold, silver, and copper sales, respectively, and a 4% and 13% decrease in average realized gold and silver prices, respectively, partially offset by a 9% increase in average realized copper price. The slight decrease in gold ounces sold was the result of lower grades at Rainy River and Palmarejo, and lower mill throughput at New Afton. This was partially offset by higher grades and tonnes placed at Rochester, timing of recoveries at Rochester and Wharf, and timing of sales at Kensington. The decrease in silver ounces sold was the result of lower grades at Las Chispas, Palmarejo, and Rochester, partially offset by higher mill throughput at Las Chispas and Palmarejo, and higher tonnes placed at Rochester. The decrease in copper production was due to lower mill throughput at New Afton. Gold, silver, and copper represented 67%, 27%, and 6% of third quarter 2026 sales revenue, respectively, compared to 64%, 30%, and 6% of second quarter 2026 sales revenue, respectively.
The following table summarizes consolidated metal sales:
| Three Months Ended | Increase (Decrease) | Percentage Change | |||||||||||||||||||||
| In thousands | September 30, 2026 | June 30, 2026 | |||||||||||||||||||||
| Gold sales | $ | 653,758 | $ | 694,992 | $ | (41,234) | (6) | % | |||||||||||||||
| Silver sales | 268,192 | 321,629 | (53,437) | (17) | % | ||||||||||||||||||
| Copper sales | 61,666 | 68,971 | (7,305) | (11) | % | ||||||||||||||||||
| Metal sales | $ | 983,616 | $ | 1,085,592 | $ | (101,976) | (9) | % | |||||||||||||||
Costs Applicable to Sales
Costs applicable to sales decreased $81 million, or 15%, primarily driven by the non-cash impact of the PPA ascribed to Inventory of $40 million compared to $140 million in the second quarter of 2026, partially offset by higher gold and silver ounces sold at Rochester, Kensington, and Wharf. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $5 million, or 2%, as a result of higher gold and silver ounces sold at Rochester, Kensington, and Wharf.
Expenses
General and administrative expenses decreased $1 million, or 5%, primarily due to lower outside service and travel costs, partially offset by higher stock-based compensation costs.
Exploration expense increased $9 million, or 26%, primarily due to higher scout drilling activity at Kensington and Silvertip.
Pre-development, reclamation, and other expenses increased $8 million, or 127%, as a result of receiving property damage insurance proceeds in the second quarter of 2026 related to the November 2025 fire incident at Wharf, partially offset by lower transaction and integration costs associated with the acquisition of New Gold.
The following table summarizes pre-development, reclamation and other expenses:
32
| Three Months Ended | Increase (Decrease) | Percentage Change | |||||||||||||||||||||
| In thousands | September 30, 2026 | June 30, 2026 | |||||||||||||||||||||
| Silvertip ongoing carrying costs | $ | 3,490 | $ | 3,242 | $ | 248 | 8 | % | |||||||||||||||
| Loss on sale of assets | 2,971 | 19 | 2,952 | 15,537 | % | ||||||||||||||||||
| Asset retirement accretion | 6,163 | 6,088 | 75 | 1 | % | ||||||||||||||||||
| Transaction and integration costs | 1,258 | 3,954 | (2,696) | (68) | % | ||||||||||||||||||
| Wage and Hour Litigation settlement | (163) | — | (163) | 100 | % | ||||||||||||||||||
| Obligor exchange | 312 | 2,464 | (2,152) | (87) | % | ||||||||||||||||||
| Wharf property damage proceeds | — | (10,000) | 10,000 | (100) | % | ||||||||||||||||||
| Other | 839 | 790 | 49 | 6 | % | ||||||||||||||||||
| Pre-development, reclamation and other expense | $ | 14,870 | $ | 6,557 | $ | 8,313 | 127 | % | |||||||||||||||
Other Income and Expenses
Interest expense (net of capitalized interest) remained comparable at $11 million. The RCF had no outstanding amount drawn as of September 30, 2026.
Other, net increased to $11 million compared to $10 million as a result of higher interest income, partially offset by lower foreign exchange rate gains.
Income and Mining Taxes
Income and mining tax expense of approximately $65 million resulted in an effective tax rate of 37.3% for the three months ended September 30, 2026. This compares to income tax expense of $93 million for an effective tax rate of 43.3% for the three months ended June 30, 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) foreign exchange rates; (ii) mining taxes; (iii) impact of uncertain tax positions; (iv) percentage depletion; (v) variations in the Company’s income before income taxes; (vi) geographic distribution of that income; and (vii) excess tax benefits from share-based compensation. Fluctuations in foreign exchange rates on deferred tax balances decreased income and mining tax expense by $7 million and increased income and mining tax expense by $10 million for the three months ended September 30, 2026 and June 30, 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 September 30, | Three Months Ended June 30, | ||||||||||||||||
| 2026 | 2026 | ||||||||||||||||
| In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||
| United States | $ | 125,635 | $ | (40,786) | $ | 122,619 | $ | (40,034) | |||||||||
| Canada | (91,886) | 23,163 | (101,258) | 29,955 | |||||||||||||
| Mexico | 140,742 | (47,315) | 193,907 | (83,159) | |||||||||||||
| Other jurisdictions | (171) | — | (177) | — | |||||||||||||
| $ | 174,320 | $ | (64,938) | $ | 215,091 | $ | (93,238) | ||||||||||
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”.
33
The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. During the three and nine months ended September 30, 2026, the Company released nil and $1 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 September 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 $109 million, or $0.11 per diluted share, compared to $122 million, or $0.12 per diluted share. The decrease in net income resulted from a 2%, 5%, and 18% decrease in gold, silver, and copper sales, respectively, a 4% and 13% decrease in average realized gold and silver prices, respectively, higher exploration costs, the receipt of property damage insurance proceeds in the second quarter of 2026 related to the November 2025 fire incident at Wharf, and higher income and mining taxes. This was partially offset by a 9% increase in average realized copper price, and lower non-cash impact of the PPA ascribed to Inventory of $40 million compared to $140 million in the second quarter of 2026. Adjusted net income was $98 million, or $0.10 per diluted share, compared to $123 million, or $0.12 per diluted share (see “Non-GAAP Financial Performance Measures”).
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Revenue
The Company sold 440,608 gold ounces, 13.2 million silver ounces, and 23.9 million copper pounds compared to 310,759 gold ounces, 13.6 million silver ounces, and zero copper pounds. Revenue increased by $1.5 billion, or 110%, as a result of post-acquisition sales at Rainy River and New Afton, and a 40% and 105% increase in average realized gold and silver prices, respectively. This was partially offset by a 15% and 6% decrease in gold and silver ounces sold from the Company’s United States and Mexico operations, respectively. 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 grades at Palmarejo, Rochester, and Kensington, and temporarily reduced crushing capacity at Wharf. The decrease in silver ounces sold resulted from lower grades at Palmarejo and Rochester, partially offset by full-year sales at Las Chispas. Gold, silver and copper represented 62%, 33% and 5% of 2026 sales, respectively, compared to 66%, 34% and nil of 2025 sales, respectively.
The following table summarizes consolidated metal sales:
| Nine Months Ended September 30, | Increase (Decrease) | Percentage Change | |||||||||||||||||||||
| In thousands | 2026 | 2025 | |||||||||||||||||||||
| Gold sales | $ | 1,823,972 | $ | 918,925 | $ | 905,047 | 98 | % | |||||||||||||||
| Silver sales | 952,019 | 476,354 | 475,665 | 100 | % | ||||||||||||||||||
| Copper sales | 149,409 | — | 149,409 | 100 | % | ||||||||||||||||||
| Metal sales | $ | 2,925,400 | $ | 1,395,279 | $ | 1,530,121 | 110 | % | |||||||||||||||
Costs Applicable to Sales
Costs applicable to sales increased $666 million, or 98%, 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 at Wharf. Cost applicable to sales includes the non-cash impact of the PPA ascribed to Inventory of $265 million compared to $90 million during 2025. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $440 million, or 248%, 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 $24 million, or 57%, primarily due to the New Gold Transaction, higher stock-based compensation, outside services, and audit fees.
34
Exploration expense increased $35 million, or 51%, 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 $5 million, or 12%, primarily due to higher transaction and integration costs related to the New Gold Transaction, higher asset retirement obligation accretion, and increased Silvertip care and maintenance costs, partially offset by the receipt of property damage insurance proceeds in the second quarter of 2026 related to the November 2025 fire incident at Wharf and the Wage and Hour Litigation settlement recorded in 2025.
The following table summarizes pre-development, reclamation and other expenses:
| Nine Months Ended September 30, | Increase (Decrease) | Percentage Change | ||||||||||||||||||
| In thousands | 2026 | 2025 | ||||||||||||||||||
| Silvertip ongoing carrying costs | $ | 9,998 | $ | 7,667 | $ | 2,331 | 30 | % | ||||||||||||
| (Gain) Loss on sale of assets | 3,016 | 416 | 2,600 | 625 | % | |||||||||||||||
| Asset retirement accretion | 17,090 | 14,620 | 2,470 | 17 | % | |||||||||||||||
| Kensington royalty settlement | — | (95) | 95 | (100) | % | |||||||||||||||
| Transaction and integration costs | 25,122 | 12,161 | 12,961 | 107 | % | |||||||||||||||
| Obligor exchange | 2,776 | — | 2,776 | 100 | % | |||||||||||||||
| Wharf property damage proceeds | (10,000) | — | (10,000) | (100) | % | |||||||||||||||
| Wage and Hour Litigation settlement | (633) | 6,998 | (7,631) | (109) | % | |||||||||||||||
| Other | 3,885 | 4,190 | (305) | (7) | % | |||||||||||||||
| Pre-development, reclamation and other expense | $ | 51,254 | $ | 45,957 | $ | 5,297 | 12 | % | ||||||||||||
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) increased to $28 million from $25 million due to 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 under the RCF driven by lower average debt levels and lower interest paid under finance leases. The new $1.0 billion RCF had no outstanding amount drawn as of September 30, 2026.
Other, net increased to a gain of $28 million compared to $1.0 million as a result of higher interest income and foreign exchange rate gains.
Income and Mining Taxes
Income and mining tax expense of approximately $260 million resulted in an effective tax rate of 35.2% for 2026. This compares to income tax benefit of $16 million for an effective tax rate of (4.5)% for 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) third quarter 2025 U.S. valuation allowance release; (ii) variations in the Company’s income before income taxes; (iii) geographic distribution of that income; (iv) mining taxes; (v) percentage depletion; (vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and (viii) excess of tax benefits from share-based compensation. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $2 million and $38 million for the nine months ended September 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:
35
| Nine Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | |||||||||||||
| United States | $ | 387,427 | $ | (111,462) | $ | 210,325 | $ | 115,202 | |||||||||
| Canada | (234,711) | 61,499 | (39,281) | (1,124) | |||||||||||||
| Mexico | 586,009 | (210,167) | 184,486 | (98,205) | |||||||||||||
| Other jurisdictions | (599) | — | (500) | — | |||||||||||||
| $ | 738,126 | $ | (260,130) | $ | 355,030 | $ | 15,873 | ||||||||||
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 its U.S. net deferred tax assets. During the three and nine months ended September 30, 2026, the Company released nil and $1 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 September 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 $478 million, or $0.52 per diluted share, compared to $371 million, or $0.61 per diluted share. The increase in net income was driven by post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas, and a 40% and 105% increase in average realized gold and silver prices, respectively. This was partially offset by a 15% and 6% decrease in gold and silver ounces sold from the Company’s United States and Mexico operations, respectively, post-acquisition costs applicable to sales at Rainy River and New Afton, higher non-cash impact of the PPA ascribed to Inventory of $265 million compared to $90 million in 2025, higher general and administrative, exploration, transaction and integration costs, and higher mining and income tax expense. Adjusted net income was $474 million, or $0.51 per diluted share, compared to $266 million, or $0.44 per diluted share (see “Non-GAAP Financial Performance Measures”).
36
2026 Guidance
The Company expects full-year 2026 metal production at the low end of the respective guidance ranges for gold, silver and copper. As a result, CAS1 are expected to be at the upper end of respective full-year 2026 ranges.
Capital expenditures, amortization, exploration, general and administrative expenses (“G&A”), and cash income and mining taxes are trending toward the low end of guidance ranges.
2026 Production Guidance
| Gold | Silver | Copper | ||||||||||||||||||||||||||||||||||||
| (oz) | (K oz) | (M lbs) | ||||||||||||||||||||||||||||||||||||
| New Afton | 50,000 - 60,000 | 100 - 180 | 40 - 50 | |||||||||||||||||||||||||||||||||||
| Rainy River | 190,000 - 230,000 | 380 - 450 | - | |||||||||||||||||||||||||||||||||||
| Las Chispas | 55,000 - 65,000 | 5,500 - 6,300 | - | |||||||||||||||||||||||||||||||||||
| Palmarejo | 95,000 - 105,000 | 6,250 - 7,000 | - | |||||||||||||||||||||||||||||||||||
| Rochester | 70,000 - 90,000 | 6,400 - 7,800 | - | |||||||||||||||||||||||||||||||||||
| Kensington | 98,000 - 110,000 | - | - | |||||||||||||||||||||||||||||||||||
| Wharf | 72,000 - 90,000 | 50 - 200 | - | |||||||||||||||||||||||||||||||||||
| Total | 630,000 - 750,000 | 18,680 - 21,930 | 40 - 50 | |||||||||||||||||||||||||||||||||||
2026 Adjusted Costs Applicable to Sales Guidance
| Gold | Silver | Copper | |||||||||
| ($/oz) | ($/oz) | ($/lb) | |||||||||
| New Afton (co-product) | $1,300 - $1,600 | - | $2.00 - $2.30 | ||||||||
| Rainy River (by-product) | $2,700 - $3,000 | - | - | ||||||||
| Las Chispas (co-product) | $750 - $950 | $12.50 - $14.50 | - | ||||||||
| Palmarejo (co-product) | $700 - $900 | $21.50 - $23.50 | - | ||||||||
| Rochester (co-product) | $1,350 - $1,550 | $23.00 - $25.00 | - | ||||||||
| Kensington | $1,750 - $1,950 | - | - | ||||||||
| Wharf (by-product) | $1,400 - $1,600 | - | - | ||||||||
2026 Capital, Amortization, Exploration, G&A and Income and Mining Tax Guidance
| ($M) | |||||||||||
| Capital Expenditures, Sustaining | $360 - $405 | ||||||||||
| Capital Expenditures, Development | $160 - $200 | ||||||||||
| Exploration, Expensed | $118 - $132 | ||||||||||
| Exploration, Capitalized | $29 - $37 | ||||||||||
| General & Administrative Expenses | $90 - $100 | ||||||||||
| Cash Income and Mining Taxes | $350 - $450 | ||||||||||
| Amortization | $1,100 - $1,200 | ||||||||||
| Effective Tax Rate (%) | 34% - 38% | ||||||||||
The Company’s guidance figures assume estimated prices of $4,000/oz gold, $55.00/oz silver, and $6.25/lb copper, as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.
37
Results of Operations
New Afton, Canada
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 928,052 | 1,101,408 | 2,163,845 | — | |||||||||||||||||||
| Average gold grade (grams/tonne) | 0.49 | 0.48 | 0.48 | — | |||||||||||||||||||
| Average copper grade (%) | 0.55 | 0.54 | 0.54 | — | |||||||||||||||||||
| Average recovery rate – Au | 83.7 | % | 82.6 | % | 83.2 | % | — | % | |||||||||||||||
| Average recovery rate – Cu | 88.0 | % | 86.7 | % | 87.6 | % | — | % | |||||||||||||||
| Gold ounces produced | 12,189 | 14,059 | 27,853 | — | |||||||||||||||||||
| Silver ounces produced | 26,208 | 29,209 | 59,091 | — | |||||||||||||||||||
| Copper pounds produced | 9,975,124 | 11,377,407 | 22,674,375 | — | |||||||||||||||||||
| Gold ounces sold | 11,526 | 13,832 | 29,264 | — | |||||||||||||||||||
| Silver ounces sold | 23,811 | 29,261 | 62,204 | — | |||||||||||||||||||
| Copper pounds sold | 9,268,535 | 11,287,253 | 23,940,863 | — | |||||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 1,673 | $ | 1,766 | $ | 2,080 | — | ||||||||||||||||
Adjusted CAS per copper pound(1) | $ | 2.67 | $ | 2.33 | $ | 2.89 | — | ||||||||||||||||
(1) See Non-GAAP Financial Performance Measures. Includes the non-cash impact of $327 and $0.45 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the nine months ended September 30, 2026. The non-cash impact on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA in the second and third quarters of 2026 was not significant.
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Gold and copper production decreased 13% and 12%, respectively, due to a conveyor belt failure, which temporarily limited ore supply to the mill. Metal sales were $111 million, or 11% of Coeur’s metal sales, compared with $133 million, or 12% of Coeur’s metal sales. Revenue decreased by $22 million, or 17%, of which $23 million was due to lower volume of gold and copper production, and $5 million was due to lower average realized gold prices, partially offset by $6 million due to higher average realized copper prices. Costs applicable to sales per gold ounce and copper pound sold decreased 5% and increased 15%, respectively, due to the mix of gold and copper sales, which impacted co-product cost allocation, and higher maintenance costs. The second and third quarter PPA non-cash impact was not significant. Amortization increased by $8 million to $114 million primarily due to the LCM adjustment of $8 million. Capital expenditures increased by $3 million to $15 million as a result of higher mining equipment purchases.
Nine Months Ended September 30, 2026
New Afton results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $282 million, or 10% of Coeur’s metal sales. Costs applicable to sales per gold ounce and copper pound sold includes $327 and $0.45, respectively, of costs related to the non-cash expensing of $20 million of PPA that was ascribed to Inventory. Amortization totaled $234 million. Capital expenditures were $27 million.
Rainy River, Canada
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 2,362,558 | 2,396,866 | 4,985,056 | — | |||||||||||||||||||
| Average gold grade (grams/tonne) | 0.77 | 0.90 | 0.88 | — | |||||||||||||||||||
| Average recovery rate – Au | 92.0 | % | 92.5 | % | 92.6 | % | — | % | |||||||||||||||
| Gold ounces produced | 53,965 | 64,042 | 130,501 | — | |||||||||||||||||||
| Silver ounces produced | 115,958 | 127,044 | 262,211 | — | |||||||||||||||||||
| Gold ounces sold | 57,701 | 69,050 | 148,158 | — | |||||||||||||||||||
| Silver ounces sold | 173,952 | 189,824 | 395,766 | — | |||||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 2,883 | $ | 3,788 | $ | 3,497 | — | ||||||||||||||||
38
(1) See Non-GAAP Financial Performance Measures. Includes the non-cash impact of $694, $2,036, and $1,656 on costs applicable to sales per gold ounce sold, attributable to PPA ascribed to Inventory of $40 million, $141 million, and $245 million in the third quarter, second quarter and nine months ended September 30, 2026, respectively.
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Gold and silver production decreased 16% and 9%, respectively, attributable to heavy rainfall and lower productivity in the Phase 4 open pit, resulting in increased use of lower-grade stockpiles. Metal sales were $243 million, or 25% of Coeur’s metal sales, compared with $305 million, or 28% of Coeur’s metal sales. Revenue decreased by $61 million, or 20%, of which $47 million was due to lower volume of gold production and $14 million due to lower average realized gold and silver prices. Costs applicable to sales per gold ounce sold for third and second quarter of 2026 include $694 and $2,036, respectively, of costs related to the non-cash expensing of $40 million and $141 million, respectively, of PPA that was ascribed to Inventory. Amortization totaled $70 million. Capital expenditures increased by $4 million to $61 million related to open pit expansion.
Nine Months Ended September 30, 2026
Rainy River results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $645 million, or 22% of Coeur’s metal sales. Costs applicable to sales per gold ounce sold include $1,656 of costs related to the non-cash expensing of $245 million of PPA that was ascribed to Inventory. Amortization totaled $166 million. Capital expenditures were $125 million.
Las Chispas, Mexico
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 135,811 | 129,334 | 384,342 | 288,197 | |||||||||||||||||||
| Average gold grade (grams/tonne) | 3.8 | 3.7 | 3.8 | 4.3 | |||||||||||||||||||
| Average silver grade (grams/tonne) | 354 | 370 | 370 | 407 | |||||||||||||||||||
| Average recovery rate – Au | 96.5 | % | 100.2 | % | 98.5 | % | 98.4 | % | |||||||||||||||
| Average recovery rate – Ag | 97.9 | % | 97.6 | % | 98.3 | % | 98.1 | % | |||||||||||||||
| Gold ounces produced | 15,942 | 15,518 | 46,491 | 39,986 | |||||||||||||||||||
| Silver ounces produced | 1,513,455 | 1,502,898 | 4,497,019 | 3,774,761 | |||||||||||||||||||
| Gold ounces sold | 15,839 | 16,459 | 47,196 | 43,432 | |||||||||||||||||||
| Silver ounces sold | 1,498,806 | 1,565,096 | 4,524,414 | 4,077,903 | |||||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 977 | $ | 841 | $ | 849 | $ | 1,925 | |||||||||||||||
Adjusted CAS per silver ounce(1) | $ | 14.26 | $ | 13.27 | $ | 13.84 | $ | 20.50 | |||||||||||||||
(1) See Non-GAAP Financial Performance Measures. Includes the non-cash impact of $1,038 and $11.05 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $90 million in the nine months ended September 30, 2025.
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Gold and silver production increased 3% and 1%, respectively, as a result of higher mill throughput and higher gold grades, partially offset by lower silver grades. Metal sales were $162 million, or 16% of Coeur’s metal sales, compared with $187 million, or 17% of Coeur’s metal sales. Revenue decreased by $25 million, or 14%, of which $18 million was due to lower average realized gold and silver prices, and $7 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 16% and 7%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, and lower production, partially offset by lower labor and outside service costs. Amortization increased by $2 million to $42 million as a result of higher gold and silver ounces sold from short-term stockpile. Capital expenditures increased to $17 million driven by the timing of capital expenditure payments.
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Las Chispas results represent post-acquisition activity subsequent to the SilverCrest Transaction that closed on February 14, 2025, which drove gold and silver production increases of 16% and 19%, respectively. Metal sales were $542 million, or 19% of Coeur’s metal sales, compared with $287 million, or 21% of Coeur’s metal sales. Revenue increased by $255 million, or 89%, of which $206 million was due to higher gold and silver prices, and $49 million was attributable to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 56% and 32%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and the absence of the PPA that was ascribed to Inventory in 2026. In the prior year, costs applicable to sales per gold and silver ounce sold included $1,038 and $11.05, respectively, of non-cash costs related to the expensing of the $90 million of PPA. Amortization and capital expenditures increased to $117 million and $46 million, respectively, due to a full year of results in 2026.
39
Palmarejo, Mexico
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Tonnes milled | 507,634 | 485,614 | 1,434,969 | 1,279,191 | |||||||||||||||||||
| Average gold grade (grams/tonne) | 1.2 | 1.3 | 1.4 | 1.9 | |||||||||||||||||||
| Average silver grade (grams/tonne) | 89 | 112 | 105 | 135 | |||||||||||||||||||
| Average recovery rate – Au | 93.1 | % | 93.8 | % | 94.4 | % | 94.3 | % | |||||||||||||||
| Average recovery rate – Ag | 87.8 | % | 85.5 | % | 87.6 | % | 88.6 | % | |||||||||||||||
| Gold ounces produced | 18,469 | 18,602 | 59,989 | 75,106 | |||||||||||||||||||
| Silver ounces produced | 1,277,571 | 1,488,595 | 4,241,433 | 4,935,746 | |||||||||||||||||||
| Gold ounces sold | 18,595 | 19,907 | 61,437 | 76,345 | |||||||||||||||||||
| Silver ounces sold | 1,351,863 | 1,483,118 | 4,303,444 | 4,989,965 | |||||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 1,174 | $ | 1,016 | $ | 958 | $ | 897 | |||||||||||||||
Adjusted CAS per silver ounce(1) | $ | 28.71 | $ | 27.69 | $ | 26.55 | $ | 14.88 | |||||||||||||||
(1) See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Gold and silver production decreased 1% and 14%, respectively, as a result of lower gold and silver grades, partially offset by higher mill throughput. Metal sales were $132 million, or 13% of Coeur’s metal sales, compared with $160 million, or 15% of Coeur’s metal sales. Revenue decreased by $27 million, or 17%, of which $15 million was due to lower average realized gold and silver prices, and $12 million was attributable to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 16% and 4%, 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 remained comparable at $6 million. Capital expenditures increased to $8 million due to higher infill drilling.
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Gold and silver production decreased 20% and 14%, respectively, as a result of lower gold and silver grades, partially offset by higher mill throughput. Metal sales were $480 million, or 16% of Coeur’s metal sales, compared with $331 million, or 24% of Coeur’s metal sales. Revenue increased by $149 million, or 45%, of which $239 million was due to higher gold and silver prices, partially offset by $90 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 7% and 78%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, lower production, and the unfavorable impact of exchange rates in 2025. Amortization decreased to $19 million due to lower gold and silver ounces sold. Capital expenditures increased to $24 million due to higher levels of underground development and infill drilling.
Rochester, United States
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | |||||||||||||||||
Tonnes placed(1) | 8,182,208 | 8,041,787 | 22,948,621 | 20,997,033 | ||||||||||||||||
| Average gold grade (grams/tonne) | 0.09 | 0.07 | 0.08 | 0.09 | ||||||||||||||||
| Average silver grade (grams/tonne) | 12.0 | 12.2 | 11.4 | 20.0 | ||||||||||||||||
| Gold ounces produced | 16,211 | 11,671 | 41,994 | 42,456 | ||||||||||||||||
| Silver ounces produced | 1,233,319 | 1,225,170 | 3,852,923 | 4,384,191 | ||||||||||||||||
| Gold ounces sold | 15,723 | 11,748 | 41,561 | 42,569 | ||||||||||||||||
| Silver ounces sold | 1,227,882 | 1,235,420 | 3,850,221 | 4,376,157 | ||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 1,762 | $ | 1,832 | $ | 1,650 | $ | 1,624 | ||||||||||||
Adjusted CAS per silver ounce(1) | $ | 26.48 | $ | 29.66 | $ | 26.72 | $ | 17.82 | ||||||||||||
(1) 6.8 million tonnes of crushed ore were placed on the new leach pad in each of the three months ended September 30, 2026 and June 30, 2026. During the nine months ended September 30, 2026 and September 30, 2025, 19.5 million and 16.8 million tonnes of crushed ore were placed on the new leach pad, respectively.
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(2) See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Gold and silver production increased 39% and 1%, respectively, driven by higher gold-grade ore placement and improved recoveries from newly commissioned leach pads, partially offset by lower silver grades. Ore tonnes crushed during the quarter consisted of approximately 6.8 million tonnes (7.5 million tons) through the crushing circuit. Ore tonnes placed during the quarter totaled 8.2 million tonnes (9.0 million tons). Metal sales were $144 million, or 15% of Coeur’s metal sales, compared with $141 million, or 13% of Coeur’s metal sales. Revenue increased by $4 million, or 3%, of which $16 million was attributable to a higher volume of gold and silver production, partially offset by $12 million due to lower average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 4% and 11%, respectively, as a result of the mix of gold and silver sales which impacted co-production cost allocation, increased recoverable ounces placed on the new leach pad, and lower labor costs, partially offset by higher consumable and maintenance costs. Amortization increased to $17 million driven by the increase in gold ounces sold. Capital expenditures increased to $22 million from $18 million due to higher mining equipment purchases.
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Gold and silver production decreased 1% and 12%, respectively, as a result of lower gold and silver grades, partially offset by higher placement rates. Metal sales were $467 million, or 16% of Coeur’s metal sales, compared with $290 million, or 21% of Coeur’s metal sales in the prior year period. Revenue increased by $177 million, or 61%, of which $220 million was due to higher average realized gold and silver prices, partially offset by $43 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 2% and 50%, 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 $46 million due to lower gold and silver ounces sold. Capital expenditures increased to $63 million from $51 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 | Nine Months Ended | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | |||||||||||||||||
| Tonnes milled | 169,440 | 169,823 | 496,516 | 513,664 | ||||||||||||||||
| Average gold grade (grams/tonne) | 4.3 | 4.3 | 4.4 | 5.0 | ||||||||||||||||
| Average recovery rate | 91.3 | % | 91.5 | % | 91.4 | % | 91.7 | % | ||||||||||||
| Gold ounces produced | 21,483 | 21,528 | 63,536 | 76,501 | ||||||||||||||||
| Gold ounces sold | 21,919 | 20,700 | 63,886 | 76,967 | ||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 2,304 | $ | 2,323 | $ | 2,290 | $ | 1,742 | ||||||||||||
(1) See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Gold production remained comparable. Metal sales were $91 million, or 9% of Coeur’s metal sales, compared to $87 million, or 8% of Coeur’s metal sales. Revenue increased by $4 million, or 5%, of which $5 million was due to higher volume of gold sales, partially offset by $1 million due to lower average realized gold prices. Costs applicable to sales per gold ounce decreased 1% resulting from lower labor costs, partially offset by higher consumable costs. Amortization increased to $10 million, primarily due to an increase in gold ounces sold. Capital expenditures remained comparable at $12 million.
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Gold production decreased 17% as a result of lower mill throughput and lower grades. Metal sales were $287 million, or 10% of Coeur’s metal sales, compared to $254 million, or 18% of Coeur’s metal sales in the prior year period. Revenue increased by $34 million, or 13%, of which $93 million was due to higher average realized gold prices, partially offset by $59 million resulting from lower volume of gold production. Costs applicable to sales per gold ounce increased 31% due to lower production, and higher labor and consumable costs, partially offset by lower outside service costs. Amortization decreased to $27 million due to lower gold ounces sold. Capital expenditures decreased to $33 million from $47 million due to a decrease in underground development, capitalized exploration and tailings dam expansion expenditures.
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Wharf, United States
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | |||||||||||||||||
| Tonnes placed | 895,120 | 1,412,212 | 2,673,516 | 3,161,509 | ||||||||||||||||
| Average gold grade (grams/tonne) | 0.9 | 1.2 | 1.1 | 1.0 | ||||||||||||||||
| Gold ounces produced | 23,141 | 18,070 | 50,983 | 72,568 | ||||||||||||||||
| Silver ounces produced | 34,626 | 18,954 | 68,676 | 112,553 | ||||||||||||||||
| Gold ounces sold | 23,008 | 16,181 | 49,106 | 71,446 | ||||||||||||||||
| Silver ounces sold | 33,888 | 15,544 | 63,972 | 106,600 | ||||||||||||||||
Adjusted CAS per gold ounce(1) | $ | 1,580 | $ | 1,267 | $ | 1,478 | $ | 1,161 | ||||||||||||
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Gold production increased 28% driven by timing of recoveries. Ore tonnes placed decreased quarter-over-quarter due to lower crusher availability associated with the completion of crusher circuit ramp-up and grid power disruptions. Metal sales were $99 million, or 10% of Coeur’s metal sales, compared to $73 million, or 7% of Coeur’s metal sales in the prior year period. Revenue increased by $26 million, or 36%, of which $30 million resulted from higher gold production, partially offset by $4 million due to lower average realized gold prices. Costs applicable to sales per gold ounce increased 25% as a result of the $10 million received in the second quarter for the business interruption insurance claim, and higher labor and consumable costs, partially offset by lower outside service and royalty costs. Amortization increased to $2 million as a result of the increase in gold ounces mined. Capital expenditures increased to $4 million from $(2) million, due to a partial recovery of property insurance proceeds of $10 million received in the second quarter. The Company recognizes property damage and business interruption insurance recoveries in accordance with the nature of the claim.
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Gold production decreased 30% driven by lower grade 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 November 2025. Metal sales were $222 million, or 8% of Coeur’s metal sales, compared to $233 million, or 17% of Coeur’s metal sales in the prior year period. Revenue decreased by $11 million, or 5%, of which $102 million was due to lower gold production, partially offset by $91 million attributable to higher average realized gold prices. Costs applicable to sales per gold ounce increased 27% due to lower ore tonnes placed and higher labor, consumable, royalty, and outside service costs, partially offset by the $10 million received for the business interruption claim. Amortization decreased to $4 million as a result of lower gold ounces mined. Capital expenditures remained comparable at $15 million, which includes a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million in 2026.
Silvertip, Canada
Three Months Ended September 30, 2026 compared to Three Months Ended June 30, 2026
Exploration expenses totaled $13 million in the third quarter of 2026 compared to $6 million in the second quarter of 2026. Ongoing carrying costs at Silvertip totaled $3 million in both periods. Capital expenditures totaled $6 million compared to $5 million in the prior period.
Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025
Exploration expenses totaled $28 million in 2026 as the Company continued to focus on expanding the mineral resources at Silvertip, which were supported by 694 meters of underground mine development. Ongoing carrying costs at Silvertip totaled $10 million compared to $8 million in the prior year period. Capital expenditures totaled $13 million compared to $5 million in the prior year period.
Liquidity and Capital Resources
At September 30, 2026, the Company had $1.2 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 $619 million in the nine months ended September 30, 2026 due to $122 million cash acquired in the New Gold Transaction, a 40% and 105% 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
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million of income and mining tax payments at Palmarejo and Las Chispas, cash settlement of vesting performance shares of $72 million, $221 million of Company stock repurchases, prepayments of finance leases at Rochester of $43 million, the inaugural dividend payment of $21 million and $345 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, 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 (0.3) times Adjusted EBITDA as of September 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 September 30, 2026 was $386 million compared to $513 million for the three months ended June 30, 2026. Net cash provided by operating activities for the nine months ended September 30, 2026 was $1.2 billion compared to $512 million for the nine months ended September 30, 2025. Adjusted EBITDA for the three months ended September 30, 2026 was $448 million compared to $478 million for the three months ended June 30, 2026. Adjusted EBITDA for the nine months ended September 30, 2026 was $1.4 billion compared to $601 million for the nine months ended September 30, 2025 (see “Non-GAAP Financial Performance Measures”). Net cash provided by operating activities was impacted by the following key factors for the applicable periods:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| In thousands | September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| Cash flow before changes in operating assets and liabilities | $ | 408,574 | $ | 513,308 | $ | 1,366,632 | $ | 453,991 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Receivables | (17,139) | 17,890 | (3,982) | (7,953) | ||||||||||||||||
| Prepaid expenses and other | (14,866) | (22,944) | (38,237) | 77,000 | ||||||||||||||||
| Inventories | (19,201) | (24,463) | (70,467) | (27,484) | ||||||||||||||||
| Accounts payable and accrued liabilities | 28,251 | 29,441 | (14,259) | 16,738 | ||||||||||||||||
| Cash provided by operating activities | $ | 385,619 | $ | 513,232 | $ | 1,239,687 | $ | 512,292 | ||||||||||||
Net cash provided by operating activities decreased $128 million for the three months ended September 30, 2026 compared to the three months ended June 30, 2026, primarily due to a 2%, 5%, and 18% decrease in gold, silver, and copper sales, respectively, a 4% and 13% decrease in average realized gold and silver prices, respectively, higher exploration costs, the receipt of property damage insurance proceeds in the second quarter of 2026 related to the November 2025 fire incident at Wharf, timing of VAT collections at Las Chispas and Palmarejo, and prepaid insurance and debt interest payments. This was partially offset by a 9% increase in average realized copper price. Revenue for the three months ended September 30, 2026 compared to the three months ended June 30, 2026 decreased by $102 million, of which $61 million was due to lower average realized gold and silver prices and $41 million was due to lower gold, silver, and copper production.
Net cash provided by operating activities increased $727 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, as a result of post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas, and a 40% and 105% increase in average realized gold and silver prices, respectively. This was partially offset by a 15% and 6% decrease in gold and silver ounces sold from the Company’s United States and Mexico operations, respectively, 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 in the prior year, and increased exploration, general and administrative, interest, and income and mining tax expense. Revenue for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 increased by $1.5 billion, of which $868 million was the result of higher average gold and
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silver prices and $662 million was due to higher volume of gold, silver and copper sales.
Cash Used in Investing Activities
Net cash used in investing activities in the three months ended September 30, 2026 was $152 million compared to net cash used in investing activities of $125 million in the three months ended June 30, 2026. Cash used in investing activities increased due to higher capital expenditures, a $5 million payment for the purchase of mining concessions and a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million at Wharf in the second quarter of 2026. The Company incurred capital expenditures of $145 million in the three months ended September 30, 2026 compared with $126 million in the three months ended June 30, 2026, primarily related to the capitalized stripping related to the construction of a new open pit at Rochester in both periods, development at our underground operations in both periods, expanded tailings impoundment at Kensington in both periods, open pit expansion costs at Rainy River, and higher project study work expenditures at Silvertip.
Net cash used in investing activities in the nine months ended September 30, 2026 was $221 million compared to $66 million in the nine months ended September 30, 2025. Cash used in investing activities increased due to 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, and a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million at Wharf in the second quarter of 2026. The Company incurred capital expenditures of $345 million in the nine months ended September 30, 2026 compared with $160 million in the nine months ended September 30, 2025, primarily related to the capitalized stripping related to the construction of a new open pit at Rochester, development at its underground operations, expanded tailings impoundment at Kensington and the construction of a water treatment facility at Wharf in both periods, the open pit expansion at Rainy River, crusher construction at Wharf and project study work expenditures at Silvertip in 2026.
Cash Used in Financing Activities
Net cash used in financing activities in the three months ended September 30, 2026 was $113 million compared with $177 million in the three months ended June 30, 2026. During the three months ended September 30, 2026, the Company repurchased $111 million of common stock in connection with the Company’s Program (as defined below). During the three months ended June 30, 2026, the Company repurchased $110 million of common stock, paid an inaugural dividend of $21 million and prepaid $39 million in finance leases at Rochester.
Net cash used in financing activities in the nine months ended September 30, 2026 was $395 million compared to $235 million in the nine months ended September 30, 2025. During the nine months ended September 30, 2026, the Company repurchased $221 million of common stock, paid a dividend of $21 million, prepaid $39 million in finance leases at Rochester, cash settled $41 million of vested performance shares in connection with the Company’s Long-Term Incentive Program and made cash payments of $54 million in connection with tax withholding on vested share-based compensation. During the nine months ended September 30, 2025, the Company repaid $195 million, net, under the RCF and repurchased $7 million of common stock, and prepaid $9.5 million in finance leases at Rochester.
On May 27, 2025, the Company announced a $75 million share repurchase program (the “Program”). On March 23, 2026, the Company announced an expanded $750 million share repurchase program (the “Expanded Program”), which incorporates and supersedes the Company’s previous Program. Under the Expanded Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase program (the “10b-18 Agreement”) with BMO Capital Markets Corp. as the Company’s broker. 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. On September 7, 2026, the Company and BMO Capital Markets amended the Expanded Program Company 10b5-1 Plan to modify certain terms of the arrangement.
The following table summarizes repurchases made in the quarter ended September 30, 2026 and the approximate dollar value of stock that may yet be purchased pursuant to the Program:
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| (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) | |||||||||||
| July 1, 2026 - July 31, 2026 | 672,860 | $ | 15.64 | 672,860 | $ | 619.6 | ||||||||
| August 1, 2026 - August 31, 2026 | 4,321,100 | $ | 18.02 | 4,321,100 | $ | 541.7 | ||||||||
| September 1, 2026 - September 30, 2026 | 1,089,423 | $ | 20.48 | 1,089,423 | $ | 519.4 | ||||||||
| Total | 6,083,383 | $ | 18.20 | 6,083,383 | ||||||||||
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.
On November 4, 2026, the Board declared a further dividend of $0.02 per share of Coeur common shares, which is expected to be paid on December 16, 2026 to stockholders of record at the close of business on November 30, 2026.
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 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 September 30, 2026, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 74,898 and 10.4 million, respectively.
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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.
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:
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| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| In thousands except per share amounts | September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| Net income | $ | 109,382 | $ | 121,853 | $ | 477,996 | $ | 370,903 | |||||||||||||||
| Fair value adjustments, net | — | — | — | 342 | |||||||||||||||||||
Foreign exchange loss (gain)(1) | (8,923) | 6,524 | (4,999) | 40,477 | |||||||||||||||||||
| Loss on sale of assets | 2,971 | 19 | 3,016 | 416 | |||||||||||||||||||
| RMC bankruptcy distribution | — | — | — | (38) | |||||||||||||||||||
| Loss on debt extinguishment | 2 | 320 | 1,877 | 6 | |||||||||||||||||||
| Transaction and integration costs | 1,258 | 3,954 | 25,122 | 12,161 | |||||||||||||||||||
| Kensington royalty settlement | — | — | — | (67) | |||||||||||||||||||
| Obligor exchange | 312 | 2,464 | 2,776 | ||||||||||||||||||||
| Wharf property damage proceeds | — | (10,000) | (10,000) | — | |||||||||||||||||||
| Wage and Hour Litigation settlement | (163) | 47 | (633) | 6,998 | |||||||||||||||||||
| Mexico arbitration matter | 72 | — | 46 | 213 | 2,893 | ||||||||||||||||||
| Flow-through share premium | — | — | — | (808) | |||||||||||||||||||
| Interest income | (8,095) | (4,661) | (18,981) | — | |||||||||||||||||||
| La Preciosa contingent gain | (166) | — | (166) | — | |||||||||||||||||||
Valuation allowance and tax effect of adjustments(2) | 1,199 | 2,041 | (2,267) | (167,219) | |||||||||||||||||||
| Adjusted net income | $ | 97,849 | $ | 122,607 | $ | 473,954 | $ | 266,064 | |||||||||||||||
| Adjusted net income per share, Basic | $ | 0.10 | $ | 0.12 | $ | 0.52 | $ | 0.45 | |||||||||||||||
| Adjusted net income per share, Diluted | $ | 0.10 | $ | 0.12 | $ | 0.51 | $ | 0.44 | |||||||||||||||
(1) Includes the impact of foreign exchange rates on deferred tax balances of $(7) million and $10 million for the three months ended September 30 and June
30, 2026, respectively, and $2 million and $38 million for the nine months ended September 30, 2026 and 2025, respectively.
(2) For the three months ended September 30, 2026, tax effect of adjustments of $1 million (31.5%) are primarily related to transaction and integration costs and interest income at Corporate. For the nine months ended September 30, 2026, tax effect of adjustments of $2 million (70.3%) are primarily related to transaction and integration costs, interest income at Corporate, and a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million. For the three months ended June 30, 2026, tax effect of adjustments of $2 million (26.1%) are primarily related to the transaction and integration costs and interest income at Corporate. For the nine months ended September 30, 2025, tax effect of adjustments of $167 million (775.6%) are primarily related to the release of the valuation allowance against U.S. net deferred tax assets of $162 million, the Wage and Hour Litigation settlement, and 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 | Nine Months Ended | ||||||||||||||||||||||
| In thousands | September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| Net income | $ | 109,382 | $ | 121,853 | $ | 477,996 | $ | 370,903 | |||||||||||||||
| Interest expense, net of capitalized interest | 10,834 | 11,010 | 28,287 | 24,974 | |||||||||||||||||||
| Income tax provision | 64,938 | 93,238 | 260,130 | (15,873) | |||||||||||||||||||
| Amortization | 261,162 | 255,985 | 616,972 | 177,444 | |||||||||||||||||||
| EBITDA | 446,316 | 482,086 | 1,383,385 | 557,448 | |||||||||||||||||||
| Fair value adjustments, net | — | — | — | 342 | |||||||||||||||||||
| Foreign exchange (gain) loss | (2,406) | (3,856) | (7,140) | 2,593 | |||||||||||||||||||
| Asset retirement obligation accretion | 6,163 | 6,088 | 17,090 | 14,620 | |||||||||||||||||||
| Inventory adjustments and write-downs | 1,701 | 1,760 | 4,558 | 4,723 | |||||||||||||||||||
| Loss on sale of assets | 2,971 | 19 | 3,016 | 416 | |||||||||||||||||||
| RMC bankruptcy distribution | — | — | — | (38) | |||||||||||||||||||
| (Gain) loss on debt extinguishment | 2 | 320 | 1,877 | 6 | |||||||||||||||||||
| Kensington royalty settlement | — | — | — | (67) | |||||||||||||||||||
| Obligor exchange | 312 | 2,464 | 2,776 | — | |||||||||||||||||||
| Wharf property damage proceeds | — | (10,000) | (10,000) | — | |||||||||||||||||||
| Wage and Hour Litigation settlement | (163) | 47 | (633) | 6,998 | |||||||||||||||||||
| Mexico arbitration matter | 72 | 46 | 213 | 2,893 | |||||||||||||||||||
| Flow-through share premium | — | — | — | (808) | |||||||||||||||||||
| Interest income | (8,095) | (4,661) | (18,981) | — | |||||||||||||||||||
| La Preciosa contingent gain | (166) | — | (166) | — | |||||||||||||||||||
| Transaction and integration costs | 1,258 | 3,954 | 25,122 | 12,161 | |||||||||||||||||||
| Adjusted EBITDA | $ | 447,965 | $ | 478,267 | 1,401,117 | $ | 601,287 | ||||||||||||||||
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 | Nine Months Ended | |||||||||||||||||||||
| (Dollars in thousands) | September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| Cash provided by operating activities | $ | 385,619 | $ | 513,232 | $ | 1,239,687 | $ | 512,292 | |||||||||||||||
| Capital expenditures | 145,408 | 125,709 | 345,196 | 159,843 | |||||||||||||||||||
| Free cash flow | $ | 240,211 | $ | 387,523 | $ | 894,491 | $ | 352,449 | |||||||||||||||
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
48
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.
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 | Nine Months Ended | |||||||||||||||||||
| (Dollars in thousands) | September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | ||||||||||||||||
| Cash provided by operating activities | $ | 385,619 | $ | 513,232 | $ | 1,239,687 | $ | 512,292 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Receivables | 17,139 | (17,890) | 3,982 | 7,953 | ||||||||||||||||
| Prepaid expenses and other | 14,866 | 22,944 | 38,237 | (77,000) | ||||||||||||||||
| Inventories | 19,201 | 24,463 | 70,467 | 27,484 | ||||||||||||||||
| Accounts payable and accrued liabilities | (28,251) | (29,441) | 14,259 | (16,738) | ||||||||||||||||
| Operating cash flow before changes in working capital | $ | 408,574 | $ | 513,308 | $ | 1,366,632 | $ | 453,991 | ||||||||||||
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 | Nine Months Ended | ||||||||||||||||||||||
| (Dollars in thousands) | September 30, 2026 | June 30, 2026 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| Total debt | $ | 701,652 | $ | 705,291 | $ | 701,652 | $ | 363,516 | |||||||||||||||
| Cash and cash equivalents | (1,172,732) | (1,052,274) | (1,172,732) | (266,342) | |||||||||||||||||||
| Net (cash) debt | $ | (471,080) | $ | (346,983) | $ | (471,080) | $ | 97,174 | |||||||||||||||
| Net (cash) debt | $ | (471,080) | $ | (346,983) | $ | (471,080) | $ | 97,174 | |||||||||||||||
| Last Twelve Months Adjusted EBITDA | $ | 1,825,599 | $ | 1,643,246 | $ | 1,825,599 | $ | 717,653 | |||||||||||||||
| Net Leverage ratio | (0.3) | (0.2) | (0.3) | 0.1 | |||||||||||||||||||
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 September 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) | $159,683 | $244,524 | $79,119 | $67,043 | $77,686 | $59,996 | $40,240 | $919 | $729,210 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization | (113,636) | (69,948) | (42,182) | (6,135) | (16,585) | (9,726) | (1,606) | (919) | (260,737) | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $46,047 | $174,576 | $36,937 | $60,908 | $61,101 | $50,270 | $38,634 | $— | $468,473 | ||||||||||||||||||||||||||||||||||||||||||||
| Inventory Adjustments | (497) | — | (89) | (260) | (883) | 223 | (166) | (1,672) | |||||||||||||||||||||||||||||||||||||||||||||
| By-product credit | (1,520) | (8,239) | — | — | — | — | (2,119) | — | (11,878) | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | $44,030 | $166,337 | $36,848 | $60,648 | $60,218 | $50,493 | $36,349 | $— | $454,923 | ||||||||||||||||||||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 11,526 | 57,701 | 15,839 | 18,595 | 15,723 | 21,919 | 23,008 | — | 164,311 | ||||||||||||||||||||||||||||||||||||||||||||
| Silver ounces | 23,811 | 173,952 | 1,498,806 | 1,351,863 | 1,227,882 | — | 33,888 | — | 4,310,202 | ||||||||||||||||||||||||||||||||||||||||||||
| Copper pounds | 9,268,535 | — | — | — | — | — | — | — | 9,268,535 | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $1,673 | $2,883 | $977 | $1,174 | $1,762 | $2,304 | $1,580 | $2,054 | |||||||||||||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $14.26 | $28.71 | $26.48 | $22.73 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Copper ($/lb) | $2.67 | $2.67 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes the non-cash impact of the preliminary PPA ascribed to Inventory of $40 million.
50
Three Months Ended June 30, 2026
| In thousands (except metal sales, per ounce or per pound amounts) | New Afton (1) | Rainy River (2) | Las Chispas | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales, including amortization (U.S. GAAP) | $ | 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 | |||||||||||||||||||||||||||||||||||
| Inventory Adjustments | (337) | (12) | (468) | 15 | (747) | (73) | (217) | (1,839) | |||||||||||||||||||||||||||||||||||||||||||||
| By-product credit | (1,804) | (10,196) | — | — | — | (16) | (1,096) | — | (13,112) | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | $ | 50,585 | $ | 261,535 | $ | 34,625 | $ | 61,300 | $ | 58,160 | $ | 48,091 | $ | 20,500 | $ | — | $ | 534,796 | |||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $ | 1,766 | $ | 3,788 | $ | 841 | $ | 1,016 | $ | 1,832 | $ | 2,323 | $ | 1,267 | $ | 2,442 | |||||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $ | 13.27 | $ | 27.69 | $ | 29.66 | $ | — | $ | 22.99 | |||||||||||||||||||||||||||||||||||||||||||
| Copper ($/lb) | $ | 2.33 | $ | — | $ | 2.33 | |||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes the non-cash impact of the preliminary PPA ascribed to Inventory of $(0.5) million.
(2) Includes the non-cash impact of the preliminary PPA ascribed to Inventory of $141 million.
Nine Months Ended September 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) | $ | 369,239 | $ | 704,757 | $ | 220,615 | $ | 192,451 | $ | 220,110 | $ | 172,878 | $ | 81,231 | $ | 2,809 | $ | 1,964,090 | |||||||||||||||||||||||||||||||||||
| Amortization | (234,227) | (165,994) | (117,127) | (19,010) | (46,319) | (26,615) | (3,760) | (2,809) | (615,861) | ||||||||||||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 135,012 | $ | 538,763 | $ | 103,488 | $ | 173,441 | $ | 173,791 | $ | 146,263 | $ | 77,471 | $ | — | $ | 1,348,229 | |||||||||||||||||||||||||||||||||||
| Inventory Adjustments | (833) | (12) | (800) | (351) | (2,311) | 74 | (407) | (4,640) | |||||||||||||||||||||||||||||||||||||||||||||
| By-product credit | (3,830) | (20,638) | — | — | — | (12) | (4,464) | — | (28,944) | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | $ | 130,349 | $ | 518,113 | $ | 102,688 | $ | 173,090 | $ | 171,480 | $ | 146,325 | $ | 72,600 | $ | — | $ | 1,314,645 | |||||||||||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 29,264 | 148,158 | 47,196 | 61,437 | 41,561 | 63,886 | 49,106 | — | 440,608 | ||||||||||||||||||||||||||||||||||||||||||||
| Silver ounces | 62,204 | 395,766 | 4,524,414 | 4,303,444 | 3,850,221 | — | 63,972 | — | 13,200,021 | ||||||||||||||||||||||||||||||||||||||||||||
| Copper pounds | 23,940,863 | — | — | — | — | — | — | — | 23,940,863 | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $ | 2,080 | $ | 3,497 | $ | 849 | $ | 958 | $ | 1,650 | $ | 2,290 | $ | 1,478 | $ | 2,191 | |||||||||||||||||||||||||||||||||||||
| Silver ($/oz) | $ | — | $ | 13.84 | $ | 26.55 | $ | 26.72 | $ | 22.07 | |||||||||||||||||||||||||||||||||||||||||||
| Copper ($/lb) | $ | 2.89 | 2.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes the non-cash impact of the preliminary PPA ascribed to Inventory of $245 million.
51
Nine Months Ended September 30, 2025
(1) Includes the non-cash impact of the preliminary PPA ascribed to Inventory of $90 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) | $ | 230,904 | $ | 172,118 | $ | 198,606 | $ | 163,075 | $ | 91,742 | $ | 2,863 | $ | 859,308 | |||||||||||||||||||||||||||
| Amortization | (62,219) | (28,702) | (50,156) | (28,127) | (4,785) | (2,863) | (176,852) | ||||||||||||||||||||||||||||||||||
| Costs applicable to sales | $ | 168,685 | $ | 143,416 | $ | 148,450 | $ | 134,948 | $ | 86,957 | $ | — | $ | 682,456 | |||||||||||||||||||||||||||
| Inventory Adjustments | (1,459) | (670) | (1,334) | (833) | (345) | (4,641) | |||||||||||||||||||||||||||||||||||
| By-product credit | — | — | — | (35) | (3,642) | — | (3,677) | ||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | $ | 167,226 | $ | 142,746 | $ | 147,116 | $ | 134,080 | $ | 82,970 | $ | — | $ | 674,138 | |||||||||||||||||||||||||||
| Metal Sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ounces | 43,432 | 76,345 | 42,569 | 76,967 | 71,446 | — | 310,759 | ||||||||||||||||||||||||||||||||||
| Silver ounces | 4,077,903 | 4,989,965 | 4,376,157 | — | 106,600 | — | 13,550,625 | ||||||||||||||||||||||||||||||||||
| Adjusted costs applicable to sales | |||||||||||||||||||||||||||||||||||||||||
| Gold ($/oz) | $ | 1,925 | $ | 897 | $ | 1,624 | $ | 1,742 | $ | 1,161 | $ | 1,411 | |||||||||||||||||||||||||||||
| Silver ($/oz) | $ | 20.50 | $ | 14.88 | $ | 17.82 | $ | — | $ | 17.54 | |||||||||||||||||||||||||||||||
Reconciliation of Costs Applicable to Sales for 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 | 50,000 | 211,400 | 55,000 | 95,000 | 70,000 | 98,000 | 72,000 | ||||||||||||||||||||||||||||||||||
| Silver ounces | 100,000 | 750,230 | 5,500,000 | 6,250,000 | 6,400,000 | 50,000 | |||||||||||||||||||||||||||||||||||
| Copper pounds | 40,000,000 | ||||||||||||||||||||||||||||||||||||||||
| 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 non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $20 million.
(2) Includes the non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $244 million. Includes gold and silver ounces sold under the Royal Gold stream and sales of opening balance sheet inventory.
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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, grade and recovery variability and length of leach cycles for production of gold and silver ounces from ore placed on leach pads, (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 September 30, 2026 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $4,262 and $4,255 per ounce, respectively, and a short-term and long-term silver price of $62.59 and $61.19 per ounce, respectively, and a short-term and long-term copper price of $6.40 and $5.60 per pound, respectively.
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 no outstanding hedging contracts at September 30, 2026.
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 September 30, 2026, the Company had outstanding provisionally priced sales of 17,323 ounces of gold at an average price of $4,302 and of 10 million pounds of copper at an average price of $6.55. Changes in gold and copper prices resulted in a provisional pricing mark-to-market loss of $3 million and gain of $5 million for gold and copper, respectively, during the nine months ended September 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
The Company enters 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 September 30, 2026, the Company had outstanding gold and copper swap contracts of 6,500 ounces of gold at an average price of $4,262 and of 8 million pounds of copper at an average price of $6.47. Changes in gold and copper prices resulted in swap
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contract gain of $7 million and loss of $6 million for gold and copper, respectively, during the nine months ended September 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 September 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 September 30, 2026.
Investment Risk
Equity Price Risk
The Company’s equity securities were not significant at September 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.
(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 September 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
As previously disclosed in the Company’s Form 8-K dated May 12, 2026, Anne Beckhelheimer assumed the role of Senior Vice President, Tax, Corporate Controller and Chief Accounting Officer of the Company on August 10, 2026. Ms. Beckelheimer, 46, joined the Company in June 2015 and has over 20 years of relevant experience. Ms. Beckelheimer previously served as the Company’s Senior Vice President, Tax and Treasurer from February 2026 to August 2026, 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.
On August 10, 2026, as part of his stated intention to retire in early 2027, Kenneth J. Watkinson moved from his prior role as the Company’s Vice President, Corporate Controller and Chief Accounting Officer to the role of Vice President, Accounting.
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Item 6. Exhibits
| 2.1 | First Supplemental Indenture (Filed herewith). | ||||
| 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 September 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 | November 4, 2026 | /s/ Mitchell J. Krebs | |||||||||
| MITCHELL J. KREBS | |||||||||||
| Chairman, President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
| Dated | November 4, 2026 | /s/ Thomas S. Whelan | |||||||||
| THOMAS S. WHELAN | |||||||||||
| Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
| Dated | November 4, 2026 | /s/ Anne Beckelheimer | |||||||||
| ANNE BECKELHEIMER | |||||||||||
| Senior Vice President, Tax, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer) | |||||||||||
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