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Coeur Mining (NYSE: CDE) posts record Q2 and targets strong 2026 output

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Coeur Mining, Inc. reported record second-quarter 2026 results driven by the first full quarter from its New Afton and Rainy River mines. Revenue reached $1,085.6 million, up 27% sequentially and 126% year over year, with adjusted EBITDA of $478.3 million and free cash flow of $387.5 million.

GAAP net income was $121.9 million, or $0.12 per share, and operating cash flow rose to $513.2 million. Quarter-end cash, equivalents and short-term investments were $1,052.3 million against total debt of $705.3 million, resulting in net cash and a leverage ratio of -0.2. The company produced 163,490 ounces of gold, 4.4 million ounces of silver and 11.4 million pounds of copper at lower realized prices of $4,140 per gold ounce and $71.18 per silver ounce.

Coeur launched an enhanced capital return program, repurchasing $121 million of stock (6.7 million shares) through July and paying an inaugural $0.02 per-share dividend, while eliminating $39 million of capital leases. Based on updated 2026 guidance, it targets approximately 690,000 ounces of gold, 20 million ounces of silver, 45 million pounds of copper, and record full-year adjusted EBITDA of $2.3 billion with free cash flow of $1.5 billion.

Positive

  • Record Q2 performance with revenue of $1,085.6 million up 27% quarter over quarter and 126% year over year, adjusted EBITDA of $478.3 million up 124% year over year, and free cash flow of $387.5 million up 45% quarter over quarter and 165% year over year.
  • Strengthened balance sheet and liquidity: operating cash flow of $513.2 million, cash and short-term investments of $1,052.3 million versus total debt of $705.3 million, producing net cash of $346.9 million and a leverage ratio of -0.2x last twelve months adjusted EBITDA.
  • Ambitious 2026 outlook: based on updated guidance midpoints, Coeur expects about 690,000 oz gold, 20 million oz silver, 45 million lbs copper and record full-year adjusted EBITDA of $2.3 billion with free cash flow of $1.5 billion and a year-end cash balance approaching $2.0 billion.

Negative

  • Metal price and unit-cost pressure: average realized gold and silver prices fell 6% and 14% quarter over quarter to $4,140/oz and $71.18/oz, while adjusted costs applicable to sales rose to $2,442 per gold ounce and $22.99 per silver ounce from $2,032 and $20.01 in Q1 2026.
  • Higher capital and cost guidance: 2026 capital expenditure guidance increased to $520–$605 million from $437–$526 million, and adjusted CAS ranges at New Afton and Rainy River were raised to $1,300–$1,600 and $2,700–$3,000 per gold ounce, respectively.
  • Tax burden guidance worsened: full-year 2026 cash income and mining tax guidance was reduced to $350–$450 million from $475–$600 million, while the effective tax rate outlook increased to 34%–38% from 30%–36%.

Filing Explained

Updated guidance lowers 2026 production ranges for New Afton and Rainy River and raises planned capital spending, increasing execution demands before completion.

Coeur Mining used the Form 8-K to furnish its second-quarter 2026 results and updated 2026 guidance. The operations are already producing after the New Gold acquisition, but the revised outlook lowers production expectations for New Afton and Rainy River while raising planned capital spending, changing the company’s near-term operating and cash-allocation commitments.

A Form 8-K reports specified material events; here, the material update is guidance rather than a new financing or completed issuance. New Afton’s nine-month ownership forecast was reduced to 50,000–60,000 gold ounces, 40–50 million copper pounds and 100,000–180,000 silver ounces, while Rainy River’s forecast was reduced to 190,000–230,000 gold ounces but increased to 380,000–450,000 silver ounces.

Company-wide 2026 production guidance was revised to 630,000–750,000 gold ounces and 40–50 million copper pounds, from previous ranges of 680,000–815,000 gold ounces and 50–65 million copper pounds. Capital-expenditure guidance increased to $520–$605 million from $437–$526 million, including added Rainy River underground spending and Silvertip development capital.

The stated resolution point is execution of the ramp-up: New Afton expects C-Zone mining rates to reach 16,000 tonnes per day in early fourth-quarter 2026, while Rainy River expects underground rates to reach 5,000 tonnes per day by year-end.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $1,085.6 million Quarter ended June 30, 2026 consolidated revenue
GAAP Net Income $121.9 million Quarter ended June 30, 2026 net income
Adjusted EBITDA $478.3 million Quarter ended June 30, 2026 adjusted EBITDA
Free Cash Flow $387.5 million Quarter ended June 30, 2026 free cash flow
Operating Cash Flow $513.2 million Quarter ended June 30, 2026 cash flow from operating activities
Cash & Short-Term Investments $1,052.3 million Cash, equivalents and short-term investments at June 30, 2026
Total Debt $705.3 million Total debt outstanding at June 30, 2026
Gold Production 163,490 ounces Gold ounces produced in Q2 2026
adjusted EBITDA financial
"record quarterly adjusted EBITDA1 of $478 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"free cash flow1 of $388 million increased 45% quarter over quarter"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Costs applicable to sales financial
"Adjusted costs applicable to sales per ounce1 of gold and silver"
purchase price allocation financial
"non-cash impact of $140 million due to purchase price allocation accounting"
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.
co-product basis financial
"adjusted CAS1 for silver and gold on a co-product basis totaled $13.27"
leverage ratio financial
"Leverage ratio | (0.2) for the last twelve months"
Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.
Revenue $1,085.6 million up 27% quarter over quarter and 126% year over year
GAAP Net Income $121.9 million compared with $246.8 million in the first quarter of 2026
Adjusted EBITDA $478.3 million slightly higher quarter over quarter and up 124% year over year
Free Cash Flow $387.5 million up 45% quarter over quarter and 165% year over year
Gold Production 163,490 ounces up 69% quarter over quarter and 51% year over year
Guidance

For full-year 2026 Coeur targets approximately 690,000 ounces of gold, 20 million ounces of silver and 45 million pounds of copper, and expects to generate about $2.3 billion of adjusted EBITDA and $1.5 billion of free cash flow based on refined guidance ranges.

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FAQ

What were Coeur Mining (CDE)'s key financial results for Q2 2026?
Coeur Mining reported $1,085.6 million in revenue, $121.9 million in GAAP net income ($0.12 per share), $478.3 million in adjusted EBITDA, and $387.5 million of free cash flow, supported by strong contributions from the New Afton and Rainy River operations.

How much gold, silver and copper did Coeur Mining (CDE) produce in Q2 2026?
In Q2 2026 Coeur produced 163,490 ounces of gold, 4.4 million ounces of silver and 11.4 million pounds of copper. Metal sales totaled 167,877 ounces of gold, 4.5 million ounces of silver and 11.3 million pounds of copper during the quarter.

What is Coeur Mining (CDE)'s updated 2026 production and earnings guidance?
Based on refined 2026 guidance, Coeur expects about 690,000 oz gold, 20 million oz silver and 45 million lbs copper, and aims for record full-year $2.3 billion adjusted EBITDA and $1.5 billion free cash flow, despite lower assumed metals prices and adjusted ramps at New Afton and Rainy River.

How strong is Coeur Mining (CDE)'s balance sheet after Q2 2026?
At June 30, 2026, Coeur held $1,052.3 million in cash, equivalents and short-term investments versus $705.3 million of total debt, resulting in net cash of $346.9 million and a last twelve months adjusted EBITDA leverage ratio of -0.2x.

What capital return actions did Coeur Mining (CDE) undertake in 2026?
Following adoption of an enhanced capital return program in mid-May 2026, Coeur repurchased $121 million of common stock (6.7 million shares) through July 31, paid an inaugural $0.02 per-share semi-annual dividend in June, and eliminated $39 million of capital leases in Q2.

How did metal prices and costs affect Coeur Mining (CDE) in Q2 2026?
Average realized prices declined to $4,140/oz for gold and $71.18/oz for silver, 6% and 14% lower quarter over quarter. Adjusted costs applicable to sales rose to $2,442 per gold ounce and $22.99 per silver ounce, partly reflecting purchase price allocation impacts at acquired operations.

How has Coeur Mining (CDE) changed its 2026 capital and tax outlook?
For 2026 Coeur increased total capital expenditure guidance to $520–$605 million, mainly for Rainy River, Silvertip and reclassified stripping, and cut cash income and mining tax guidance to $350–$450 million, while raising its effective tax rate outlook to 34%–38%.
0000215466false00002154662026-08-052026-08-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 5, 2026
Coeur Mining, Inc.
(Exact name of registrant as specified in its charter)
Delaware
1-864182-0109423
(State or other jurisdiction
of incorporation or organization)		(Commission
File Number)		(IRS Employer
Identification No.)
200 South Wacker Drive
Suite 2100
Chicago, Illinois 60606
(Address of Principal Executive Offices)
(312) 489-5800
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $.01 per share)CDENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨

 



Item 2.02. Results of Operations and Financial Condition.
On August 5, 2026, Coeur Mining, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026 and production, cost and expense guidance for 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The press release shall be deemed furnished, not filed, for purposes of this Current Report on Form 8-K.
Item 9.01.    Financial Statements and Exhibits.
(d)    List of Exhibits
Exhibit No.Description
Exhibit 99.1
Press Release dated August 5, 2026
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.



Exhibit Index
Exhibit No.Description
Exhibit 99.1
Press Release dated August 5, 2026
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.





















































SIGNATURE
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 hereunto duly authorized.
COEUR MINING, INC.
Date: August 5, 2026
By: /s/ Thomas S. Whelan
Name: Thomas S. Whelan
Title: Executive Vice President and Chief Financial Officer



NEWS RELEASE             image0a82.jpg
Coeur Reports Second Quarter 2026 Results
Record results driven by the first full quarter with New Afton and Rainy River; cash more than doubles since year-end to $1.1 billion; initiated enhanced capital return program; 2026 guidance updated to reflect lower prices and adjustments to New Afton and Rainy River

Chicago, Illinois - August 5, 2026 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today reported record second quarter 2026 financial results, including record revenue of $1.1 billion and cash flow from operating activities of $513 million. The Company reported quarterly GAAP net income of $122 million, or $0.12 per share. On an adjusted basis1, Coeur reported record quarterly adjusted EBITDA1 of $478 million, record cash flow from operating activities before changes in working capital of $513 million and net income of $123 million, or $0.12 per share. Financial results in the quarter, including adjusted EBITDA1 and net income, were affected by a non-cash impact of $140 million, or $(0.10) per share, due to purchase price allocation accounting for Rainy River’s stockpile inventory.
Key Highlights
•Record financial results despite lower realized prices – Record revenue of $1.1 billion increased 27% quarter over quarter and 126% year over year, record adjusted EBITDA1 of $478 million was slightly higher quarter over quarter and increased 124% year over year, and free cash flow1 of $388 million increased 45% quarter over quarter and 165% year over year. Average realized gold and silver prices declined 6% and 14% quarter over quarter, respectively, to $4,140 per gold ounce and $71.18 per silver ounce. Average realized prices in June were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce. Silver contributed 30% of the Company’s revenue in the quarter
•Solid production balanced across portfolio, including record gold output – Quarterly gold production reached a record 163,490 ounces, representing a 51% increase year over year and 69% increase quarter over quarter, reflecting the first full quarter of contributions from the recently-acquired New Afton and Rainy River operations and a near doubling of Wharf’s gold production from the prior quarter. Quarterly silver production of 4.4 million ounces was flat quarter over quarter and down 7% year over year, partially driven by lower silver grades at Rochester and Palmarejo and offset by record crusher performance at Rochester
•Growing liquidity and robust capital returns – Coeur’s $1.1 billion quarter-end cash balance was nearly ten times higher than the prior-year quarter-end and double the year-end 2025 cash balance. Since the commencement of the enhanced capital return program in mid-May, Coeur has repurchased $121 million of common stock, or 6.7 million shares, through July 31, and issued payment of an inaugural $0.02 per share semi-annual dividend in June. The Company also eliminated $39 million of capital leases in the quarter
•Record expected full-year production and financial results; adjustments to partial-year guidance ranges at new Canadian operations – Based on the mid-point of refined 2026 guidance ranges and updated metals price assumptions, the Company now expects to produce approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper and generate record full-year adjusted EBITDA1 of $2.3 billion and free cash flow1 of $1.5 billion. Coeur’s five legacy operations remain on track to achieve their prior stated full-year guidance while partial-year guidance
1

updates at the two new Canadian operations reflect slightly slower than previously assumed ramp-up rates at New Afton’s C-Zone and Rainy River’s underground operations in 2026

“Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we’ve built through a combination of disciplined investments in organic growth and two well-timed acquisitions,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Results were largely driven by the first full quarter of contribution from the newly acquired, lower-cost New Afton and Rainy River operations along with steady performance from our five other North American assets despite lower grades at three of our legacy operations. Most notably, Rochester achieved a 15% quarter-over-quarter increase in tonnes crushed to a quarterly record of 6.8 million tonnes, and Wharf nearly doubled its production. The second quarter also marked the launch of our enhanced capital return policy with $121 million of share repurchases made through the end of July and an inaugural dividend paid in June, all while significantly bolstering our cash levels to over $1.0 billion at quarter-end.

“Integration efforts since our acquisition of New Gold closed in late March have continued to progress according to plan. After operating Rainy River and New Afton for a full quarter, we are refining our partial-year 2026 guidance ranges at both new Canadian operations to reflect more achievable ramp-up timetables for underground mining activities at Rainy River and the development of the new C-Zone at New Afton this year. Full-year production and cost guidance ranges remain unchanged at all five of our legacy operations.

“As we look to the second half of our back-weighted year, we expect sharp increases in our production levels and free cash flow to drive record full-year 2026 results despite lower assumed metals prices relative to the first half of the year. Compared to 2025, we anticipate delivering strong double-digit gold and silver production increases and generating approximately $2.3 billion of adjusted EBITDA1 (compared to $1.0 billion in 2025) and $1.5 billion of free cash flow1 (compared to $666 million in 2025) with a year-end cash balance approaching $2.0 billion.”
2

Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced and sold, and per-ounce/pound metrics)2Q 20261Q 20264Q 20253Q 20252Q 2025
Gold Sales$695.0 $475.2 $424.8 $360.5 $323.1 
Silver Sales$321.6 $362.2 $250.1 $194.1 $157.5 
Copper Sales$69.0 $18.8 $— $— $— 
Consolidated Revenue$1,085.6 $856.2 $674.7 $554.6 $480.7 
Costs Applicable to Sales2
$549.7 $330.0 $215.9 $248.7 $229.5 
General and Administrative Expenses$22.7 $21.7 $15.2 $14.8 $13.3 
Net Income$121.9 $246.8 $215.0 $266.8 $70.7 
Net Income Per Share$0.12 $0.35 $0.33 $0.41 $0.11 
Adjusted Net Income1
$122.6 $253.5 $227.3 $122.7 $102.9 
Adjusted Net Income1 Per Share
$0.12 $0.36 $0.35 $0.19 $0.16 
Weighted Average Shares Outstanding1,034.4 698.7 645.9 644.9 643.1 
EBITDA1
$482.1 $455.0 $407.2 $249.1 $203.0 
Adjusted EBITDA1
$478.3 $474.9 $424.5 $265.6 $213.8 
Cash Flow from Operating Activities$513.2 $340.8 $374.6 $237.7 $207.0 
Capital Expenditures$125.7 $74.1 $61.4 $49.0 $60.8 
Free Cash Flow1
$387.5 $266.8 $313.2 $188.7 $146.2 
Cash Income and Mining Taxes$106.2 $132.2 $41.2 $36.4 $38.2 
Cash, Equivalents & Short-Term Investments$1,052.3 $843.2 $553.6 $266.3 $111.6 
Total Debt3
$705.3 $761.4 $340.5 $363.5 $380.7 
Average Realized Price Per Ounce – Gold$4,140 $4,383 $3,818 $3,148 $3,021 
Average Realized Price Per Ounce – Silver$71.18 $82.85 $54.30 $38.93 $33.72 
Average Realized Price Per Pound – Copper$6.11 $5.55 $— $— $— 
Gold Ounces Produced163,490 96,457 112,429 111,364 108,487 
Silver Ounces Produced4.4 4.4 4.7 4.8 4.7 
Copper Pounds Produced11.4 1.3 — — — 
Gold Ounces Sold167,877 108,420 111,273 114,495 106,948 
Silver Ounces Sold4.5 4.4 4.6 5.0 4.7 
Copper Pounds Sold11.3 3.4 — — — 
Adjusted CAS per AuOz1
$2,442 $2,032 $1,207 $1,355 $1,405 
Adjusted CAS per AgOz1
$22.99 $20.01 $17.29 $18.45 $16.48 
Adjusted CAS per CuLb1
$2.33 $5.36 $— $— $— 

Financial Results
Second quarter 2026 revenue totaled $1.1 billion compared to $856 million in the prior period and $481 million in the second quarter of 2025. The Company produced 163,490 ounces of gold, 4.4 million ounces of silver and 11.4 million pounds of copper during the quarter. Metal sales for the quarter totaled 167,877 ounces of gold, 4.5 million ounces of silver and 11.3 million pounds of copper. Average realized gold, silver and copper prices for the quarter were $4,140 per ounce of gold, $71.18 per ounce of silver and $6.11 per pound of copper compared to $4,383 per ounce of gold, $82.85 per ounce of silver and $5.55 per pound of copper in the prior period and $3,021 and $33.72 per ounce of gold and silver in the second quarter of 2025.
3

Gold, silver and copper sales represented 64%, 30% and 6% of quarterly revenue, respectively. The Company’s U.S. and Canadian operations accounted for approximately 68% of second quarter revenue.
Adjusted costs applicable to sales per ounce1 of gold and silver were $2,442 and $22.99, respectively, compared to $2,032 and $20.01 in the prior period. Adjusted CAS1 per gold ounce includes the non-cash impact of the $140 million related to purchase price allocation ascribed to inventory, which added $834 per ounce to the gold CAS1. General and administrative expenses increased 5% quarter-over-quarter to $23 million, due primarily to the inclusion of personnel costs associated with the acquired New Gold operations.
Coeur invested approximately $44 million ($34 million expensed and $10 million capitalized) in exploration during the quarter compared to approximately $32 million ($26 million expensed and $6 million capitalized) in the prior period. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.
The Company recorded income tax expense of approximately $93 million during the second quarter. Cash income and mining taxes paid during the period totaled approximately $106 million, primarily reflecting income and mining tax payments in Mexico and the United States.
Quarterly operating cash flow increased to $513 million from $341 million in the prior period, primarily due to a full quarter of contributions from New Afton and Rainy River, partially offset by lower realized metal prices. Changes in working capital remained flat quarter over quarter.
Second quarter capital expenditures were $126 million compared to $74 million in the prior period. Sustaining and development capital expenditures accounted for approximately $105 million and $21 million, or 83% and 17%, respectively, of Coeur’s total capital investment during the quarter and included approximately $26 million of capitalized stripping costs at Rainy River.
4

Operations
Second quarter 2026 highlights for each of the Company’s operations are provided below.
New Afton, Canada
(Dollars in millions, except per ounce and per pound amounts)2Q 2026
1Q 20264
4Q 20253Q 20252Q 2025
Tonnes milled1,101,408134,385———
Average gold grade (grams/tonne)0.480.44———
Average copper grade (%)0.540.48———
Average recovery rate – Au85.1 %87.4 %— %— %— %
Average recovery rate – Cu90.6 %94.8 %— %— %— %
Gold ounces produced14,0591,605———
Silver ounces produced (000’s)294———
Copper pounds produced (000’s)11,3771,322———
Gold ounces sold13,8323,906———
Silver ounces sold (000’s)299———
Copper pounds sold (000’s)11,2873,385———
Average realized price per gold ounce$4,522$4,733$—$—$—
Average realized price per copper pound$6.11$5.55$—$—$—
Metal sales$133.3$37.8$—$—$—
Costs applicable to sales2
$52.7$36.2$—$—$—
Adjusted CAS per AuOz1,5
$1,766$4,488$—$—$—
Adjusted CAS per CuLb1,5
$2.33$5.36$—$—$—
Exploration expense$5.1$0.3$—$—$—
Cash flow from operating activities$62.4$24.6$—$—$—
Sustaining capital expenditures (excludes capital lease payments)$11.8$—$—$—$—
Development capital expenditures$—$—$—$—$—
Total capital expenditures$11.8$—$—$—$—
Free cash flow1
$50.6$24.6$—$—$—
Operational
•Gold and copper production in the second quarter totaled 14,059 ounces and 11.4 million pounds, respectively, compared to 1,605 gold ounces and 1.3 million pounds in the prior period, which reflected eleven days of production following the closing of the New Gold transaction on March 20, 2026
•Production was affected by lower than planned mining rates as a result of the continued ramp-up of C-Zone cave growth during the quarter after completion of construction activities in April
•Mining rates averaged approximately 12,000 tonnes per day during the quarter, further increasing to approximately 14,000 tonnes per day in the final week of July. Mining rates are expected to increase to 16,000 tonnes per day from the C-Zone beginning early in the fourth quarter of 2026
Financial
•Copper and gold accounted for approximately 52% and 48% of revenue during the quarter, respectively
•Second quarter adjusted CAS1 for copper and gold on a by-product basis totaled $2.33 and $1,766 per pound and ounce, respectively
•Free cash flow1 in the second quarter totaled $51 million
5

Exploration
•Key exploration goals for 2026 include infill drilling of inferred resources in the K-Zone resource cave shape, expansion of the overall measured, indicated and inferred resources in the K-Zone and testing the Southern Picrite trend
•Exploration investment in the second quarter totaled approximately $5 million (substantially all expensed) and focused primarily on expanding the K-Zone to the southeast and west, while also advancing the scout drilling of a new target area, the Southern Picrite trend. The footprint of the K-Zone has been extended by more than 300 meters since the acquisition, while scout drilling has intersected porphyry-style mineralization
Guidance
•The Company has revised New Afton’s 2026 production and cost guidance ranges to reflect a slightly slower assumed ramp-up of C-Zone mining rates
•Prorated production reflecting nine months of contributions is expected to be 50,000 - 60,000 ounces of gold (previously 60,000 - 80,000 ounces), 40 - 50 million pounds of copper (previously 50 - 65 million pounds), and 100,000 - 180,000 ounces of silver (previously 130,000 - 180,000 ounces)
•Prorated adjusted CAS1 reflecting nine months of results are expected to be $1,300 - $1,600 per gold ounce (previously $1,000 - $1,200 per ounce) and $2.00 - $2.30 per pound of copper (previously $1.20 - $1.35 per pound), which reflects lower expected production levels and includes $175 per ounce of gold and $0.24 per pound of copper of non-cash impacts relating to the purchase price allocation ascribed to short-term inventory
•Prorated capital expenditures reflecting nine months of ownership are expected to be $51 - $61 million, which are unchanged from the previous guidance range
•Prorated exploration investment reflecting nine months of activity is expected to be $19 - $23 million ($17 - $19 million expensed and $2 - $4 million capitalized), which is unchanged from the previous guidance range

6

Rainy River, Canada
(Dollars in millions, except per ounce amounts)2Q 2026
1Q 20264
4Q 20253Q 20252Q 2025
Tonnes milled2,396,866225,632———
Average gold grade (grams/tonne)0.900.87———
Average recovery rate – Au92.5 %90.1 %— %— %— %
Gold ounces produced64,04212,494———
Silver ounces produced (000’s)12719———
Gold ounces sold69,05021,407———
Silver ounces sold (000’s)19032———
Average realized price per gold ounce$4,266$4,401$—$—$—
Metal sales$304.8$96.4$—$—$—
Costs applicable to sales2
$271.7$92.4$—$—$—
Adjusted CAS per AuOz1,6
$3,788$4,215$—$—$—
Exploration expense$4.8$0.4$—$—$—
Cash flow from operating activities$180.2$90.0$—$—$—
Sustaining capital expenditures (excludes capital lease payments)$57.1$6.4$—$—$—
Development capital expenditures$—$—$—$—$—
Total capital expenditures$57.1$6.4$—$—$—
Free cash flow1
$123.1$83.6$—$—$—
Operational
•Gold production in the second quarter totaled 64,042 ounces compared to 12,494 gold ounces in the prior period, which reflected eleven days of production following the closing of the New Gold transaction on March 20, 2026
•Production was driven by strong mining rates in the open pit, as Phase 4 approaches expected completion at the end of 2026. Stripping and mining of Phase 5 of the open pit is progressing ahead of schedule
•Underground production rates averaged approximately 2,300 tonnes per day during the quarter, which were below plan due to short-term execution challenges by the underground mining contractor. Underground production rates increased approximately 40% during July to approximately 3,300 tonnes per day and are expected to ramp up to 5,000 tonnes per day by year-end
Financial
•Second quarter adjusted CAS1 for gold on a by-product basis totaled $3,788 per ounce. CAS1 per gold ounce includes the non-cash impact of the $141 million of purchase price allocation ascribed to inventory, which added $2,036 per ounce to the gold CAS1
•Free cash flow1 in the second quarter totaled $123 million
Exploration
•Exploration in 2026 is focused on supporting the transition to underground mining by continuing to extend known shoots down-plunge, assess near-mine opportunities for additional open pit resources and explore new targets to further build the resource pipeline
•Exploration investment in the second quarter totaled approximately $5 million (substantially all expensed) and was focused on drilling to test continuity between the Northwest Trend and Phase 5 open pits, continuation of the underground resource expansion program, and commencement of regional programs
7

Guidance
•The Company has revised Rainy River’s 2026 production and cost guidance to reflect a slower assumed ramp-up in underground production rates
•Prorated production reflecting nine months of contributions is expected to be 190,000 - 230,000 ounces of gold (previously 230,000 - 275,000 ounces) and 380,000 - 450,000 ounces of silver (previously 350,000 - 450,000 ounces)
•Prorated adjusted CAS1 reflecting nine months of results are expected to be $2,700 - $3,000 per gold ounce (previously $2,150 - $2,350 per ounce), which reflects lower production levels and includes $1,020 per ounce of non-cash impacts relating to the purchase price allocation ascribed to short-term inventory and $155 per ounce attributable to the Royal Gold stream
•Prorated capital expenditures reflecting nine months of ownership are expected to be $150 - $170 million (previously $81 - $101 million), reflecting the inclusion of approximately $45 million of capitalized stripping costs (previously categorized as expensed) and $25 million of expenditures related to underground development, equipment and infrastructure
•Prorated exploration investment reflecting nine months of activity is expected to be $8 - $10 million (substantially all expensed), which is unchanged from the previous guidance range

Las Chispas, Mexico
(Dollars in millions, except per ounce amounts)2Q 20261Q 20264Q 20253Q 20252Q 2025
Tonnes milled129,334119,197114,814126,930107,410
Average gold grade (grams/tonne)4.003.964.443.695.02
Average silver grade (grams/tonne)370389411354457
Average recovery rate – Au100.2 %99.1 %89.9 %97.9 %98.6 %
Average recovery rate – Ag97.6 %99.4 %90.3 %97.8 %98.5 %
Gold ounces produced15,51815,03114,71916,54016,271
Silver ounces produced (000’s)1,5031,4811,3711,5721,489
Gold ounces sold16,45914,89814,81917,80016,025
Silver ounces sold (000’s)1,5651,4611,3671,6751,479
Average realized price per gold ounce$4,496$4,857$4,131$3,427$3,315
Average realized price per silver ounce$72.14$83.03$53.68$38.89$33.48
Metal sales$186.9$193.6$134.6$126.1$102.7
Costs applicable to sales2
$35.1$31.5$33.1$68.1$57.7
Adjusted CAS per AuOz1,7
$841$775$1,010$1,836$1,857
Adjusted CAS per AgOz1.7
$13.27$13.46$13.37$21.13$18.57
Exploration expense$3.3$3.5$2.7$2.5$3.3
Cash flow from operating activities8
$123.5$88.7$92.3$75.9$58.6
Sustaining capital expenditures (excludes capital lease payments)$16.3$12.5$13.8$9.8$9.2
Development capital expenditures$—$—$—$—$—
Total capital expenditures$16.3$12.5$13.8$9.8$9.2
Free cash flow1,8
$107.2$76.2$78.5$66.1$49.4
Operational
•Second quarter silver and gold production totaled 1.5 million and 15,518 ounces, respectively, compared to 1.5 million and 15,031 ounces in the prior period and 1.5 million and 16,271 ounces in the second quarter of 2025
•Production during the quarter was driven by higher tonnes milled, partially offset by slightly lower grades for silver
8

Financial
•Silver and gold accounted for approximately 60% and 40% of revenue during the quarter, respectively
•Second quarter adjusted CAS1 for silver and gold on a co-product basis totaled $13.27 and $841 per ounce, respectively
•Free cash flow1 in the second quarter totaled $107 million compared to $76 million in the prior period
Exploration
•Key exploration goals in 2026 include the continuation of expansion and infill drilling on veins in the Babicanora Block, Las Chispas Block and the Gap Zone and the commencement of scout drilling aimed at identifying new vein targets and replenishing inferred inventory for future conversion
•Exploration investment in the second quarter totaled approximately $7 million ($3 million expensed and $4 million capitalized) compared to $6 million ($4 million expensed and $2 million capitalized) in the prior period, and was focused on scout, expansion and infill drilling across the Babicanora and Las Chispas Blocks, with the Gap Zone yielding successful results in each respective area
Guidance
•Full-year 2026 production is expected to be 55,000 - 65,000 ounces of gold and 5.5 - 6.3 million ounces of silver, which is unchanged from previous guidance ranges
•Adjusted CAS1 in 2026 are expected to be $750 - $950 per gold ounce and $12.50 - $14.50 per silver ounce, which are unchanged from previous guidance ranges
•Capital expenditures in 2026 are expected to be $71 - $84 million, consisting primarily of sustaining capital and underground development, which are unchanged from previous guidance ranges
•Exploration investment in 2026 is expected to be $21 - $26 million ($11 - $14 million expensed and $10 - $12 million capitalized), which is unchanged from previous guidance ranges
9


Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)2Q 20261Q 20264Q 20253Q 20252Q 2025
Tonnes milled485,614441,721470,127440,227438,968
Average gold grade (grams/tonne)1.301.681.811.852.08
Average silver grade (grams/tonne)112116117119139
Average recovery rate – Au93.8 %96.2 %93.9 %95.0 %92.9 %
Average recovery rate – Ag85.5 %89.6 %88.8 %89.9 %88.6 %
Gold ounces produced18,60222,91825,66224,80227,272
Silver ounces produced (000’s)1,4891,4751,5661,5141,741
Gold ounces sold19,90722,93524,37826,85026,782
Silver ounces sold (000’s)1,4831,4681,5101,6331,720
Average realized price per gold ounce$2,629$2,811$2,492$2,144$2,093
Average realized price per silver ounce$72.31$84.29$54.26$38.97$33.76
Metal sales$159.6$188.3$142.7$121.2$114.1
Costs applicable to sales2
$61.3$51.2$48.3$51.0$48.7
Adjusted CAS per AuOz1
$1,016$758$847$887$888
Adjusted CAS per AgOz1
$27.69$22.99$18.13$16.44$14.39
Exploration expense$7.3$4.6$4.9$5.7$4.0
Cash flow from operating activities$62.7$72.8$70.8$52.6$47.9
Sustaining capital expenditures (excludes capital lease payments)$5.4$6.8$5.2$4.3$3.6
Development capital expenditures$1.7$1.7$3.1$1.4$2.0
Total capital expenditures$7.1$8.5$8.3$5.7$5.6
Free cash flow1
$55.6$64.3$62.5$46.9$42.3
Operational
•Second quarter silver and gold production totaled 1.5 million and 18,602 ounces, respectively, compared to 1.5 million and 22,918 ounces in the prior period and 1.7 million and 27,272 ounces in the second quarter of 2025
•Production during the quarter was impacted by lower grades and recoveries, partially offset by higher mill throughput
Financial
•Silver and gold accounted for approximately 67% and 33% of revenue during the quarter, respectively
•Second quarter adjusted CAS1 for silver and gold on a co-product basis totaled $27.69 and $1,016 per ounce, respectively
•Capital expenditures decreased to $7 million compared to $9 million in the prior period
•Free cash flow1 in the second quarter totaled $56 million compared to $64 million in the prior period
Exploration
•Exploration in 2026 is focused on building reserves and resources near mine infrastructure while developing a significant pipeline to the east in the area unaffected by the Franco-Nevada gold stream, where over 70% of the exploration budget is expected to be spent this year
•Exploration investment in the second quarter totaled approximately $8 million ($7 million expensed and $1 million capitalized) compared to $6 million ($5 million expensed and $1 million capitalized) in the prior period. Key areas of focus included expansion drilling at San Miguel and La Unión in the Eastern District, expansion drilling in the northwest of the Hidalgo Corridor and expansion and infill drilling at Independencia Sur. Programs to date have successfully extended veins at each target
10

Other
•10,084 ounces, or approximately 51% of Palmarejo’s gold sales in the second quarter, were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce. The Company anticipates approximately 40% - 50% of Palmarejo’s 2026 gold sales will be sold under the gold stream agreement
Guidance
•Full-year 2026 production is expected to be 95,000 - 105,000 ounces of gold and 6.25 - 7.0 million ounces of silver, which is unchanged from the previous guidance ranges
•Adjusted CAS1 in 2026 are expected to be $700 - $900 per gold ounce and $21.50 - $23.50 per silver ounce, which are unchanged from the previous guidance ranges
•Capital expenditures in 2026 are expected to be $35 - $41 million, consisting primarily of sustaining capital and underground development, which are unchanged from the previous guidance ranges
•Exploration investment in 2026 is expected to be $24 - $28 million ($22 - $24 million expensed and $2 - $4 million capitalized), which is unchanged from the previous guidance ranges

Rochester, United States
(Dollars in millions, except per ounce amounts)2Q 20261Q 20264Q 20253Q 20252Q 2025
Ore tonnes placed8,041,787 6,724,626 9,275,732 7,535,326 7,122,912 
Average silver grade (grams/tonne)10 12 17 19 20 
Average gold grade (grams/tonne)0.07 0.07 0.08 0.08 0.09 
Silver ounces produced (000’s)1,225 1,394 1,748 1,644 1,456 
Gold ounces produced11,671 14,112 17,722 14,801 14,302 
Silver ounces sold (000’s)1,235 1,387 1,701 1,656 1,438 
Gold ounces sold11,748 14,090 18,043 13,975 13,881 
Average realized price per silver ounce$71.53 $81.59 $54.85 $38.95 $33.88 
Average realized price per gold ounce$4,461 $4,843 $4,139 $3,431 $3,333 
Metal sales$140.8 $181.4 $167.9 $112.5 $95.0 
Costs applicable to sales2
$58.9 $53.8 $60.7 $52.0 $47.9 
Adjusted CAS per AgOz1
$29.66 $23.74 $19.69 $17.73 $16.83 
Adjusted CAS per AuOz1
$1,832 $1,432 $1,458 $1,585 $1,675 
Prepayment, working capital cash flow$— $— $— $— $— 
Exploration expense$1.4 $0.9 $2.7 $3.2 $1.2 
Cash flow from operating activities$43.1 $84.7 $92.6 $41.2 $39.6 
Sustaining capital expenditures (excludes capital lease payments)$10.5 $18.6 $13.1 $7.5 $20.7 
Development capital expenditures$7.4 $4.2 $1.7 $4.1 $3.8 
Total capital expenditures$17.9 $22.8 $14.8 $11.6 $24.5 
Free cash flow1
$25.2 $61.9 $77.8 $29.6 $15.1 
Operational
•Silver and gold production in the second quarter totaled 1.2 million and 11,671 ounces, respectively, compared to 1.4 million and 14,112 ounces in the prior period and 1.5 million and 14,302 ounces in the second quarter of 2025
•Lower production levels in the quarter were driven by mine sequencing and timing of grade placed on the leach pad
•Ore tonnes placed through the crushing circuit totaled 6.8 million tonnes compared to 5.9 million tonnes in the prior quarter. A total of 8.0 million tonnes were placed during the quarter compared to
11

6.7 million tonnes in the prior period, due to improvements in material quality control, mine-to-crusher interface upgrades and maintenance optimization initiatives
Financial
•Silver and gold accounted for approximately 63% and 37% of revenue during the quarter, respectively
•Second quarter adjusted CAS1 for silver and gold on a co-product basis totaled $29.66 and $1,832 per ounce, respectively
•Capital expenditures decreased to $18 million compared to $23 million in the prior period
•Free cash flow1 in the second quarter totaled $25 million compared to $62 million in the prior period, primarily driven by lower production and lower average realized metals prices
Exploration
•Exploration in 2026 is focused on near-pit drilling to support upcoming permitting and the commencement of district-scale exploration to build the resource pipeline
•Exploration investment in the second quarter totaled approximately $2 million ($1 million expensed and $1 million capitalized), consistent with the prior period, and was directed toward infill drilling of the Wedge target and expansion of the northeast Rochester target
Guidance
•Full-year 2026 production is expected to be 6.4 - 7.8 million ounces of silver and 70,000 - 90,000 ounces of gold, which is unchanged from the previous guidance range
•Adjusted CAS1 in 2026 are expected to be $23.00 - $25.00 per silver ounce and $1,350 - $1,550 per gold ounce, which are unchanged from the previous guidance range
•Capital expenditures in 2026 are expected to be $96 - $110 million, which are unchanged from the previous guidance range and includes projects related to the Phase 2 development of the Stage 6 leach pad and modifications after startup of the crusher corridor
•Exploration investment in 2026 is expected to be $14 - $17 million ($7 - $9 million expensed and $7 - $8 million capitalized), which is unchanged from the previous guidance range

12

Kensington, United States
(Dollars in millions, except per ounce amounts)2Q 20261Q 20264Q 20253Q 20252Q 2025
Tonnes milled169,823 157,253 178,513 171,190 174,333 
Average gold grade (grams/tonne)4.30 4.45 5.56 5.47 5.16 
Average recovery rate91.5%91.2%92.7%90.5%91.8%
Gold ounces produced21,528 20,525 29,567 27,231 26,555 
Gold ounces sold20,700 21,267 28,715 28,011 26,751 
Average realized price per gold ounce, gross$4,277 $5,187 $4,379 $3,588 $3,410 
Treatment and refining charges per gold ounce$(59)$70 $67 $56 $56 
Average realized price per gold ounce, net$4,218 $5,117 $4,312 $3,532 $3,354 
Metal sales$87.3 $108.8 $123.8 $98.9 $89.8 
Costs applicable to sales2
$48.2 $47.8 $44.1 $46.7 $46.1 
Adjusted CAS per AuOz1
$2,323 $2,246 $1,533 $1,659 $1,713 
Prepayment, working capital cash flow$— $— $— $— $— 
Exploration expense$2.3 $2.5 $0.8 $2.2 $1.5 
Cash flow from operating activities$44.5 $53.3 $69.0 $46.4 $36.0 
Sustaining capital expenditures (excludes capital lease payments)$9.6 $8.5 $9.4 $9.4 $12.3 
Development capital expenditures$2.6 $0.6 $8.8 $6.2 $4.0 
Total capital expenditures$12.2 $9.1 $18.2 $15.6 $16.3 
Free cash flow1
$32.3 $44.2 $50.8 $30.8 $19.7 
Operational
•Gold production in the second quarter totaled 21,528 ounces compared to 20,525 ounces in the prior period and 26,555 ounces in the second quarter of 2025
•Production during the quarter was driven by higher tonnes milled, partially offset by lower average gold grade as a result of adjustments to stope sequencing and timing
Financial
•Second quarter adjusted CAS1 increased 3% quarter-over-quarter to $2,323 per ounce
•Capital expenditures increased 34% quarter-over-quarter to $12 million
•Free cash flow1 in the second quarter totaled $32 million compared to $44 million in the prior period
Exploration
•Exploration in 2026 is focused on maintaining a five-year reserves-based life of mine and bolstering the inferred resource pipeline
•Exploration investment in the second quarter totaled approximately $4 million ($2 million expensed and $2 million capitalized) compared to $4 million ($3 million expensed and $2 million capitalized) in the prior period. Expansion and infill drilling were focused around multiple zones within Kensington, with scout and expansion drilling undertaken on multiple targets including Bunkhouse, Cookhouse and Elmira Hangingwall. Results to date indicate expansion of multiple zones in Kensington with continuity of mineralization likely between zones in upper and lower portions
Guidance
•Full-year 2026 production is expected to be 98,000 - 110,000 gold ounces, which is unchanged from the previous guidance range
•Adjusted CAS1 in 2026 are expected to be $1,750 - $1,950 per gold ounce, which are unchanged from the previous guidance range
13

•Capital expenditures in 2026 are expected to be $54 - $63 million, which are unchanged from the previous guidance range and includes investment related to raising the main tailings storage facility embankment which is expected to be completed this year
•Exploration investment in 2026 is expected to be $14 - $15 million ($8 - $9 million expensed and $6 - $6 million capitalized), which is unchanged from the previous guidance range

Wharf, United States
(Dollars in millions, except per ounce amounts)2Q 20261Q 20264Q 20253Q 20252Q 2025
Ore tonnes placed1,412,212 366,184 595,737 1,220,764 1,002,988 
Average gold grade (grams/tonne)1.10 1.13 0.86 0.96 1.20 
Gold ounces produced18,070 9,772 24,759 27,990 24,087 
Silver ounces produced (000’s)19 15 24 25 36 
Gold ounces sold16,181 9,917 25,318 27,859 23,509 
Silver ounces sold (000’s)16 15 27 22 35 
Average realized price per gold ounce$4,438$4,902$4,120$3,412$3,315
Metal sales$72.9 $49.9 $105.8 $95.9 $79.1 
Costs applicable to sales2
$21.8 $17.0 $30.0 $30.9 $29.0 
Adjusted CAS per AuOz1
$1,267 $1,588 $1,121 $1,079 $1,175 
Prepayment, working capital cash flow$— $— $— $— $— 
Exploration expense$1.8 $3.2 $0.6 $0.7 $3.5 
Cash flow from operating activities$33.8 $15.3 $65.9 $57.2 $41.4 
Sustaining capital expenditures (excludes capital lease payments)$(6.0)$10.0 $2.9 $1.2 $2.3 
Development capital expenditures$4.1 $3.1 $0.7 $2.0 $1.3 
Total capital expenditures$(1.9)$13.1 $3.6 $3.2 $3.6 
Free cash flow1
$35.7 $2.2 $62.3 $54.0 $37.8 
Operational
•Gold production in the second quarter increased 85% quarter over quarter to 18,070 ounces compared to 9,772 ounces in the prior period and 24,087 ounces in the second quarter of 2025
•Higher production during the quarter was driven by increased ore tonnes placed, reflecting the successful return to normal crushing rates following the November 2025 crusher fire, bolstered by contract crushing exceeding planned throughput
•Demobilization of the contract crushing is complete and normal site operations have resumed, concurrent with the completion of secondary and tertiary crusher upgrades
Financial
•Adjusted CAS1 on a by-product basis decreased 20% quarter over quarter to $1,267 per ounce, primarily due to higher ore tonnes placed and the receipt of a $10 million partial payment of business interruption insurance proceeds
•Capital expenditures totaled approximately $(2) million compared to $13 million in the prior period, reflecting a partial payment of $10 million of property damage insurance proceeds received in the period and recorded as a reduction of capital expenditures
•Free cash flow1 in the second quarter totaled $36 million compared to $2 million in the prior period, benefiting from partial property and business interruption insurance recoveries of $20 million received in the quarter
14

Exploration
•In 2026, exploration programs at Juno and North Foley are expected to build on the 2025 expansion and infill drilling, with the aim of adding to both reserves and resources at year-end. Other targets, including Annie Creek and Summit Flat, are also expected to undergo expansion and infill drilling, while scout drilling is expected to commence to continue development of the inferred resource pipeline
•Exploration investment during the second quarter totaled $5 million ($2 million expensed and $3 million capitalized) compared to $3 million (substantially all expensed) in the prior quarter, and was focused on a mix of expansion and infill drilling at Juno, North Foley, Boston and Summit Flat targets
Guidance
•Full-year 2026 production is expected to be 72,000 - 90,000 ounces of gold and 50,000 - 200,000 ounces of silver, which is unchanged from previous guidance range
•Adjusted CAS1 in 2026 are expected to be $1,400 - $1,600 per gold ounce, which are unchanged from previous guidance range
•Capital expenditures in 2026 are expected to be $17 - $23 million, which reflects remediation of the existing crusher and planned infrastructure upgrades, which are unchanged from previous guidance range
•Exploration investment in 2026 is expected to be $10 - $12 million ($8 - $9 million expensed and $2 - $3 million capitalized), which is unchanged from previous guidance range
15

Exploration
During the second quarter, Coeur invested approximately $44 million ($34 million expensed and $10 million capitalized) compared to roughly $32 million ($26 million expensed and $6 million capitalized) in the prior period and focused on a mix of near-mine expansion and infill programs with multiple sites also commencing significant summer programs that involve early-stage exploration and scout drilling.
The Company’s exploration investment in 2026 is expected to total $118 - $132 million for expansion drilling (classified as exploration expense) and $29 - $37 million for infill drilling (capitalized exploration) for a total expected investment of $147 - $169 million.
Top exploration priorities for 2026 are: (i) continuing to extend and infill known deposits to support future life of mine, and building the inferred pipeline at Las Chispas, in addition to restarting regional exploration; (ii) infill drilling at Hidalgo and Independencia Sur to support near-term life of mine additions at Palmarejo, also building the inferred pipeline to provide optionality to the operation, with particular emphasis on the Eastern District outside the Franco-Nevada gold stream boundary; (iii) completing drilling to support the next stage of mine permit expansion at Rochester, along with regional studies and scout drilling across the district to build the exploration pipeline; (iv) maintaining a five-year reserve-based mine life at Kensington and increasing focus on scout drilling to add inferred resources; (v) continuing the expansion and infill programs at Wharf to further add to the life of mine and conduct district-scale work to support long-term mine life additions; (vi) drilling programs to support the study program and continue expanding the resource base at Silvertip through a combination of scout, expansion and infill drilling; (vii) infill and expansion drilling at the K-Zone at New Afton; and (viii) expansion drilling of underground shoots at Rainy River, testing of additional open-pit opportunities and commencing more aggressive regional exploration.
16

2026 Guidance
The Company has refined its full-year 2026 guidance for production, CAS1, capital expenditures, amortization, and income and mining tax to reflect lower assumed metals prices in the second half of 2026 and to incorporate post-acquisition adjustments following the initial full quarter of ownership by Coeur of Rainy River and New Afton.
Updated production and CAS1 guidance for the nine months of ownership of Rainy River and New Afton in 2026 reflects slightly slower assumed ramp-up rates at Rainy River’s underground operations and New Afton’s C-Zone. Full-year production and CAS1 guidance for Coeur’s five legacy operations remain unchanged.
The Company reaffirmed its full-year guidance for exploration and general and administrative expenses (“G&A”).
Capital expenditure guidance increased to $520 - $605 million (previously $437 - $526 million), primarily reflecting the inclusion of approximately $45 million of capitalized stripping costs (previously categorized as expensed) and $25 million of expenditures related to underground development, equipment and infrastructure at Rainy River. The updated capital expenditure guidance also included the addition of approximately $15 million of development capital at Silvertip to support further project study work.
Based on lower assumed metal prices, the Company reduced full-year 2026 cash income and mining tax guidance to $350 - $450 million (previously $475 - $600 million).
Based on the preliminary purchase price allocation for mineral properties, the Company reduced full-year 2026 amortization to $1.1 - $1.2 billion (previously $1.2 - $1.4 billion).

2026 Production Guidance
PreviousUpdated
GoldSilverCopperGoldSilverCopper
(oz)(K oz)(M lbs)(oz)(K oz)(M lbs)
Adjusted
New Afton60,000 - 80,000130 - 18050 - 6550,000 - 60,000100 - 18040 - 50
Rainy River230,000 - 275,000350 - 450-190,000 - 230,000380 - 450-
Non-Adjusted
Las Chispas55,000 - 65,0005,500 - 6,300-55,000 - 65,0005,500 - 6,300-
Palmarejo95,000 - 105,0006,250 - 7,000-95,000 - 105,0006,250 - 7,000-
Rochester70,000 - 90,0006,400 - 7,800-70,000 - 90,0006,400 - 7,800-
Kensington98,000 - 110,000--98,000 - 110,000--
Wharf72,000 - 90,00050 - 200-72,000 - 90,00050 - 200-
Total680,000 - 815,00018,680 - 21,93050 - 65630,000 - 750,00018,680 - 21,93040 - 50






17


2026 Adjusted Costs Applicable to Sales Guidance
PreviousUpdated
GoldSilverCopperGoldSilverCopper
($/oz)($/oz)($/lb)($/oz)($/oz)($/lb)
Adjusted
New Afton (co-product)9
$1,000 - $1,200-$1.20 - $1.35$1,300 - $1,600-$2.00 - $2.30
Rainy River (by-product)10
$2,150 - $2,350--$2,700 - $3,000--
Non-Adjusted
Las Chispas (co-product)$750 - $950$12.50 - $14.50-$750 - $950$12.50 - $14.50-
Palmarejo (co-product)$700 - $900$21.50 - $23.50-$700 - $900$21.50 - $23.50-
Rochester (co-product)$1,350 - $1,550$23.00 - $25.00-$1,350 - $1,550$23.00 - $25.00-
Kensington$1,750 - $1,950--$1,750 - $1,950--
Wharf (by-product)$1,400 - $1,600--$1,400 - $1,600--

2026 Capital, Amortization, Exploration, G&A and Income and Mining Tax Guidance
PreviousUpdated
($M)($M)
Capital Expenditures, Sustaining$291 - $337$360 - $405
Capital Expenditures, Development$146 - $189$160 - $200
Exploration, Expensed$118 - $132$118 - $132
Exploration, Capitalized$29 - $37$29 - $37
General & Administrative Expenses$90 - $100$90 - $100
Cash Income and Mining Taxes$475 - $600$350 - $450
Amortization$1,200 - $1,400$1,100 - $1,200
Effective Tax Rate (%)30% - 36%34% - 38%
Note: The Company’s previous guidance figures assumed estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. The Company’s updated guidance figures assume estimated prices of $4,000/oz gold, $60.00/oz silver, and $6.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.


18

Financial Results and Conference Call
Coeur will host a conference call to discuss its second quarter 2026 financial results on August 6, 2026 at 11:00 a.m. Eastern Time.

Dial-In Numbers:        (855) 560-2581 (U.S./Canada)
        (412) 542-4166 (International)
Conference ID:        Coeur Mining

Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Executive Vice President and Chief Financial Officer, Michael “Mick” Routledge, Executive Vice President and Chief Operating Officer, and other members of management. A replay of the call will be available through August 13, 2026.

Replay numbers:        (855) 669-9658 (U.S./Canada)
        (412) 317-0088 (International)
Conference ID:        679 91 83

About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned operations: the New Afton gold-copper mine in British Columbia, Canada, the Rainy River gold-silver mine in Ontario, Canada, the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver mine in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.

Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding EBITDA, cash flow, production, costs, capital expenditures, tax rates and treatment, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the Franco-Nevada gold stream agreement at Palmarejo, anticipated production, and costs and expenses and operations at New Afton, Rainy River, Las Chispas, Palmarejo, Rochester, Kensington and Wharf. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold, silver and copper, and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur’s future acquisition of new mining properties or businesses, risks associated with the integration of the New Afton and Rainy River mines following the acquisition of New Gold Inc., the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations, impacts from tariffs or other trade barriers, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, the ability to maintain positive relationships with indigenous groups and other community stakeholders, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put
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undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.

The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Vice President, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.

Non-U.S. GAAP Measures
We supplement the reporting of our financial information determined under United States generally accepted accounting principles (“U.S. GAAP”) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2025.

Notes
1.EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s revolving credit facility (“RCF”). Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity.
2. Excludes amortization.
3. Includes capital leases. Net of debt issuance costs and premium received.
4. Reflects eleven days of production following the closing of the New Gold acquisition on March 20, 2026.
5. For the three months ended March 31, 2026, New Afton CAS per gold ounce and CAS per copper pound included the non-cash impact of the $21 million purchase price allocation ascribed to inventory, which increased CAS per gold ounce by $2,560 and CAS per copper pound by $3.10.
6. For the three months ended June 30, 2026, Rainy River CAS per gold ounce included the non-cash impact of the $141 million purchase price allocation ascribed to inventory, which increased gold CAS by $2,036 per ounce. For the three months ended March 31, 2026, Rainy River CAS per gold ounce included the non-cash impact of the $65 million purchase price allocation ascribed to inventory, which increased gold CAS by $3,026 per ounce.
7. The amounts shown in this news release for costs applicable to sales (“CAS”) per ounce for Las Chispas, adjusted EBITDA, and adjusted net income from continuing operations are presented on a different basis compared to the amounts reported in the news releases reporting results for the first, second, and third quarters of 2025 as a result of revisions to “Acquisition Accounting”. Based on discussions with the SEC staff in the course of a regular review of Company disclosures, the staff has provided its view that, under its guidance on non-GAAP financial measures, the Company is required to calculate Las Chispas CAS, adjusted EBITDA and adjusted net income using the fair value of Las Chispas’ legacy inventory held as of the Las Chispas acquisition closing date, February 14, 2025, except when calculating the net leverage ratio under the Company’s RCF since the RCF contractually provides for certain adjustments to be made. As a result, except when calculating the net leverage ratio under the RCF, the Company is not making adjustments that were intended to calculate non-GAAP financial measures using SilverCrest Metals Inc.’s historical costs of producing legacy inventory as such inventory is sold. In our view, the historical cost remains more indicative of the costs Las Chispas incurred in producing this legacy inventory, and is a better measure of performance, than the acquisition accounting measures of these costs. As a result of removing these adjustments, for the three months ended September 30, June 30, and March 31, 2025, adjusted EBITDA (including last-twelve-months (“LTM”) adjusted EBITDA) and adjusted net income in this release are lower than previously reported, and Las Chispas CAS are higher, except as used in calculation of the net leverage ratio under the RCF, including the impact of the
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amortization of acquired inventory purchase price allocation of $3.3 million, $33.4 million, $29.7 million, and $27.0 million for the three months ended December 31, September 30, June 30, and March 31, 2025, respectively and an impact of $93.5 million for last-twelve-months. In each case, we are also providing separately the amount of the relevant impact of amortizing the non-cash, non-recurring step-up in cost basis for legacy inventory from the acquisition-related fair value accounting, so readers can supplementally assess such amounts to the extent they deem appropriate to understand the normal, recurring cost performance of Las Chispas as well as Company-wide adjusted EBITDA and adjusted net income. To calculate amounts comparable to first, second and third quarter disclosures, which is the methodology the Company’s management uses to assess normal, recurring performance and our lenders use for purposes of calculating the net leverage ratio covenant under our RCF, readers would need to subtract the step-up in cost basis from Las Chispas CAS, and add back the impact of the step-up in cost basis to adjusted EBITDA and adjusted net income.
8. Includes $72 million of monetized finished goods following the SilverCrest acquisition on February 14, 2025.
9. New Afton CAS per gold ounce guidance includes the non-cash impact of the $20 million total of the preliminary purchase price allocation ascribed to inventory, split between gold ($175 per ounce) and copper ($0.24 per pound).
10. Rainy River CAS per gold ounce guidance includes the non-cash impact of $244 million ($1,020 per ounce) of the preliminary purchase price allocation ascribed to inventory. It also includes $74 million ($155 per ounce) related to how the streaming arrangement with Royal Gold A.G., a wholly-owned subsidiary of Royal Gold, Inc. (“Royal Gold”) is reported under U.S. GAAP.


Average Spot Prices
2Q 20261Q 20264Q 20253Q 20252Q 2025
Average Gold Spot Price Per Ounce$4,504 $4,873 $4,135 $3,457 $3,280 
Average Silver Spot Price Per Ounce$73.15 $84.33 $54.73 $39.40 $33.68 
Average Copper Spot Price Per Pound$6.05 $5.83 $5.03 $4.44 $4.32 

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

Source: Coeur Mining
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COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2026December 31, 2025
ASSETSIn thousands, except share data
CURRENT ASSETS
Cash and cash equivalents$1,052,274 $553,597 
Receivables73,562 69,160 
Inventory383,420 163,330 
Ore on leach pads207,939 157,461 
Prepaid expenses and other58,092 29,129 
1,775,287 972,677 
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net12,163,136 2,744,884 
Goodwill625,812 625,812 
Ore on leach pads162,042 119,446 
Restricted assets9,133 9,114 
Receivables20,730 19,683 
Deferred tax assets147,841 140,553 
Long-term stockpile281,078 42,076 
Other18,686 21,437 
TOTAL ASSETS$15,203,745 $4,695,682 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$262,383 $148,872 
Accrued liabilities and other201,866 212,213 
Debt2,388 16,996 
Reclamation19,250 15,063 
485,887 393,144 
NON-CURRENT LIABILITIES
Debt702,903 323,537 
Reclamation404,213 262,448 
Deferred tax liabilities3,114,049 322,983 
Other long-term liabilities87,189 80,519 
4,308,354 989,487 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 1,300,000,000 shares, 1,028,536,378 issued and outstanding at June 30, 2026 and 642,092,761 at December 31, 2025
10,285 6,421 
Additional paid-in capital12,527,639 5,783,019 
Accumulated deficit(2,128,420)(2,476,389)
10,409,504 3,313,051 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$15,203,745 $4,695,682 


.






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COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
In thousands, except share data
Revenue$1,085,592 $480,650 $1,941,784 $840,712 
COSTS AND EXPENSES
Costs applicable to sales(1)
549,747 229,454 879,756 433,720 
Amortization255,985 61,421 355,810 104,514 
General and administrative22,694 13,250 44,356 27,162 
Exploration34,095 23,256 59,794 42,938 
Pre-development, reclamation, and other6,557 13,161 36,384 30,114 
Total costs and expenses869,078 340,542 1,376,100 638,448 
Income from operations216,514 140,108 565,684 202,264 
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment(320)— (1,874)— 
Fair value adjustments, net— 4 — (342)
Interest expense, net of capitalized interest(11,010)(8,251)(17,453)(18,701)
Other, net9,907 1,460 17,449 1,866 
Total other expense, net(1,423)(6,787)(1,878)(17,177)
Income before income and mining taxes215,091 133,321 563,806 185,087 
Income and mining tax expense(93,238)(62,595)(195,192)(81,008)
NET INCOME$121,853 $70,726 $368,614 $104,079 
OTHER COMPREHENSIVE INCOME:
Other comprehensive loss — — — — 
COMPREHENSIVE INCOME$121,853 $70,726 $368,614 $104,079 
NET INCOME PER SHARE
Basic income per share:
Basic$0.12 $0.11 $0.43 $0.18 
Diluted$0.12 $0.11 $0.42 $0.18 
(1) Excludes amortization.



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COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$121,853 $70,726 $368,614 $104,079 
Adjustments:
Amortization255,985 61,421 355,810 104,514 
Accretion6,088 4,900 10,927 9,632 
Deferred taxes(8,336)(12,204)(9,901)(29,557)
(Gain) loss on debt extinguishment320 — 1,874 — 
Fair value adjustments, net— (4)— 342 
Stock-based compensation7,406 4,217 16,033 7,515 
Deferred revenue recognition(138)(192)(298)(42,508)
Acquired inventory purchase price allocation140,076 29,680 225,438 56,720 
Other(9,946)3,029 (10,439)4,552 
Changes in operating assets and liabilities:
Receivables17,890 (4,766)13,157 (821)
Prepaid expenses and other current assets(22,944)2,424 (23,371)84,489 
Inventory and ore on leach pads(24,463)(14,125)(51,266)(22,473)
Accounts payable and accrued liabilities29,441 61,845 (42,510)(1,898)
CASH PROVIDED BY OPERATING ACTIVITIES 513,232 206,951 854,068 274,586 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(125,709)(60,807)(199,788)(110,809)
Acquisitions, net— 239 128,259 103,635 
Proceeds from the sale of assets670 80 1,933 80 
Purchase of investments(45)— (45)— 
Other(63)(85)(133)(175)
CASH PROVIDED BY INVESTING ACTIVITIES (125,147)(60,573)(69,774)(7,269)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock349 9,147 750 9,449 
Issuance of notes and bank borrowings, net of issuance costs— 47,000 — 146,500 
Payments on debt, finance leases, and associated costs(44,937)(164,731)(55,220)(356,965)
Performance share cash settlement(732)— (41,763)— 
Dividend payments(20,645)— (20,645)— 
Share repurchases(110,422)(2,004)(110,422)(2,004)
Stock-based compensation tax withholdings and other financing activities(715)(2,184)(54,674)(7,905)
CASH USED IN FINANCING ACTIVITIES (177,102)(112,772)(281,974)(210,925)
Effect of exchange rate changes on cash and cash equivalents(1,101)496 (2,143)204 
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH209,882 34,102 500,177 56,596 
Cash, cash equivalents and restricted cash at beginning of period846,000 79,368 555,705 56,874 
Cash, cash equivalents and restricted cash at end of period$1,055,882 $113,470 $1,055,882 $113,470 

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Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)LTM 2Q 20262Q 20261Q 20264Q 20253Q 20252Q 2025
Net income$850,407 $121,853 $246,761 $214,969 $266,824 $70,726 
Interest expense, net of capitalized interest29,694 11,010 6,443 5,968 6,273 8,251 
Income tax provision (benefit)210,850 93,238 101,954 112,539 (96,881)62,595 
Amortization502,395 255,985 99,825 73,655 72,930 61,421 
EBITDA1,593,346 482,086 454,983 407,131 249,146 202,993 
Fair value adjustments, net— — — — — (4)
Foreign exchange (gain) loss(6,675)(3,856)(878)(4,021)2,080 (246)
Asset retirement obligation accretion20,992 6,088 4,839 5,077 4,988 4,900 
Inventory adjustments and write-downs5,596 1,760 1,097 1,541 1,198 1,598 
(Gain) loss on sale of assets439 19 25 282 113 117 
RMC bankruptcy distribution— — — — — (37)
(Gain) loss on debt extinguishment1,987 320 1,554 107 6 — 
Transaction and integration costs38,563 3,954 19,910 14,248 451 2,823 
Kensington royalty settlement1 — — 1 — 28 
Obligor Exchange2,464 2,464 — — — — 
Wharf property damage proceeds(10,000)(10,000)— — — — 
Wage and hour litigation settlement6,589 47 (517)61 6,998 — 
Mexico arbitration matter941 46 95 57 743 1,740 
Flow-through share premium(111)— — — (111)(112)
Interest income(10,886)(4,661)(6,225)— — — 
Adjusted EBITDA$1,643,246 $478,267 $474,883 $424,484 $265,612 $213,800 
Revenue$3,171,198 $1,085,592 $856,192 $674,847 $554,567 $480,650 
Adjusted EBITDA Margin52 %44 %55 %63 %48 %44 %








Adjusted Net Income Reconciliation
(Dollars in thousands except per share amounts)2Q 20261Q 20264Q253Q 20252Q 2025
Net income$121,853 $246,761 $214,969 $266,824 $70,726 
Fair value adjustments, net— — — — (4)
Foreign exchange loss (gain)(1)
6,524 (2,600)1,563 11,831 28,072 
(Gain) loss on sale of assets19 25 282 113 117 
RMC bankruptcy distribution— — — — (37)
(Gain) loss on debt extinguishment320 1,554 107 6 — 
Transaction and integration costs3,954 19,910 14,248 451 2,823 
Kensington royalty settlement— — 1 — 28 
Obligor Exchange2,464 — — — — 
Wharf property damage proceeds(10,000)— — — — 
Wage and hour litigation settlement47 (517)61 6,998 — 
Mexico arbitration matter46 95 57 743 1,740 
Flow-through share premium— — — (111)(112)
Interest income(4,661)(6,225)— — — 
Valuation allowance and tax effect of adjustments2,041 (5,506)(3,992)(164,162)(467)
Adjusted net income$122,607 $253,497 $227,296 $122,693 $102,886 
Adjusted net income per share - Basic$0.12 $0.37 $0.36 $0.19 $0.16 
Adjusted net income per share - Diluted$0.12 $0.36 $0.35 $0.19 $0.16 
(1) Includes the impact of foreign exchange rates on deferred tax balances of $10.4 million, $(1.7) million, $5.9 million, $9.8 million, and $28.3 million for the three months ended June 30 and March 31, 2026 and three months end December 31 September 30, and June 30 2025, respectively.



Consolidated Free Cash Flow Reconciliation
(Dollars in thousands)2Q 20261Q 20264Q 20253Q 20252Q 2025
Cash flow from operations$513,232 $340,836 $374,587 $237,706 $206,951 
Capital expenditures125,709 74,079 61,319 49,034 60,807 
Free cash flow $387,523 $266,757 $313,268 $188,672 $146,144 


Consolidated Operating Cash Flow
Before Changes in Working Capital Reconciliation
(Dollars in thousands)2Q 20261Q 20264Q 20253Q 20252Q 2025
Cash provided by operating activities $513,232 $340,836 $374,587 $237,706 $206,951 
Changes in operating assets and liabilities:
Receivables(17,890)4,733 (1,265)7,132 4,766 
Prepaid expenses and other22,944 427 4,366 7,489 (2,424)
Inventories24,463 26,803 24,314 5,011 14,125 
Accounts payable and accrued liabilities(29,441)71,951 (84,436)(18,636)(61,845)
Operating cash flow before changes in working capital$513,308 $444,750 $317,566 $238,702 $161,573 


Net Debt and Leverage Ratio
(Dollars in thousands)2Q 20261Q 20264Q 20253Q 20252Q 2025
Total debt$705,291 $761,376 $340,533 $363,516 $380,722 
Cash and cash equivalents(1,052,274)(843,169)(553,597)(266,342)(111,646)
Net debt$(346,983)$(81,793)$(213,064)$97,174 $269,076 
Net debt$(346,983)$(81,793)$(213,064)$97,174 $269,076 
Last Twelve Months Adjusted EBITDA$1,643,246 $1,378,779 $1,025,772 $717,653 $578,082 
Leverage ratio(0.2)(0.1)(0.2)0.1 0.5 

Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2026
In thousands (except metal sales, per ounce or per pound amounts)
New Afton (1)
Rainy River (2)
Las ChispasPalmarejoRochesterKensingtonWharfSilvertipTotal
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 $— $534,796 
Metal Sales
Gold ounces13,832 69,050 16,459 19,907 11,748 20,700 16,181 — 167,877 
Silver ounces29,261 189,824 1,565,096 1,483,118 1,235,420 — 15,544 — 4,518,263 
Copper pounds11,287,253 11,287,253 
Revenue Split
Gold48 %100 %40 %33 %37 %100 %100 %
Silver60 %67 %63 %
Copper52 %
Adjusted costs applicable to sales
Gold ($/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 impact of the preliminary purchase price allocation ascribed to Inventory of $(0.5) million.
(2) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $141 million.













Reconciliation of Costs Applicable to Sales
for Three Months Ended March 31, 2026
In thousands (except metal sales, per ounce or per pound amounts)
New Afton (1)
Rainy River (2)
Las ChispasPalmarejoRochesterKensingtonWharfSilvertipTotal
Costs applicable to sales, including amortization (U.S. GAAP)$50,453 $109,133 $66,777 $58,037 $69,826 $56,482 $17,917 $956 $429,581 
Amortization(14,214)(16,689)(35,319)(6,789)(16,043)(8,669)(893)(956)(99,572)
Costs applicable to sales$36,239 $92,444 $31,458 $51,248 $53,783 $47,813 $17,024 $— $330,009 
Inventory Adjustments——(244)(105)(681)(75)(22)(1,127)
By-product credit(556)(2,203)———22(1,250)—(3,987)
Adjusted costs applicable to sales$35,683 $90,241 $31,214 $51,143 $53,102 $47,760 $15,752 $— $324,895 
Metal Sales
Gold ounces3,906 21,407 14,898 22,935 14,090 21,267 9,917 — 108,420 
Silver ounces9,132 31,990 1,460,512 1,468,463 1,386,919 — 14,540 — 4,371,556 
Copper pounds3,385,075 3,385,075 
Revenue Split
Gold49 %100 %37 %34 %38 %100 %100 %
Silver63 %66 %62 %
Copper51 %
Adjusted costs applicable to sales
Gold ($/oz)$4,488 $4,215 $775 $758 $1,432 $2,246 $1,588 $2,032 
Silver ($/oz)$13.46 $22.99 $23.74 $— $20.01 
Copper ($/lb)$5.36 $— $5.36 
(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $21 million.
(2) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $65 million.
Reconciliation of Costs Applicable to Sales
for Three Months Ended December 31, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas (1)
PalmarejoRochesterKensingtonWharfSilvertipTotal
Costs applicable to sales, including amortization (U.S. GAAP)$65,377 $56,553 $79,791 $55,272 $31,745 $1,040 $289,778 
Amortization(31,995)(8,312)(19,127)(11,167)(1,774)(1,040)(73,415)
Costs applicable to sales$33,382 $48,241 $60,664 $44,105 $29,971 $— $216,363 
Inventory Adjustments(131)(242)(861)(115)(123)—(1,472)
By-product credit———18(1,478)—(1,460)
Adjusted costs applicable to sales$33,251 $47,999 $59,803 $44,008 $28,370 $— $213,431 
Metal Sales
Gold ounces14,819 24,378 18,044 28,715 25,318 — 111,274 
Silver ounces1,367,427 1,508,856 1,700,956 27,370 — 4,604,609 
Zinc pounds — — 
Lead pounds— — 
Revenue Split
Gold45 %43 %44 %100 %100 %
Silver55 %57 %56 %— %
Zinc— %
Lead— %
Adjusted costs applicable to sales
Gold ($/oz)$1,010 $847 $1,458 $1,533 $1,121 $1,207 
Silver ($/oz)$13.37 $18.13 $19.69 $— $17.29 
Zinc ($/lb)$— $— 
Lead ($/lb)$— $— 
(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $3 million.


Reconciliation of Costs Applicable to Sales
for Three Months Ended September 30, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas (1)
PalmarejoRochesterKensingtonWharfSilvertipTotal
Costs applicable to sales, including amortization (U.S. GAAP)$99,012 $61,125 $70,487 $57,144 $32,689 $989 $321,446 
Amortization(30,908)(10,115)(18,501)(10,435)(1,762)(989)(72,710)
Costs applicable to sales$68,104 $51,010 $51,986 $46,709 $30,927 $— $248,736 
Inventory Adjustments(36)(358)(473)(272)(23)—(1,162)
By-product credit———41(846)—(805)
Adjusted costs applicable to sales$68,068 $50,652 $51,513 $46,478 $30,058 $— $246,769 
Metal Sales
Gold ounces17,800 26,850 13,975 28,011 27,859 — 114,495 
Silver ounces1,674,770 1,633,196 1,656,336 — 21,650 — 4,985,952 
Zinc pounds — — 
Lead pounds— — 
Revenue Split
Gold48 %47 %43 %100 %100 %
Silver52 %53 %57 %— %
Zinc— %
Lead— %
Adjusted costs applicable to sales
Gold ($/oz)$1,836 $887 $1,585 $1,659 $1,079 $1,355 
Silver ($/oz)$21.13 $16.44 $17.73 $— $18.45 
Zinc ($/lb)$— $— 
Lead ($/lb)$— $— 
(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $33.4 million.




























Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas (1)
PalmarejoRochesterKensingtonWharfSilvertipTotal
Costs applicable to sales, including amortization (U.S. GAAP)$80,122 $58,109 $64,676 $56,304 $30,542 $928 $290,681 
Amortization(22,375)(9,406)(16,748)(10,221)(1,549)(928)(61,227)
Costs applicable to sales$57,747 $48,703 $47,928 $46,083 $28,993 $— $229,454 
Inventory Adjustments(523)(147)(489)(222)(191)—(1,572)
By-product credit———(41)(1,188)—(1,229)
Adjusted costs applicable to sales$57,224 $48,556 $47,439 $45,820 $27,614 $— $226,653 
Metal Sales
Gold ounces16,025 26,782 13,881 26,751 23,509 — 106,948 
Silver ounces1,479,410 1,720,383 1,437,811 — 34,916 — 4,672,520 
Zinc pounds — — 
Lead pounds— — 
Revenue Split
Gold52 %49 %49 %100 %100 %
Silver48 %51 %51 %— %
Zinc— %
Lead— %
Adjusted costs applicable to sales
Gold ($/oz)$1,857 $888 $1,675 $1,713 $1,175 $1,405 
Silver ($/oz)$18.57 $14.39 $16.83 $— $16.48 
Zinc ($/lb)$— $— 
Lead ($/lb)$— $— 
(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $29.7 million.





















Reconciliation of Costs Applicable to Sales for Updated 2026 Guidance
In thousands (except metal sales and per ounce amounts)
New Afton(1)
Rainy River(2)
Las ChispasPalmarejoRochesterKensingtonWharf
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 $119,100 
Metal Sales
Gold ounces55,000240,64060,95098,68081,720104,00087,380
Silver ounces122,610750,2305,994,6306,380,8906,704,77099,410
Copper pounds45,000,000
Revenue Split
Gold46%100%39%37%43%100%100%
Silver61%63%57%
Copper54%
Adjusted costs applicable to sales
Gold ($/oz)$1,300 - $1,600$2,700 - $3,000$750 - $950$700 - $900$1,350 - $1,550$1,750 - $1,950$1,400 - $1,600
Silver ($/oz)$12.50 - $14.50$21.50 - $23.50$23.00 - $25.00
Copper ($/lb)$2.00 - $2.30
(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $20 million.
(2) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $244 million.



Reconciliation of Costs Applicable to Sales for Previous 2026 Guidance
In thousands (except metal sales and per ounce amounts)
New Afton(1)
Rainy River(2)
Las ChispasPalmarejoRochesterKensingtonWharf
Costs applicable to sales, including amortization (U.S. GAAP)$723,147 $930,884 $397,764 $161,390 $365,418 $233,583 $142,683 
Amortization(557,321)(309,164)(174,548)(36,491)(88,753)(41,722)(8,965)
Costs applicable to sales$165,826 $621,720 $223,216 $124,899 $276,665 $191,861 $133,718 
By-product credit(14,325)(26,950)— — — — (6,132)
Adjusted costs applicable to sales$151,501 $594,770 $223,216 $124,899 $276,665 $191,861 $127,586 
Metal Sales
Gold ounces70,071267,31559,521100,00081,143105,13786,868
Silver ounces187,153664,4275,934,2776,796,2237,136,31579,401
Copper pounds57,921,066
Revenue Split
Gold53%100%34%37%40%100%100%
Silver66%63%60%
Copper47%
Adjusted costs applicable to sales
Gold ($/oz)$1,000-$1,200$2,150 - $2,350$750 - $950$700 - $900$1,350 - $1,550$1,750 - $1,950$1,400 - $1,600
Silver ($/oz)$12.50 - $14.50$21.50 - $23.50$23.00 - $23.50
Copper ($/lb)$1.20 - $1.35
(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $21 million.
(2) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $180 million.


Source: View Original Filing on SEC EDGAR

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