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Coeur Mining Q3 2026 profit falls to $109M

After third-quarter share repurchases of $111 million, Coeur declared a $0.02-per-share dividend expected to be paid December 16, 2026.

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Rhea-AI Filing Summary

Coeur Mining, Inc. reported third-quarter 2026 revenue of $983.6 million, up 77% year over year, and adjusted EBITDA of $448.0 million, up 69%, with growth attributed to newly acquired Canadian operations. GAAP net income was $109.4 million, versus $266.8 million a year earlier; adjusted net income was $97.8 million, versus $122.7 million. Free cash flow was $240.2 million, up 27% year over year, and operating cash flow was $385.6 million. Cash and cash equivalents were $1.173 billion as of September 30, 2026.

Quarterly production totaled 161,400 ounces of gold, 4.2 million ounces of silver and 10.0 million pounds of copper. Coeur repurchased $111 million of shares in the quarter and declared a second $0.02-per-share dividend, expected to be paid December 16, 2026, to holders of record November 30, 2026. For full-year 2026, Coeur expects production at the low end of guidance—630,000–750,000 ounces of gold, 18.68–21.93 million ounces of silver and 40–50 million pounds of copper—and projects adjusted EBITDA above $2 billion and free cash flow exceeding $1.3 billion at current prices.

3 points · 0 major

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Positive

  • Moderate pointRevenue rose 77% year over year to $983.6 million.
  • Moderate pointAdjusted EBITDA rose 69% year over year to $448.0 million.
  • Moderate pointFree cash flow rose 27% year over year to $240.2 million.

Negative

  • Moderate pointGAAP net income was $109.4 million, versus $266.8 million a year earlier.

Filing Explained

The $70 million Wharf insurance recovery remains expected, not received, with proceeds expected in the fourth quarter of 2026.

This Form 8-K reports Coeur’s third-quarter results; its balance sheet reports 1,022,519,496 common shares issued and outstanding at September 30, 2026, versus 642,092,761 at December 31, 2025.

That higher reported share count means existing holders’ percentage ownership is lower absent offsetting changes, consistent with the supplied definition of dilution.

The release says Coeur reached an agreement in October to settle the Wharf crusher-fire insurance claim, with $70 million in cash proceeds expected in the fourth quarter; receipt is not reported as completed.

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, or exhibit attachments filed with this report.
Revenue $983.6 million Three months ended September 30, 2026; up 77% year over year.
Adjusted EBITDA $448.0 million Third quarter 2026; up 69% year over year.
GAAP net income $109.4 million Three months ended September 30, 2026; compared with $266.8 million in 2025.
Free cash flow $240.2 million Third quarter 2026; up 27% year over year.
Cash flow from operating activities $385.6 million Three months ended September 30, 2026.
Cash and cash equivalents $1.173 billion As of September 30, 2026.
Third-quarter share repurchases $111 million Third quarter 2026.
Dividend per share $0.02 Second dividend declared; expected payment date December 16, 2026.
Adjusted EBITDA financial
"quarterly adjusted EBITDA of $448 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 flow increased 27% year over year"
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.
adjusted costs applicable to sales per ounce financial
"adjusted costs applicable to sales per ounce"
purchase price allocation financial
"purchase price allocation accounting for Rainy River’s stockpile inventory"
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.
Revenue $983.6 million Up 77% year over year
Adjusted EBITDA $448.0 million Up 69% year over year
GAAP net income $109.4 million Compared with $266.8 million in the third quarter of 2025
Free cash flow $240.2 million Up 27% year over year
Guidance

For full-year 2026, production is expected at the low end of guidance: 630,000–750,000 ounces of gold, 18.68–21.93 million ounces of silver and 40–50 million pounds of copper. At current prices, adjusted EBITDA is projected to exceed $2 billion and free cash flow to exceed $1.3 billion.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue and adjusted EBITDA did CDE report in Q3 2026?
Coeur reported $983.6 million of revenue and $448.0 million of adjusted EBITDA for the quarter ended September 30, 2026. Revenue increased 77% and adjusted EBITDA increased 69% year over year. GAAP net income was $109.4 million.

What is CDE's full-year 2026 production guidance?
Coeur expects full-year production at the low end of guidance: 630,000–750,000 ounces of gold, 18.68–21.93 million ounces of silver and 40–50 million pounds of copper. The company also projects adjusted EBITDA above $2 billion and free cash flow exceeding $1.3 billion at current prices.

When will CDE pay its next dividend?
Coeur declared a second dividend of $0.02 per share, expected to be paid on December 16, 2026, to stockholders of record at the close of business on November 30, 2026.

How much CDE stock did the company repurchase in 2026?
Coeur reported repurchasing $231 million of common stock, or 12.6 million shares, since the enhanced $750 million share repurchase program began in mid-May; $111 million of repurchases occurred during the third quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000215466false00002154662026-11-042026-11-04

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): November 4, 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 November 4, 2026, Coeur Mining, Inc. issued a press release announcing its financial results for the quarter ended September 30, 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 November 4, 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 November 4, 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: November 4, 2026
By: /s/ Thomas S. Whelan
Name: Thomas S. Whelan
Title: Executive Vice President and Chief Financial Officer




NEWS RELEASE             image0a82.jpg
Coeur Reports Third Quarter 2026 Results
Newly-acquired Canadian operations drive 77% year-over-year revenue growth; cash balance increases to $1.2 billion after returning nearly 50% of quarterly free cash flow to stockholders; Company remains on track for record full-year results

Chicago, Illinois - November 4, 2026 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today reported third quarter 2026 financial results, including revenue of $1.0 billion and cash flow from operating activities of $386 million. The Company reported quarterly GAAP net income of $109 million, or $0.11 per share. On an adjusted basis1, Coeur reported quarterly adjusted EBITDA1 of $448 million, cash flow from operating activities before changes in working capital of $409 million and net income of $98 million, or $0.10 per share. Adjusted EBITDA1 and net income were reduced by $40 million, or $(0.03) per share, of non-cash expense due to purchase price allocation accounting for Rainy River’s stockpile inventory.
Key Highlights
•Solid financial performance – On a year-over-year basis, revenue increased 77% to $1.0 billion, adjusted EBITDA1 increased 69% to $448 million, and free cash flow1 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 CAS1 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 stock2, 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



1


“The Company continued generating strong financial and operational results from its recently expanded portfolio of seven North American operations despite lower prices and several short-term operational challenges encountered during the quarter. However, we remain on-track to deliver strong fourth quarter results to cap off a transformative and record year for the Company.” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer.

“Wharf delivered another strong quarter, Las Chispas achieved another steady quarter of performance, and Rochester’s crusher set new records for tonnes crushed in the period. Solid progress was achieved with the ongoing ramp-ups at both New Afton and Rainy River despite unexpected conveyor downtime at New Afton during the quarter and heavy rains that impacted open pit operations at Rainy River. Heavy seasonal rains at Palmarejo also contributed to lower than anticipated production.

“As we look ahead to year-end, we expect strong fourth quarter results to drive record full-year 2026 production and financial performance, including record adjusted EBITDA of over $2 billion and free cash flow exceeding $1.3 billion at current prices. With a bolstered liquidity position and a full year of contributions from our new Canadian operations next year, we are well-positioned to deliver even stronger operational and financial results in 2027.”
2


Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced and sold, and per-ounce/pound metrics)3Q 20262Q 20261Q 20264Q 20253Q 2025
Gold Sales$653.8 $695.0 $475.2 $424.8 $360.5 
Silver Sales$268.2 $321.6 $362.2 $250.1 $194.1 
Copper Sales$61.7 $69.0 $18.8 $— $— 
Consolidated Revenue$983.6 $1,085.6 $856.2 $674.7 $554.6 
Costs Applicable to Sales3
$468.5 $549.7 $330.0 $215.9 $248.7 
General and Administrative Expenses$21.6 $22.7 $21.7 $15.2 $14.8 
Net Income$109.4 $121.9 $246.8 $215.0 $266.8 
Net Income Per Share$0.11 $0.12 $0.35 $0.33 $0.41 
Adjusted Net Income1
$97.8 $122.6 $253.5 $227.3 $122.7 
Adjusted Net Income1 Per Share
$0.10 $0.12 $0.36 $0.35 $0.19 
Weighted Average Shares Outstanding1,028.4 1,034.4 698.7 645.9 644.9 
EBITDA1
$446.3 $482.1 $455.0 $407.2 $249.1 
Adjusted EBITDA1
$448.0 $478.3 $474.9 $424.5 $265.6 
Cash Flow from Operating Activities$385.6 $513.2 $340.8 $374.6 $237.7 
Capital Expenditures$145.4 $125.7 $74.1 $61.4 $49.0 
Free Cash Flow1
$240.2 $387.5 $266.8 $313.2 $188.7 
Cash Income and Mining Taxes$51.1 $106.2 $132.2 $41.2 $36.4 
Cash, Equivalents & Short-Term Investments$1,172.7 $1,052.3 $843.2 $553.6 $266.3 
Total Debt4
$701.7 $705.3 $761.4 $340.5 $363.5 
Average Realized Price Per Ounce – Gold$3,979 $4,140 $4,383 $3,818 $3,148 
Average Realized Price Per Ounce – Silver$62.22 $71.18 $82.85 $54.30 $38.93 
Average Realized Price Per Pound – Copper$6.65 $6.11 $5.55 $— $— 
Gold Ounces Produced161,400 163,490 96,457 112,429 111,364 
Silver Ounces Produced4.2 4.4 4.4 4.7 4.8 
Copper Pounds Produced10.0 11.4 1.3 — — 
Gold Ounces Sold164,311 167,877 108,420 111,273 114,495 
Silver Ounces Sold4.3 4.5 4.4 4.6 5.0 
Copper Pounds Sold9.3 11.3 3.4 — — 
Adjusted CAS per AuOz1
$2,054 $2,442 $2,032 $1,207 $1,355 
Adjusted CAS per AgOz1
$22.73 $22.99 $20.01 $17.29 $18.45 
Adjusted CAS per CuLb1
$2.67 $2.33 $5.36 $— $— 

Financial Results
Third quarter 2026 revenue totaled $1.0 billion compared to $1.1 billion in the prior period and $555 million in the third quarter of 2025. The Company produced 161,400 ounces of gold, 4.2 million ounces of silver, and 10.0 million pounds of copper during the quarter. Metal sales for the quarter totaled 164,311 ounces of gold, 4.3 million ounces of silver and 9.3 million pounds of copper. Average realized prices for the quarter were $3,979 per ounce of gold, $62.22 per ounce of silver and $6.65 per pound of copper compared to $4,140 per ounce of gold, $71.18 per ounce of silver and $6.11 per pound of copper in the prior period and $3,148 and $38.93 per ounce of gold and silver, respectively, in the third quarter of 2025.
3


Gold, silver and copper sales represented 66%, 27% and 6% of quarterly revenue, respectively. The Company’s U.S., Canadian and Mexican operations accounted for approximately 34%, 36% and 30% of third-quarter revenue, respectively.
Adjusted costs applicable to sales per ounce1 of gold and silver declined to $2,054 and $22.73, respectively, compared to $2,442 and $22.99, respectively, in the prior period. Adjusted CAS1 per gold ounce in the third quarter includes $40 million of non-cash expense related to purchase price allocation ascribed to inventory, which added $245 per ounce to the gold CAS1. General and administrative expenses decreased 5% quarter over quarter to $22 million.
Coeur invested approximately $50 million ($43 million expensed and $7 million capitalized) in exploration during the quarter compared to approximately $44 million ($34 million expensed and $10 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 $65 million during the third quarter. Cash income and mining taxes paid during the period totaled approximately $51 million, primarily reflecting income and mining tax payments in Mexico.
Quarterly operating cash flow decreased to $386 million from $513 million in the prior period, primarily reflecting lower realized gold and silver prices and lower metal sales, particularly at New Afton, Rainy River, and Palmarejo. Operating cash flow was also affected by $50 million of working capital adjustment outflows related to timing of interest expense and annual insurance premiums.

Third quarter capital expenditures were $145 million compared to $126 million in the prior period. Sustaining and development capital expenditures accounted for approximately $122 million and $23 million, or 84% and 16%, respectively, of Coeur’s total capital investment during the quarter.
4


Operations
Third 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)3Q 20262Q 2026
1Q 20265
4Q 20253Q 2025
Tonnes milled928,0521,101,408134,385——
Average gold grade (grams/tonne)0.490.480.44——
Average copper grade (%)0.550.540.48——
Average recovery rate – Au83.7 %82.6 %87.4 %— %— %
Average recovery rate – Cu88.0 %86.7 %94.8 %— %— %
Gold ounces produced12,18914,0591,605——
Silver ounces produced (000’s)26294——
Copper pounds produced (000’s)9,97511,3771,322——
Gold ounces sold11,52613,8323,906——
Silver ounces sold (000’s)24299——
Copper pounds sold (000’s)9,26911,2873,385——
Average realized price per gold ounce$4,171$4,522$4,733$—$—
Average realized price per copper pound$6.65$6.11$5.55$—$—
Metal sales$111.3$133.3$37.8$—$—
Costs applicable to sales3
$46.0$52.7$36.2$—$—
Adjusted CAS per AuOz1,6
$1,673$1,766$4,488$—$—
Adjusted CAS per CuLb1,6
$2.67$2.33$5.36$—$—
Exploration expense$7.3$5.1$0.3$—$—
Cash flow from operating activities$61.7$62.4$24.6$—$—
Sustaining capital expenditures (excludes capital lease payments)$9.9$5.6$—$—$—
Development capital expenditures$4.9$6.2$—$—$—
Total capital expenditures$14.8$11.8$—$—$—
Free cash flow1
$46.9$50.6$24.6$—$—
Operational
•Gold and copper production in the third quarter totaled 12,189 ounces and 10.0 million pounds, respectively, compared to 14,059 gold ounces and 11.4 million pounds in the prior period
•Production was impacted by lower-than-planned mining and milling rates as a result of a conveyor belt failure which occurred in late August and was subsequently repaired by mid-September. Since then, underground mining rates of 16,000 tonnes per day have been achieved and sustained
•Lower tonnes milled in the quarter were partially offset by higher grades and improved recoveries in the period
Financial
•Copper and gold accounted for approximately 56% and 44% of revenue during the quarter, respectively
•Third quarter adjusted CAS1 for copper and gold on a by-product basis totaled $2.67 and $1,673 per pound and ounce, respectively
•Free cash flow1 in the third quarter totaled $47 million compared to $51 million in the prior period
Exploration
•Key exploration goals for 2026 include infill drilling of inferred resources in the K-Zone resource cave shape and expansion of the overall measured, indicated and inferred resources in the K-Zone
5


•Exploration investment in the third quarter totaled approximately $7 million (substantially all expensed), compared to $5 million (substantially all expensed) in the prior period, and primarily focused on expanding the K-Zone to the southeast and west
•Successful results have been received in both directions, with the footprint of the K-Zone extended by more than 300 meters this year. Additional underground development is underway to allow for drill testing of a further 450 meters of strike length to the east
Guidance
•Prorated production reflecting nine months of contributions is expected to be 50,000 - 60,000 ounces of gold, 40 - 50 million pounds of copper, and 100,000 - 180,000 ounces of silver
•Prorated adjusted CAS1 reflecting nine months of results are expected to be $1,300 - $1,600 per gold ounce and $2.00 - $2.30 per pound of copper, which includes non-cash expense of $175 per ounce of gold and $0.24 per pound of copper relating to purchase price allocation ascribed to short-term inventory
•Prorated capital expenditures reflecting nine months of ownership are expected to be $51 - $61 million, reflecting investments related to the ramp-up of C-Zone
•Prorated exploration investment reflecting nine months of activity is expected to be $19 - $23 million ($17 - $19 million expensed and $2 - $4 million capitalized)

Rainy River, Canada
(Dollars in millions, except per ounce amounts)3Q 20262Q 2026
1Q 20265
4Q 20253Q 2025
Tonnes milled2,362,5582,396,866225,632——
Average gold grade (grams/tonne)0.770.900.87——
Average recovery rate – Au92.0 %92.5 %90.1 %— %— %
Gold ounces produced53,96564,04212,494——
Silver ounces produced (000’s)11612719——
Gold ounces sold57,70169,05021,407——
Silver ounces sold (000’s)17419032——
Average realized price per gold ounce$4,076$4,266$4,401$—$—
Metal sales$243.4$304.8$96.4$—$—
Costs applicable to sales3
$174.6$271.7$92.4$—$—
Adjusted CAS per AuOz1,7
$2,883$3,788$4,215$—$—
Exploration expense$4.5$4.8$0.4$—$—
Cash flow from operating activities$97.6$180.2$90.0$—$—
Sustaining capital expenditures (excludes capital lease payments)$48.1$42.6$6.4$—$—
Development capital expenditures$13.4$14.5$—$—$—
Total capital expenditures$61.5$57.1$6.4$—$—
Free cash flow1
$36.1$123.1$83.6$—$—
Operational
•Gold production in the third quarter totaled 53,965 ounces compared to 64,042 gold ounces in the prior period, due primarily to lower grades and additional planned maintenance days in the period
•Phase 4 open pit production was impacted by unusually heavy rainfall in the quarter, which resulted in the increased processing of lower-grade stockpile ore, partially offset by stronger than planned performance from the Phase 5 open pit

6


•Underground mining continues to ramp-up, with rates averaging approximately 3,400 tonnes per day in the quarter compared to 2,300 tonnes per day in the previous period. Target of 5,000 tonnes per day achieved in quarter with additional mining horizons being developed in the first half of 2027 to help sustain those levels
Financial
•Third quarter adjusted CAS1 for gold on a by-product basis totaled $2,883 per ounce. CAS1 per gold ounce includes non-cash expense of $40 million of purchase price allocation ascribed to inventory, which added $694 per ounce to the gold CAS1
•Free cash flow1 in the third quarter totaled $36 million compared to $123 million in the prior period
Exploration
•Exploration in 2026 is focused on the extension of known shoots down-plunge and laterally, assessment of near-mine opportunities for additional open pit resources and early-stage exploration of new targets to further build the resource pipeline
•Exploration investment in the third quarter totaled approximately $5 million (substantially all expensed), consistent with the prior period
•Underground drilling was focused on extending and infill drilling higher-grade shoots and testing gaps between existing shoots, while regional exploration programs ended during the quarter
Guidance
•Prorated production reflecting nine months of contributions is expected to be 190,000 - 230,000 ounces of gold and 380,000 - 450,000 ounces of silver
•Prorated adjusted CAS1 reflecting nine months of results are expected to be $2,700 - $3,000 per gold ounce, and includes $1,020 per ounce of non-cash expense 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, reflecting investments in underground mine development and infrastructure, as well as the tailings management area perimeter dam raise
•Prorated exploration investment reflecting nine months of activity is expected to be $8 - $10 million (substantially all expensed)
7



Las Chispas, Mexico
(Dollars in millions, except per ounce amounts)3Q 20262Q 20261Q 20264Q 20253Q 2025
Tonnes milled135,811129,334119,197114,814126,930
Average gold grade (grams/tonne)3.783.733.964.443.69
Average silver grade (grams/tonne)354370389411354
Average recovery rate – Au96.5 %100.2 %99.1 %89.9 %97.9 %
Average recovery rate – Ag97.9 %97.6 %99.4 %90.3 %97.8 %
Gold ounces produced15,94215,51815,03114,71916,540
Silver ounces produced (000’s)1,5131,5031,4811,3711,572
Gold ounces sold15,83916,45914,89814,81917,800
Silver ounces sold (000’s)1,4991,5651,4611,3671,675
Average realized price per gold ounce$4,250$4,496$4,857$4,131$3,427
Average realized price per silver ounce$62.89$72.14$83.03$53.68$38.89
Metal sales$161.6$186.9$193.6$134.6$126.1
Costs applicable to sales3
$36.9$35.1$31.5$33.1$68.1
Adjusted CAS per AuOz1,8
$977$841$775$1,010$1,836
Adjusted CAS per AgOz1,8
$14.26$13.27$13.46$13.37$21.13
Exploration expense$2.6$3.3$3.5$2.7$2.5
Cash flow from operating activities9
$89.6$123.5$88.7$92.3$75.9
Sustaining capital expenditures (excludes capital lease payments)$17.0$16.3$12.5$13.8$9.8
Development capital expenditures$—$—$—$—$—
Total capital expenditures$17.0$16.3$12.5$13.8$9.8
Free cash flow1,9
$72.6$107.2$76.2$78.5$66.1
Operational
•Third quarter silver and gold production totaled 1.5 million and 15,942 ounces, respectively, compared to 1.5 million and 15,518 ounces, respectively, in the prior period and 1.6 million and 16,540 ounces, respectively, in the third quarter of 2025
•Production during the quarter was driven by increased mill throughput and higher gold grades, partially offset by lower silver grades
Financial
•Silver and gold accounted for approximately 58% and 42% of revenue during the quarter, respectively
•Third quarter adjusted CAS1 for silver and gold on a co-product basis totaled $14.26 and $977 per ounce, respectively
•Free cash flow1 in the third quarter totaled $73 million compared to $107 million in the prior period, primarily reflecting fewer gold and silver ounces sold and lower average realized prices
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 third quarter totaled approximately $7 million ($3 million expensed and $4 million capitalized), consistent with the prior period
•A key focus during the quarter was expansion and infill drilling in the Gap Zone, where the potential exists for significant resource growth
Guidance
8


•Full-year 2026 production is expected to be 55,000 - 65,000 ounces of gold and 5.5 - 6.3 million ounces of silver
•Adjusted CAS1 in 2026 are expected to be $750 - $950 per gold ounce and $12.50 - $14.50 per silver ounce
•Capital expenditures in 2026 are expected to be $71 - $84 million, consisting primarily of sustaining capital and underground development
•Exploration investment in 2026 is expected to be $21 - $26 million ($11 - $14 million expensed and $10 - $12 million capitalized)

Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)3Q 20262Q 20261Q 20264Q 20253Q 2025
Tonnes milled507,634485,614441,721470,127440,227
Average gold grade (grams/tonne)1.221.271.681.811.85
Average silver grade (grams/tonne)89112116117119
Average recovery rate – Au93.1 %93.8 %96.2 %93.9 %95.0 %
Average recovery rate – Ag87.8 %85.5 %89.6 %88.8 %89.9 %
Gold ounces produced18,46918,60222,91825,66224,802
Silver ounces produced (000’s)1,2781,4891,4751,5661,514
Gold ounces sold18,59519,90722,93524,37826,850
Silver ounces sold (000’s)1,3521,4831,4681,5101,633
Average realized price per gold ounce$2,578$2,629$2,811$2,492$2,144
Average realized price per silver ounce$62.55$72.31$84.29$54.26$38.97
Metal sales$132.5$159.6$188.3$142.7$121.2
Costs applicable to sales3
$60.9$61.3$51.2$48.3$51.0
Adjusted CAS per AuOz1
$1,174$1,016$758$847$887
Adjusted CAS per AgOz1
$28.71$27.69$22.99$18.13$16.44
Exploration expense$8.9$7.3$4.6$4.9$5.7
Cash flow from operating activities$42.0$62.7$72.8$70.8$52.6
Sustaining capital expenditures (excludes capital lease payments)$5.6$5.4$6.8$5.2$4.3
Development capital expenditures$2.6$1.7$1.7$3.1$1.4
Total capital expenditures$8.2$7.1$8.5$8.3$5.7
Free cash flow1
$33.8$55.6$64.3$62.5$46.9
Operational
•Third quarter silver and gold production totaled 1.3 million and 18,469 ounces, respectively, compared to 1.5 million and 18,602 ounces, respectively, in the prior period and 1.5 million and 24,802 ounces, respectively, in the third quarter of 2025
•Heavy rain in the quarter disrupted delivery of critical construction materials which impacted backfill capacity and affected planned mining in higher-grade areas. Lower grades in the quarter were partially offset by higher tonnes milled
Financial
•Silver and gold accounted for approximately 64% and 36% of revenue during the quarter, respectively
•Third quarter adjusted CAS1 for silver and gold on a co-product basis totaled $28.71 and $1,174 per ounce, respectively
•Capital expenditures increased to $8 million compared to $7 million in the prior period
•Free cash flow1 in the third quarter totaled $34 million compared to $56 million in the prior period
9


Exploration
•Exploration in 2026 is focused on adding reserves and resources in proximity to 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 2026 exploration budget is expected to be spent
•Exploration investment in the third quarter totaled approximately $10 million ($9 million expensed and $1 million capitalized) compared to $8 million ($7 million expensed and $1 million capitalized) in the prior period
•A significant focus of drilling was on both the mine corridor and in the Eastern District, with twelve targets drilled, the majority of which extend along strike and/or down-dip
Other
•9,002 ounces, or approximately 48% of Palmarejo’s gold sales in the third quarter, were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce. Approximately 40% - 50% of Palmarejo’s 2026 gold sales are expected to be sold under the gold stream agreement
Guidance
•Full-year 2026 production is expected to be 95,000 - 105,000 ounces of gold and 6.25 - 7.0 million ounces of silver
•Adjusted CAS1 in 2026 are expected to be $700 - $900 per gold ounce and $21.50 - $23.50 per silver ounce
•Capital expenditures in 2026 are expected to be $35 - $41 million, consisting primarily of sustaining capital and underground development
•Exploration investment in 2026 is expected to be $24 - $28 million ($22 - $24 million expensed and $2 - $4 million capitalized)
10



Rochester, United States
(Dollars in millions, except per ounce amounts)3Q 20262Q 20261Q 20264Q 20253Q 2025
Ore tonnes placed8,182,208 8,041,787 6,724,626 9,275,732 7,535,326 
Average silver grade (grams/tonne)12 10 12 17 19 
Average gold grade (grams/tonne)0.09 0.07 0.07 0.08 0.08 
Silver ounces produced (000’s)1,233 1,225 1,394 1,748 1,644 
Gold ounces produced16,211 11,671 14,112 17,722 14,801 
Silver ounces sold (000’s)1,228 1,235 1,387 1,701 1,656 
Gold ounces sold15,723 11,748 14,090 18,043 13,975 
Average realized price per silver ounce$63.10 $71.53 $81.59 $54.85 $38.95 
Average realized price per gold ounce$4,256 $4,461 $4,843 $4,139 $3,431 
Metal sales$144.4 $140.8 $181.4 $167.9 $112.5 
Costs applicable to sales3
$61.1 $58.9 $53.8 $60.7 $52.0 
Adjusted CAS per AgOz1
$26.48 $29.66 $23.74 $19.69 $17.73 
Adjusted CAS per AuOz1
$1,762 $1,832 $1,432 $1,458 $1,585 
Prepayment, working capital cash flow$— $— $— $— $— 
Exploration expense$2.3 $1.4 $0.9 $2.7 $3.2 
Cash flow from operating activities$57.0 $43.1 $84.7 $92.6 $41.2 
Sustaining capital expenditures (excludes capital lease payments)$14.6 $10.5 $18.6 $13.1 $7.5 
Development capital expenditures$7.3 $7.4 $4.2 $1.7 $4.1 
Total capital expenditures$21.9 $17.9 $22.8 $14.8 $11.6 
Free cash flow1
$35.1 $25.2 $61.9 $77.8 $29.6 
Operational
•Silver and gold production in the third quarter totaled 1.2 million and 16,211 ounces, respectively, compared to 1.2 million and 11,671 ounces, respectively, in the prior period and 1.6 million and 14,801 ounces, respectively, in the third quarter of 2025
•Gold production increased 39% quarter over quarter, driven primarily by the placement of higher-grade ore from the newly commissioned Phase 2A leach pad. Silver production increased due to slightly higher grades and increased ore placement compared to the prior period. Silver production was lower than expected due to blending of ore to manage sulfide levels and slower than expected recovery rates on newly placed ore
•Ore tonnes placed through the crushing circuit reached a quarterly record of 6.8 million tonnes (7.5 million imperial tons). Total tonnes placed during the quarter were 8.2 million tonnes (9.0 million imperial tons)
Financial
•Silver and gold accounted for approximately 54% and 46% of revenue during the quarter, respectively
•Third quarter adjusted CAS1 for silver and gold on a co-product basis totaled $26.48 and $1,762 per ounce, respectively
•Capital expenditures increased to $22 million compared to $18 million in the prior period
•Free cash flow1 totaled $35 million compared to $25 million in the prior period, primarily driven by higher production and offset by 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
11


•Exploration investment in the third quarter totaled approximately $3 million ($2 million expensed and $1 million capitalized) compared to $2 million ($1 million expensed and $1 million capitalized) in the prior period
•Drill programs focused on infill drilling at the Wedge target in East Rochester, extension of the Northeast Rochester target and early-stage work over a large portion of the tenement package ahead of planned scout drilling in 2027
Guidance
•Full-year 2026 production is expected to be 6.4 - 7.8 million ounces of silver and 70,000 - 90,000 ounces of gold
•Adjusted CAS1 in 2026 are expected to be $23.00 - $25.00 per silver ounce and $1,350 - $1,550 per gold ounce
•Capital expenditures in 2026 are expected to be $96 - $110 million, which includes projects related to the Phase 2 development of the Stage 6 leach pad and modifications after startup of the crusher corridor
•Exploration investment in 2026 is expected to be $14 - $17 million ($7 - $9 million expensed and $7 - $8 million capitalized)

Kensington, United States
(Dollars in millions, except per ounce amounts)3Q 20262Q 20261Q 20264Q 20253Q 2025
Tonnes milled169,440 169,823 157,253 178,513 171,190 
Average gold grade (grams/tonne)4.32 4.31 4.45 5.56 5.47 
Average recovery rate91.3%91.5%91.2%92.7%90.5%
Gold ounces produced21,483 21,528 20,525 29,567 27,231 
Gold ounces sold21,919 20,700 21,267 28,715 28,011 
Average realized price per gold ounce, gross$4,216 $4,277 $5,187 $4,379 $3,588 
Treatment and refining charges per gold ounce$(49)$(59)$70 $67 $56 
Average realized price per gold ounce, net$4,167 $4,218 $5,117 $4,312 $3,532 
Metal sales$91.4 $87.3 $108.8 $123.8 $98.9 
Costs applicable to sales3
$50.3 $48.2 $47.8 $44.1 $46.7 
Adjusted CAS per AuOz1
$2,304 $2,323 $2,246 $1,533 $1,659 
Prepayment, working capital cash flow$— $— $— $— $— 
Exploration expense$2.9 $2.3 $2.5 $0.8 $2.2 
Cash flow from operating activities$37.8 $44.5 $53.3 $69.0 $46.4 
Sustaining capital expenditures (excludes capital lease payments)$6.7 $9.6 $8.5 $9.4 $9.4 
Development capital expenditures$5.5 $2.6 $0.6 $8.8 $6.2 
Total capital expenditures$12.2 $12.2 $9.1 $18.2 $15.6 
Free cash flow1
$25.6 $32.3 $44.2 $50.8 $30.8 
Operational
•Gold production in the third quarter totaled 21,483 ounces compared to 21,528 ounces in the prior period and 27,231 ounces in the third quarter of 2025
•Production was consistent quarter over quarter, reflecting comparable mill throughput and grades
Financial
•Third quarter adjusted CAS1 decreased 1% quarter over quarter to $2,304 per ounce
•Capital expenditures remained flat quarter over quarter at $12 million
12


•Free cash flow1 in the third quarter totaled $26 million compared to $32 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 third quarter totaled approximately $4 million ($3 million expensed and $1 million capitalized), consistent with the prior period
•Expansion and infill drilling were focused mainly on two key zones within Kensington, with expansion drilling undertaken on Raven and Elmira Hanging wall targets
Guidance
•Full-year 2026 production is expected to be 98,000 - 110,000 gold ounces
•Adjusted CAS1 in 2026 are expected to be $1,750 - $1,950 per gold ounce
•Capital expenditures in 2026 are expected to be $54 - $63 million, which includes investment related to raising the main tailings storage facility embankment, which is expected to be completed this year, and underground mine development
•Exploration investment in 2026 is expected to be $14 - $15 million ($8 - $9 million expensed and $6 - $6 million capitalized)

Wharf, United States
(Dollars in millions, except per ounce amounts)3Q 20262Q 20261Q 20264Q 20253Q 2025
Ore tonnes placed895,120 1,412,212 366,184 595,737 1,220,764 
Average gold grade (grams/tonne)0.90 1.15 1.13 0.86 0.96 
Gold ounces produced23,141 18,070 9,772 24,759 27,990 
Silver ounces produced (000’s)35 19 15 24 25 
Gold ounces sold23,008 16,181 9,917 25,318 27,859 
Silver ounces sold (000’s)34 16 15 27 22 
Average realized price per gold ounce$4,216$4,438$4,902$4,120$3,412
Metal sales$99.1 $72.9 $49.9 $105.8 $95.9 
Costs applicable to sales3
$38.6 $21.8 $17.0 $30.0 $30.9 
Adjusted CAS per AuOz1
$1,580 $1,267 $1,588 $1,121 $1,079 
Prepayment, working capital cash flow$— $— $— $— $— 
Exploration expense$0.6 $1.8 $3.2 $0.6 $0.7 
Cash flow from operating activities$54.8 $33.8 $15.3 $65.9 $57.2 
Sustaining capital expenditures (excludes capital lease payments)$2.1 $(6.0)$10.0 $2.9 $1.2 
Development capital expenditures$1.6 $4.1 $3.1 $0.7 $2.0 
Total capital expenditures$3.7 $(1.9)$13.1 $3.6 $3.2 
Free cash flow1
$51.1 $35.7 $2.2 $62.3 $54.0 
Operational
•Gold production in the third quarter increased 28% quarter over quarter to 23,141 ounces compared to 18,070 ounces in the prior period and 27,990 ounces in the third quarter of 2025
•Higher production in the quarter was primarily driven by metal recovery from higher ore tonnes placed in the prior period
•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
13


Financial
•Adjusted CAS1 on a by-product basis increased 25% quarter over quarter to $1,580 per ounce
•Capital expenditures totaled approximately $4 million compared to $(2) million in the prior period, which reflected 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 third quarter totaled $51 million compared to $36 million in the prior period
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. The Summit Flat target is also expected to undergo expansion and infill drilling, while scout drilling is expected to commence and focus on the continued development of the inferred resource pipeline
•Exploration investment during the third quarter totaled $1 million (substantially all expensed) compared to $5 million ($2 million expensed and $3 million capitalized) in the prior period
•The first phase of 2026 drilling was completed in the second quarter, with the third quarter focused on analysis and integration of results and geological modelling. The second phase of the 2026 drill programs commenced in the fourth quarter
Guidance
•Full-year 2026 production is expected to be 72,000 - 90,000 ounces of gold and 50,000 - 200,000 ounces of silver
•Adjusted CAS1 in 2026 are expected to be $1,400 - $1,600 per gold ounce
•Capital expenditures in 2026 are expected to be $17 - $23 million, net of insurance proceeds, which reflects remediation of the existing crusher and planned infrastructure upgrades
•Exploration investment in 2026 is expected to be $10 - $12 million ($8 - $9 million expensed and $2 - $3 million capitalized)
Other
•In October, Coeur reached an agreement to settle an insurance claim related to the November 2025 fire at Wharf that damaged portions of the crusher assembly. Cash proceeds of $70 million are expected to be received in the fourth quarter of 2026
14


Exploration
During the third quarter, Coeur invested approximately $50 million ($43 million expensed and $7 million capitalized) compared to roughly $44 million ($34 million expensed and $10 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 remain: (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.
15


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
GoldSilverCopper
(oz)(K oz)(M lbs)
New Afton50,000 - 60,000100 - 18040 - 50
Rainy River190,000 - 230,000380 - 450-
Las Chispas55,000 - 65,0005,500 - 6,300-
Palmarejo95,000 - 105,0006,250 - 7,000-
Rochester70,000 - 90,0006,400 - 7,800-
Kensington98,000 - 110,000--
Wharf72,000 - 90,00050 - 200-
Total630,000 - 750,00018,680 - 21,93040 - 50
2026 Adjusted Costs Applicable to Sales Guidance
GoldSilverCopper
($/oz)($/oz)($/lb)
New Afton (co-product)10
$1,300 - $1,600-$2.00 - $2.30
Rainy River (by-product)11
$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.

16


Financial Results and Conference Call
Coeur will host a conference call to discuss its third quarter 2026 financial results on November 5, 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 November 12, 2026.

Replay numbers:        (855) 669-9658 (U.S./Canada)
        (412) 317-0088 (International)
Conference ID:        285 86 87

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, length of leach cycles for production of gold and silver ounces from ore placed on leach pads, 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
17


timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.

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

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

Notes
1.EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s 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.Approximate amount of shares repurchased from May 8, 2026 to October 30, 2026, including commissions.
3. Excludes amortization.
4. Includes capital leases. Net of debt issuance costs and premium received.
5. Reflects eleven days of production following the closing of the New Gold acquisition on March 20, 2026.
6. 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.
7. For the three months ended September 30, 2026, Rainy River CAS per gold ounce included the non-cash impact of the $40 million purchase price allocation ascribed to inventory, which increased gold CAS by $694 per ounce. 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.
8. 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
18


better measure of performance, than the acquisition accounting measures of these costs. As a result of removing these adjustments, for the three months ended September 30, June 30, and March 31, 2025, adjusted EBITDA (including last-twelve-months (“LTM”) adjusted EBITDA) and adjusted net income in this release are lower than previously reported, and Las Chispas CAS are higher, except as used in calculation of the net leverage ratio under the RCF, including the impact of the amortization of acquired inventory purchase price allocation of $3.3 million, $33.4 million, $29.7 million, and $27.0 million for the three months ended December 31, September 30, June 30, and March 31, 2025, respectively and an impact of $93.5 million for LTM. 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.
9. Includes $72 million of monetized finished goods following the SilverCrest acquisition on February 14, 2025.
10. 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).
11. 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
3Q 20262Q 20261Q 20264Q 20253Q 2025
Average Gold Spot Price Per Ounce$4,262 $4,504 $4,873 $4,135 $3,457 
Average Silver Spot Price Per Ounce$62.59 $73.15 $84.33 $54.73 $39.40 
Average Copper Spot Price Per Pound$6.40 $6.05 $5.83 $5.03 $4.44 

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
19

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2026December 31, 2025
ASSETSIn thousands, except share data
CURRENT ASSETS
Cash and cash equivalents$1,172,732 $553,597 
Receivables83,438 69,160 
Inventory378,881 163,330 
Ore on leach pads231,636 157,461 
Prepaid expenses and other73,327 29,129 
1,940,014 972,677 
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net12,061,831 2,744,884 
Goodwill625,812 625,812 
Ore on leach pads171,675 119,446 
Restricted assets9,179 9,114 
Receivables23,358 19,683 
Deferred tax assets151,402 140,553 
Long-term stockpile222,744 42,076 
Other20,034 21,437 
TOTAL ASSETS$15,226,049 $4,695,682 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$270,821 $148,872 
Accrued liabilities and other220,784 212,213 
Debt468 16,996 
Reclamation19,256 15,063 
511,329 393,144 
NON-CURRENT LIABILITIES
Debt701,184 323,537 
Reclamation408,040 262,448 
Deferred tax liabilities3,100,085 322,983 
Other long-term liabilities89,125 80,519 
4,298,434 989,487 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 1,300,000,000 shares, 1,022,519,496 issued and outstanding at September 30, 2026 and 642,092,761 at December 31, 2025
10,225 6,421 
Additional paid-in capital12,425,099 5,783,019 
Accumulated deficit(2,019,038)(2,476,389)
10,416,286 3,313,051 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$15,226,049 $4,695,682 









20

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

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
In thousands, except share data
Revenue$983,616 $554,567 $2,925,400 $1,395,279 
COSTS AND EXPENSES
Costs applicable to sales(1)
468,473 248,736 1,348,229 682,456 
Amortization261,162 72,930 616,972 177,444 
General and administrative21,603 14,830 65,959 41,992 
Exploration43,039 25,141 102,833 68,079 
Pre-development, reclamation, and other14,870 15,843 51,254 45,957 
Total costs and expenses809,147 377,480 2,185,247 1,015,928 
Income from operations174,469 177,087 740,153 379,351 
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment(3)(6)(1,877)(6)
Fair value adjustments, net— — — (342)
Interest expense, net of capitalized interest(10,834)(6,273)(28,287)(24,974)
Other, net10,688 (865)28,137 1,001 
Total other expense, net(149)(7,144)(2,027)(24,321)
Income before income and mining taxes174,320 169,943 738,126 355,030 
Income and mining tax expense(64,938)96,881 (260,130)15,873 
NET INCOME$109,382 $266,824 $477,996 $370,903 
OTHER COMPREHENSIVE INCOME:
Other comprehensive loss — — — — 
COMPREHENSIVE INCOME$109,382 $266,824 $477,996 $370,903 
NET INCOME PER SHARE
Basic income per share:
Basic$0.11 $0.42 $0.52 $0.62 
Diluted$0.11 $0.41 $0.52 $0.61 
(1) Excludes amortization.



21

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

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$109,382 $266,824 $477,996 $370,903 
Adjustments:
Amortization261,162 72,930 616,972 177,444 
Accretion6,163 4,988 17,090 14,620 
Deferred taxes(17,525)(145,740)(27,426)(175,297)
(Gain) loss on debt extinguishment3 6 1,877 6 
Fair value adjustments, net— — — 342 
Stock-based compensation8,572 5,012 24,605 12,527 
Deferred revenue recognition(123)(153)(421)(42,661)
Acquired inventory purchase price allocation40,397 33,443 265,835.03 90,163 
Other543 1,392 (9,896)5,944 
Changes in operating assets and liabilities:
Receivables(17,139)(7,132)(3,982)(7,953)
Prepaid expenses and other current assets(14,866)(7,489)(38,237)77,000 
Inventory and ore on leach pads(19,201)(5,011)(70,467)(27,484)
Accounts payable and accrued liabilities28,251 18,636 (14,259)16,738 
CASH PROVIDED BY OPERATING ACTIVITIES 385,619 237,706 1,239,687 512,292 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(145,408)(49,034)(345,196)(159,843)
Acquisitions, net(6,700)(10,000)121,559 93,635 
Proceeds from the sale of assets692 (76)2,625 4 
Purchase of investments(166)— (211)— 
Other(65)(80)(198)(255)
CASH PROVIDED BY INVESTING ACTIVITIES (151,647)(59,190)(221,421)(66,459)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock276 320 1,026 9,769 
Issuance of notes and bank borrowings, net of issuance costs— 20,000 — 166,500 
Payments on debt, finance leases, and associated costs(1,842)(37,486)(57,062)(394,451)
Performance share cash settlement— — (41,763)— 
Dividend payments— — (20,645)— 
Share repurchases(110,810)(5,334)(221,232)(7,338)
Stock-based compensation tax withholdings and other financing activities(639)(1,388)(55,313)(9,293)
CASH USED IN FINANCING ACTIVITIES (113,015)(23,888)(394,989)(234,813)
Effect of exchange rate changes on cash and cash equivalents167 78 (1,976)282 
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH121,124 154,706 621,301 211,302 
Cash, cash equivalents and restricted cash at beginning of period1,055,882 113,470 555,705 56,874 
Cash, cash equivalents and restricted cash at end of period$1,177,006 $268,176 $1,177,006 $268,176 

22

Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)LTM 3Q 20263Q 20262Q 20261Q 20264Q 20253Q 2025
Net income$692,965 $109,382 $121,853 $246,761 $214,969 $266,824 
Interest expense, net of capitalized interest34,255 10,834 11,010 6,443 5,968 6,273 
Income tax provision (benefit)372,669 64,938 93,238 101,954 112,539 (96,881)
Amortization690,627 261,162 255,985 99,825 73,655 72,930 
EBITDA1,790,516 446,316 482,086 454,983 407,131 249,146 
Fair value adjustments, net— — — — — — 
Foreign exchange (gain) loss(11,161)(2,406)(3,856)(878)(4,021)2,080 
Asset retirement obligation accretion22,167 6,163 6,088 4,839 5,077 4,988 
Inventory adjustments and write-downs6,099 1,701 1,760 1,097 1,541 1,198 
(Gain) loss on sale of assets3,297 2,971 19 25 282 113 
RMC bankruptcy distribution— — — — — — 
(Gain) loss on debt extinguishment1,983 2 320 1,554 107 6 
Transaction and integration costs39,370 1,258 3,954 19,910 14,248 451 
Kensington royalty settlement1 — — — 1 — 
Obligor exchange2,776 312 2,464 — — — 
Wharf property damage proceeds(10,000)— (10,000)— — — 
Wage and hour litigation settlement(572)(163)47 (517)61 6,998 
Mexico arbitration matter270 72 46 95 57 743 
Flow-through share premium— — — — — (111)
Interest income(18,981)(8,095)(4,661)(6,225)— — 
La Preciosa contingent gain(166)(166)— — — — 
Adjusted EBITDA$1,825,599 $447,965 $478,267 $474,883 $424,484 $265,612 
Revenue$3,600,247 $983,616 $1,085,592 $856,192 $674,847 $554,567 
Adjusted EBITDA Margin51 %46 %44 %55 %63 %48 %


Adjusted Net Income Reconciliation
(Dollars in thousands except per share amounts)3Q 20262Q 20261Q 20264Q253Q 2025
Net income$109,382 $121,853 $246,761 $214,969 $266,824 
Fair value adjustments, net— — — — — 
Foreign exchange loss (gain)(1)
(8,923)6,524 (2,600)1,563 11,831 
(Gain) loss on sale of assets2,971 19 25 282 113 
RMC bankruptcy distribution— — — — — 
(Gain) loss on debt extinguishment2 320 1,554 107 6 
Transaction and integration costs1,258 3,954 19,910 14,248 451 
Kensington royalty settlement— — — 1 — 
Obligor exchange312 2,464 — — — 
Wharf property damage proceeds— (10,000)— — — 
Wage and hour litigation settlement(163)47 (517)61 6,998 
Mexico arbitration matter72 46 95 57 743 
Flow-through share premium— — — — (111)
Interest income(8,095)(4,661)(6,225)— — 
La Preciosa contingent gain(166)— — — — 
Valuation allowance and tax effect of adjustments1,199 2,041 (5,506)(3,992)(164,162)
Adjusted net income$97,849 $122,607 $253,497 $227,296 $122,693 
Adjusted net income per share - Basic$0.10 $0.12 $0.37 $0.36 $0.19 
Adjusted net income per share - Diluted$0.10 $0.12 $0.36 $0.35 $0.19 
(1) Includes the impact of foreign exchange rates on deferred tax balances of $(6.5) million, $10.4 million, $(1.7) million, $5.6 million, and $9.8 million for the three months ended September 30, June 30 and March 31, 2026 and three months ended December 31 and September 30, 2025, respectively.
23




Consolidated Free Cash Flow Reconciliation
(Dollars in thousands)3Q 20262Q 20261Q 20264Q 20253Q 2025
Cash flow from operations$385,619 $513,232 $340,836 $374,587 $237,706 
Capital expenditures145,408 125,709 74,079 61,319 49,034 
Free cash flow $240,211 $387,523 $266,757 $313,268 $188,672 


Consolidated Operating Cash Flow
Before Changes in Working Capital Reconciliation
(Dollars in thousands)3Q 20262Q 20261Q 20264Q 20253Q 2025
Cash provided by operating activities $385,619 $513,232 $340,836 $374,587 $237,706 
Changes in operating assets and liabilities:
Receivables17,139 (17,890)4,733 (1,265)7,132 
Prepaid expenses and other14,866 22,944 427 4,366 7,489 
Inventories19,201 24,463 26,803 24,314 5,011 
Accounts payable and accrued liabilities(28,251)(29,441)71,951 (84,436)(18,636)
Operating cash flow before changes in working capital$408,574 $513,308 $444,750 $317,566 $238,702 
Net Debt and Leverage Ratio
(Dollars in thousands)3Q 20262Q 20261Q 20264Q 20253Q 2025
Total debt$701,652 $705,291 $761,376 $340,533 $363,516 
Cash and cash equivalents(1,172,732)(1,052,274)(843,169)(553,597)(266,342)
Net debt$(471,080)$(346,983)$(81,793)$(213,064)$97,174 
Net debt$(471,080)$(346,983)$(81,793)$(213,064)$97,174 
Last Twelve Months Adjusted EBITDA$1,825,599 $1,643,246 $1,378,779 $1,025,772 $717,653 
Leverage ratio(0.3)(0.2)(0.1)(0.2)0.1 














24

Reconciliation of Costs Applicable to Sales
for Three Months Ended September 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)$159,683 $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 $— $454,923 
Metal Sales
Gold ounces11,526 57,701 15,839 18,595 15,723 21,919 23,008 — 164,311 
Silver ounces23,811 173,952 1,498,806 1,351,863 1,227,882 — 33,888 — 4,310,202 
Copper pounds9,268,535 — — — — ——— 9,268,535 
Revenue Split
Gold44 %100 %42 %36 %46 %100 %100 %
Silver58 %64 %54 %
Copper56 %
Adjusted costs applicable to sales
Gold ($/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 
(1) Includes the non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $0.4 million.
(2) Includes the non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $40 million.

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 non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $(0.5) million.
(2) Includes the non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $141 million.
25

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 non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $21 million.
(2) Includes the non-cash 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 non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $3 million.
26

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 non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $33.4 million.


























27

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 non-cash impact of the preliminary purchase price allocation ascribed to Inventory of $29.7 million.



















28

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 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 $119,100 
Metal Sales
Gold ounces50,000211,40055,00095,00070,00098,00072,000
Silver ounces100,000750,2305,500,0006,250,0006,400,00050,000
Copper pounds40,000,000
Revenue Split
Gold46%100%39%37%43%100%100%
Silver61%63%57%
Copper54%
Adjusted costs applicable to sales
Gold ($/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 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.


29

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