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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________
FORM 10-Q
___________________________________________

☑ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025
OR

☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to
Commission file number 001-08641
____________________________________________
COEUR MINING, INC.
(Exact name of registrant as specified in its charter)
____________________________________________

Delaware |  | 82-0109423
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
200 S. Wacker Dr. |  |
Suite 2100 | Chicago, | Illinois |  | 60606
(Address of principal executive offices) |  | (Zip Code)

(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock (par value $.01 per share) | CDE | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer |  | ☑ | Accelerated filer |  | ☐
Non-accelerated filer |  | ☐ | Smaller reporting company |  | ☐
|  |  | Emerging growth company |  | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The Company has 900,000,000 shares of common stock, par value of $0.01, authorized of which 642,217,872 shares were issued and outstanding as of October 27, 2025.

COEUR MINING, INC.
INDEX

|  | Page
Part I. | Financial Information |
| Item 1. Financial Statements |
| Condensed Consolidated Balance Sheets (Unaudited) | 4
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | 5
| Condensed Consolidated Statements of Cash Flows (Unaudited) | 6
| Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) | 7
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 8
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27
| Consolidated Financial Results | 28
| Results of Operations | 35
| Liquidity and Capital Resources | 39
| Non-GAAP Financial Performance Measures | 42
| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 49
| Item 4. Controls and Procedures | 50
Part II. | Other Information | 51
| Item 1. Legal Proceedings | 51
| Item 1A. Risk Factors | 51
| Item 4. Mine Safety Disclosures | 51
| Item 5. Other Information | 51
| Item 6. Exhibits | 52
Signatures | 52

3

PART I
Item 1. Financial Statements and Supplementary Data
COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

|  | September 30, 2025 |  | December 31, 2024
ASSETS | Notes | In thousands, except share data
CURRENT ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 266,342 |  |  | $ | 55,087 |
Receivables | 5 | 67,715 |  |  | 29,930 |
Inventory | 6 | 156,666 |  |  | 78,617 |
Ore on leach pads | 6 | 143,126 |  |  | 92,724 |
Prepaid expenses and other |  | 33,321 |  |  | 16,741 |
|  | 667,170 |  |  | 273,099 |
NON-CURRENT ASSETS |  |  |  |
Property, plant and equipment and mining properties, net | 7 | 2,772,267 |  |  | 1,817,616 |
Goodwill | 3 | 632,380 |  |  | — |
Ore on leach pads | 6 | 107,576 |  |  | 106,670 |
Restricted assets |  | 9,129 |  |  | 8,512 |
Receivables | 5 | 14,266 |  |  | 19,583 |
Deferred tax assets | 10 | 239,214 |  |  | 3,632 |
Other |  | 70,160 |  |  | 72,635 |
TOTAL ASSETS |  | $ | 4,512,162 |  |  | $ | 2,301,747 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |
CURRENT LIABILITIES |  |  |  |
Accounts payable |  | $ | 136,753 |  |  | $ | 125,877 |
Accrued liabilities and other | 18 | 155,188 |  |  | 156,609 |
Debt | 8 | 24,859 |  |  | 31,380 |
Reclamation | 9 | 16,954 |  |  | 16,954 |
|  | 333,754 |  |  | 330,820 |
NON-CURRENT LIABILITIES |  |  |  |
Debt | 8 | 338,657 |  |  | 558,678 |
Reclamation | 9 | 259,270 |  |  | 243,538 |
Deferred tax liabilities |  | 420,438 |  |  | 7,258 |
Other long-term liabilities |  | 66,261 |  |  | 38,201 |
|  | 1,084,626 |  |  | 847,675 |
COMMITMENTS AND CONTINGENCIES | 17 |  |  |
STOCKHOLDERS’ EQUITY |  |  |  |
Common stock, par value $0.01 per share; authorized 900,000,000 shares, 642,210,145 issued and outstanding at September 30, 2025 and 399,235,632 at December 31, 2024 |  | 6,422 |  |  | 3,992 |
Additional paid-in capital |  | 5,778,718 |  |  | 4,181,521 |
Accumulated deficit |  | (2,691,358) |  |  | (3,062,261) |
|  | 3,093,782 |  |  | 1,123,252 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 4,512,162 |  |  | $ | 2,301,747 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

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

|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| Notes | In thousands, except share data
Revenue | 4 | $ | 554,567 |  |  | $ | 313,476 |  |  | $ | 1,395,279 |  |  | $ | 748,562 |  |  |
COSTS AND EXPENSES |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 4 | 248,736 |  |  | 156,742 |  |  | 682,456 |  |  | 447,456 |  |  |
Amortization |  | 72,930 |  |  | 33,216 |  |  | 177,444 |  |  | 88,441 |  |  |
General and administrative |  | 14,830 |  |  | 10,966 |  |  | 41,992 |  |  | 36,611 |  |  |
Exploration |  | 25,141 |  |  | 19,567 |  |  | 68,079 |  |  | 42,932 |  |  |
Pre-development, reclamation, and other | 14 | 15,843 |  |  | 8,583 |  |  | 45,957 |  |  | 35,401 |  |  |
Total costs and expenses |  | 377,480 |  |  | 229,074 |  |  | 1,015,928 |  |  | 650,841 |  |  |
Income from operations |  | 177,087 |  |  | 84,402 |  |  | 379,351 |  |  | 97,721 |  |  |
OTHER INCOME (EXPENSE), NET |  |  |  |  |  |  |  |  |  |
Gain (loss) on debt extinguishment |  | (6) |  |  | — |  |  | (6) |  |  | 417 |  |  |
Fair value adjustments, net | 12 | — |  |  | — |  |  | (342) |  |  | — |  |  |
Interest expense, net of capitalized interest | 8 | (6,273) |  |  | (13,280) |  |  | (24,974) |  |  | (39,389) |  |  |
Other, net | 14 | (865) |  |  | 3,434 |  |  | 1,001 |  |  | 11,329 |  |  |
Total other income (expense), net |  | (7,144) |  |  | (9,846) |  |  | (24,321) |  |  | (27,643) |  |  |
Income before income and mining taxes |  | 169,943 |  |  | 74,556 |  |  | 355,030 |  |  | 70,078 |  |  |
Income and mining tax benefit (expense) | 10 | 96,881 |  |  | (25,817) |  |  | 15,873 |  |  | (49,030) |  |  |
NET INCOME |  | $ | 266,824 |  |  | $ | 48,739 |  |  | $ | 370,903 |  |  | $ | 21,048 |  |  |
OTHER COMPREHENSIVE INCOME (LOSS): |  |  |  |  |  |  |  |  |  |
Change in fair value of derivative contracts designated as cash flow hedges |  | — |  |  | — |  |  | — |  |  | (18,507) |  |  |
Reclassification adjustments for realized (gain) loss on cash flow hedges |  | — |  |  | — |  |  | — |  |  | 17,176 |  |  |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | (1,331) |  |  |
COMPREHENSIVE INCOME |  | $ | 266,824 |  |  | $ | 48,739 |  |  | $ | 370,903 |  |  | $ | 19,717 |  |  |
NET INCOME PER SHARE | 15 |  |  |  |  |  |  |  |  |
Basic income per share: |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.42 |  |  | $ | 0.12 |  |  | $ | 0.62 |  |  | $ | 0.05 |  |  |
Diluted |  | $ | 0.41 |  |  | $ | 0.12 |  |  | $ | 0.61 |  |  | $ | 0.05 |  |  |

(1) Excludes amortization.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

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

|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| Notes | In thousands
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 266,824 |  |  | $ | 48,739 |  |  | $ | 370,903 |  |  | $ | 21,048 |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |
Amortization |  | 72,930 |  |  | 33,216 |  |  | 177,444 |  |  | 88,441 |  |  |
Accretion |  | 4,988 |  |  | 4,233 |  |  | 14,620 |  |  | 12,463 |  |  |
Deferred taxes |  | (145,740) |  |  | (816) |  |  | (175,297) |  |  | (5,604) |  |  |
(Gain) loss on debt extinguishment | 8 | 6 |  |  | — |  |  | 6 |  |  | (417) |  |  |
Fair value adjustments, net | 12 | — |  |  | — |  |  | 342 |  |  | — |  |  |
Stock-based compensation | 11 | 5,012 |  |  | 2,809 |  |  | 12,527 |  |  | 9,789 |  |  |
Write-downs |  | — |  |  | — |  |  | — |  |  | 3,235 |  |  |
Deferred revenue recognition | 17 | (153) |  |  | (130) |  |  | (42,661) |  |  | (55,407) |  |  |
Acquired inventory purchase price allocation | 3 | 33,443 |  |  | — |  |  | 90,163 |  |  | — |  |  |
Other |  | 1,392 |  |  | (1,119) |  |  | 5,944 |  |  | 10,259 |  |  |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |
Receivables |  | (7,132) |  |  | 1,616 |  |  | (7,953) |  |  | (520) |  |  |
Prepaid expenses and other current assets |  | (7,489) |  |  | (352) |  |  | 77,000 |  |  | 3,185 |  |  |
Inventory and ore on leach pads |  | (5,011) |  |  | (14,320) |  |  | (27,484) |  |  | (53,788) |  |  |
Accounts payable and accrued liabilities |  | 18,636 |  |  | 37,187 |  |  | 16,738 |  |  | 77,757 |  |  |
CASH PROVIDED BY OPERATING ACTIVITIES |  | 237,706 |  |  | 111,063 |  |  | 512,292 |  |  | 110,441 |  |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (49,034) |  |  | (41,980) |  |  | (159,843) |  |  | (135,468) |  |  |
Acquisitions, net | 3, 12 | (10,000) |  |  | (10,000) |  |  | 93,635 |  |  | (10,000) |  |  |
Proceeds from the sale of assets |  | (76) |  |  | 1 |  |  | 4 |  |  | 25 |  |  |
Other |  | (80) |  |  | (70) |  |  | (255) |  |  | (285) |  |  |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |  | (59,190) |  |  | (52,049) |  |  | (66,459) |  |  | (145,728) |  |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Issuance of common stock | 11 | 320 |  |  | — |  |  | 9,769 |  |  | 22,823 |  |  |
Issuance of notes and bank borrowings, net of issuance costs | 8 | 20,000 |  |  | 77,500 |  |  | 166,500 |  |  | 327,500 |  |  |
Payments on debt, finance leases, and associated costs | 8 | (37,486) |  |  | (133,250) |  |  | (394,451) |  |  | (297,128) |  |  |
Share repurchases | 15 | (5,334) |  |  | — |  |  | (7,338) |  |  | — |  |  |
Other financing activities |  | (1,388) |  |  | (208) |  |  | (9,293) |  |  | (2,018) |  |  |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |  | (23,888) |  |  | (55,958) |  |  | (234,813) |  |  | 51,177 |  |  |
Effect of exchange rate changes on cash and cash equivalents |  | 78 |  |  | (263) |  |  | 282 |  |  | (584) |  |  |
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  | 154,706 |  |  | 2,793 |  |  | 211,302 |  |  | 15,306 |  |  |
Cash, cash equivalents and restricted cash at beginning of period |  | 113,470 |  |  | 75,891 |  |  | 56,874 |  |  | 63,378 |  |  |
Cash, cash equivalents and restricted cash at end of period |  | $ | 268,176 |  |  | $ | 78,684 |  |  | $ | 268,176 |  |  | $ | 78,684 |  |  |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

In thousands | Notes | Common Stock Shares |  | Common Stock Par Value |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income (Loss) |  | Total
Balances at December 31, 2024 |  | 399,236 |  |  | $ | 3,992 |  |  | $ | 4,181,521 |  |  | $ | (3,062,261) |  |  | $ | — |  |  | $ | 1,123,252 |
Net income |  | — |  |  | — |  |  | — |  |  | 33,353 |  |  | — |  |  | 33,353 |
SilverCrest acquisition | 3 | 239,489 |  |  | 2,395 |  |  | 1,587,696 |  |  | — |  |  | — |  |  | 1,590,091 |
Kensington royalty settlement | 17 | 595 |  |  | 6 |  |  | 3,649 |  |  | — |  |  | — |  |  | 3,655 |
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net |  | (259) |  |  | (3) |  |  | (1,836) |  |  | — |  |  | — |  |  | (1,839) |
Balances at March 31, 2025 |  | 639,061 |  |  | $ | 6,390 |  |  | $ | 5,771,030 |  |  | $ | (3,028,908) |  |  | $ | — |  |  | $ | 2,748,512 |
Net income |  | — |  |  | — |  |  | — |  |  | 70,726 |  |  | — |  |  | 70,726 |
Stock options exercise |  | 2,139 |  |  | 21 |  |  | 7,201 |  |  | — |  |  | — |  |  | 7,222 |
Stock repurchase program | 15 | (216) |  |  | (2) |  |  | (2,002) |  |  | — |  |  | — |  |  | (2,004) |
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net |  | 1,718 |  |  | 17 |  |  | 3,914 |  |  | — |  |  | — |  |  | 3,931 |
Balances at June 30, 2025 |  | 642,702 |  |  | $ | 6,426 |  |  | $ | 5,780,143 |  |  | $ | (2,958,182) |  |  | $ | — |  |  | $ | 2,828,387 |
Net income |  | — |  |  | — |  |  | — |  |  | 266,824 |  |  | — |  |  | 266,824 |
Stock options exercise |  | 46 |  |  | 1 |  |  | 188 |  |  | — |  |  | — |  |  | 189 |
Stock repurchase program | 15 | (452) |  |  | (4) |  |  | (5,330) |  |  | — |  |  | — |  |  | (5,334) |
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net |  | (86) |  |  | (1) |  |  | 3,717 |  |  | — |  |  | — |  |  | 3,716 |
Balances at September 30, 2025 |  | 642,210 |  |  | $ | 6,422 |  |  | $ | 5,778,718 |  |  | $ | (2,691,358) |  |  | $ | — |  |  | $ | 3,093,782 |

In thousands | Notes | Common Stock Shares |  | Common Stock Par Value |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income (Loss) |  | Total
Balances at December 31, 2023 |  | 386,283 |  |  | $ | 3,863 |  |  | $ | 4,139,870 |  |  | $ | (3,121,161) |  |  | $ | 1,331 |  |  | $ | 1,023,903 |
Net income (loss) |  | — |  |  | — |  |  | — |  |  | (29,117) |  |  | — |  |  | (29,117) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,478) |  |  | (7,478) |
Debt-for-Equity exchange |  | 1,772 |  |  | 18 |  |  | 5,350 |  |  | — |  |  | — |  |  | 5,368 |
Issuance of flow-through shares |  | 7,705 |  |  | 77 |  |  | 22,908 |  |  | — |  |  | — |  |  | 22,985 |
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net |  | 2,823 |  |  | 28 |  |  | 2,440 |  |  | — |  |  | — |  |  | 2,468 |
Balances at March 31, 2024 |  | 398,583 |  |  | $ | 3,986 |  |  | $ | 4,170,568 |  |  | $ | (3,150,278) |  |  | $ | (6,147) |  |  | $ | 1,018,129 |
Net income |  | — |  |  | — |  |  | — |  |  | 1,426 |  |  | — |  |  | 1,426 |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,147 |  |  | 6,147 |
Kensington royalty settlement |  | 738 |  |  | 7 |  |  | 3,399 |  |  | — |  |  | — |  |  | 3,406 |
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net |  | (80) |  |  | (1) |  |  | 2,701 |  |  | — |  |  | — |  |  | 2,700 |
Balances at June 30, 2024 |  | 399,241 |  |  | $ | 3,992 |  |  | $ | 4,176,668 |  |  | $ | (3,148,852) |  |  | $ | — |  |  | $ | 1,031,808 |
Net income |  | — |  |  | — |  |  | — |  |  | 48,739 |  |  | — |  |  | 48,739 |
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net |  | 47 |  |  | 1 |  |  | 2,602 |  |  | — |  |  | — |  |  | 2,603 |
Balances at September 30, 2024 |  | 399,288 |  |  | $ | 3,993 |  |  | $ | 4,179,270 |  |  | $ | (3,100,113) |  |  | $ | — |  |  | $ | 1,083,150 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 1 - BASIS OF PRESENTATION
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2025. The condensed consolidated December 31, 2024 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 10-K”).
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 — Summary of Significant Accounting Policies contained in the 2024 10-K.
Use of Estimates
The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations
8

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered changes in estimate and are accounted for prospectively. As of September 30, 2025, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 64,482 and 8.9 million, respectively.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.
The Company may elect to perform a qualitative assessment if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.
Recently Adopted Accounting Standards
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We have adopted the new standard effective December 31, 2024 retrospectively for all periods presented. See Note 4 -- Segment Reporting for all periods presented with the new required disclosures. The new standard did not impact our Consolidated Financial Statements.
Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Although early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance, the Company believes that there is no material impact to the reader in early adoption. The Company plans to adopt this new guidance on our Consolidated Financial Statements and related disclosures on reporting year ending December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Condensed Consolidated Financial Statements and related disclosures.
9

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 3 – ACQUISITIONS
On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur would acquire all of the issued and outstanding shares of SilverCrest Metals Inc. (“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”). Under the terms of the Agreement, SilverCrest shareholders received 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).
On February 14, 2025, the Company completed the closing of the Transaction after receiving regulatory approval on February 3, 2025 followed by stockholder approval on February 6, 2025. Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares. Based on the closing price of Coeur common shares on the NYSE on February 14, 2025, the implied total equity value was approximately $1.58 billion based on SilverCrest’s common shares outstanding and the Exchange Ratio.
The Company retained an independent appraiser to assist with the determination of the preliminary fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of SilverCrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes and was assigned to the Las Chispas segment. The goodwill balance of $632.4 million is composed of amounts attributable to the assembled workforce, potential strategic and financial benefits, including the financial flexibility to execute capital priorities, and new book to tax basis differences of assets acquired and liabilities assumed. The acquisition of SilverCrest increased the Company’s gold and other metal reserves and expanded our footprint in a jurisdiction where the Company has significant experience.
As of September 30, 2025, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for SilverCrest is preliminary. At September 30, 2025, remaining items to finalize include the fair value of property plant and mine development, goodwill, reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the acquisition date. Prior to the closing of the Transaction, the Company entered into a loan with SilverCrest through which Coeur Rochester, Inc., a subsidiary of the Company, owed $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction. The acquired bullion and metal inventory was sold during the first quarter of 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net on the Condensed Consolidated Statements of Comprehensive Income. Total transaction costs were $20.4 million with $11.9 million incurred in the nine months ended September 30, 2025. These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income and are reflected in pro forma earnings in the table below for the three and nine months ended September 30, 2025.
10

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
The following table summarizes the preliminary purchase price allocation for the Transaction as of September 30, 2025:

(Amounts in thousands, except shares and share price amounts) |
Common shares issued (239,331,799 at $6.61) | $ | 1,581,983 |
Fair value of replacement stock-based compensation awarded(1) | 8,539 |
Fair value of Coeur payable to SilverCrest repurchased | (72,311) |
Total purchase price | $ | 1,518,211 |
Assets: |
Cash and cash equivalents | $ | 103,724 |
Short-term receivables | 23,292 |
Inventory | 153,826 |
Prepaid expenses and other | 15,213 |
Property, plant and equipment and mining properties | 1,006,736 |
Other | 5,596 |
Total Assets | $ | 1,308,387 |
Liabilities: |
Accounts payable | 16,774 |
Accrued liabilities and other | 25,636 |
Debt | 846 |
Reclamation | 8,644 |
Deferred tax liabilities (2) | 350,218 |
Other long-term liabilities | 20,438 |
Total liabilities | $ | 422,556 |
Net identifiable assets acquired | $ | 885,831 |
Goodwill | 632,380 |
Net assets acquired | $ | 1,518,211 |

(1) As of September 30, 2025, 2.3 million common shares were issued related to the exercise of 3.2 million replacement options.
(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the preliminary fair value of the assets acquired in Mexico and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill.
Pro Forma Financial Information
Sales and net income in the Condensed Consolidated Statement of Operations includes SilverCrest revenue of $126.1 million and $286.8 million and SilverCrest net income of $8.2 million and net loss of $4.9 million in the three and nine months ended September 30, 2025, respectively. The following unaudited pro forma financial information presents consolidated results assuming the Transaction occurred on January 1, 2024.

| Three Months Ended |  | Nine Months Ended
| September 30, 2025 | September 30, 2024 |  | September 30, 2025 | September 30, 2024
Revenue | $ | 554,567 |  | $ | 393,847 |  |  | $ | 1,450,256 |  | $ | 965,320 |
Net income (loss) | $ | 299,742 |  | $ | (24,431) |  |  | $ | 486,138 |  | $ | (62,792) |

Pro forma amounts assume that transaction costs were incurred in the first quarter of 2024. The pro forma results have been calculated after applying the Company’s accounting policies and adjusting the results of SilverCrest to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties and the impact of purchase price allocation on acquired inventory which have been applied from January 1, 2024, with the consequential tax effects.
11

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 4 – SEGMENT REPORTING
The Company’s operating segments include the Las Chispas, Palmarejo, Rochester, Kensington and Wharf mines, and the Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
The Company’s Chief Operating Decision Maker (“CODM”), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Senior Vice President and Chief Financial Officer, and Michael Routledge, Senior Vice President and Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations. The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes. The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies.
Financial information relating to the Company’s segments is as follows (in thousands):

Three Months Ended September 30, 2025 | Las Chispas |  | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 61,005 |  |  | $ | 57,553 |  |  | $ | 47,945 |  |  | $ | 98,931 |  |  | $ | 95,050 |  |  | $ | — |  |  | $ | — |  |  | $ | 360,484 |
Silver sales | 65,129 |  |  | 63,640 |  |  | 64,510 |  |  | (41) |  |  | 845 |  |  | — |  |  | — |  |  | 194,083 |
Metal sales | 126,134 |  |  | 121,193 |  |  | 112,455 |  |  | 98,890 |  |  | 95,895 |  |  | — |  |  | — |  |  | 554,567 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 68,104 |  |  | 51,010 |  |  | 51,986 |  |  | 46,709 |  |  | 30,927 |  |  | — |  |  | — |  |  | 248,736 |
Amortization | 30,908 |  |  | 10,115 |  |  | 18,501 |  |  | 10,435 |  |  | 1,762 |  |  | 989 |  |  | 220 |  |  | 72,930 |
Exploration | 2,526 |  |  | 5,728 |  |  | 3,177 |  |  | 2,209 |  |  | 746 |  |  | 10,065 |  |  | 690 |  |  | 25,141 |
Other operating expenses(2) | 660 |  |  | 1,909 |  |  | 3,701 |  |  | 6,073 |  |  | 2,213 |  |  | 3,084 |  |  | 13,033 |  |  | 30,673 |
Costs and expenses | 102,198 |  |  | 68,762 |  |  | 77,365 |  |  | 65,426 |  |  | 35,648 |  |  | 14,138 |  |  | 13,943 |  |  | 377,480 |
Income (loss) from operations | 23,936 |  |  | 52,431 |  |  | 35,090 |  |  | 33,464 |  |  | 60,247 |  |  | (14,138) |  |  | (13,943) |  |  | 177,087 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |
Interest expense, net | (35) |  |  | (119) |  |  | (2,490) |  |  | (71) |  |  | (27) |  |  | — |  |  | (3,531) |  |  | (6,273) |
Other, net(3) | 953 |  |  | (796) |  |  | (106) |  |  | (104) |  |  | (53) |  |  | (85) |  |  | (674) |  |  | (865) |
Income (loss) before income and mining taxes | 24,854 |  |  | 51,516 |  |  | 32,488 |  |  | 33,289 |  |  | 60,167 |  |  | (14,223) |  |  | (18,148) |  |  | 169,943 |
Income and mining tax (expense) benefit | (16,611) |  |  | (21,534) |  |  | (4,975) |  |  | 3,673 |  |  | (16,367) |  |  | — |  |  | 152,695 |  |  | 96,881 |
Net Income (loss) | $ | 8,243 |  |  | $ | 29,982 |  |  | $ | 27,513 |  |  | $ | 36,962 |  |  | $ | 43,800 |  |  | $ | (14,223) |  |  | $ | 134,547 |  |  | $ | 266,824 |
Segment assets(4) | $ | 1,689,818 |  |  | $ | 306,416 |  |  | $ | 1,264,175 |  |  | $ | 255,204 |  |  | $ | 124,540 |  |  | $ | 222,099 |  |  | $ | 65,065 |  |  | $ | 3,927,317 |
Capital expenditures | $ | 9,751 |  |  | $ | 5,690 |  |  | $ | 11,567 |  |  | $ | 15,595 |  |  | $ | 3,175 |  |  | $ | 2,618 |  |  | $ | 638 |  |  | $ | 49,034 |

(1) Excludes amortization.
(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other
(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.
(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.
12

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Three Months Ended September 30, 2024 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 55,085 |  |  | $ | 22,889 |  |  | $ | 62,164 |  |  | $ | 83,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 223,772 |
Silver sales | 55,292 |  |  | 33,092 |  |  | (12) |  |  | 1,332 |  |  | — |  |  | — |  |  | 89,704 |
Metal sales | 110,377 |  |  | 55,981 |  |  | 62,152 |  |  | 84,966 |  |  | — |  |  | — |  |  | 313,476 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 47,455 |  |  | 39,409 |  |  | 38,099 |  |  | 31,779 |  |  | — |  |  | — |  |  | 156,742 |
Amortization | 11,984 |  |  | 10,231 |  |  | 7,612 |  |  | 2,419 |  |  | 794 |  |  | 176 |  |  | 33,216 |
Exploration | 4,303 |  |  | 1,044 |  |  | 1,988 |  |  | 2,330 |  |  | 9,405 |  |  | 497 |  |  | 19,567 |
Other operating expenses(2) | 2,650 |  |  | 2,459 |  |  | 636 |  |  | 1,165 |  |  | 2,037 |  |  | 10,602 |  |  | 19,549 |
Costs and expenses | 66,392 |  |  | 53,143 |  |  | 48,335 |  |  | 37,693 |  |  | 12,236 |  |  | 11,275 |  |  | 229,074 |
Income (loss) from operations | 43,985 |  |  | 2,838 |  |  | 13,817 |  |  | 47,273 |  |  | (12,236) |  |  | (11,275) |  |  | 84,402 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense, net | (30) |  |  | (1,113) |  |  | (245) |  |  | (128) |  |  | (1) |  |  | (11,763) |  |  | (13,280) |
Other, net(3) | 1,256 |  |  | (140) |  |  | (80) |  |  | (37) |  |  | 52 |  |  | 2,383 |  |  | 3,434 |
Income (loss) before income and mining taxes | 45,211 |  |  | 1,585 |  |  | 13,492 |  |  | 47,108 |  |  | (12,185) |  |  | (20,655) |  |  | 74,556 |
Income and mining tax (expense) benefit | (18,919) |  |  | (283) |  |  | — |  |  | (4,164) |  |  | — |  |  | (2,451) |  |  | (25,817) |
Net Income (loss) | $ | 26,292 |  |  | $ | 1,302 |  |  | $ | 13,492 |  |  | $ | 42,944 |  |  | $ | (12,185) |  |  | $ | (23,106) |  |  | $ | 48,739 |
Segment assets(4) | $ | 320,271 |  |  | $ | 1,180,633 |  |  | $ | 208,858 |  |  | $ | 107,526 |  |  | $ | 212,607 |  |  | $ | 53,374 |  |  | $ | 2,083,269 |
Capital expenditures | $ | 8,048 |  |  | $ | 10,121 |  |  | $ | 19,996 |  |  | $ | 2,773 |  |  | $ | 1,035 |  |  | $ | 7 |  |  | $ | 41,980 |

(1) Excludes amortization.
(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other
(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.
(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.

Nine Months Ended September 30, 2025 | Las Chispas |  | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 142,012 |  |  | $ | 157,315 |  |  | $ | 135,995 |  |  | $ | 253,864 |  |  | $ | 229,739 |  |  | $ | — |  |  | $ | — |  |  | $ | 918,925 |
Silver sales | 144,791 |  |  | 173,823 |  |  | 154,063 |  |  | 35 |  |  | 3,642 |  |  | — |  |  | — |  |  | 476,354 |
Metal sales | 286,803 |  |  | 331,138 |  |  | 290,058 |  |  | 253,899 |  |  | 233,381 |  |  | — |  |  | — |  |  | 1,395,279 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 168,685 |  |  | 143,416 |  |  | 148,450 |  |  | 134,948 |  |  | 86,957 |  |  | — |  |  | — |  |  | 682,456 |
Amortization | 62,219 |  |  | 28,702 |  |  | 50,156 |  |  | 28,127 |  |  | 4,785 |  |  | 2,863 |  |  | 592 |  |  | 177,444 |
Exploration | 7,666 |  |  | 13,602 |  |  | 5,868 |  |  | 7,045 |  |  | 6,854 |  |  | 25,400 |  |  | 1,644 |  |  | 68,079 |
Other operating expenses(2) | 1,652 |  |  | 6,527 |  |  | 9,106 |  |  | 7,265 |  |  | 4,519 |  |  | 9,091 |  |  | 49,789 |  |  | 87,949 |
Costs and expenses | 240,222 |  |  | 192,247 |  |  | 213,580 |  |  | 177,385 |  |  | 103,115 |  |  | 37,354 |  |  | 52,025 |  |  | 1,015,928 |
Income (loss) from operations | 46,581 |  |  | 138,891 |  |  | 76,478 |  |  | 76,514 |  |  | 130,266 |  |  | (37,354) |  |  | (52,025) |  |  | 379,351 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on debt extinguishment | — |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |
Fair value adjustments, net | — |  |  | — |  |  | (342) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (342) |
Interest expense, net | (36) |  |  | (188) |  |  | (7,363) |  |  | (328) |  |  | (144) |  |  | — |  |  | (16,915) |  |  | (24,974) |
Other, net(3) | 2,185 |  |  | (2,748) |  |  | (346) |  |  | (365) |  |  | (125) |  |  | (72) |  |  | 2,472 |  |  | 1,001 |
Income (loss) before income and mining taxes | 48,730 |  |  | 135,955 |  |  | 68,421 |  |  | 75,821 |  |  | 129,997 |  |  | (37,426) |  |  | (66,468) |  |  | 355,030 |
Income and mining tax (expense) benefit | (53,669) |  |  | (42,048) |  |  | (9,409) |  |  | 788 |  |  | (28,230) |  |  | — |  |  | 148,441 |  |  | 15,873 |
Net Income (loss) | $ | (4,939) |  |  | $ | 93,907 |  |  | $ | 59,012 |  |  | $ | 76,609 |  |  | $ | 101,767 |  |  | $ | (37,426) |  |  | $ | 81,973 |  |  | $ | 370,903 |
Segment assets(4) | $ | 1,689,818 |  |  | $ | 306,416 |  |  | $ | 1,264,175 |  |  | $ | 255,204 |  |  | $ | 124,540 |  |  | $ | 222,099 |  |  | $ | 65,065 |  |  | $ | 3,927,317 |
Capital expenditures | $ | 24,289 |  |  | $ | 17,190 |  |  | $ | 50,886 |  |  | $ | 47,386 |  |  | $ | 14,130 |  |  | $ | 5,000 |  |  | $ | 962 |  |  | $ | 159,843 |

(1) Excludes amortization.
(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other
(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.
(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.
13

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

Nine Months Ended September 30, 2024 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 151,398 |  |  | $ | 52,938 |  |  | $ | 156,753 |  |  | $ | 168,537 |  |  | $ | — |  |  | $ | — |  |  | $ | 529,626 |
Silver sales | 138,603 |  |  | 75,636 |  |  | (28) |  |  | 4,725 |  |  | — |  |  | — |  |  | 218,936 |
Metal sales | 290,001 |  |  | 128,574 |  |  | 156,725 |  |  | 173,262 |  |  | — |  |  | — |  |  | 748,562 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 149,976 |  |  | 103,063 |  |  | 118,109 |  |  | 76,308 |  |  | — |  |  | — |  |  | 447,456 |
Amortization | 35,429 |  |  | 25,434 |  |  | 19,653 |  |  | 4,879 |  |  | 2,436 |  |  | 610 |  |  | 88,441 |
Exploration | 9,366 |  |  | 2,452 |  |  | 4,824 |  |  | 3,579 |  |  | 21,130 |  |  | 1,581 |  |  | 42,932 |
Other operating expenses(2) | 7,350 |  |  | 11,035 |  |  | 9,391 |  |  | 3,410 |  |  | 7,146 |  |  | 33,680 |  |  | 72,012 |
Costs and expenses | 202,121 |  |  | 141,984 |  |  | 151,977 |  |  | 88,176 |  |  | 30,712 |  |  | 35,871 |  |  | 650,841 |
Income (loss) from operations | 87,880 |  |  | (13,410) |  |  | 4,748 |  |  | 85,086 |  |  | (30,712) |  |  | (35,871) |  |  | 97,721 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 417 |  |  | 417 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense, net | 341 |  |  | (3,508) |  |  | (1,215) |  |  | (405) |  |  | (11) |  |  | (34,591) |  |  | (39,389) |
Other, net(3) | 4,683 |  |  | (256) |  |  | (243) |  |  | (124) |  |  | 12 |  |  | 7,257 |  |  | 11,329 |
Income (loss) before income and mining taxes | 92,904 |  |  | (17,174) |  |  | 3,290 |  |  | 84,557 |  |  | (30,711) |  |  | (62,788) |  |  | 70,078 |
Income and mining tax (expense) benefit | (37,913) |  |  | 623 |  |  | — |  |  | (7,172) |  |  | — |  |  | (4,568) |  |  | (49,030) |
Net Income (loss) | $ | 54,991 |  |  | $ | (16,551) |  |  | $ | 3,290 |  |  | $ | 77,385 |  |  | $ | (30,711) |  |  | $ | (67,356) |  |  | $ | 21,048 |
Segment assets(4) | $ | 320,271 |  |  | $ | 1,180,633 |  |  | $ | 208,858 |  |  | $ | 107,526 |  |  | $ | 212,607 |  |  | $ | 53,374 |  |  | $ | 2,083,269 |
Capital expenditures | $ | 20,680 |  |  | $ | 58,894 |  |  | $ | 49,731 |  |  | $ | 4,237 |  |  | $ | 1,894 |  |  | $ | 32 |  |  | $ | 135,468 |

(1) Excludes amortization.
(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other
(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.
(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.

Assets | September 30, 2025 |  | December 31, 2024
Total assets for reportable segments | $ | 3,927,317 |  |  | $ | 2,161,881 |
Cash and cash equivalents | 266,342 |  |  | 55,087 |
Other assets | 318,503 |  |  | 84,779 |
Total consolidated assets | $ | 4,512,162 |  |  | $ | 2,301,747 |

Geographic Information

Long-Lived Assets | September 30, 2025 |  | December 31, 2024
United States | $ | 1,326,215 |  |  | $ | 1,312,976 |
Mexico | 1,839,069 |  |  | 267,144 |
Canada | 239,130 |  |  | 237,263 |
Other | 233 |  |  | 233 |
Total | $ | 3,404,647 |  |  | $ | 1,817,616 |

Revenue | Three months ended September 30, |  | Nine months ended September 30,
2025 |  | 2024 |  | 2025 |  | 2024 |  |
United States | $ | 307,240 |  |  | $ | 203,099 |  |  | $ | 777,338 |  |  | $ | 458,561 |  |  |
Mexico | 247,327 |  |  | 110,377 |  |  | 617,941 |  |  | 290,001 |  |  |
Total | $ | 554,567 |  |  | $ | 313,476 |  |  | $ | 1,395,279 |  |  | $ | 748,562 |  |  |

14

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
NOTE 5 – RECEIVABLES
Receivables consist of the following:

In thousands | September 30, 2025 |  | December 31, 2024
Current receivables: |  |  |
Trade receivables | $ | 15,124 |  |  | $ | 7,818 |
VAT receivable | 34,315 |  |  | 12,684 |
Income tax receivable | 11,763 |  |  | 8,509 |
Other (1) | 6,513 |  |  | 919 |
| $ | 67,715 |  |  | $ | 29,930 |
Non-current receivables: |  |  |
Other tax receivable (1) | $ | 237 |  |  | $ | 5,554 |
Deferred cash consideration (2) | 834 |  |  | 834 |
Contingent consideration (3) | 13,195 |  |  | 13,195 |
| $ | 14,266 |  |  | $ | 19,583 |
Total receivables | $ | 81,981 |  |  | $ | 49,513 |

(1) Consists of exploration credit refunds at Silvertip.
(2) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
(3) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million based on gold resources reported in the Sterling/Crown exploration properties by the buyer, its affiliates or its successors. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
NOTE 6 – INVENTORY AND ORE ON LEACH PADS
Inventory consists of the following:

In thousands | September 30, 2025 |  | December 31, 2024
Inventory: |  |  |
Concentrate | $ | 2,263 |  |  | $ | 2,663 |
Stockpile ore (1) | 67,179 |  |  | 6,773 |
Precious metals | 27,113 |  |  | 16,034 |
Supplies | 60,111 |  |  | 53,147 |
| $ | 156,666 |  |  | $ | 78,617 |
Ore on Leach Pads: |  |  |
Current | $ | 143,126 |  |  | $ | 92,724 |
Non-current | 107,576 |  |  | 106,670 |
| $ | 250,702 |  |  | $ | 199,394 |
Long-term Stockpile (included in Other) | $ | 42,076 |  |  | $ | 41,718 |
Total Inventory and Ore on Leach Pads | $ | 449,444 |  |  | $ | 319,729 |

(1) Includes $62.1 million, $1.4 million, $2.4 million, and $1.3 million at Las Chispas, Kensington, Palmarejo, and Wharf at September 30, 2025, respectively. Includes $3.1 million, $0.5 million, and $3.2 million at Kensington, Palmarejo, and Wharf at December 31, 2024, respectively.
15

Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET
Property, plant and equipment and mining properties, net consist of the following:

In thousands | September 30, 2025 |  | December 31, 2024
Mine development | $ | 1,625,944 |  |  | $ | 1,502,457 |
Mineral interests | 1,683,564 |  |  | 833,564 |
Land | 9,961 |  |  | 9,000 |
Facilities and equipment(1) | 1,725,654 |  |  | 1,517,170 |
Construction in progress | 130,588 |  |  | 145,732 |
Total | $ | 5,175,711 |  |  | $ | 4,007,923 |
Accumulated depreciation, depletion and amortization(2) | (2,403,444) |  |  | (2,190,307) |
Property, plant and equipment and mining properties, net | $ | 2,772,267 |  |  | $ | 1,817,616 |

(1) Includes $151.4 million and $170.1 million associated with facilities and equipment assets under finance leases at September 30, 2025 and December 31, 2024, respectively.
(2) Includes $81.5 million and $63.3 million of accumulated amortization related to assets under finance leases at September 30, 2025 and December 31, 2024, respectively.
NOTE 8 – DEBT

| September 30, 2025 |  | December 31, 2024
In thousands | Current |  | Non-Current |  | Current |  | Non-Current
2029 Senior Notes, net(1) | $ | — |  |  | $ | 290,608 |  |  | $ | — |  |  | $ | 290,058 |
Revolving Credit Facility(2) | — |  |  | — |  |  | — |  |  | 195,000 |
Finance lease obligations | 24,859 |  |  | 48,049 |  |  | 31,380 |  |  | 73,620 |
| $ | 24,859 |  |  | $ | 338,657 |  |  | $ | 31,380 |  |  | $ | 558,678 |

(1) Net of unamortized debt issuance costs of $2.5 million and $3.1 million at September 30, 2025 and December 31, 2024, respectively.
(2) Unamortized debt issuance costs of $2.3 million and $3.4 million at September 30, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets.
2029 Senior Notes
In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 8 -- Debt contained in the 2024 10-K.
Revolving Credit Facility
At September 30, 2025, the Company had no outstanding draws, $0.7 million in outstanding letters of credit and $399.3 million available under the revolving credit facility (“RCF”). Future borrowing may be subject to certain financial covenants.
Finance Lease Obligations
From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for $0.8 million at an interest rate of 7.2%. The Company prepaid $9.5 million in finance leases at Rochester in the third quarter of 2025, which, combined with our planned principal payments, decreased our outstanding finance lease obligations by 31%, or $32.1 million, in the nine months ended September 30, 2025. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 7 -- Leases in the 2024 10-K.
16

Coeur Mining, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Interest Expense

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
2029 Senior Notes | $ | 3,756 |  |  | $ | 3,756 |  |  | $ | 11,267 |  |  | $ | 11,331 |  |  |
Revolving Credit Facility | 564 |  |  | 7,427 |  |  | 7,203 |  |  | 21,399 |  |  |
Finance lease obligations | 1,415 |  |  | 1,038 |  |  | 4,634 |  |  | 3,294 |  |  |
Amortization of debt issuance costs | 581 |  |  | 581 |  |  | 1,743 |  |  | 1,779 |  |  |
Other obligations | 182 |  |  | 770 |  |  | 1,141 |  |  | 2,324 |  |  |
Capitalized interest | (225) |  |  | (292) |  |  | (1,014) |  |  | (738) |  |  |
Total interest expense, net of capitalized interest | $ | 6,273 |  |  | $ | 13,280 |  |  | $ | 24,974 |  |  | $ | 39,389 |  |  |

NOTE 9 – RECLAMATION
Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. The asset retirement obligation increased in 2025 due to increased reclamation and mine closure costs associated with Las Chispas.
Changes to the Company’s asset retirement obligations for its operating sites are as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Asset retirement obligation - Beginning | $ | 275,032 |  |  | $ | 219,917 |  |  | $ | 260,492 |  |  | $ | 214,013 |
Accretion | 4,988 |  |  | 4,233 |  |  | 14,620 |  |  | 12,463 |
Additions and changes to estimates | — |  |  | — |  |  | 8,644 |  |  | — |
Settlements | (3,796) |  |  | (2,060) |  |  | (7,532) |  |  | (4,386) |
Asset retirement obligation - Ending | $ | 276,224 |  |  | $ | 222,090 |  |  | $ | 276,224 |  |  | $ | 222,090 |

NOTE 10 - INCOME AND MINING TAXES
The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2025 and 2024 by significant jurisdiction:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
In thousands | Income (loss) before tax | Tax (expense) benefit |  | Income (loss) before tax | Tax (expense) benefit |  | Income (loss) before tax | Tax (expense) benefit |  | Income (loss) before tax | Tax (expense) benefit
United States | $ | 107,862 |  | $ | 135,736 |  |  | $ | 41,389 |  | $ | (4,463) |  |  | $ | 210,325 |  | $ | 115,202 |  |  | $ | 7,498 |  | $ | (6,605) |
Canada | (14,230) |  | (313) |  |  | (12,186) |  | (394) |  |  | (39,281) |  | (1,124) |  |  | (30,720) |  | (766) |
Mexico | 76,517 |  | (38,542) |  |  | 45,499 |  | (20,960) |  |  | 184,486 |  | (98,205) |  |  | 93,651 |  | (41,659) |
Other jurisdictions | (206) |  | — |  |  | (146) |  | — |  |  | (500) |  | — |  |  | (351) |  | — |
| $ | 169,943 |  | $ | 96,881 |  |  | $ | 74,556 |  | $ | (25,817) |  |  | $ | 355,030 |  | $ | 15,873 |  |  | $ | 70,078 |  | $ | (49,030) |

During the third quarter of 2025, the Company reported estimated income and mining tax benefit of approximately $96.9 million, resulting in an effective tax rate of (57.0)%. This compares to income tax expense of $25.8 million for an effective tax rate of 34.6% during the third quarter of 2024. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) U.S. valuation allowance release; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) foreign exchange rates; (v) the impact of uncertain tax positions; (vi) mining taxes; and (vii) percentage depletion. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $9.8 million and decreased income and mining tax expense by $0.5 million for the three months ended September 30, 2025 and 2024, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
17

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Item 1A - Risk Factors” in the 2024 10-K.
The Company has historically provided a valuation allowance against its U.S. net deferred tax assets. In the third quarter of 2025, the Company released $216.0 million of valuation allowance against its U.S. net deferred tax assets, resulting in a non-cash deferred tax benefit. The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 million related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.
The Company continues to maintain a valuation allowance against approximately $55.0 million of U.S. federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.
The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.
The Company or one of its subsidiaries files income tax returns in the U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2021 for the U.S. federal jurisdiction, for 2016 and from 2020 for the Mexico federal jurisdiction, and from 2018 for certain other foreign jurisdictions. Our 2016 federal tax return is currently under audit in Mexico. As a result of the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $10.2 and $10.7 million in the next twelve months.
At September 30, 2025 and December 31, 2024, the Company had $28.1 million and $0.0 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At September 30, 2025 and December 31, 2024, the amount of accrued income-tax-related interest and penalties was $5.5 million and $0.0 million, respectively.
In 2021, the Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. The Company’s worldwide revenues did not exceed the thresholds necessary to be subject to the Pillar Two rules during its year ended December 31, 2024.
As a result of 2025 business expansions, including the first quarter of 2025 closing of acquisition of SilverCrest, the Company expects to fall within the scope of the Pillar Two rules from January 1, 2025. The Company will continue to monitor developments and evaluate the potential impact on 2025 and future periods. At this time, based on the Company’s current analysis of the Pillar Two provisions and because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its Consolidated Financial Statements.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is currently evaluating OBBBA; however, it is not expected to have a material impact on the Company’s consolidated financial statements.
NOTE 11 – STOCK-BASED COMPENSATION
The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three and nine months ended September 30, 2025 was $5.0 million and $12.5 million, respectively, compared to $2.8 million and $9.8 million in the three and nine months ended September 30, 2024. At September 30, 2025, there was $20.8 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years.
18

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Restricted stock granted generally vests in equal installments annually over three years. Performance shares granted during 2025 vest at the end of a three-year service period if relative stockholder return and internal performance metrics are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. On the other hand, the existence of a performance condition requires recognition of compensation cost for the performance share awards based on the performance achieved ranging from 0%-200%. Outstanding performance shares granted prior to 2025 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric.
The following table summarizes the grants awarded during the nine months ended September 30, 2025:

Grant date | Restricted stock |  | Grant date fair value of restricted stock |  | Stock options(1) |  | Grant date fair value of stock options(1) |  | Performance shares |  | Grant date fair value of performance shares
February 14, 2025 | — |  |  | $ | — |  |  | 3,488,137 |  |  | $ | 6.61 |  |  | — |  |  | $ | — |
March 12, 2025 | 80,954 |  |  | $ | 5.71 |  |  | — |  |  | $ | — |  |  | 32,520 |  |  | $ | 9.94 |
May 14, 2025 | 1,722,782 |  |  | $ | 7.39 |  |  | — |  |  | $ | — |  |  | 1,074,680 |  |  | $ | 10.18 |
July 31, 2025 | 40,381 |  |  | $ | 8.69 |  |  | — |  |  | $ | — |  |  | 6,355 |  |  | $ | 10.18 |

(1) Includes 3.3 million shares of Coeur common stock (“Coeur Options”) granted as replacement awards for SilverCrest options that were fully vested and are exercisable at the Transaction date.
During the nine months ended September 30, 2025, 3,248,192 Coeur Options were exercised at a weighted average price of $6.91.
NOTE 12 – FAIR VALUE MEASUREMENTS

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Acquired bullion and metal inventory monetization | — |  |  | — |  |  | (342) |  |  | — |  |  |
Fair value adjustments, net | $ | — |  |  | $ | — |  |  | $ | (342) |  |  | $ | — |  |  |

Coeur Rochester, Inc., a subsidiary of the Company, had a loan payable of $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction. The acquired bullion and metal inventory was sold during the first quarter of 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net on the Condensed Consolidated Statements of Comprehensive Income (loss).
Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

| Fair Value at September 30, 2025
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Provisional metal sales contracts | $ | 1,803 |  |  | $ | — |  |  | $ | 1,803 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Provisional metal sales contracts | $ | 61 |  |  | $ | — |  |  | $ | 61 |  |  | $ | — |

19

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

| Fair Value at December 31, 2024
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Provisional metal sales contracts | $ | 222 |  |  | $ | — |  |  | $ | 222 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Provisional metal sales contracts | $ | 70 |  |  | $ | — |  |  | $ | 70 |  |  | $ | — |

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.
No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2025.
The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2025 and December 31, 2024 is presented in the following table:

| September 30, 2025
In thousands | Book Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |  |  |
2029 Senior Notes(1) | $ | 290,608 |  |  | $ | 286,660 |  |  | $ | — |  |  | $ | 286,660 |  |  | $ | — |
Deferred Cash Due 2026 | $ | 4,746 |  |  | $ | 4,633 |  |  | $ | — |  |  | $ | 4,633 |  |  | $ | — |

(1) Net of unamortized debt issuance costs of $2.5 million.

| December 31, 2024
In thousands | Book Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |  |  |
2029 Senior Notes(1) | $ | 290,058 |  |  | $ | 278,014 |  |  | $ | — |  |  | $ | 278,014 |  |  | $ | — |
Revolving Credit Facility(2) | $ | 195,000 |  |  | $ | 195,000 |  |  | $ | — |  |  | $ | 195,000 |  |  | $ | — |
Deferred Cash Due 2025 | $ | 9,644 |  |  | $ | 9,673 |  |  | $ | — |  |  | $ | 9,673 |  |  | $ | — |
Deferred Cash Due 2026 | $ | 4,505 |  |  | $ | 4,533 |  |  | $ | — |  |  | $ | 4,533 |  |  | $ | — |

(1) Net of unamortized debt issuance costs of $3.1 million.
(2) Unamortized debt issuance costs of $3.4 million included in Other Non-Current Assets.
The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.
In July 2024, the Company completed the purchase of mining concessions adjacent to the Palmarejo complex from Fresnillo. Total consideration includes a cash payment of $10 million paid at closing, the Deferred Cash Due 2025 of $10 million, which was paid in July 2025, and the Deferred Cash Due 2026 of $5 million. The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES
The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.
20

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Derivatives Designated as Cash Flow Hedging Strategies
To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, in the past the Company has entered into forward contracts. The contracts were net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it resulted in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At September 30, 2025 and December 31, 2024, the Company had no outstanding derivative cash flow hedge instruments.
The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue were recognized as a component of Revenue in the same period as the related sale is recognized.
The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Amount of Gain (Loss) Recognized in AOCI |  |  |  |  |  |  |  |  |
Gold forwards | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10,886) |  |  |
Silver forwards | — |  |  | — |  |  | — |  |  | (7,621) |  |  |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (18,507) |  |  |
Amount of (Gain) Loss Reclassified from AOCI to Earnings |  |  |  |  |  |  |  |  |
Gold forwards | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,867 |  |  |
Silver forwards | — |  |  | — |  |  | — |  |  | 4,309 |  |  |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,176 |  |  |

Derivatives Not Designated as Hedging Instruments
Provisional Metal Sales
The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.
The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest that settled monthly through March 2025. The Company had no outstanding gold or silver hedging contracts at September 30, 2025.
At September 30, 2025, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces | 2025 |  | 2026 and Thereafter
Provisional gold sales contracts | $ | 46,968 |  |  | $ | — |
Average gold price per ounce | $ | 3,564 |  |  | $ | — |
Notional ounces | 13,178 |  |  | — |

The following summarizes the classification of the fair value of the derivative instruments:

| September 30, 2025 |  |  |  |  |  |
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 1,803 |  |  | $ | 61 |  |  |  |  |  |  |

21

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

| December 31, 2024
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 222 |  |  | $ | 70 |  |  |  |  |  |  |

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Financial statement line | Derivative | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Revenue | Provisional metal sales contracts | $ | 1,505 |  |  | $ | 407 |  |  | $ | 1,590 |  |  | $ | (101) |  |  |
|  | $ | 1,505 |  |  | $ | 407 |  |  | $ | 1,590 |  |  | $ | (101) |  |  |

Credit Risk
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.
NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME DETAIL
Pre-development, reclamation, and other consists of the following:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Silvertip ongoing carrying costs | $ | 2,617 |  |  | $ | 1,675 |  |  | $ | 7,667 |  |  | $ | 6,091 |  |  |
Loss on sale of assets | 113 |  |  | 176 |  |  | 416 |  |  | 4,352 |  |  |
Asset retirement accretion | 4,988 |  |  | 4,233 |  |  | 14,620 |  |  | 12,463 |  |  |
Kensington royalty settlement(1) | — |  |  | — |  |  | (95) |  |  | 6,750 |  |  |
Transaction costs | 451 |  |  | 976 |  |  | 12,161 |  |  | 976 |  |  |
Wage and hour litigation settlement(1) | 6,998 |  |  | — |  |  | 6,998 |  |  | — |  |  |
Other | 676 |  |  | 1,523 |  |  | 4,190 |  |  | 4,769 |  |  |
Pre-development, reclamation and other | $ | 15,843 |  |  | $ | 8,583 |  |  | $ | 45,957 |  |  | $ | 35,401 |  |  |

(1) See Note 17 -- Commitments and Contingencies for additional details on the Kensington royalty settlement and wage and hour litigation settlement.
Other, net consists of the following:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Foreign exchange gain (loss) | $ | (2,080) |  |  | $ | 1,708 |  |  | $ | (2,593) |  |  | $ | 3,432 |  |  |
Flow-through shares | 112 |  |  | 1,248 |  |  | 853 |  |  | 5,193 |  |  |
RMC bankruptcy distribution | — |  |  | — |  |  | 38 |  |  | 1,199 |  |  |
Other | 1,103 |  |  | 478 |  |  | 2,703 |  |  | 1,505 |  |  |
Other, net | $ | (865) |  |  | $ | 3,434 |  |  | $ | 1,001 |  |  | $ | 11,329 |  |  |

NOTE 15 – NET INCOME PER SHARE
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and nine months ended September 30, 2025, there were nil and 1.1 million common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 29,130 and 103,916 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2024, respectively.
22

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands except per share amounts | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net income available to common stockholders | $ | 266,824 |  |  | $ | 48,739 |  |  | $ | 370,903 |  |  | $ | 21,048 |  |  |
Weighted average shares: |  |  |  |  |  |  |  |  |
Basic | 637,788 |  |  | 393,969 |  |  | 596,939 |  |  | 390,936 |  |  |
Effect of stock-based compensation plans | 7,091 |  |  | 6,869 |  |  | 6,579 |  |  | 5,442 |  |  |
Diluted | 644,879 |  |  | 400,838 |  |  | 603,518 |  |  | 396,378 |  |  |
Income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.42 |  |  | $ | 0.12 |  |  | $ | 0.62 |  |  | $ | 0.05 |  |  |
Diluted | $ | 0.41 |  |  | $ | 0.12 |  |  | $ | 0.61 |  |  | $ | 0.05 |  |  |

On May 27, 2025, the Company announced a $75.0 million share repurchase program (the “Program”), effective through May 31, 2026. Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “Modified Company 10b5-1 Plan”).
The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the three and nine months ended September 30, 2025:

| Three Months Ended September 30, | Nine Months Ended September 30,
| 2025 | 2024 | 2025 | 2024
Shares repurchased | 451,700 |  | — |  | 668,200 |  | — |
Cost of shares | $ | 5,334 |  | — |  | $ | 7,338 |  | — |
Average price paid per share | $ | 11.79 |  | — |  | $ | 10.96 |  | — |

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION
The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.
SUMMARIZED BALANCE SHEET

| Coeur Mining, Inc. |  | Subsidiary Guarantors
In thousands | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Current assets | $ | 143,005 |  |  | $ | 13,782 |  |  | $ | 286,015 |  |  | $ | 164,627 |
Non-current assets(1) | $ | 961,345 |  |  | $ | 516,209 |  |  | $ | 1,497,655 |  |  | $ | 1,483,632 |
Non-guarantor intercompany assets | $ | 3,942 |  |  | $ | 3,144 |  |  | $ | — |  |  | $ | — |
Current liabilities | $ | 14,842 |  |  | $ | 31,841 |  |  | $ | 169,495 |  |  | $ | 202,329 |
Non-current liabilities | $ | 361,559 |  |  | $ | 496,976 |  |  | $ | 257,037 |  |  | $ | 260,210 |
Non-guarantor intercompany liabilities | $ | 2,440 |  |  | $ | 2,642 |  |  | $ | 1,563 |  |  | $ | 1,570 |

(1) Coeur Mining, Inc.’s non-current assets include its investment in Guarantor Subsidiaries.
23

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
SUMMARIZED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2025

In thousands | Coeur Mining, Inc. |  | Subsidiary Guarantors |  |  |  |  |  |
Revenue | $ | — |  |  | $ | 777,339 |  |  |  |  |  |  |
Gross profit (loss) | $ | (587) |  |  | $ | 323,916 |  |  |  |  |  |  |
Net income | $ | 370,903 |  |  | $ | 237,375 |  |  |  |  |  |  |

NOTE 17 – COMMITMENTS AND CONTINGENCIES
Mexico Litigation Matters
As of September 30, 2025, $28.7 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration). Despite a favorable ruling from Mexican tax courts in this matter in 2019, Mexico still has not returned the payments. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and certain unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur initiated an arbitration proceeding against Mexico under Annex 14-C of the United States-Mexico-Canada Agreement, or USMCA, for violations of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in arbitration and the process for recovering funds even if there is a successful outcome in arbitration can be lengthy and unpredictable.
Palmarejo Gold Stream
Coeur Mexicana currently sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50% of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $78.0 million, consisting of $75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $3.0 million (the “Prior Gold Stream Agreement”). The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $22.0 million deposit toward future deliveries. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.
The following table presents a roll forward of the Franco-Nevada contract liability balance:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Opening Balance | $ | 6,038 |  |  | $ | 6,666 |  |  | $ | 6,382 |  |  | $ | 6,942 |  |  |
Revenue Recognized | (153) |  |  | (129) |  |  | (497) |  |  | (405) |  |  |
Closing Balance | $ | 5,885 |  |  | $ | 6,537 |  |  | $ | 5,885 |  |  | $ | 6,537 |  |  |

24

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Metal Sales Prepayments
In December 2024, Wharf and Rochester received additional prepayments of $12.5 million and $17.5 million, respectively, all of which were recognized as revenue in the first quarter of 2025. At September 30, 2025, there was no remaining contract liability.
In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. The metal sales prepayments represented a contract liability under ASC 606, which required the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability was included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet.
The following table presents a roll forward of the prepayment contract liability balance:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Opening Balance | $ | — |  |  | $ | 43,282 |  |  | $ | 42,164 |  |  | $ | 55,082 |  |  |
Additions | — |  |  | 54,828 |  |  | — |  |  | 140,033 |  |  |
Revenue Recognized | — |  |  | (43,030) |  |  | (42,164) |  |  | (140,035) |  |  |
Closing Balance | $ | — |  |  | $ | 55,080 |  |  | $ | — |  |  | $ | 55,080 |  |  |

Kensington Royalty Matter
On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc. (“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc. and Maverix Metals (Nevada) Inc. (collectively, “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”). While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters. Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty. The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced at a rate of: (i) 1.25% for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5% for production occurring on or after January 1, 2027. The Company also agreed to issue shares of its common stock to an affiliate of Maverix (“Settlement Shares”), consisting of 737,210 shares that were issued in April 2024 and 595,267 shares that were issued in March 2025. The issuances of the Settlement Shares were made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.
U.S. Wage and Hour Matter
On November 13, 2024, a putative collective and class action lawsuit was filed against the Company by a former employee in the United States District Court for the Northern District of Illinois, Eastern Division (the “Court”) alleging non-compliance with certain provisions of the Fair Labor Standards Act and the Alaska Wage and Hour Act (“Wage and Hour Litigation”). On August 26, 2025, the Company reached an agreement in principle to resolve the Wage and Hour Litigation. The Company denies any wrongdoing and its planned settlement of the Wage and Hour Litigation is not an admission of any non-compliance with the Fair Labor Standards Act or the Alaska Wage and Hour Act, but rather a business decision made in recognition of the costs of defense and inherent uncertainty presented in litigation matters. The definitive settlement agreement continues to be negotiated and must be approved by the Court before settlement is finalized. Pending the Court’s approval, the Company anticipates making a settlement payment for $6.1 million, plus the employer’s share of relevant taxes for amounts treated as wages, in early 2026.
Other Commitments and Contingencies
The Company, either directly or through its subsidiaries, has a number of active litigation matters related to labor and employment matters involving its operations in Mexico. Although the Company intends to vigorously defend its interests in these matters, litigation is inherently uncertain and the Company has determined it is reasonably possible that it may incur a loss of $0 to $12 million in these matters. This good faith estimate of the potential loss in these matters includes estimates of penalties and interest through the date of this Report, but such penalties and interest may continue to grow during the course of legal proceedings.
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including
25

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
environmental remediation, reclamation, and other general corporate purposes. As of September 30, 2025 and December 31, 2024, the Company had surety bonds totaling $377.2 million and $363.7 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time to time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.
NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION
Accrued liabilities and other consist of the following:

In thousands | September 30, 2025 |  | December 31, 2024
Accrued salaries and wages | $ | 37,687 |  |  | $ | 31,151 |
Flow-through share premium received | — |  |  | 853 |
Deferred revenue (1) | 706 |  |  | 42,863 |
Income and mining taxes | 69,071 |  |  | 36,490 |
Kensington royalty settlement (1) | — |  |  | 3,750 |
Deferred Cash Due 2026(2) | 4,746 |  |  | 9,644 |
Accrued operating costs | 14,187 |  |  | 6,577 |
Unrealized losses on derivatives | 61 |  |  | 70 |
Taxes other than income and mining | 13,058 |  |  | 5,491 |
Accrued interest payable | 2,603 |  |  | 8,122 |
Operating lease liabilities | 13,069 |  |  | 11,598 |
Accrued liabilities and other | $ | 155,188 |  |  | $ | 156,609 |

(1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities.
(2) See Note 12 -- Fair Value Measurements for additional details on Deferred Cash Due 2026.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three and nine months ended September 30, 2025 and 2024:

In thousands | September 30, 2025 |  | September 30, 2024
Cash and cash equivalents | $ | 266,342 |  |  | $ | 76,916 |
Restricted cash equivalents(1) | 1,834 |  |  | 1,768 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 268,176 |  |  | $ | 78,684 |

(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Condensed Consolidated Balance Sheet.
26

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item. We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Wharf. Revenue from secondary metal, such as silver at Wharf, is treated as a cost credit.
Overview
We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada.
Third Quarter Highlights
For the quarter, Coeur reported revenue of $554.6 million and cash provided by operating activities of $237.7 million. We reported GAAP net income of $266.8 million, or $0.41 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA 1 of $299.1 million and net income of $147.3 million, or $0.23 per diluted share. For the nine months ended September 30, 2025, Coeur reported revenue of $1,395.3 million and cash provided by operating activities of $512.3 million. We reported GAAP net income of $370.9 million, or $0.61 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA 1 of $691.5 million and net income of $334.6 million or $0.55 per diluted share.
•Record quarterly production and solid cost performance – Operating strength across the portfolio together with higher gold and silver prices drove a second consecutive quarter of record results. Quarterly silver production of 4.8 million ounces was 1% higher quarter-over-quarter and 57% higher year-over-year. Gold production increased 3% quarter-over-quarter and 17% year-over-year to 111,364 ounces. Average realized prices for gold and silver increased 4% and 15%, respectively, compared to the second quarter, leading to further margin expansion
•Record quarterly financial results – Fifth consecutive quarter of positive free cash flow, which increased 29% versus the prior quarter to a record $189 million. Adjusted EBITDA 1 increased 23% versus the prior quarter to a record $299 million, bringing the last twelve-month (“LTM”) total to $808 million. Sixth consecutive quarter of GAAP net income, which totaled a record $267 million, or $0.41 per share
•Significantly bolstered liquidity position – Quarter-end cash and equivalents more than doubled to $266 million compared to the prior quarter-end. Year-to-date, the Company has repaid over $228 million of total debt and its net leverage ratio decreased to 0.1x at quarter-end with a strong net cash position expected at year-end. Nearly 10% of the Company’s share repurchase program has been completed at an average price of $11.79 per share
•Full-year production and cost guidance refined – Coeur refined its full year 2025 production guidance ranges, resulting in a 1% increase in the midpoint of expected full year gold production to 415,250 ounces and a 2% decrease in the midpoint of expected full year silver production to 18.1 million ounces. Coeur also adjusted its full-year 2025 cost guidance lower at three of its five operations
27

Selected Financial and Operating Results

| Three Months Ended |  | Nine Months Ended |  |
| September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  |  | September 30, 2024 |  |  |  |  |  |
Financial Results: (in thousands, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 360,484 |  |  | $ | 323,114 |  |  | $ | 918,925 |  |  |  | $ | 529,626 |  |  |  |  |  |  |
Silver sales | $ | 194,083 |  |  | $ | 157,536 |  |  | $ | 476,354 |  |  |  | $ | 218,936 |  |  |  |  |  |  |
Consolidated revenue | $ | 554,567 |  |  | $ | 480,650 |  |  | $ | 1,395,279 |  |  |  | $ | 748,562 |  |  |  |  |  |  |
Net income | $ | 266,824 |  |  | $ | 70,726 |  |  | $ | 370,903 |  |  |  | $ | 21,048 |  |  |  |  |  |  |
Net income per share, diluted | $ | 0.41 |  |  | $ | 0.11 |  |  | $ | 0.61 |  |  |  | $ | 0.05 |  |  |  |  |  |  |
Adjusted net income(1) | $ | 147,276 |  |  | $ | 127,401 |  |  | $ | 334,561 |  |  |  | $ | 24,729 |  |  |  |  |  |  |
Adjusted net income per share, diluted(1) | $ | 0.23 |  |  | $ | 0.20 |  |  | $ | 0.55 |  |  |  | $ | 0.06 |  |  |  |  |  |  |
EBITDA(1) | $ | 249,146 |  |  | $ | 202,993 |  |  | $ | 557,448 |  |  |  | $ | 197,908 |  |  |  |  |  |  |
Adjusted EBITDA(1) | $ | 299,055 |  |  | $ | 243,481 |  |  | $ | 691,450 |  |  |  | $ | 222,785 |  |  |  |  |  |  |
Total debt(2) | $ | 363,516 |  |  | $ | 380,722 |  |  | $ | 363,516 |  |  |  | $ | 605,183 |  |  |  |  |  |  |
Operating Results: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ounces produced | 111,364 |  |  | 108,487 |  |  | 306,617 |  |  |  | 254,433 |  |  |  |  |  |  |
Silver ounces produced | 4,755,839 |  |  | 4,722,194 |  |  | 13,207,251 |  |  |  | 8,243,276 |  |  |  |  |  |  |
Gold ounces sold | 114,495 |  |  | 106,948 |  |  | 310,759 |  |  |  | 255,261 |  |  |  |  |  |  |
Silver ounces sold | 4,985,952 |  |  | 4,672,520 |  |  | 13,550,625 |  |  |  | 8,197,663 |  |  |  |  |  |  |
Average realized price per gold ounce | $ | 3,148 |  |  | $ | 3,021 |  |  | $ | 2,957 |  |  |  | $ | 2,075 |  |  |  |  |  |  |
Average realized price per silver ounce | $ | 38.93 |  |  | $ | 33.72 |  |  | $ | 35.15 |  |  |  | $ | 26.71 |  |  |  |  |  |  |

(1)See “Non-GAAP Financial Performance Measures”.
(2)Includes finance leases. Net of debt issuance costs and premium received.
Consolidated Financial Results
Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025
Revenue
We sold 114,495 gold ounces and 5.0 million silver ounces, compared to 106,948 gold ounces and 4.7 million silver ounces. Revenue increased by $73.9 million, or 15%, as a result of a 7% increase in gold and silver ounces sold, and a 4% and 15% increase in average realized gold and silver prices, respectively. The increase in gold ounces sold was the result of higher mill throughput driven by the consumption of the remaining acquired stockpile at Las Chispas, higher mill throughput and recoveries at Palmarejo, higher placement rates at Rochester and Wharf, and higher grades at Kensington. The increase in silver ounces sold was the result of higher mill throughput driven by the consumption of the remaining acquired stockpile at Las Chispas and higher silver ounces recovered at Rochester as a result of higher placement rates, partially offset by lower silver grades at Palmarejo. Gold and silver represented 65% and 35% of third quarter 2025 sales revenue, respectively, compared to 67% and 33% of second quarter 2025 sales revenue, respectively.
The following table summarizes consolidated metal sales:

|  |  | Three Months Ended |  | Increase (Decrease) |  | Percentage Change |  |  |  |  |  |
In thousands |  |  | September 30, 2025 |  | June 30, 2025 |  |  |  |  |  |  |  |
Gold sales |  |  | $ | 360,484 |  |  | $ | 323,114 |  |  | $ | 37,370 |  |  | 12 | % |  |  |  |  |  |  |  |
Silver sales |  |  | 194,083 |  |  | 157,536 |  |  | 36,547 |  |  | 23 | % |  |  |  |  |  |  |  |
Metal sales |  |  | $ | 554,567 |  |  | $ | 480,650 |  |  | $ | 73,917 |  |  | 15 | % |  |  |  |  |  |  |  |

28

Costs Applicable to Sales
Costs applicable to sales increased $19.3 million, or 8%, primarily driven by increased sales at Las Chispas as well as the impact of the preliminary purchase price allocation (“PPA”) ascribed to Inventory of $33.4 million compared to $29.7 million in the second quarter, higher gold and silver ounces sold at Rochester, and higher gold ounces sold at Kensington and Wharf. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $11.5 million, or 19%, as a result of higher gold and silver ounces sold at Las Chispas, higher silver ounces sold at Rochester and higher gold ounces sold at Kensington and Wharf.
Expenses
General and administrative expenses increased $1.6 million, or 12%, primarily due to higher stock-based compensation and annual incentive costs.
Exploration expense increased $1.9 million, or 8%, primarily due to increased drilling at Las Chispas and Kensington.
Pre-development, reclamation, and other expenses increased $2.7 million, or 20%, as a result of a wage and hour litigation settlement, partially offset by lower transaction costs and legal fees.
The following table summarizes pre-development, reclamation, and other expenses:

| Three Months Ended |  | Increase (Decrease) |  | Percentage Change |  |  |  |  |
In thousands | September 30, 2025 |  |  |  | June 30, 2025 |  |  |  |  |  |  |
Silvertip ongoing carrying costs | $ | 2,617 |  |  |  |  | $ | 2,423 |  |  | $ | 194 |  |  | 8 | % |  |  |  |  |  |  |
Loss (gain) on sale of assets | 113 |  |  |  |  | 120 |  |  | (7) |  |  | (6) | % |  |  |  |  |  |  |
Asset retirement accretion | 4,988 |  |  |  |  | 4,900 |  |  | 88 |  |  | 2 | % |  |  |  |  |  |  |
Kensington royalty litigation settlement | — |  |  |  |  | — |  |  | — |  |  | — | % |  |  |  |  |  |  |
Transaction costs | 451 |  |  |  |  | 2,823 |  |  | (2,372) |  |  | (84) | % |  |  |  |  |  |  |
Wage and hour litigation settlement | 6,998 |  |  |  |  | — |  |  | 6,998 |  |  | 100 | % |  |  |  |  |  |  |
Other | 676 |  |  |  |  | 2,895 |  |  | (2,219) |  |  | (77) | % |  |  |  |  |  |  |
Pre-development, reclamation and other expense | $ | 15,843 |  |  |  |  | $ | 13,161 |  |  | $ | 2,682 |  |  | 20 | % |  |  |  |  |  |  |

Other Income and Expenses
Interest expense (net of capitalized interest of $0.2 million) decreased to $6.3 million from $8.3 million due to lower interest paid under the RCF. The RCF had no outstanding amount drawn as of September 30, 2025.
Other, net decreased to a loss of $0.9 million compared to a gain of $1.5 million as a result of foreign exchange rate losses.
Income and Mining Taxes
Income and mining tax benefit of approximately $96.9 million resulted in an effective tax rate of (57.0)% for the three months ended September 30, 2025. This compares to income tax expense of $62.6 million for an effective tax rate of 47.0% for the three months ended June 30, 2025. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) U.S. valuation allowance release; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) foreign exchange rates; (v) the impact of uncertain tax positions; (vi) mining taxes; and (vii) percentage depletion. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $9.8 million and $28.3 million for the three months ended September 30, 2025 and June 30, 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
29

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

|  |  |  |  | Three Months Ended September 30, |  | Three Months Ended June 30,
|  |  |  |  |  |  | 2025 |  | 2025
In thousands |  |  |  |  |  |  |  |  |  | Income (loss) before tax | Tax (expense) benefit |  | Income (loss) before tax | Tax (expense) benefit
United States |  |  |  |  |  |  |  |  |  | $ | 107,862 |  | $ | 135,736 |  |  | $ | 82,138 |  | $ | (15,229) |
Canada |  |  |  |  |  |  |  |  |  | (14,230) |  | (313) |  |  | (15,099) |  | (693) |
Mexico |  |  |  |  |  |  |  |  |  | 76,517 |  | (38,542) |  |  | 66,879 |  | (46,673) |
Other jurisdictions |  |  |  |  |  |  |  |  |  | (206) |  | — |  |  | (597) |  | — |
|  |  |  |  |  |  |  |  |  | $ | 169,943 |  | $ | 96,881 |  |  | $ | 133,321 |  | $ | (62,595) |

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.
The Company has historically provided a valuation allowance against its U.S. net deferred tax assets. In the third quarter of 2025, the Company released $216.0 million of valuation allowance against its U.S. net deferred tax assets, resulting in a non-cash deferred tax benefit. The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 million related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.
The Company continues to maintain a valuation allowance against approximately $55.0 million of U.S. federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.
The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.
Net Income
Net income was $266.8 million, or $0.41 per diluted share, compared to $70.7 million, or $0.11 per diluted share. The increase in net income was driven by a 4% and 15% increase in average realized gold and silver prices, respectively, a 7% increase in gold and silver ounces sold, lower interest expense, and a tax benefit of $160.0 million related to the expectation that our U.S. deferred tax assets are now expected to be used before expiration. This was partially offset by higher exploration and general and administrative costs, and a wage and hour litigation settlement of $6.1 million, plus the employer’s share of relevant taxes. Adjusted net income was $147.3 million, or $0.23 per diluted share, compared to $127.4 million, or $0.20 per diluted share (see “Non-GAAP Financial Performance Measures”).
Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Revenue
We sold 310,759 gold ounces and 13.6 million silver ounces, compared to 255,261 gold ounces and 8.2 million silver ounces. Revenue increased by $646.7 million, or 86%, as a result of a 22% and 65% increase in gold and silver ounces sold, respectively, and a 43% and 32% increase in average realized gold and silver prices, respectively. The increase in gold ounces sold was primarily due to the post-acquisition sales at Las Chispas and an increase in production at Rochester as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates, and higher mill throughput at Kensington, partially offset by lower grades at Palmarejo and Wharf. The increase in silver ounces sold resulted from the post-acquisition sales at Las Chispas and higher production at Rochester as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates, partially offset by lower grades at Palmarejo. Gold and silver represented 66% and 34% of sales revenue during the first nine months of 2025, respectively, compared to 71% and 29% during the first nine months of 2024, respectively.
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The following table summarizes consolidated metal sales:

|  |  | Nine Months Ended September 30, |  | Increase (Decrease) |  | Percentage Change |  |  |  |  |  |
In thousands |  |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
Gold sales |  |  | $ | 918,925 |  |  | $ | 529,626 |  |  | $ | 389,299 |  |  | 74 | % |  |  |  |  |  |  |  |
Silver sales |  |  | 476,354 |  |  | 218,936 |  |  | 257,418 |  |  | 118 | % |  |  |  |  |  |  |  |
Metal sales |  |  | $ | 1,395,279 |  |  | $ | 748,562 |  |  | $ | 646,717 |  |  | 86 | % |  |  |  |  |  |  |  |

Costs Applicable to Sales
Costs applicable to sales increased $235.0 million, or 53%, primarily due to the post-acquisition gold and silver ounces sold at Las Chispas, which includes the impact of the PPA ascribed to Inventory of $90.2 million and an increase in production at Rochester and Kensington, partially offset lower gold ounces sold at Palmarejo and Wharf. For a complete discussion of costs applicable to sales, see Results of Operations below.
Amortization
Amortization increased $89.0 million, or 101%, as a result of the post-acquisition gold and silver ounces sold at Las Chispas, increased production at Rochester and Kensington and the impact of the commissioning of the newly expanded crushing circuit in March 2024 at Rochester, partially offset lower gold ounces sold at Palmarejo and Wharf.
Expenses
General and administrative expenses increased $5.4 million, or 15%, primarily due to higher stock-based compensation, annual incentive and outside service costs, partially offset by lower legal costs.
Exploration expense increased $25.1 million, or 59%, driven by planned higher resource expansion drilling activity at all locations, including the addition of exploration expense at Las Chispas post-acquisition.
Pre-development, reclamation, and other expenses increased $10.6 million, or 30%, primarily due to transaction costs related to the acquisition of SilverCrest, the wage and hour litigation settlement, and higher asset retirement accretion following the 2024 year-end changes to estimates, partially offset by loss on the sale of assets and the loss related to the Kensington royalty settlement in 2024.
The following table summarizes pre-development, reclamation, and other expenses:

|  |  |  |  |  |  | Nine Months Ended September 30, | Increase (Decrease) |  | Percentage Change
In thousands |  |  |  |  |  |  |  |  | 2025 |  | 2024
Silvertip ongoing carrying costs |  |  |  |  |  |  |  |  |  |  | $ | 7,667 |  |  | $ | 6,091 |  | $ | 1,576 |  |  | 26 | %
(Gain) Loss on sale of assets |  |  |  |  |  |  |  |  |  |  | 416 |  |  | 4,352 |  | (3,936) |  |  | (90) | %
Asset retirement accretion |  |  |  |  |  |  |  |  |  |  | 14,620 |  |  | 12,463 |  | 2,157 |  |  | 17 | %
Kensington royalty settlement |  |  |  |  |  |  |  |  |  |  | (95) |  |  | 6,750 |  | (6,845) |  |  | (101) | %
Transaction costs |  |  |  |  |  |  |  |  |  |  | 12,161 |  |  | 976 |  | 11,185 |  |  | 1,146 | %
Wage and hour litigation settlement |  |  |  |  |  |  |  |  |  |  | 6,998 |  |  | — |  | 6,998 |  |  | 100 | %
Other |  |  |  |  |  |  |  |  |  |  | 4,190 |  |  | 4,769 |  | (579) |  |  | (12) | %
Pre-development, reclamation and other expense |  |  |  |  |  |  |  |  |  |  | $ | 45,957 |  |  | $ | 35,401 |  | $ | 10,556 |  |  | 30 | %

Other Income and Expenses
Interest expense (net of capitalized interest of $1.0 million) decreased to $25.0 million from $39.4 million due to lower interest paid under the RCF driven by lower average debt levels and interest rate, partially offset by higher interest paid under finance lease obligations driven by new finance leases in the second half of 2024. The RCF had no outstanding amount drawn as of September 30, 2025.
Other, net decreased to a gain of $1.0 million compared to $11.3 million as a result of the recognition of gains in 2024 related to premiums received from the private placement flow-through share offering (“Private Placement Offering”) from the renouncement of Silvertip exploration expenditures recognized in 2024 and losses on foreign exchange rates.
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Income and Mining Taxes
Income and mining tax benefit of approximately $15.9 million resulted in an effective tax rate of (4.5)% for 2025. This compares to income tax expense of $49.0 million for an effective tax rate of 70.0% for 2024. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) U.S. valuation allowance release; (ii) foreign exchange rates; (iii) mining taxes; (iv) variations in our income before income taxes; (v) geographic distribution of that income; (vi) the impact of uncertain tax positions; and (vii) percentage depletion. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $37.9 million and decreased income and mining tax expense by $1.3 million for the nine months ended September 30, 2025 and 2024, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.
The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:

| Nine Months Ended September 30, |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |
In thousands | Income (loss) before tax | Tax (expense) benefit |  | Income (loss) before tax | Tax (expense) benefit |  |  |  |  |  |  |  |  |
United States | $ | 210,325 |  | $ | 115,202 |  |  | $ | 7,498 |  | $ | (6,605) |  |  |  |  |  |  |  |  |  |
Canada | (39,281) |  | (1,124) |  |  | (30,720) |  | (766) |  |  |  |  |  |  |  |  |  |
Mexico | 184,486 |  | (98,205) |  |  | 93,651 |  | (41,659) |  |  |  |  |  |  |  |  |  |
Other jurisdictions | (500) |  | — |  |  | (351) |  | — |  |  |  |  |  |  |  |  |  |
| $ | 355,030 |  | $ | 15,873 |  |  | $ | 70,078 |  | $ | (49,030) |  |  |  |  |  |  |  |  |  |

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.
The Company has historically provided a valuation allowance against its U.S. net deferred tax assets. In the third quarter of 2025, the Company released $216.0 million of valuation allowance against its U.S. net deferred tax assets, resulting in a non-cash deferred tax benefit. The $216.0 million valuation allowance release is composed of $54.0 million related to current year income and $162.0 million related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.
The Company continues to maintain a valuation allowance against approximately $55.0 million of U.S. federal and state deferred tax assets as of September 30, 2025, because the Company has concluded it is not more likely than not to be realized.
The exact timing and amount of any valuation allowance release are subject to change, depending upon the Company’s future profitability and the net deferred tax assets available.
Net Income
Net income was $370.9 million, or $0.61 per diluted share, compared to a net income of $21.0 million, or $0.05 per diluted share. The increase in net income was driven by a 22% and 65% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, a 43% and 32% increase in average realized gold and silver prices, respectively, lower interest expense, and a tax benefit of $160.0 million related to the expectation that our U.S. deferred tax assets are now expected to be used before expiration. This was partially offset by post-acquisition costs applicable to sales at Las Chispas, higher exploration, general and administrative and Transaction costs. Adjusted net income was $334.6 million, or $0.55 per diluted share, compared to a gain of $24.7 million, or $0.06 per diluted share (see “Non-GAAP Financial Performance Measures”).
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2025 Guidance
The Company has refined its 2025 production and cost guidance ranges as reflected below.
2025 Production Guidance

| Previous |  | Updated
| Gold |  | Silver |  | Gold |  | Silver
| (oz) |  | (K oz) |  | (oz) |  | (K oz)
Las Chispas | 42,500 - 52,500 |  | 4,250 - 5,250 |  | 50,000 - 58,000 |  | 5,000 - 5,500
Palmarejo | 95,000 - 105,000 |  | 5,400 - 6,500 |  | 96,000 - 106,000 |  | 6,000 - 6,800
Rochester | 60,000 - 75,000 |  | 7,000 - 8,300 |  | 55,000 - 62,500 |  | 6,000 - 6,700
Kensington | 92,500 - 107,500 |  | — |  | 98,500 - 108,500 |  | —
Wharf | 90,000 - 100,000 |  | 50 - 200 |  | 93,000 - 103,000 |  | 100 - 150
Total | 380,000 - 440,000 |  | 16,700 - 20,250 |  | 392,500 - 438,000 |  | 17,100 - 19,150

2025 Adjusted Costs Applicable to Sales Guidance

| Previous |  | Updated
| Gold |  | Silver |  | Gold | Silver
| ($/oz) |  | ($/oz) |  | ($/oz) | ($/oz)
Las Chispas (co-product) | $850 - $950 |  | $9.25 - $10.25 |  | $850 - $950 | $9.25 - $10.25
Palmarejo (co-product) | $950 - $1,150 |  | $17.00 - $18.00 |  | $890 - $960 | $15.00 - $16.00
Rochester (co-product) | $1,250 - $1,450 |  | $14.50 - $16.50 |  | $1,550 - $1,650 | $17.00 - $18.50
Kensington | $1,700 - $1,900 |  | — |  | $1,700 - $1,800 | —
Wharf (by-product) | $1,250 - $1,350 |  | — |  | $1,125 - $1,225 | —

2025 Capital, Exploration, G&A and Income and Mining Tax Guidance

|  |  | Previous |  | Updated
|  |  | ($M) |  | ($M)
Capital Expenditures, Sustaining |  |  | $142 - $156 |  | $142 - $156
Capital Expenditures, Development |  |  | $55 - $69 |  | $55 - $69
Exploration, Expensed |  |  | $67 - $77 |  | $67 - $77
Exploration, Capitalized |  |  | $10 - $16 |  | $10 - $16
General & Administrative Expenses |  |  | $48 - $52 |  | $50 - $55
Effective Tax Rate (%) |  |  | — |  | 27% - 33%
Cash Taxes |  |  | — |  | $165 - $195

Note: The Company’s previous guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
The Company’s updated guidance figures assume estimated prices of $3,411/oz gold and $37.82/oz silver as well as CAD of 1.38 and MXN of 20.0. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
On August 6, 2025, the Company increased its 2025 general & administrative expense guidance to reflect the non-cash increase in incentive compensation related to expected performance share expense.
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The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.
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Results of Operations
Las Chispas

| Three Months Ended |  | Nine Months Ended |
| September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  |  |  | September 30, 2024 |  |  |  |  |
Tons milled | 139,916 |  |  | 118,399 |  |  | 317,683 |  |  |  |  | — |  |  |  |  |  |
Average gold grade (oz/t) | 0.110 |  |  | 0.150 |  |  | 0.130 |  |  |  |  | — |  |  |  |  |  |
Average silver grade (oz/t) | 10.32 |  |  | 13.32 |  |  | 11.88 |  |  |  |  | — |  |  |  |  |  |
Average recovery rate – Au | 97.9 | % |  | 98.6 | % |  | 98.4 | % |  |  |  | — | % |  |  |  |  |
Average recovery rate – Ag | 97.8 | % |  | 98.5 | % |  | 98.1 | % |  |  |  | — | % |  |  |  |  |
Gold ounces produced | 16,540 |  |  | 16,271 |  |  | 39,986 |  |  |  |  | — |  |  |  |  |  |
Silver ounces produced | 1,571,850 |  |  | 1,488,672 |  |  | 3,774,761 |  |  |  |  | — |  |  |  |  |  |
Gold ounces sold | 17,800 |  |  | 16,025 |  |  | 43,432 |  |  |  |  | — |  |  |  |  |  |
Silver ounces sold | 1,674,770 |  |  | 1,479,410 |  |  | 4,077,903 |  |  |  |  | — |  |  |  |  |  |
CAS per gold ounce(1) | $ | 1,837 |  |  | $ | 1,874 |  |  | $ | 1,942 |  |  |  |  | — |  |  |  |  |  |
CAS per silver ounce(1) | $ | 21.15 |  |  | $ | 18.74 |  |  | $ | 20.68 |  |  |  |  | — |  |  |  |  |  |

(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025
Gold and silver production increased 2% and 6%, respectively, as a result of higher mill throughput driven by the consumption of the remaining acquired stockpile and recovery of in-circuit inventory. Metal sales were $126.1 million, or 23% of Coeur’s metal sales, compared with $102.7 million, or 21% of Coeur’s metal sales. Revenue increased by $23.5 million, or 23%, of which $13.7 million was due to higher volume of gold and silver production and $9.8 million was due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce sold includes the impact of $902 and $10.38 per gold and silver ounce sold, respectively, on costs applicable to sales attributable to PPA ascribed to Inventory of $33.4 million, which on an adjusted basis results in a costs applicable to sales of $935 and $10.77 per gold and silver ounce sold, respectively. Amortization increased by $8.5 million to $30.9 million primarily as a result of higher gold and silver ounces sold. Capital expenditures were $9.8 million, in line with prior quarter, and were primarily composed of underground mine development and capitalized exploration costs.
Nine Months Ended September 30, 2025
Las Chispas results represent post-acquisition activity subsequent to the acquisition of SilverCrest on February 14, 2025. The consumption of the remaining acquired stockpile in the third quarter led to production of 39,986 and 3,774,761 gold and silver ounces, respectively. Metal sales were $286.8 million, or 21% of Coeur’s metal sales. Costs applicable to sales per gold and silver ounce sold includes the impact of $1,038 and $11.05 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $90.2 million, which on an adjusted basis results in a costs applicable to sales of $904 and $9.63 per gold and silver ounce sold, respectively. Amortization totaled $62.2 million. Capital expenditures of $24.3 million were primarily composed of underground mine development and capitalized exploration costs.
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Palmarejo

| Three Months Ended |  | Nine Months Ended |
| September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  |  |  | September 30, 2024 |  |  |  |  |
Tons milled | 485,267 |  |  | 483,880 |  |  | 1,410,067 |  |  |  |  | 1,343,771 |  |  |  |  |  |
Average gold grade (oz/t) | 0.050 |  |  | 0.060 |  |  | 0.060 |  |  |  |  | 0.069 |  |  |  |  |  |
Average silver grade (oz/t) | 3.47 |  |  | 4.06 |  |  | 3.95 |  |  |  |  | 4.63 |  |  |  |  |  |
Average recovery rate – Au | 95.0 | % |  | 92.9 | % |  | 94.3 | % |  |  |  | 93.5 | % |  |  |  |  |
Average recovery rate – Ag | 89.9 | % |  | 88.6 | % |  | 88.6 | % |  |  |  | 84.1 | % |  |  |  |  |
Gold ounces produced | 24,802 |  |  | 27,272 |  |  | 75,106 |  |  |  |  | 86,176 |  |  |  |  |  |
Silver ounces produced | 1,514,478 |  |  | 1,740,952 |  |  | 4,935,746 |  |  |  |  | 5,237,704 |  |  |  |  |  |
Gold ounces sold | 26,850 |  |  | 26,782 |  |  | 76,345 |  |  |  |  | 86,430 |  |  |  |  |  |
Silver ounces sold | 1,633,196 |  |  | 1,720,383 |  |  | 4,989,965 |  |  |  |  | 5,199,839 |  |  |  |  |  |
CAS per gold ounce(1) | $ | 893 |  |  | $ | 891 |  |  | $ | 902 |  |  |  |  | $ | 902 |  |  |  |  |  |
CAS per silver ounce(1) | $ | 16.55 |  |  | $ | 14.44 |  |  | $ | 14.95 |  |  |  |  | $ | 13.84 |  |  |  |  |  |

(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025
Gold and silver production decreased 9% and 13%, respectively, as a result of lower gold and silver grades, partially offset by higher recoveries. Metal sales were $121.2 million, or 22% of Coeur’s metal sales, compared with $114.1 million, or 24% of Coeur’s metal sales. Revenue increased by $7.1 million, or 6%, of which $10.3 million was due to higher average realized gold and silver prices, partially offset by $3.2 million due to lower volume of gold and silver production. Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement were 49%, compared to 48% in the prior quarter. Costs applicable to sales per gold and silver ounce were in-line and increased 15%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation. Amortization increased by $0.7 million to $10.1 million as a result of commencement of commercial production at Hidalgo in June 2025. Capital expenditures remained comparable at $5.7 million.
Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Gold and silver production decreased 13% and 6%, respectively, as a result of a decrease in gold and silver grades, partially offset by an increase of 5% in mill throughput. Metal sales were $331.1 million, or 24% of Coeur’s metal sales, compared with $290.0 million, or 39% of Coeur’s metal sales. Revenue increased by $41.1 million, or 14%, of which $69.2 million was due to higher gold and silver prices, partially offset by $28.1 million due to lower volume of gold and silver production. Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement increased to 48% from 32% in the prior year driven by mine sequencing. Costs applicable to sales per gold and silver ounce were in-line and increased 8%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation. Amortization decreased by $6.7 million to $28.7 million due to lower gold and silver ounces sold. Capital expenditures decreased to $17.2 million from $20.7 million due to the lower underground development and equipment purchases.
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Rochester

| Three Months Ended | Nine Months Ended |
| September 30, 2025 |  | June 30, 2025 | September 30, 2025 |  |  |  | September 30, 2024 |  |  |  |  |
Tons placed(1) | 8,306,272 |  |  | 7,851,665 |  | 23,145,261 |  |  |  |  | 15,302,994 |  |  |  |  |  |
Average gold grade (oz/t) | 0.002 |  |  | 0.003 |  | 0.003 |  |  |  |  | 0.002 |  |  |  |  |  |
Average silver grade (oz/t) | 0.57 |  |  | 0.60 |  | 0.58 |  |  |  |  | 0.56 |  |  |  |  |  |
Gold ounces produced | 14,801 |  |  | 14,302 |  | 42,456 |  |  |  |  | 23,451 |  |  |  |  |  |
Silver ounces produced | 1,644,143 |  |  | 1,456,326 |  | 4,384,191 |  |  |  |  | 2,827,403 |  |  |  |  |  |
Gold ounces sold | 13,975 |  |  | 13,881 |  | 42,569 |  |  |  |  | 23,521 |  |  |  |  |  |
Silver ounces sold | 1,656,336 |  |  | 1,437,811 |  | 4,376,157 |  |  |  |  | 2,818,930 |  |  |  |  |  |
CAS per gold ounce(2) | $ | 1,600 |  |  | $ | 1,692 |  | $ | 1,639 |  |  |  |  | $ | 1,797 |  |  |  |  |  |
CAS per silver ounce(2) | $ | 17.89 |  |  | $ | 17.00 |  | $ | 17.98 |  |  |  |  | $ | 21.57 |  |  |  |  |  |

(1)During the three months ended September 30, 2025 and June 30, 2025, 6.2 million and 6.7 million tons of crushed ore were placed on the new leach pad, respectively. During the nine months ended September 30, 2025 and 2024, 18.5 million and 12.5 million tons of crushed ore were placed on the new leach pad, respectively.
(2)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025
Gold and silver production increased 3% and 13%, respectively, driven by higher placement rates. Ore tons placed during the quarter totaled 8.3 million tons, consisting of approximately 6.3 million tons through the crushing circuit, down from 6.7 million tons in the prior quarter largely due to planned downtime in July to complete several crusher upgrades. Additionally, the Company placed approximately 2.0 million tons of direct to pad (“DTP”) material, up from 1.1 million tons of DTP material placed in the prior quarter. Metal sales were $112.5 million, or 20% of Coeur’s metal sales, compared with $95.0 million, or 20% of Coeur’s metal sales. Revenue increased by $17.5 million, or 18%, of which $8.7 million was due to higher average realized gold and silver prices and $8.8 million due to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 5% and increased 5%, respectively, as a result of higher labor, outside service and royalty costs as well as the mix of gold and silver sales which impacted co-product cost allocation. Amortization increased to $18.5 million due to the increase in gold and silver ounces sold. Capital expenditures decreased by $12.9 million to $11.6 million due to timing of capitalized stripping to facilitate exploration drilling and future planned mining activities and lower equipment purchases.
Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Gold and silver production increased 81% and 55%, respectively, as a result of the completion of the expansion project in March 2024 and subsequent ramp-up in production rates. Ore tons placed during the first nine months of 2025 totaled 23.1 million tons, a 51% (7.8 million ton) increase from the prior year period, consisting of approximately 18.5 million tons through the crushing circuit and 4.6 million tons of DTP material. Metal sales were $290.1 million, or 21% of Coeur’s metal sales, compared with $128.6 million, or 17% of Coeur’s metal sales. Revenue increased by $161.5 million, or 126%, of which $115.7 million was due to a higher volume of gold and silver production, and $45.8 million was due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 9% and 17%, respectively, as a result of the increase in ore tons placed, lower electrical power and haul truck repair costs and the mix of gold and silver sales which impacted co-production cost allocation. Amortization increased to $50.2 million due to the increase in gold and silver ounces sold and the impact of commissioning of the newly expanded crushing circuit in March 2024. Capital expenditures decreased to $50.9 million from $58.9 million due to Rochester expansion project spending in 2024 offset by equipment purchases and capitalized stripping in 2025.
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Kensington

| Three Months Ended | Nine Months Ended |
| September 30, 2025 |  | June 30, 2025 | September 30, 2025 |  |  |  | September 30, 2024 |  |  |  |  |
Tons milled | 188,705 |  |  | 192,169 |  | 566,218 |  |  |  |  | 515,398 |  |  |  |  |  |
Average gold grade (oz/t) | 0.16 |  |  | 0.15 |  | 0.15 |  |  |  |  | 0.15 |  |  |  |  |  |
Average recovery rate | 90.5 | % |  | 91.8 | % | 91.7 | % |  |  |  | 91.2 | % |  |  |  |  |
Gold ounces produced | 27,231 |  |  | 26,555 |  | 76,501 |  |  |  |  | 68,740 |  |  |  |  |  |
Gold ounces sold | 28,011 |  |  | 26,751 |  | 76,967 |  |  |  |  | 69,522 |  |  |  |  |  |
CAS per gold ounce(1) | $ | 1,669 |  |  | $ | 1,721 |  | $ | 1,753 |  |  |  |  | $ | 1,699 |  |  |  |  |  |

(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025
Gold production increased 3% as a result of a 7% increase in grades, partially offset by a 2% decrease in mill throughput. Metal sales were $98.9 million, or 18% of Coeur’s metal sales, compared to $89.8 million, or 19% of Coeur’s metal sales. Revenue increased by $9.1 million, or 10%, of which $4.4 million was due to higher volume of gold production and an increase of $4.7 million due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 3% due to higher production and lower outside service costs. Amortization increased by $0.2 million to $10.4 million due to an increase in gold ounces sold. Capital expenditures decreased by $0.7 million to $15.6 million as a result of lower expenditures related to underground development and capitalized exploration.
Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Gold production increased 11% as a result of 10% higher mill throughput. Metal sales were $253.9 million, or 18% of Coeur’s metal sales, compared to $156.7 million, or 21% of Coeur’s metal sales. Revenue increased by $97.2 million, or 62%, of which $72.6 million was due to higher average realized gold prices, and $24.6 million was due to higher volume of gold production. Costs applicable to sales per gold ounce increased 3% as higher production was more than offset by higher freight and royalty costs. Amortization increased to $28.1 million primarily due to an increase in gold ounces sold. Capital expenditures decreased to $47.4 million from $49.7 million due to lower underground development and capitalized exploration, partially offset by the construction of the expanded tailings impoundment.
Wharf

| Three Months Ended | Nine Months Ended |
| September 30, 2025 |  | June 30, 2025 | September 30, 2025 |  |  |  | September 30, 2024 |  |  |  |  |
Tons placed | 1,345,662 |  |  | 1,105,605 |  | 3,484,966 |  |  |  |  | 3,839,041 |  |  |  |  |  |
Average gold grade (oz/t) | 0.028 |  |  | 0.035 |  | 0.028 |  |  |  |  | 0.034 |  |  |  |  |  |
Gold ounces produced | 27,990 |  |  | 24,087 |  | 72,568 |  |  |  |  | 76,066 |  |  |  |  |  |
Silver ounces produced | 25,368 |  |  | 36,244 |  | 112,553 |  |  |  |  | 178,169 |  |  |  |  |  |
Gold ounces sold | 27,859 |  |  | 23,509 |  | 71,446 |  |  |  |  | 75,788 |  |  |  |  |  |
Silver ounces sold | 21,650 |  |  | 34,916 |  | 106,600 |  |  |  |  | 178,894 |  |  |  |  |  |
CAS per gold ounce(1) | $ | 1,080 |  |  | $ | 1,183 |  | $ | 1,166 |  |  |  |  | $ | 945 |  |  |  |  |  |

(1)See Non-GAAP Financial Performance Measures.
Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025
Gold production increased 16% driven by higher tons placed, and timing of recoveries of higher-grade material placed on the pads in prior period. Metal sales were $95.9 million, or 17% of Coeur’s metal sales, compared to $79.1 million, or 16% of Coeur’s metal sales. Revenue increased by $16.8 million, or 21%, of which $14.3 million was attributable to higher gold production, and $2.5 million was due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 9% due to higher ore tons placed. Amortization remained comparable at $1.8 million. Capital expenditures decreased to $3.2 million from $3.6 million.
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Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Gold production decreased 5% driven by lower grade material placed on the pads and the timing of recoveries. Metal sales were $233.4 million, or 17% of Coeur’s metal sales, compared to $173.3 million, or 23% of Coeur’s metal sales. Revenue increased by $60.1 million, or 35%, of which $76.6 million was due to higher average realized gold prices, partially offset by $16.4 million due to lower gold production. Costs applicable to sales per gold ounce increased 23% due to lower ore tons placed and higher labor and royalty costs. Amortization decreased to $4.8 million due to the decrease in gold ounces mined. Capital expenditures increased to $14.1 million from $4.2 million as a result of the construction of a water treatment facility and mining equipment purchases.
Silvertip
Three Months Ended September 30, 2025 compared to Three Months Ended June 30, 2025
Exploration expense totaled $10.1 million in the third quarter of 2025 compared to $9.2 million in the prior quarter as the Company continued to focus on expanding the mineral resources at Silvertip. Ongoing carrying costs at Silvertip totaled $2.6 million in the third quarter of 2025 compared to $2.4 million in the prior quarter. Capital expenditures in the third quarter of 2025 totaled $2.6 million.
Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Exploration expenses total $25.4 million in 2025 compared to $21.1 million in the prior year. Ongoing carrying costs at Silvertip totaled $7.7 million in 2025 and $6.1 million in the prior year. Capital expenditures in 2025 totaled $5.0 million compared to $1.9 million in the prior year.
Liquidity and Capital Resources
At September 30, 2025, the Company had $268.2 million of cash, cash equivalents and restricted cash and $399.3 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants. Cash and cash equivalents increased $211.3 million in the nine months ended September 30, 2025 due to the cash acquired in the SilverCrest Transaction of $103.7 million, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, a 22% and 65% increase in gold and silver ounces sold, respectively, and a 43% and 32% increase in average realized gold and silver prices, respectively. This was partially offset by RCF net repayments of $195.0 million, SilverCrest Transaction cost payments of $15.0 million, income and mining tax payments at Palmarejo and Las Chispas, full repayment of outstanding prepayment agreement balances at Rochester, Kensington and Wharf, $159.8 million of capital expenditures, and the second payment of $10.0 million related to the acquisition of mining concessions at Palmarejo.
We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer term. We expect to use cash provided by operating activities to fund near term capital requirements, including those described in this Report for our 2025 capital expenditure guidance, and to repurchase shares pursuant to the Company’s $75.0 million share repurchase program (the “Program”). The acquisition of SilverCrest included acquiring a significant amount of cash and gold and silver bullion, which was used along with our cash provided by operating activities to repay the RCF. Our longer-term plans contemplate continued exploration to extend the mine lives at our operating sites, reduction of debt, and additional investment to determine the viability of the Silvertip project. Our long-term target leverage ratio of Net Debt to the Last Twelve Months Adjusted EBITDA is 0.0 times Adjusted EBITDA. Our current net leverage ratio is 0.1 times Adjusted EBITDA as of September 30, 2025.
We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.
If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.
Cash Provided by Operating Activities
Net cash provided by operating activities for the three months ended September 30, 2025 was $237.7 million, compared to $207.0 million for the three months ended June 30, 2025. Net cash provided by operating activities for the nine months ended September 30, 2025 was $512.3 million, compared to $110.4 million for nine months ended September 30, 2024. Adjusted EBITDA for the three months ended September 30, 2025 was $299.1 million, compared to $243.5 million for the three months ended June 30, 2025. Adjusted EBITDA for the nine months ended September 30, 2025 was $691.5 million, compared to $222.8 million for the nine months ended September 30, 2024 (see “Non-GAAP Financial Performance
39

Measures”). Net cash provided by operating activities was impacted by the following key factors for the applicable periods:

| Three Months Ended | Nine Months Ended |
In thousands | September 30, 2025 |  | June 30, 2025 | September 30, 2025 |  | September 30, 2024 |  |  |  |  |
Cash flow before changes in operating assets and liabilities | $ | 238,702 |  |  | $ | 161,573 |  | $ | 453,991 |  |  | $ | 83,807 |  |  |  |  |  |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Receivables | (7,132) |  |  | (4,766) |  | (7,953) |  |  | (520) |  |  |  |  |  |
Prepaid expenses and other | (7,489) |  |  | 2,424 |  | 77,000 |  |  | 3,185 |  |  |  |  |  |
Inventories | (5,011) |  |  | (14,125) |  | (27,484) |  |  | (53,788) |  |  |  |  |  |
Accounts payable and accrued liabilities | 18,636 |  |  | 61,845 |  | 16,738 |  |  | 77,757 |  |  |  |  |  |
Cash provided by operating activities | $ | 237,706 |  |  | $ | 206,951 |  | $ | 512,292 |  |  | $ | 110,441 |  |  |  |  |  |

Net cash provided by operating activities increased $30.8 million for the three months ended September 30, 2025 compared to the three months ended June 30, 2025, primarily due to a 7% increase in gold and silver ounces sold, a 4% and 15% increase in average realized gold and silver prices, respectively, the consumption of the remaining acquired stockpile at Las Chispas, timing of accounts payable at Las Chispas and Silvertip, and lower interest expense. This was partially offset by timing of interest payments paid related to the Senior Notes, the Company’s annual insurance renewal payment, and increased general and administrative and exploration expenses. Revenue for the three months ended September 30, 2025 compared to the three months ended June 30, 2025 increased by $73.9 million, of which $36.0 million was due to higher volume of gold and silver sales and $37.9 million was due to higher average gold and silver prices.
Net cash provided by operating activities increased $401.9 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to a 22% and 65% increase in gold and silver ounces sold, respectively, a 43% and 32% increase in average realized gold and silver prices, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, and lower interest expense. This was partially offset by higher general and administrative and exploration expenses, and the receipt of $55.0 million of prepayments in the nine months ended September 30, 2024. Revenue for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 increased by $646.7 million, of which $280.2 million was due to higher average realized gold and silver prices, $79.7 million was due to higher volume of gold and silver sales, and $286.8 million was due to post-acquisition sales at Las Chispas.
Cash Used in Investing Activities
Net cash used in investing activities in the three months ended September 30, 2025 was $59.2 million compared to $60.6 million in the three months ended June 30, 2025. Cash used in investing activities decreased due to lower capital expenditures, partially offset by the $10.0 million payment for the purchase of mining concessions. The Company incurred capital expenditures of $49.0 million in the three months ended September 30, 2025 compared with $60.8 million in the three months ended June 30, 2025 primarily related to capitalized exploration at Rochester and Kensington, expanded tailings impoundment at Kensington in both periods, underground development at Palmarejo and Kensington in both periods, as well as mining equipment purchases at Rochester in three months ended June 30, 2025.
Net cash used in investing activities in the nine months ended September 30, 2025 was $66.5 million compared to $145.7 million in the nine months ended September 30, 2024. Cash used in investing activities decreased due to the cash acquired in the SilverCrest Transaction of $103.7 million, partially offset by post-acquisition capital expenditures at Las Chispas. The Company incurred capital expenditures of $159.8 million in the nine months ended September 30, 2025 compared with $135.5 million in the nine months ended September 30, 2024 primarily related to post-acquisition underground development and equipment purchases at Las Chispas, underground development at Palmarejo and Kensington in both periods, expanded tailings impoundment at Kensington in both periods, and the construction of a water treatment facility at Wharf .
Cash Provided by (Used in) Financing Activities
Net cash used in financing activities in the three months ended September 30, 2025 was $23.9 million compared to $112.8 million in the three months ended June 30, 2025. During the three months ended September 30, 2025, the Company had no repayments on a net basis under the RCF compared to $110.0 million, net, in the three months ended June 30, 2025. Additionally, the Company repurchased $5.3 million of common stock in connection with the Company’s Program in the three months ended September 30, 2025 compared to $2.0 million in the three months ended June 30, 2025, and prepaid $9.5 million in finance leases at Rochester.
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Net cash used in financing activities in the nine months ended September 30, 2025 was $234.8 million compared to net cash provided by financing activities of $51.2 million in the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the Company repaid $195.0 million, net, under the RCF, repurchased $7.3 million of common stock in connection with the Company’s Program, and prepaid $9.5 million in finance leases at Rochester. During the nine months ended September 30, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $50.0 million, net, from the RCF.
On May 27, 2025, the Company announced the $75.0 million Program, effective through May 31, 2026. Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement.
The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the quarter ended September 30, 2025 and the approximate dollar value of stock that may yet be purchased pursuant to the Program:

Period | (a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares purchased as part of publicly announced Program | (d) Approximate dollar value of shares that may yet be purchased under the Program (in millions)
July 1, 2025 - July 31, 2025 | — |  | — |  | — |  | — |
August 1, 2025 - August 31, 2025 | 451,700 |  | $ | 11.79 |  | 668,200 |  | $ | 67.6 |
September 1, 2025 - September 30, 2025 | — |  | — |  | — |  | — |
Total | 451,700 |  | $ | 11.79 |  | 668,200 |  |

Critical Accounting Policies and Accounting Developments
See Note 2 -- Summary of Significant Accounting Policies contained in the 2024 10-K and Note 2 - Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result
41

in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered a change in estimate and are accounted for prospectively. As of September 30, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 64,482 and 8.9 million, respectively.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.
The Company may elect to perform a qualitative assessment if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.
Other Liquidity Matters
We believe that our liquidity and capital resources in the U.S. are adequate to fund our U.S. operations and corporate activities. The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity.
In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time to time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.
Non-GAAP Financial Performance Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
Adjusted Net Income
Management uses Adjusted net income to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income is reconciled to Net income in the following table:
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| Three Months Ended |  | Nine Months Ended |  |
In thousands except per share amounts | September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  | September 30, 2024 |  |  |  |  |  |
Net income | $ | 266,824 |  |  | $ | 70,726 |  |  | $ | 370,903 |  |  | $ | 21,048 |  |  |  |  |  |  |
Fair value adjustments, net | — |  |  | (4) |  |  | 342 |  |  | — |  |  |  |  |  |  |
Foreign exchange loss (gain)(1) | 11,831 |  |  | 28,072 |  |  | 40,477 |  |  | (4,713) |  |  |  |  |  |  |
(Gain) loss on sale of assets | 113 |  |  | 117 |  |  | 416 |  |  | 4,352 |  |  |  |  |  |  |
RMC bankruptcy distribution | — |  |  | (37) |  |  | (38) |  |  | (1,199) |  |  |  |  |  |  |
(Gain) loss on debt extinguishment | 6 |  |  | — |  |  | 6 |  |  | (417) |  |  |  |  |  |  |
Transaction costs | 451 |  |  | 2,823 |  |  | 12,161 |  |  | 976 |  |  |  |  |  |  |
Kensington royalty settlement | — |  |  | 28 |  |  | (67) |  |  | 7,369 |  |  |  |  |  |  |
Wage and hour litigation settlement | 6,998 |  |  | — |  |  | 6,998 |  |  | — |  |  |  |  |  |  |
Mexico arbitration matter | 743 |  |  | 1,740 |  |  | 2,893 |  |  | 3,459 |  |  |  |  |  |  |
Flow-through share premium | (111) |  |  | (112) |  |  | (808) |  |  | (5,194) |  |  |  |  |  |  |
COVID-19 | — |  |  | — |  |  | — |  |  | 10 |  |  |  |  |  |  |
Acquired inventory purchase price allocation | 33,443 |  |  | 29,681 |  |  | 90,163 |  |  | — |  |  |  |  |  |  |
Valuation allowance and tax effect of adjustments(2) | (173,022) |  |  | (5,633) |  |  | (188,885) |  |  | (962) |  |  |  |  |  |  |
Adjusted net income | $ | 147,276 |  |  | $ | 127,401 |  |  | $ | 334,561 |  |  | $ | 24,729 |  |  |  |  |  |  |
Adjusted net income per share, Basic | $ | 0.23 |  |  | $ | 0.20 |  |  | $ | 0.56 |  |  | $ | 0.06 |  |  |  |  |  |  |
Adjusted net income per share, Diluted | $ | 0.23 |  |  | $ | 0.20 |  |  | $ | 0.55 |  |  | $ | 0.06 |  |  |  |  |  |  |

(1) Includes the impact of foreign exchange rates on deferred tax balances of $9.8 million and $28.1 million for the three months ended September 30 and June 30, 2025, respectively, and $37.8 million and ($0.3) million for the nine months ended September 30, 2025 and 2024, respectively.
(2) For the three and nine months ended September 30, 2025, tax effect of adjustments of $173.0 million (415.5%) and $188.9 million (168.5%), respectively, are primarily related to the release of the valuation allowance against U.S. net deferred tax assets of $162.0 million, the wage and hour litigation settlement, Transaction costs at Corporate, and the impact of the PPA ascribed to Inventory at Las Chispas. For the three months ended June 30, 2025, tax effect of adjustments of $5.6 million (16.3%) are primarily related to the Transaction costs at Corporate and the impact of the PPA ascribed to Inventory at Las Chispas. For the nine months ended September 30, 2024, tax effect of adjustments of $1.0 million (-10%) is primarily related to the RMC Bankruptcy Distribution, Kensington royalty settlement, nonrecurring expenses at Palmarejo and LCM adjustment recorded at Rochester.
EBITDA and Adjusted EBITDA
Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is the basis of a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the following table:
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| Three Months Ended |  | Nine Months Ended |  |  |  |  |
In thousands | September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  | September 30, 2024 |  |  |  |  |  |  |  |  |
Net income | $ | 266,824 |  |  | $ | 70,726 |  |  | $ | 370,903 |  |  | $ | 21,048 |  |  |  |  |  |  |  |  |  |
Interest expense, net of capitalized interest | 6,273 |  |  | 8,251 |  |  | 24,974 |  |  | 39,389 |  |  |  |  |  |  |  |  |  |
Income tax provision | (96,881) |  |  | 62,595 |  |  | (15,873) |  |  | 49,030 |  |  |  |  |  |  |  |  |  |
Amortization | 72,930 |  |  | 61,421 |  |  | 177,444 |  |  | 88,441 |  |  |  |  |  |  |  |  |  |
EBITDA | 249,146 |  |  | 202,993 |  |  | 557,448 |  |  | 197,908 |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net | — |  |  | (4) |  |  | 342 |  |  | — |  |  |  |  |  |  |  |  |  |
Foreign exchange (gain) loss | 2,080 |  |  | (246) |  |  | 2,593 |  |  | (3,432) |  |  |  |  |  |  |  |  |  |
Asset retirement obligation accretion | 4,988 |  |  | 4,900 |  |  | 14,620 |  |  | 12,463 |  |  |  |  |  |  |  |  |  |
Inventory adjustments and write-downs | 1,198 |  |  | 1,598 |  |  | 4,723 |  |  | 6,490 |  |  |  |  |  |  |  |  |  |
(Gain) loss on sale of assets | 113 |  |  | 117 |  |  | 416 |  |  | 4,352 |  |  |  |  |  |  |  |  |  |
RMC bankruptcy distribution | — |  |  | (37) |  |  | (38) |  |  | (1,199) |  |  |  |  |  |  |  |  |  |
(Gain) loss on debt extinguishment | 6 |  |  | — |  |  | 6 |  |  | (417) |  |  |  |  |  |  |  |  |  |
Kensington royalty settlement | — |  |  | 28 |  |  | (67) |  |  | 7,369 |  |  |  |  |  |  |  |  |  |
Wage and labor litigation settlement | 6,998 |  |  | — |  |  | 6,998 |  |  | — |  |  |  |  |  |  |  |  |  |
Mexico arbitration matter | 743 |  |  | 1,740 |  |  | 2,893 |  |  | 3,459 |  |  |  |  |  |  |  |  |  |
Flow-through share premium | (111) |  |  | (112) |  |  | (808) |  |  | (5,194) |  |  |  |  |  |  |  |  |  |
COVID-19 | — |  |  | — |  |  | — |  |  | 10 |  |  |  |  |  |  |  |  |  |
Transaction costs | 451 |  |  | 2,823 |  |  | 12,161 |  |  | 976 |  |  |  |  |  |  |  |  |  |
Acquired inventory purchase price allocation | 33,443 |  |  | 29,681 |  |  | 90,163 |  |  | — |  |  |  |  |  |  |  |  |  |
Adjusted EBITDA | 299,055 |  |  | 243,481 |  |  | 691,450 |  |  | 222,785 |  |  |  |  |  |  |  |  |  |

Free Cash Flow
Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.
The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.

Consolidated | Three Months Ended |  | Nine Months Ended |  |
(Dollars in thousands) | September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  |  |  | September 30, 2024 |  |  |  |  |  |
Cash flow from operations | $ | 237,706 |  |  | $ | 206,951 |  |  | $ | 512,292 |  |  |  |  | $ | 110,441 |  |  |  |  |  |  |
Capital expenditures | 49,034 |  |  | 60,807 |  |  | 159,843 |  |  |  |  | 135,468 |  |  |  |  |  |  |
Free cash flow | $ | 188,672 |  |  | $ | 146,144 |  |  | $ | 352,449 |  |  |  |  | $ | (25,027) |  |  |  |  |  |  |

Operating Cash Flow Before Changes in Working Capital
Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables, Prepaid expenses and other, Inventories and Accounts payable and accrued liabilities as presented on the Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as
44

measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.
The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.

| Three Months Ended |  | Nine Months Ended |  |  |  |
(Dollars in thousands) | September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  |  | September 30, 2024 |  |  |  |
Cash provided by operating activities | $ | 237,706 |  |  | $ | 206,951 |  |  | $ | 512,292 |  |  |  | $ | 110,441 |  |  |  |  |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Receivables | 7,132 |  |  | 4,766 |  |  | 7,953 |  |  |  | 520 |  |  |  |  |
Prepaid expenses and other | 7,489 |  |  | (2,424) |  |  | (77,000) |  |  |  | (3,185) |  |  |  |  |
Inventories | 5,011 |  |  | 14,125 |  |  | 27,484 |  |  |  | 53,788 |  |  |  |  |
Accounts payable and accrued liabilities | (18,636) |  |  | (61,845) |  |  | (16,738) |  |  |  | (77,757) |  |  |  |  |
Operating cash flow before changes in working capital | $ | 238,702 |  |  | $ | 161,573 |  |  | $ | 453,991 |  |  |  | $ | 83,807 |  |  |  |  |

Net Debt and Leverage Ratio
Management defines Net Debt, a non-GAAP financial measure, as Total Debt less Cash and Cash Equivalents. We define Leverage Ratio, a non-GAAP financial measure, as the ratio of Net Debt to the Last Twelve Months Adjusted EBITDA. Management believes Net Debt and Leverage Ratio are important measures to monitor our financial flexibility and evaluate the strength of our Consolidated Balance Sheets. Net Debt and Leverage Ratio have limitations as analytical tools and may vary from similarly titled measures used by other companies. Net Debt and Leverage Ratio should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP.
The following table presents a reconciliation of Total Debt, the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented.

| Three Months Ended |  | Nine Months Ended
(Dollars in thousands) | September 30, 2025 |  | June 30, 2025 |  | September 30, 2025 |  |  |  |  | September 30, 2024 |  |
Total debt | $ | 363,516 |  |  | $ | 380,722 |  |  | $ | 363,516 |  |  |  |  |  | $ | 605,183 |  |  |
Cash and cash equivalents | (266,342) |  |  | (111,646) |  |  | (266,342) |  |  |  |  |  | (76,916) |  |  |
Net debt | $ | 97,174 |  |  | $ | 269,076 |  |  | $ | 97,174 |  |  |  |  |  | $ | 528,267 |  |  |
Net debt | $ | 97,174 |  |  | $ | 269,076 |  |  | $ | 97,174 |  |  |  |  |  | $ | 528,267 |  |  |
Last Twelve Months Adjusted EBITDA | $ | 807,817 |  |  | $ | 634,803 |  |  | $ | 807,817 |  |  |  |  |  | $ | 287,079 |  |  |
Net Leverage ratio | 0.1 |  |  | $ | 0.4 |  |  | 0.1 |  |  |  |  |  | 1.8 |  |  |

Costs Applicable to Sales
Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation. We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold and silver, as well as assessing our operating performance and ability to generate free cash flow from operations and sustaining production. These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP. Management believes that allocating CAS to gold and silver based on gold and silver metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company. Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in IFRS Accounting Standards.
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Three Months Ended September 30, 2025

In thousands (except metal sales and per ounce amounts) | Las Chispas (1) |  | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Total
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 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 |
Metal Sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ounces | 17,800 |  |  | 26,850 |  |  | 13,975 |  |  | 28,011 |  |  | 27,859 |  |  | — |  |  | 114,495 |
Silver ounces | 1,674,770 |  |  | 1,633,196 |  |  | 1,656,336 |  |  | — |  |  | 21,650 |  |  | — |  |  | 4,985,952 |
Costs applicable to sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ($/oz) | $ | 1,837 |  |  | $ | 893 |  |  | $ | 1,600 |  |  | $ | 1,669 |  |  | $ | 1,080 |  |  |  |  |
Silver ($/oz) | $ | 21.15 |  |  | $ | 16.55 |  |  | $ | 17.89 |  |  |  |  |  |  | $ | — |  |  |

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $33.4 million.
Three Months Ended June 30, 2025

In thousands (except metal sales and per ounce amounts) | Las Chispas (1) |  | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Total
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 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 |
Metal Sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ounces | 16,025 |  |  | 26,782 |  |  | 13,881 |  |  | 26,751 |  |  | 23,509 |  |  | — |  |  | 106,948 |
Silver ounces | 1,479,410 |  |  | 1,720,383 |  |  | 1,437,811 |  |  | — |  |  | 34,916 |  |  | — |  |  | 4,672,520 |
Costs applicable to sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ($/oz) | $ | 1,874 |  |  | $ | 891 |  |  | $ | 1,692 |  |  | $ | 1,721 |  |  | $ | 1,183 |  |  |  |  |
Silver ($/oz) | $ | 18.74 |  |  | $ | 14.44 |  |  | $ | 17.00 |  |  |  |  |  |  | $ | — |  |  |

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $29.7 million.
Nine Months Ended September 30, 2025

In thousands (except metal sales and per ounce amounts) | Las Chispas (1) |  | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Total
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 230,904 |  |  | $ | 172,118 |  |  | $ | 198,606 |  |  | $ | 163,075 |  |  | $ | 91,742 |  |  | $ | 2,863 |  |  | $ | 859,308 |
Amortization | (62,219) |  |  | (28,702) |  |  | (50,156) |  |  | (28,127) |  |  | (4,785) |  |  | (2,863) |  |  | (176,852) |
Costs applicable to sales | $ | 168,685 |  |  | $ | 143,416 |  |  | $ | 148,450 |  |  | $ | 134,948 |  |  | $ | 86,957 |  |  | $ | — |  |  | $ | 682,456 |
Metal Sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ounces | 43,432 |  |  | 76,345 |  |  | 42,569 |  |  | 76,967 |  |  | 71,446 |  |  | — |  |  | 310,759 |
Silver ounces | 4,077,903 |  |  | 4,989,965 |  |  | 4,376,157 |  |  | — |  |  | 106,600 |  |  | — |  |  | 13,550,625 |
Costs applicable to sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ($/oz) | $ | 1,942 |  |  | $ | 902 |  |  | $ | 1,639 |  |  | $ | 1,753 |  |  | $ | 1,166 |  |  |  |  |
Silver ($/oz) | $ | 20.68 |  |  | $ | 14.95 |  |  | $ | 17.98 |  |  |  |  |  |  | $ | — |  |  |

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $90.2 million.
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Nine Months Ended September 30, 2024

In thousands (except metal sales and per ounce amounts) | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Total
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 185,405 |  |  | $ | 128,497 |  |  | $ | 137,762 |  |  | $ | 81,187 |  |  | $ | 2,436 |  |  | $ | 535,287 |
Amortization | (35,429) |  |  | (25,434) |  |  | (19,653) |  |  | (4,879) |  |  | (2,436) |  |  | (87,831) |
Costs applicable to sales | $ | 149,976 |  |  | $ | 103,063 |  |  | $ | 118,109 |  |  | $ | 76,308 |  |  | $ | — |  |  | $ | 447,456 |
Metal Sales |  |  |  |  |  |  |  |  |  |  |
Gold ounces | 86,430 |  |  | 23,521 |  |  | 69,522 |  |  | 75,788 |  |  | — |  |  | 255,261 |
Silver ounces | 5,199,839 |  |  | 2,818,930 |  |  | — |  |  | 178,894 |  |  | — |  |  | 8,197,663 |
Costs applicable to sales |  |  |  |  |  |  |  |  |  |  |
Gold ($/oz) | $ | 902 |  |  | $ | 1,797 |  |  | $ | 1,699 |  |  | $ | 945 |  |  |  |  |
Silver ($/oz) | $ | 13.84 |  |  | $ | 21.57 |  |  |  |  |  |  | $ | — |  |  |

Reconciliation of Costs Applicable to Sales for Updated 2025 Guidance

In thousands (except metal sales and per ounce amounts) | Las Chispas |  | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  |  |  |
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 158,700 |  |  | $ | 235,309 |  |  | $ | 269,238 |  |  | $ | 218,752 |  |  | $ | 124,863 |  |  |  |  |
Amortization | (50,909) |  |  | (39,018) |  |  | (73,221) |  |  | (38,994) |  |  | (6,527) |  |  |  |  |
Costs applicable to sales | $ | 107,791 |  |  | $ | 196,291 |  |  | $ | 196,017 |  |  | $ | 179,758 |  |  | $ | 118,336 |  |  |  |  |
By-product credit | — |  |  | — |  |  | — |  |  | — |  |  | (4,257) |  |  |  |  |
Adjusted costs applicable to sales | $ | 107,791 |  |  | $ | 196,291 |  |  | $ | 196,017 |  |  | $ | 179,758 |  |  | $ | 114,079 |  |  |  |  |
Metal Sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ounces | 56,000 |  | 100,400 |  | 60,100 |  | 103,700 |  | 96,800 |  |  |  |
Silver ounces | 5,443,000 |  | 6,513,000 |  | 6,192,000 |  |  |  | 127,000 |  |  |  |
Revenue Split |  |  |  |  |  |  |  |  |  |  |  |  |
Gold | 49% |  | 48% |  | 47% |  | 100% |  | 100% |  |  |  |
Silver | 51% |  | 52% |  | 53% |  |  |  |  |  |  |  |
Adjusted costs applicable to sales |  |  |  |  |  |  |  |  |  |  |  |  |
Gold ($/oz) | $850 - $950 |  | $890 - $960 |  | $1,550 - $1,650 |  | $1,700 - $1,800 |  | $1,125 - $1,225 |  |  |  |
Silver ($/oz) | $9.25 - $10.25 |  | $15.00 - $16.00 |  | $17.00 - $18.50 |  |  |  |  |  |  |  |

Reconciliation of Costs Applicable to Sales for Previous 2025 Guidance

In thousands (except metal sales and per ounce amounts) | Las Chispas |  | Palmarejo |  | Rochester |  | Kensington |  | Wharf
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 144,729 |  |  | $ | 245,767 |  |  | $ | 275,743 |  |  | $ | 222,569 |  |  | $ | 130,856 |
Amortization | (45,992) |  |  | (38,779) |  |  | (75,033) |  |  | (43,903) |  |  | (7,105) |
Costs applicable to sales | $ | 98,737 |  |  | $ | 206,988 |  |  | $ | 200,710 |  |  | $ | 178,666 |  |  | $ | 123,751 |
By-product credit | — |  |  | — |  |  | — |  |  | — |  |  | (2,824) |
Adjusted costs applicable to sales | $ | 98,737 |  |  | $ | 206,988 |  |  | $ | 200,710 |  |  | $ | 178,666 |  |  | $ | 120,927 |
Metal Sales |  |  |  |  |  |  |  |  |
Gold ounces | 52,000 |  | 100,018 |  | 68,000 |  | 104,271 |  | 95,454
Silver ounces | 5,240,757 |  | 6,006,911 |  | 7,752,237 |  |  |  | 94,138
Revenue Split |  |  |  |  |  |  |  |  |
Gold | 48% |  | 50% |  | 44% |  | 100% |  | 100%
Silver | 52% |  | 50% |  | 56% |  |  |  |
Adjusted costs applicable to sales |  |  |  |  |  |  |  |  |
Gold ($/oz) | $850 - $950 |  | $950 - $1,150 |  | $1,250 - $1,450 |  | $1,700 - $1,900 |  | $1,250 - $1,350
Silver ($/oz) | $9.25 - $10.25 |  | $17.00 - $18.00 |  | $14.50 - $16.50 |  |  |  |

47

Cautionary Statement Concerning Forward-Looking Statements
This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, tax rates and treatment, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, the gold stream agreement at Palmarejo, liquidity management, financing plans, risk management strategies, capital allocation, and anticipated production, costs, expenses, and cash flow. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2024 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations and impacts from tariffs or other trade barriers (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to various market risks as a part of its operations and engages in risk management strategies to mitigate these risks. The Company continually evaluates the potential benefits of engaging in these strategies based on current market conditions. The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 13 -- Derivative Financial Instruments & Hedging Activities in the notes to the Condensed Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”. For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements. Actual results and actions could differ materially from those discussed below.
Gold and Silver Prices
Gold and silver prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, global political and economic conditions, demand, investor sentiment, inflation or deflation, and global mine production. The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold and silver.
Decreases in the market price of gold and silver can also significantly affect the value of our metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets.
Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at September 30, 2025 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $3,457 and $2,759 per ounce, respectively, and a short-term and long-term silver price of $39.40 and $32.00 per ounce, respectively.
The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
Hedging
To mitigate the risks associated with metal price fluctuations, the Company may enter into option contracts to hedge future production. The Company had forward contracts for gold and silver that settled monthly through June 2024 in order to protect cash flow during the Rochester expansion ramp-up. The contracts were net cash settled and, if the spot price of gold at the time of expiration was lower than the fixed price or higher than the fixed prices, it resulted in a realized gain or loss, respectively. The forward contracts exposed us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions. To reduce counter-party credit exposure, the Company entered into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. For additional information, please see the section titled “Item 1A - Risk Factors” in this Report. The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest that settled monthly through March 2025. The Company had no outstanding gold or silver hedging contracts at September 30, 2025.
Provisional Metal Sales
The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract. Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability. The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold and silver price at the end of each period from the provisional sale date to the date of final settlement. The mark-to-market gains and losses are recorded in earnings. At September 30, 2025, the Company had outstanding provisionally priced sales of 13,178 ounces of gold at an average price of $3,564. Changes in gold prices resulted in provisional pricing mark-to-market loss of $1.5 million during
49

the three months ended September 30, 2025. A 10% change in realized gold prices would cause revenue to vary by $4.7 million.
Foreign Currency
The Company operates, or has mineral interests, in several foreign countries including Canada, Mexico, and New Zealand, which exposes it to foreign currency exchange rate risks. Foreign currency exchange rates are influenced by world market factors beyond the Company’s control, such as supply and demand for U.S. and foreign currencies and related monetary and fiscal policies. Fluctuations in local currency exchange rates in relation to the U.S. dollar may significantly impact profitability and cash flow.
Foreign Exchange Hedging
To manage foreign currency risk, the Company may enter into foreign currency forward exchange contracts. In 2020, the Company entered into foreign currency forward contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company had no outstanding foreign currency forward exchange contracts at September 30, 2025.
Interest Rates
Interest Rate Hedging
The Company may use financial instruments to manage exposures to changes in interest rates on loans, which exposes it to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, it does not pose credit risk. The Company seeks to minimize the credit risk in derivative instruments by entering into transactions with what it believes are high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The Company had no outstanding interest rate swaps at September 30, 2025.
Investment Risk
Equity Price Risk
The Company’s equity securities were not significant at September 30, 2025.
Item 4. Controls and Procedures
(a)Disclosure Controls and Procedures
As of the end of the period covered by this quarterly report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance regarding management’s control objectives.
The design of any system of controls is based in part upon certain assumptions about the likelihood of future events. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by it in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
(b) Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
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PART II
Item 1. Legal Proceedings
See Note 17 -- Commitments and Contingencies in the notes to the Consolidated Financial Statements included herein.
Item 1A. Risk Factors
Item 1A -- Risk Factors of the 2024 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial condition or operating results. Those risk factors have been supplemented and updated in the Company’s Form 10-Q for the quarter ended March 31, 2025 (the “Q1 2025 10-Q”) and in the Company’s Form 10-Q for the quarter ended June 30, 2025 (the “Q2 2025 10-Q”). Except as supplemented and updated in the Q1 2025 10-Q and Q2 2025 10-Q, the risk factors set forth in the 2024 10-K remain current. Additional risks and uncertainties that the Company does not presently know about or that it currently deems immaterial also may impair our business operations.
Item 4. Mine Safety Disclosures
Information pertaining to mine safety matters is reported in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act in Exhibit 95.1 attached to this Form 10-Q.
Item 5. Other Information
(c) Trading Plans
The trading arrangement for the sale of shares of the Company’s common stock previously adopted by Casey M. Nault, Senior Vice President, General Counsel and Secretary, on February 28, 2025 (the “Nault 10b5-1 Plan”) was terminated on August 22, 2025 (the “Nault 10b5-1 Plan Termination Date”) pursuant to the terms specified in the Nault 10b5-1 Plan. The Nault 10b5-1 Plan provided for the sale of up to 202,257 shares of the Company’s common stock between June 2, 2025 and February 28, 2027, pursuant to terms specified in the Nault 10b5-1 Plan. As of the Nault 10b5-1 Plan Termination Date, 202,257 shares of the Company’s common stock had been sold under the Nault 10b5-1 Plan.
The trading arrangement for the sale of shares of the Company’s common stock previously adopted by Mitchell J. Krebs, Chairman, President and Chief Executive Officer, on June 6, 2025 (the “June Krebs 10b5-1 Plan”) was terminated on September 8, 2025 (the “June Krebs 10b5-1 Plan Termination Date”) pursuant to the terms specified in the June Krebs 10b5-1 Plan. The June Krebs 10b5-1 Plan provided for the sale of up to 250,000 shares of the Company’s common stock between September 5, 2025 and February 15, 2026, pursuant to terms specified in the June Krebs 10b5-1 Plan. As of the June Krebs 10b5-1 Plan Termination Date, 250,000 shares of the Company’s common stock had been sold under the June Krebs 10b5-1 Plan.
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Item 6. Exhibits

31.1 | Certification of the CEO (Filed herewith).
31.2 | Certification of the CFO (Filed herewith).
32.1 | CEO Section 1350 Certification (Filed herewith).
32.2 | CFO Section 1350 Certification (Filed herewith).
95.1 | Mine Safety Disclosure (Filed herewith).
101.INS | XBRL Instance Document*
101.SCH | XBRL Taxonomy Extension Schema*
101.CAL | XBRL Taxonomy Extension Calculation Linkbase*
101.DEF | XBRL Taxonomy Extension Definition Linkbase*
101.LAB | XBRL Taxonomy Extension Label Linkbase*
101.PRE | XBRL Taxonomy Extension Presentation Linkbase*
104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).

* The following financial information from Coeur Mining, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in XBRL (Extensible Business Reporting Language): Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statement of Changes in Stockholders’ Equity.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | COEUR MINING, INC. |
|  | (Registrant) |
Dated | October 29, 2025 | /s/ Mitchell J. Krebs |
|  | MITCHELL J. KREBS |
|  | Chairman, President and Chief Executive Officer (Principal Executive Officer)
Dated | October 29, 2025 | /s/ Thomas S. Whelan |
|  | THOMAS S. WHELAN |
|  | Senior Vice President and Chief Financial Officer (Principal Financial Officer)
Dated | October 29, 2025 | /s/ Ken Watkinson |
|  | KEN WATKINSON |
|  | Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)

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