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Coeur Mining, Inc.

Coeur Mining, Inc.CDE決算レポート

NYSE · 素材 · 金銀鉱石

Coeur Mining, Inc. is a precious metals mining company listed on the New York Stock exchange. It operates five mines located in North America. Coeur employs 2,200 people and in 2012 it was the world's 9th largest silver producer. In 2013 the company changed its name to Coeur Mining, Inc. from Coeur d'Alene Mines and moved its head office to Chicago, Illinois from Coeur d'Alene, Idaho.

What changed in Coeur Mining, Inc.'s 10-K — 2024 vs 2025

Top changes in Coeur Mining, Inc.'s 2025 10-K

432 paragraphs added · 362 removed · 288 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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We recognize changes in stakeholder expectations related to various environmental, social and governance issues, including risks and opportunities related to climate change and greenhouse gas (“GHG”) emissions, biodiversity, water stewardship and tailings management. To that end, We Pursue a Higher Standard through our governance and associated management systems and programs for material topics.
We recognize changes in stakeholder expectations related to various environmental, social and governance issues, including risks and opportunities related to water stewardship, tailings management, biodiversity, and climate change and greenhouse gas (“GHG”) emissions. To that end, We Pursue a Higher Standard through our governance and associated management systems and programs for material topics.
For a 8 description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are included as exhibits to, and incorporated by reference into, this Report. 9
For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are included as exhibits to, and incorporated by reference into, this Report. 9
Prices for these commodities are volatile and can fluctuate due to conditions that are difficult to predict, including inflation, currency fluctuations, global competition for resources, consumer or industrial demand 4 and other factors . For most of these commodities, we have existing alternate sources of supply, or alternate sources of supply are readily available.
Prices for these commodities are volatile and can fluctuate due to conditions that are difficult to predict, including inflation, currency fluctuations, global competition for resources, consumer or industrial demand and other factors . For most of these commodities, we have existing alternate sources of supply, or alternate sources of supply are readily available.
In order to emphasize the importance of inclusion in the workplace, we provided training to our hourly workforce at every operation on topics such as bullying and bystander intervention, as well as education on overall mental wellness to support each employee feeling respected and included at work.
In order to emphasize the importance of inclusion in the workplace, we provided our hourly workforce at every operation with training on topics such as bullying and bystander intervention, as well as education on overall mental wellness to support each employee feeling respected and included at work.
The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category.
The estimation of inferred resources involves 8 far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category.
The doré produced at the Palmarejo complex, Rochester mine, and newly acquired Las Chispas mine, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined by a geographically diverse group of third-party refiners into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets.
The doré produced at the Las Chispas mine, Palmarejo complex, and Rochester mine, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined by a geographically diverse group of third-party refiners into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets.
Local Hire Investing in local communities extends beyond financial support. Since 2018, we have hired an average of 60% of our new hires from local communities. During 2024, we provided over 40 apprenticeships and internships and worked with organizations such as By the Hand Club in Chicago to educate youth in our communities about career opportunities in mining.
Local Hire Investing in local communities extends beyond financial support. Since 2018, we have hired an average of 60% of our new hires from local communities. During 2025, we provided over 40 apprenticeships and internships and worked with organizations such as By the Hand Club in Chicago to educate youth in our communities about career opportunities in mining.
High potential talent within the organization is identified, and development plans are created starting from our front-line supervisors to our Chief Operating Officer. Our Board oversees the recruitment, development, and retention of our senior executives. Significant focus is placed on succession planning both for key executive roles and also deeper into the organization.
High potential talent within the organization is identified, and development plans are created starting from our front-line supervisors and up to our Chief Executive Officer. Our Board oversees the recruitment, development, and retention of our senior executives. Significant focus is placed on succession planning both for key executive roles and also deeper into the organization.
In 2022, after many employees had graduated from IMPACT training over the last 4 years, we introduced our first Advanced IMPACT training for employees at manager and director levels in the organization. Succession Planning We conduct robust succession planning throughout the organization annually, by employing specific talent diagnostics and skills development.
In 2022, after many employees had graduated from IMPACT training over the last four years, we introduced our first Advanced IMPACT training for employees at manager and director levels in the organization. Succession Planning We conduct robust succession planning throughout the organization annually, by employing specific talent diagnostics and skills development.
Factors that could cause actual results to differ materially from those projected in the forward-looking statements include: (i) the risk factors set forth below under Item 1A and in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Item 7; (ii) the risk that anticipated production, cost, expenditure and expense levels at Las Chispas, Palmarejo, Rochester, Wharf and Kensington are not attained; (iii) the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions); (iv) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment; (v) the impact of geopolitical conditions, pandemics or epidemics, climate change, extreme weather events and other macro conditions, including disruptions to operations, the need for heightened health and safety protocols, inflation, and disruptions to our vendors, suppliers and the communities where we operate; (vi) the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability; (vii) any future labor disputes or work stoppages (involving us or our subsidiaries or third parties); (viii) the risk of adverse outcomes in litigation; (ix) the uncertainties inherent in the estimation of gold, silver, zinc and lead mineral reserves and resources; (x) impacts from Coeur’s future acquisition of new mining properties or businesses; (xi) the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production; (xii) inflationary pressures; (xiii) continued access to financing sources; (xiv) government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate; (xv) the effects of environmental and other governmental regulations and government shut-downs; (xvi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries; and (xvii) our ability to raise additional financing necessary to conduct our business, make payments or refinance our debt.
Factors that could cause actual results to differ materially from those projected in the forward-looking statements include: (i) the risk factors set forth below under “Item 1A – Risk Factors” and in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Item 7; (ii) the risk that anticipated production, cost, expenditure and expense levels at Las Chispas, Palmarejo, Rochester, Wharf and Kensington are not attained; (iii) the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions); (iv) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment; (v) the impact of geopolitical conditions, pandemics or epidemics, climate change, extreme weather events and other macro conditions, including disruptions to operations, the need for heightened health and safety protocols, inflation, and disruptions to our vendors, suppliers and the communities where we operate; (vi) the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability; (vii) any future labor disputes or work stoppages (involving us or our subsidiaries or third parties); (viii) the risk of adverse outcomes in litigation; (ix) the uncertainties inherent in the estimation of gold, silver, zinc and lead mineral reserves and resources; (x) impacts from Coeur’s future acquisition of new mining properties or businesses, including the pending acquisition of New Gold, Inc.; (xi) the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production; (xii) inflationary pressures and impacts from tariffs and other trade barriers; (xiii) continued access to financing sources; (xiv) government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production and on the communities where we operate; (xv) the effects of environmental and other governmental regulations and government shut-downs; (xvi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries; (xvii) our ability to raise additional financing necessary to conduct our business, make payments or refinance our debt; and (xviii) the risk that the pending acquisition of New Gold Inc. may not occur on the timeline expected or at all.
For example, we: • further increased the amount of renewable energy in our purchased electricity through formal agreements with energy providers; • actively manage GHG emissions and achieved our 35% net intensity reduction target by the end of 2024 compared to base-year; • enhanced our climate disclosures in-line with recommendations set by the Task Force on Climate-related Financial Disclosures (“TCFD”); • informed by the knowledge and systems developed as part of our first climate scenario analysis, we continue to incorporate climate-related risks and opportunities into our enterprise risk management and long-term business planning and strategy; • developed and are implementing a Biodiversity Management Standard; • drive sound water stewardship whether treating and discharging water at sites where water is abundant or efficiently using water at sites where water is scarce; and • formalized a Tailings Management Policy and committed to adopting the Global Industry Standard on Tailings Management (“GISTM”).
For example, we: • developed and are implementing a Biodiversity Management Standard; • drive sound water stewardship, whether treating and discharging water at sites where water is abundant or efficiently using water at sites where water is scarce; • formalized a Tailings Management Policy and committed to adopting the Global Industry Standard on Tailings Management (“GISTM”); • developed and are implementing a Biodiversity Management Standard; • further increased the amount of cost-effective renewable energy in our purchased electricity through formal agreements with energy providers, reducing costs and GHG emissions; • actively managed GHG emissions and achieved our 35% net intensity reduction target by the end of 2024 compared to base-year; • enhanced our climate disclosures in-line with recommendations set by the Task Force on Climate-related Financial Disclosures (“TCFD”); and • informed by the knowledge and systems developed as part of our first climate scenario analysis, we continue to incorporate climate-related risks and opportunities into our enterprise risk management and long-term business planning and strategy.
OUR BUSINESS Operating Segments We produce and sell precious metals from the following operating segments: • The Palmarejo gold-silver complex, located in the State of Chihuahua in northern Mexico, which has been in operation since 2009. • The Rochester open pit heap leach silver-gold mine, located in northwestern Nevada, which has been in operation since 1986 and completed a significant expansion in 2024. • The Kensington underground gold mine, located north of Juneau, Alaska, which began operations in 2010. • The Wharf open pit heap leach gold mine, located near Lead, South Dakota, which was acquired by Coeur in 2015. • The newly acquired Las Chispas underground silver-gold mine, located in the State of Sonora in northern Mexico, which began operations in 2022.
OUR BUSINESS Operating Segments We produce and sell precious metals from the following operating segments: • The Las Chispas underground silver-gold mine, located in the State of Sonora in northern Mexico, which began operations in 2022 and was acquired by Coeur in early 2025. • The Palmarejo silver-gold complex, located in the State of Chihuahua in northern Mexico, which has been in operation since 2009. • The Rochester open pit heap leach silver-gold mine, located in northwestern Nevada, which has been in operation since 1986 and completed a significant expansion in 2024. • The Kensington underground gold mine, located north of Juneau, Alaska, which began operations in 2010. • The Wharf open pit heap leach gold mine, located near Lead, South Dakota, which began operations in 1982.
Technical Report Summaries and Qualified Persons The scientific and technical information concerning our mineral projects in this Form 10-K have been reviewed and approved by “qualified persons” under S-K 1300, including our Senior Director, Technical Services, Christopher Pascoe.
Technical Report Summaries and Qualified Persons The scientific and technical information concerning our mineral projects in this Form 10-K have been reviewed and approved by “qualified persons” under S-K 1300, including our Senior Vice President, Technical Services, Christopher Pascoe.
Providing career opportunities to local community members and participating in community initiatives creates a closer connection between our operations and local stakeholders and communities. Rewards & Wellness As part of our fundamental need to attract and retain talent, we regularly evaluate our compensation, benefits, and employee wellness offerings.
Providing career opportunities to local community members and participating in community initiatives help create a closer connection between our operations and local stakeholders and communities. Rewards & Wellness 6 As part of our fundamental need to attract and retain talent, we regularly evaluate our compensation, benefits, and employee wellness offerings.
Feedback was reviewed by the management team and our Board of Directors (our “Board”). The management team also reviewed the results with employees at each of our operations through facilitated discussions to gain additional insight into the feedback. We developed site-specific action plans to address feedback and monitor progress in the future.
The management team also reviewed the results with employees at each of our operations through facilitated discussions to gain additional insight into the feedback. We developed site-specific action plans to address feedback and monitor progress in the future.
Copies of our Corporate Governance Guidelines, charters of the key committees of the Board (Audit, Compensation and Leadership Development, Executive, Finance and Technical, Nominating and Corporate Governance, and Environmental, Health, Safety, and Corporate Responsibility Committees) and our Code of Business Conduct and Ethics, applicable to the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer, among others, are also available on our website.
These filings are also available at http://www.sec.gov. 7 Copies of our Corporate Governance Guidelines, charters of the key committees of the Board (Audit, Compensation and Leadership Development, Executive, Nominating and Corporate Governance, and Environmental, Health, Safety, and Corporate Responsibility Committees) and our Code of Business Conduct and Ethics, applicable to the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer, among others, are also available on our website.
On an ongoing basis, we conduct site-specific environmental risk reviews and utilize a set of key performance indicators (“KPIs”) to evaluate performance results by mine. We believe that this systematic approach leads to awareness, risk mitigation and a pursuit of continuous improvement.
We work to protect our environment through an approach of responsible production and a focus on best practices. On an ongoing basis, we conduct site-specific environmental risk reviews and utilize a set of key performance indicators (“KPIs”) to evaluate performance results by mine. We believe that this systematic approach leads to awareness, risk mitigation and a pursuit of continuous improvement.
The Company has in the past, and may in the future, enter into derivative contracts to protect the selling price for certain anticipated gold and silver production and to manage risks associated with foreign currencies. For additional information, see “Item 1A – Risk Factors”, “Item 7A.
The Company has in the past, and may in the future, enter into derivative contracts to protect the selling price for certain anticipated gold and silver production and to manage risks associated with foreign currencies.
The costs to comply with these regulatory requirements are substantial and possible future legislation and regulations could cause additional expense, capital expenditures, restrictions and delays in the development and continued operation of our properties, the extent of which cannot be predicted. Expenditures for environmental compliance in 2025 are expected to range from $12.3 million to $13.3 million.
The costs to comply with these regulatory requirements are substantial and possible future legislation and regulations could cause additional expense, capital expenditures, restrictions and delays in the development and continued operation of our properties, the extent of which cannot be predicted.
We provide opportunities for employees to participate in IMPACT training, an intensive one-year training program we created for front-line supervisors throughout our organizational structure to focus on leadership development and mining as a business. Through IMPACT training, we have invested over 22,500 cumulative hours of leadership training and personal development in almost 200 employees.
We provide opportunities for employees to participate in IMPACT training, an intensive 18-month training program we created for front-line supervisors throughout our organization to focus on leadership development and mining as a business. Through IMPACT training, we have invested over 26,250 cumulative hours of leadership training and personal development in almost 270 employees.
Information contained on our website is not a part of this Report. 7 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 our mining business, including anticipated mineral reserve and resource estimates, exploration efforts and expenditures, development and expansion initiatives at Kensington and Silvertip, expectations about timing of deliveries against the Kensington, Rochester and Wharf prepayments, permitting, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, integration of acquisitions, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, environmental compliance expenditures, environmental, social and governance (“ESG”) and human capital management initiatives, risk management strategies, including hedging, capital resources and use, cash flow maximization, mine life and other strategic initiatives.
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 our mining business, including anticipated mineral reserve and resource estimates, exploration efforts and expenditures, development and expansion initiatives, the pending acquisition of New Gold Inc., permitting, estimated production, costs, capital expenditures, expenses, recoveries, metals prices, integration of acquisitions, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, environmental compliance expenditures, sustainability and human capital management initiatives, risk management strategies, including hedging, capital resources and use, cash flow maximization, mine life and other strategic initiatives.
Quantitative and Qualitative Disclosures About Market Risk” and “Note 13 – Derivative Financial Instruments in the notes to the Consolidated Financial Statements”. Metal Processing, Marketing and Sales We produce gold and silver doré, as well as gold concentrate.
For additional information, see “Item 1A – Risk Factors”, “Item 7A – Quantitative and Qualitative Disclosures About Market Risk” and “Note 14 – Derivative Financial Instruments in the notes to the Consolidated Financial Statements”. 4 Metal Processing, Marketing and Sales We produce gold and silver doré, as well as gold concentrate.
We are in the process of amending existing permits at our Palmarejo complex, including a significant operating permit that is set to expire in October 2025, to support future planned activities. If we pursue an expansion at Silvertip, it will require new or amended permits.
However, we are in the process of amending an operating permit at Las Chispas that is set to expire in November 2026, which is expected to support future planned activities. If we pursue an expansion at Silvertip, it will require new or amended permits.
For additional information regarding key regulatory risks, please see “Item 1A - Risk Factors”. Permitting The Rochester, Kensington and Wharf mines are subject to extensive U.S. federal and state permitting laws and regulations.
Future changes in U.S., Mexican or Canadian federal, state or provincial laws or regulations could have a material adverse effect upon us and our results of operations. For additional information regarding key regulatory risks, please see “Item 1A – Risk Factors”. Permitting The Rochester, Kensington and Wharf mines are subject to extensive U.S. federal and state permitting laws and regulations.
We have also created a series of partnership programs in local communities to provide internships, scholarships, and apprenticeships to build a pipeline of potential employees in the next 5 generation.
Our strong culture of teamwork and our reputation as a responsible company and an engaged community member motivate new employee referrals. We have also created a series of partnership programs in local communities to provide internships, scholarships, and apprenticeships to build a pipeline of potential employees in the next generation.
The results of the assessment confirmed our belief that we have an ethical, safe, engaged, and proud workforce and also highlighted areas for improvement that are now being addressed. We intend to conduct another culture assessment in 2025.
The results of the assessment confirmed our belief that we have an ethical, safe, engaged, and proud workforce and also highlighted areas for improvement that are now being addressed. Recruitment We seek to recruit and retain employees at all levels who embody our purpose statement, We Pursue a Higher Standard , through safe and ethical conduct.
In addition, the Company operates the Silvertip underground silver-zinc-lead exploration project located in northern British Columbia, Canada, which was acquired by Coeur in 2017. Metals Prices and Hedging Activities The financial results of the Company and its operating segments are substantially dependent upon the market prices of gold and silver, which fluctuate widely.
Metals Prices and Hedging Activities The financial results of the Company and its operating segments are substantially dependent upon the market prices of gold and silver, which fluctuate widely.
The newly acquired Las Chispas mine has 314 employees and approximately 775 people working as contractors. Culture Assessment We are focused on regular evaluation of our culture. In 2023, we invited all employees to participate in our third culture assessment by completing an anonymous survey. Employee participation in 2023 was 84%, which exceeded industry benchmarks.
In 2025, we invited all employees to participate in our third culture assessment by completing an anonymous survey. Employee participation in 2025 was 92%, which exceeded industry benchmarks. Feedback was reviewed by the management team and our Board of Directors (our “Board”).
We also implemented a Total Worker Health program in 2023, that integrates protection from work-related safety and health hazards with promotion of injury and illness-prevention efforts to advance worker well-being both physically and mentally. 6 RESPONSIBILITY At Coeur, we strive for best-in-class environmental performance while meeting the needs of today and respecting the needs of future generations.
This resource leverages technology and clinical best practices to assist our employees and their families gain fast access to highly effective quality care when needed most. We also implemented a Total Worker Health program in 2023, which integrates protection from work-related safety and health hazards with promotion of injury and illness-prevention efforts to advance worker well-being both physically and mentally.
We aim to be an employer of choice by promoting safety first and proactively developing our people, while fostering a healthy and inclusive culture. At December 31, 2024, we had approximately 2,116 employees (1,176 in the U.S., 71 in Canada and 869 in Mexico) and over 700 people were working as contractors in support of Coeur’s operations.
We aim to be an employer of choice by promoting safety first and proactively developing our people, while fostering a healthy and inclusive culture.
This pledge highlights Coeur’s continuing commitment to fostering an inclusive workforce, evidenced by programs such as Coeur Heroes , which provided over 80 career opportunities to current and former U.S. Military personnel last year. Four of our Board members have indicated that they are diverse, and 12% of our employees are female, up from 10% in 2020.
Inclusion Coeur’s continuing commitment to fostering an inclusive workforce is evidenced by programs such as Coeur Heroes , which provided over 110 career opportunities to current and former U.S. military personnel last year. We partner with a variety of industry groups to reinforce pipeline development and recruiting efforts at key universities.
As a precious metals producer, we have the unique opportunity to supply the raw materials that play a key role in numerous economic priorities, including clean energy and technology. We work to protect our environment through an approach of responsible production and a focus on best practices.
RESPONSIBILITY At Coeur, we strive for best-in-class environmental performance while meeting the needs of today and respecting the needs of future generations. As a precious metals producer, we have the unique opportunity to supply the raw materials that are essential to economic growth and priorities, including in clean energy and technology sectors.
We have reviewed and considered current federal legislation relating to climate change and do not believe the legislation to have a material effect on our operations. Future changes in U.S., Mexican or Canadian federal, state or provincial laws or regulations could have a material adverse effect upon us and our results of operations.
Expenditures for environmental compliance in 2026 are expected to range from $18.1 million to $28.1 million, which includes New Gold assets. We have reviewed and considered current federal legislation relating to climate change and do not believe the legislation to have a material effect on our operations.
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Recruitment We seek to recruit and retain employees at all levels who embody our purpose statement, We Pursue a Higher Standard , through safe and ethical conduct. Our strong culture of teamwork and our reputation as a responsible company and an engaged community member motivates new employee referrals.
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In addition, the Company operates the Silvertip underground silver-zinc-lead exploration project, located in northern British Columbia, Canada, which was acquired by Coeur in 2017. On November 2, 2025, the Company entered into a definitive agreement (the “Arrangement Agreement”) whereby, a wholly-owned subsidiary of Coeur (“Canadian Sub”) would acquire all of the issued and outstanding shares of New Gold Inc.
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We have maintained an average employee age of 40 years old since 2018 by focusing on building our bench strength and increasing our under 40 population to 33% of our workforce. Inclusion Our Chairman, President & CEO, Mitchell Krebs, was the first precious metals mining CEO to sign the CEO ACTION for Diversity & Inclusion pledge.
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(“New Gold”) pursuant to a court-approved plan of arrangement (the “New Gold Transaction”). Under the terms of the Arrangement Agreement, New Gold shareholders were to receive 0.4959 Coeur common shares for each New Gold common share (the “Exchange Ratio”).
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While we continue to work to increase our overall female population, over 60% of our female employees are supervisor or higher-level positions. In the U.S., approximately 23% of our workforce is non-white, up from 18% in 2020.
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The New Gold Transaction is anticipated to close in the first half of 2026, subject to relevant regulatory approvals and routine closing conditions. Coeur’s presence in Canada is expected to grow with the addition of two Canadian operations, the New Afton gold-copper mine and the Rainy River gold-silver mine, as a result of the acquisition.
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Partnerships with organizations like the National Society of Black Engineers (NSBE) and Women in Mining (WiM) at their U.S. university chapters are providing further avenues for recruiting.
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At December 31, 2025, we had approximately 2,620 employees (1,289 in the U.S., 1,235 in Mexico and 96 in Canada) and over 5 2,093 (1,602 in Mexico, 433 in the U.S. and 58 in Canada) people were working as contractors in support of Coeur’s operations. Culture Assessment We are focused on regular evaluation of our culture.
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This resource leverages technology and clinical best practices to assist our employees and their families gain fast access to highly effective quality care when needed most.
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In 2025, our Rochester mine opened our first medical clinic in nearby Lovelock, Nevada, which will offer healthcare services to all Coeur Rochester employees and dependents. This investment in our employees and their families underscores Coeur’s commitment to leaving a positive legacy in the communities we serve and prioritizing the health and wellbeing of our employees and their families.
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Securities and Exchange Commission (“SEC”). These filings are also available at http://www.sec.gov.
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Information contained on our website is not a part of this Report.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

90 edited+36 added−11 removed183 unchanged
Mineral reserve and mineral resource estimates are a function of geological and engineering analyses that require us to make assumptions about production costs, recoveries and the 10 market prices of gold, silver, zinc and lead.
Mineral reserve and mineral resource estimates are a 10 function of geological and engineering analyses that require us to make assumptions about production costs, recoveries and the market prices of gold, silver, zinc and lead.
As an example, the ramp up of the Silvertip exploration property, acquired in late 2017, was slower and less profitable 12 than originally anticipated, due primarily to more significant mill availability and maintenance challenges than were anticipated at the time Silvertip was acquired, as well as deteriorating zinc and lead market conditions.
As an example, the ramp up of the Silvertip exploration property, acquired in late 2017, was slower and less profitable than originally anticipated, due primarily to more significant mill availability and 12 maintenance challenges than were anticipated at the time Silvertip was acquired, as well as deteriorating zinc and lead market conditions.
The commercial viability of a mineral deposit, once developed, depends on a number of factors, including: the particular attributes of the deposit, including size, grade and proximity to infrastructure; 13 government regulations, including taxes, royalties and land tenure; land use; importing and exporting of minerals; environmental protection; mineral prices; and issuance and maintenance of necessary permits.
The commercial viability of a mineral deposit, once developed, depends on a 13 number of factors, including: the particular attributes of the deposit, including size, grade and proximity to infrastructure; government regulations, including taxes, royalties and land tenure; land use; importing and exporting of minerals; environmental protection; mineral prices; and issuance and maintenance of necessary permits.
If a significant portion of our workforce becomes unable 17 to work or travel to our operations due to illness or government restrictions (including travel restrictions and “shelter-in-place” and similar orders restricting certain activities that may be issued or extended by authorities), we may be forced to reduce or suspend operations at one or more of our mines, which could reduce production, limit exploration activities and development projects and impact liquidity and financial results.
If a significant portion of our workforce becomes unable to work or travel to our operations due to illness or government restrictions (including travel restrictions and “shelter-in-place” and similar orders restricting certain activities that may be issued or extended by authorities), we may be forced to reduce or suspend operations at one or more of our mines, which could reduce production, limit exploration activities and development 17 projects and impact liquidity and financial results.
Similar inspections are conducted in British Columbia, Canada, at the Silvertip exploration property by the British Columbia Ministry of Mining and Critical Minerals and in Mexico at the Palmarejo complex and Las Chispas mine by the Mexican Secretaria del Trabajo y Prevision Social (Secretary of Labor and Social Safety).
Similar inspections are conducted at the Silvertip exploration property in British Columbia, Canada by the British Columbia Ministry of Mining and Critical Minerals, in Mexico at the Palmarejo complex and Las Chispas mine by the Mexican Secretaria del Trabajo y Prevision Social (Secretary of Labor and Social Safety).
Because mines have limited lives based on proven and probable mineral reserves, our ability to achieve significant additional growth in revenues and cash flows will depend upon our success in further developing and expanding existing properties and the opportunistic acquisition or development and start-up of exploration projects or new mining properties, such as the acquisition of mining concessions from a subsidiary of Fresnillo plc that are located adjacent to the existing Palmarejo site and the recent acquisition of SilverCrest Metals Inc.
Because mines have limited lives based on proven and probable mineral reserves, our ability to achieve significant additional growth in revenues and cash flows will depend upon our success in further developing and expanding existing properties and the opportunistic acquisition or development and start-up of exploration projects or new mining properties, such as the acquisition of mining concessions from a subsidiary of Fresnillo plc that are located adjacent to the existing Palmarejo site, the acquisition of SilverCrest Metals Inc.
We determined to implement these contracts to provide for a minimum level of revenue from the sales of the covered gold and silver ounces in order to mitigate the risk of not being able to fund all or a portion of the costs of several significant projects at our existing operations, such as the Rochester expansion, as well as provide greater certainty in our planning and budgeting process.
We determined to implement these contracts to provide for a minimum level of revenue from the sales of the covered gold and silver ounces in order to mitigate the risk of not being able to fund all or a portion of the costs of several significant projects at our existing operations, such as the Rochester expansion, as well as provide greater certainty in our planning and budgeting 16 process.
In 2024, the Company also entered into subscription agreements with 23 certain Canadian accredited investors for a private placement offering of an aggregate 7.7 million shares of common stock, par value $0.01 per shares, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada).
In 2024, the Company also entered into subscription agreements with certain Canadian accredited investors for a private placement offering of an aggregate 7.7 million shares of common stock, par value $0.01 per shares, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada).
As a result of the recent SilverCrest Transaction, Coeur’s business has expanded to include the Las Chispas mine in Sonora, Mexico. The commercial viability of the Las Chispas operation is dependent on various elements, including mining and processing costs, deposit characteristics such as size, grade, and infrastructure accessibility, as well as the cyclical nature of metal prices and governmental regulations.
As a result of the SilverCrest Transaction, Coeur’s business has expanded to include the Las Chispas mine in Sonora, Mexico. The commercial viability of the Las Chispas operation is dependent on various elements, including mining and processing costs, deposit characteristics such as size, grade, and infrastructure accessibility, as well as the cyclical nature of metal prices and governmental regulations.
A defect could result in us losing all or a portion of our right, title, estate and interest in and to the properties to which the title defect relates. In Mexico, while mineral rights are administered by the federal government through federally issued mining concessions, federally recognized agrarian communities called ejidos control surface or surface access rights to the land.
A defect could result in us losing all or a portion of our right, title, estate and interest in and to the properties to which the title defect relates. In Mexico, while mineral rights are administered by the federal government through federally issued mining concessions, federally recognized agrarian communities called ejidos control surface or surface access rights to their land.
Moreover, governmental authorities and private parties may bring lawsuits based upon damage to property and injury to persons resulting from the environmental, health and safety impacts of prior and current operations, including operations conducted by other mining companies many years ago on properties that we currently or previously owned.
Moreover, governmental authorities and private parties may bring lawsuits based upon damage to property and injury to persons resulting from the environmental, health and safety impacts of prior and current operations, including operations 20 conducted by other mining companies many years ago on properties that we currently or previously owned.
Changes in fiscal and tax policies, including new tax legislation and reform to existing policy, may have a significant negative impact on the Company’s effective tax rate. Additionally, the jurisdictions in which we operate have and may in the future continue to encounter financial difficulties resulting from one or both of lower tax revenue and new and increased costs.
Changes in fiscal and tax policies, including new tax legislation and reform to existing policy, may have a significant negative impact on the Company’s effective tax rate. 22 Additionally, the jurisdictions in which we operate have and may in the future continue to encounter financial difficulties resulting from one or both of lower tax revenue and new and increased costs.
Private parties such as environmental activists frequently attempt to intervene in the permitting process and to persuade regulators to deny necessary permits or seek to overturn permits that have been issued. Obtaining the necessary governmental permits is a complex and time-consuming process involving numerous jurisdictions and often involving public hearings and costly undertakings.
Private parties such as environmental activists frequently attempt to intervene in the permitting process and to persuade regulators to deny necessary permits or seek to overturn permits that have been issued. Obtaining the necessary governmental permits is a complex and time-consuming process involving numerous jurisdictions and often involving public 21 hearings and costly undertakings.
We have not historically declared cash dividends on our common stock. Holders of our common stock are entitled to receive only such dividends as our Board of Directors may declare out of funds legally available for such payments. We are incorporated in Delaware and governed by the Delaware General Corporation Law.
We have not historically declared cash dividends on our common stock. Holders of our common stock are entitled to receive only such dividends as our Board may declare out of funds legally available for such payments. We are incorporated in Delaware and governed by the Delaware General Corporation Law.
Defective title to any of our exploration or mining claims, concessions or rights could result in litigation, insurance claims and potential losses affecting our business as a whole. There may be challenges to the title of any of 22 the claims, concessions or rights comprising our projects that, if successful, could impair development and operations.
Defective title to any of our exploration or mining claims, concessions or rights could result in litigation, insurance claims and potential losses affecting our business as a whole. There may be challenges to the title of any of the claims, concessions or rights comprising our projects that, if successful, could impair development and operations.
Our ability to pay dividends will be subject to our future earnings, capital requirements and financial condition, as well as our compliance with covenants related to existing or future indebtedness and would only be declared in the discretion of our Board of Directors. RISKS RELATED TO THE RECENT ACQUISITION OF SILVERCREST METALS INC.
Our ability to pay dividends will be subject to our future earnings, capital requirements and financial condition, as well as our compliance with covenants related to existing or future indebtedness and would only be declared in the discretion of our Board of Directors. RISKS RELATED TO THE ACQUISITION OF SILVERCREST METALS INC.
The environmental standards that ultimately may be imposed at a mine site affect the cost of remediation and could exceed the financial accruals that we have made for such remediation. 20 The potential exposure may be significant and could have a material adverse effect on our financial condition and results of operations.
The environmental standards that ultimately may be imposed at a mine site affect the cost of remediation and could exceed the financial accruals that we have made for such remediation. The potential exposure may be significant and could have a material adverse effect on our financial condition and results of operations.
Assessing the recoverability of deferred tax assets requires management to make 18 significant estimates related to expectations of future taxable income, including application of existing tax laws in each jurisdiction, assumptions about future metals prices, the macroeconomic environment and results of our operations.
Assessing the recoverability of deferred tax assets requires management to make significant estimates related to expectations of future taxable income, including application of existing tax laws in each jurisdiction, assumptions about future metals prices, the macroeconomic environment and results of our operations.
Our success depends on developing and maintaining relationships with local communities and other stakeholders. Our ongoing and future success depends on developing and maintaining productive relationships with the communities surrounding our operations, including indigenous peoples who may have rights or may assert rights to certain of our properties, and other stakeholders in our operating locations.
Our ongoing and future success depends on developing and maintaining productive relationships with the communities surrounding our operations, including indigenous peoples who may have rights or may assert rights to certain of our properties, and other stakeholders in our operating locations.
Waste rock in the form of tailings generated as a by-product of processed ore is produced at the Kensington and Palmarejo mines. We place tailings into engineered containments, underground as structural backfill, and as thickened tailing into a former open pit.
Waste rock in the form of tailings generated as a by-product of processed ore is produced at the Kensington and Palmarejo mines. We place tailings into engineered containments, underground as structural backfill, and as thickened tailings into a former open pit.
These contracts could include forward sales or purchase contracts, futures contracts, purchased or sold put and call options and other derivative 16 instruments. We entered into price risk management contracts on certain gold and silver sales in 2021, 2022, 2023 and 2024.
These contracts could include forward sales or purchase contracts, futures contracts, purchased or sold put and call options and other derivative instruments. We entered into price risk management contracts on certain gold and silver sales in 2021, 2022, 2023 and 2024.
Delaware law allows a corporation to pay dividends only out of surplus, as determined under Delaware law or, if there is no surplus, out of net profits for the fiscal year in which the dividend was declared and for the preceding fiscal year.
Delaware law allows a corporation to pay dividends only 23 out of surplus, as determined under Delaware law or, if there is no surplus, out of net profits for the fiscal year in which the dividend was declared and for the preceding fiscal year.
For example, in our recent acquisition of SilverCrest we issued 1.6022 shares of Coeur common stock in exchange for each share of issued and outstanding common stock of SilverCrest, resulting in the issuance of 239,331,799 Coeur common shares.
For example, in our acquisition of SilverCrest we issued 1.6022 shares of Coeur common stock in exchange for each share of issued and outstanding common stock of SilverCrest, resulting in the issuance of 239,331,799 Coeur common shares.
To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize deferred tax assets could be impacted.
To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize deferred tax assets 18 could be impacted.
As an example, as disclosed in Note 17 -- Commitments and Contingencies to the Consolidated Financial Statements, we are currently engaged in efforts to recover amounts unduly paid to the Mexican government that are owed to Coeur associated with a prior royalty agreement covering gold production at Palmarejo, including 14 through international arbitration.
As an example, as disclosed in Note 18 -- Commitments and Contingencies to the Consolidated Financial Statements, we are currently engaged in efforts to recover amounts unduly paid to the Mexican 14 government that are owed to Coeur associated with a prior royalty agreement covering gold production at Palmarejo, including through international arbitration.
Factors such as weather events, permit issues, infrastructure failures, and community-related concerns also pose threats to Las Chispas. While the precise impact of these factors is uncertain, their convergence could render the Las Chispas mine economically unfeasible, potentially leading to closure.
Factors such as weather events, permit issues, infrastructure failures, and community-related concerns also pose threats to Las Chispas. While the precise impact of these factors is uncertain, their convergence may render the Las Chispas mine economically unfeasible, potentially leading to closure.
At Rochester, we completed the POA 11 expansion, which is a significant additional expansion that includes a three-stage crushing facility, a new leach pad, and a new Merrill-Crowe processing facility and related infrastructure to support the extension of Rochester’s mine life.
At Rochester, we completed the POA 11 expansion in 2024, which is a significant additional expansion that includes a three-stage crushing facility, a new leach pad, and a new Merrill-Crowe processing facility and related infrastructure to support the extension of Rochester’s mine life.
This regulatory environment may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks. We may be expected to continue enhancing our ESG practices to meet evolving and inconsistent standards.
This regulatory environment may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks. We may be expected to continue enhancing our sustainability practices to meet evolving and inconsistent standards.
We cannot predict the impact of future acquisitions on the price of our common stock or assure that we will be able to obtain necessary acquisition or development financing on acceptable terms or at all.
We cannot predict the impact of future acquisitions on the price of our common stock or ensure that we will be able to obtain necessary acquisition or development financing on acceptable terms or at all.
In addition to the above, any acquisition would be accompanied by risks, including: • a significant change in macroeconomic conditions, including commodity prices, treatment and refining charges or stock prices after we have committed to complete the transaction and established the purchase price or exchange ratio; • additional debt incurred or issued to fund some or all of acquisition consideration (as was the case with Silvertip and Wharf), resulting in increased interest expense and other borrowing costs; • issuance of equity securities as acquisition consideration (which occurred in the acquisition of the Lincoln Hill and Silvertip projects and the SilverCrest Transaction), resulting in dilution of our existing stockholders; • a material ore body may prove to be below our expectations; • processing facilities may not operate as well as anticipated, and may require significant maintenance, downtime and capital investment, as was the case with the original mill at Silvertip; • difficulties integrating and assimilating the operations and personnel of any acquired companies and supporting expanded operations, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; • difficulties or loss of social license to operate resulting from failure of efforts to establish positive relationships and/or agreements with local communities or local indigenous peoples; and • the acquired business or assets may have significant liabilities, such as environmental liabilities, or significant capital expenditures that we failed to discover or have underestimated.
In addition to the above, any acquisition would be accompanied by risks, including: • a significant change in macroeconomic conditions, including commodity prices, treatment and refining charges or stock prices after we have committed to complete the transaction and established the purchase price or exchange ratio; • additional debt incurred or issued to fund some or all of acquisition consideration, resulting in increased interest expense and other borrowing costs; • issuance of equity securities as acquisition consideration (which occurred in the SilverCrest Transaction and is expected to occur in the New Gold Transaction), resulting in ownership dilution of our existing stockholders; • a material ore body may prove to be below our expectations; • processing facilities may not operate as well as anticipated, and may require significant maintenance, downtime and capital investment, as was the case with the original mill at Silvertip; • difficulties integrating and assimilating the operations and personnel of any acquired companies and supporting expanded operations, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; • difficulties or loss of social license to operate resulting from failure of efforts to establish positive relationships and/or agreements with local communities or local indigenous peoples; and • the acquired business or assets may have significant liabilities, such as environmental liabilities, or significant capital expenditures that we failed to discover or have underestimated.
In addition, Coeur’s financial position with the completion of the SilverCrest Transaction may differ from its financial position before the completion of the SilverCrest Transaction, and the results of Coeur’s operations and cash flows following the completion of the SilverCrest Transaction may be affected by factors different from those affecting its financial position or results of operations and cash flows prior to the SilverCrest Transaction, all of which could adversely affect the market price of Coeur common stock.
In addition, Coeur’s financial position with the completion of the New Gold Transaction may differ from its financial position before the completion of the New Gold Transaction, and the results of Coeur’s operations and cash flows following the completion of the New Gold Transaction may be affected by factors different from those affecting its financial position or results of operations and cash flows prior to the New Gold Transaction, all of which could adversely affect the market price of Coeur common stock.
We believe we have established ourselves as a leader among peers in ESG and continued to advance our ESG initiatives, and have adopted specific, objective goals such as continuing to improve our industry-leading safety record, reducing the net intensity of our GHG emissions across the Company, advancing our commitment to an inclusive culture to attract and retain the workforce we need today and in the future, strengthening community relations and protecting critical habitat.
We believe we have established ourselves as a leader among peers in this area and continued to advance our sustainability initiatives, and have adopted specific, objective goals such as continuing to improve our industry-leading safety record, reducing the net intensity of our GHG emissions across the Company, advancing our commitment to an inclusive culture to attract and retain the workforce we need today and in the future, strengthening community relations and protecting critical habitat.
Additionally, recent economic tensions involving jurisdictions in which we operate or from which we source goods have resulted in proposals to implement or actual implementation of tariffs and other trade barriers that could result in disruptions to supply chains or lead to increased costs to obtain necessary supplies.
Additionally, recent economic tensions involving jurisdictions in which we operate or from which we source goods have resulted in proposed or actual implementation of tariffs and other trade barriers that could result in disruptions to supply chains or lead to increased costs to obtain necessary supplies.
There has been heightened legislative and regulatory focus on data privacy and cybersecurity in the U.S and elsewhere. We may be required to comply with a fast-evolving set of legal requirements in this area, including substantive data privacy and cybersecurity standards.
There has been heightened legislative and regulatory focus on data privacy, cybersecurity and AI usage and compliance in the U.S and elsewhere. We may be required to comply with a fast-evolving set of legal requirements in this area, including substantive data privacy, cybersecurity and AI standards.
However, there are no assurances that our efforts will be sufficient or meet the standards set by ESG analysts or institutional or other investors. Our operations may be disrupted, and our financial results may be adversely affected by an outbreak of infectious disease or pandemic.
However, there are no assurances that our efforts will be sufficient or meet the standards set by third-party analysts or institutional or other investors. Our operations may be disrupted, and our financial results may be adversely affected by an outbreak of infectious disease or pandemic.
In addition, there are numerous legislative and regulatory initiatives related to climate change, reductions in greenhouse gas emissions, or energy policy and adoption of these initiatives through legislative actions or administrative policy could have a material adverse effect on results of operations and cash flows.
In addition, there are numerous legislative and regulatory initiatives related to climate change, reductions in GHG emissions, or energy policy and adoption of these initiatives through legislative actions or administrative policy could have a material adverse effect on results of operations and cash flows.
As disclosed in this Form 10-K, including in Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Company recently completed the SilverCrest Transaction. As described in this Section and below, the SilverCrest Transaction could subject us to significant risks.
As disclosed in this Form 10-K, including in Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Company completed the SilverCrest Transaction in February 2025. As described in this Section and below, the SilverCrest Transaction could subject us to significant risks.
An ejido may sell or lease lands directly to a private entity. While we have agreements or are in the process of negotiating agreements with the ejidos that impact all of our projects in Mexico, some of these agreements may be subject to renegotiation or legal challenges.
An ejido may sell or lease lands directly to a private entity. While we have agreements with the ejidos that impact all of our projects in Mexico, some of these agreements may be subject to renegotiation or legal challenges.
Continuous production and mine development is dependent on our ability to acquire and maintain water rights and claims and to defeat claims adverse to current water uses in legal proceedings. For example, in January 2024, the Supreme Court of Justice of the Nation issued a ruling that invalidated certain non-material surface water rights previously utilized at Palmarejo.
Continuous production and mine development is dependent on our ability to acquire and maintain water rights and claims and to defeat claims adverse to current water uses in legal proceedings. For example, in January 2024, the Mexican Supreme Court issued a ruling that invalidated certain non-material surface water rights previously utilized at Palmarejo.
For example, rating agencies may reevaluate Coeur’s credit ratings following the consummation of the SilverCrest Transaction. Factors that may impact Coeur's credit ratings following consummation of the SilverCrest Transaction include debt levels, planned asset purchases or sales and near-term and long-term production growth, opportunities, liquidity, asset quality, cost structure, product mix and commodity pricing levels.
For example, rating agencies may reevaluate Coeur’s credit ratings following the consummation of the New Gold Transaction. Factors that may impact Coeur's credit ratings with the consummation of the New Gold Transaction include debt levels, planned asset purchases or sales and near-term and long-term production growth, opportunities, liquidity, asset quality, cost structure, product mix and commodity pricing levels.
The Company’s effective tax rate could be volatile and materially change as a result of changes in tax laws, mix of earnings and other factors. We are subject to tax laws in the United States and several foreign jurisdictions.
The Company’s effective tax rate could be volatile and materially change as a result of changes in tax laws, mix of earnings and other factors. We are subject to tax laws in the United States, Mexico, Canada and other foreign jurisdictions.
RISKS RELATED TO OUR COMMON STOCK We have the ability to issue additional equity securities, including in connection with an acquisition of other companies, including the SilverCrest Transaction, which would lead to dilution of our issued and outstanding common stock and may materially and adversely affect the price of our common stock.
RISKS RELATED TO OUR COMMON STOCK We have the ability to issue additional equity securities, including in connection with an acquisition of other companies, including the anticipated New Gold Transaction, which would lead to dilution of our issued and outstanding common stock and may materially and adversely affect the price of our common stock.
Accordingly, the market price and performance of Coeur common stock subsequent to the acquisition is likely to be different from the performance of Coeur common stock prior to the SilverCrest Transaction. Other issuances of Coeur common stock may also adversely affect the price of our common stock.
Accordingly, the market price and performance of Coeur common stock subsequent to the acquisition is likely to be different from the performance of Coeur common stock prior to the New Gold Transaction. Other issuances of Coeur common stock may also adversely affect the price of our common stock.
In response to several recent tailings dam failures at third-party operations that have involved loss of life and resulted in severe property and environmental ecosystem damage, we completed a comprehensive review of our tailings dams and operational practices to characterize our risk profile.
In response to several recent tailings facility failures at third-party operations that have involved loss of life and resulted in severe property and environmental ecosystem damage, we completed a comprehensive review of our tailings facilities and operational practices to characterize our risk profile.
There can be no assurance that the anticipated benefits of past acquisitions, including the SilverCrest Transaction, or any future acquisition, will be realized on the originally anticipated timeline or at all.
There can be no assurance that the anticipated benefits of past acquisitions, including the SilverCrest Transaction and the anticipated New Gold Transaction, or any future acquisition, will be realized on the originally anticipated timeline or at all.
The information technology and operational technology used in our business and operations are subject to disruption, damage or failure from a variety of sources, including, without limitation, computer viruses, security breaches, cyberattacks, natural disasters and defects in design.
The information technology and operational technology used in our business and operations are subject to disruption, damage or failure from a variety of sources, including, without limitation, malicious AI usage or misuse of AI, computer viruses, security breaches, cyberattacks, natural disasters and defects in design.
We concluded that our tailings dams represent a low exposure risk profile for several reasons, including that our tailings dams were constructed using construction methods recognized in the industry as the most stable tailings dam design using high strength and chemically stable rock in construction.
We concluded that our tailings facilities represent a low exposure risk profile for several reasons, including that our tailings facilities were constructed using construction methods recognized in the industry as the most stable tailings facility design using high strength and chemically stable rock in construction.
Our dams are continuously monitored and inspected by internal resources as well as third-party industry qualified experts.
Our facilities are continuously monitored and inspected by internal resources as well as third-party industry qualified experts.
The failure of a tailings dam or tailings storage facility at one of our mine sites could result in severe, and in some cases catastrophic, property and environmental damage and loss of life.
The failure of a tailings facility at one of our mine sites could result in severe, and in some cases catastrophic, property and environmental damage and loss of life.
In the event of nonperformance in connection with a contract, we could be exposed to a loss of value for that contract. We are dependent upon information technology and operational technology, which are subject to cybersecurity incidents, disruption, damage, failure and other risks associated with implementation and integration.
In the event of nonperformance in connection with a contract, we could be exposed to a loss of value for that contract. We are dependent upon information technology and operational technology, including technology that incorporates artificial intelligence (“AI”), which are subject to cybersecurity incidents, disruption, damage, failure and other risks associated with implementation and integration.
The price of our common stock increased by 6% and decreased by 6% during the same periods. The trading volume for shares of our common stock also increased significantly during this period.
The price of our common stock increased by 23% and decreased by 21% during the same periods. The trading volume for shares of our common stock also increased significantly during this period.
See Note 13 — Derivative Financial Instruments & Hedging Activities in the notes to the Consolidated Financial Statements.
See Note 14 — Derivative Financial Instruments & Hedging Activities in the notes to the Consolidated Financial Statements.
RISKS RELATED TO INDEBTEDNESS AND FINANCING Our future operating performance may not generate cash flows sufficient to meet debt payment obligations. As of December 31, 2024, we had approximately $590.1 million of outstanding indebtedness. Our ability to make scheduled debt payments on outstanding indebtedness will depend on future results of operations and cash flows.
RISKS RELATED TO INDEBTEDNESS AND FINANCING Our future operating performance may not generate cash flows sufficient to meet debt payment obligations. As of December 31, 2025, we had approximately $340.5 million of outstanding indebtedness. Our ability to make scheduled debt payments on outstanding indebtedness will depend on future results of operations and cash flows.
ESG factors, including climate-related initiatives such as GHG emissions targets and climate risk management, are a metric used by many institutional investors to review and assess the performance of the Company and a significant factor in their investment decisions.
Environmental sustainability factors, including water stewardship, biodiversity and climate-related initiatives such as GHG emissions targets and climate risk management, are a metric used by many institutional investors to review and assess the performance of the Company and a significant factor in their investment decisions.
At Kensington, we amended our operating permit to allow for an additional 10 years of mine life by providing for expanded tailings and waste rock storage, increased mill throughput, enhanced infrastructure and other benefits (“POA 1”). We are completing a multi-year exploration and underground mine development program to extend the mine life.
At Kensington, we amended our operating permit in 2022 to allow for an additional 10 years of mine life by providing for expanded tailings and waste rock storage, increased mill throughput, enhanced infrastructure and other benefits (“POA 1”). We recently completed a multi-year exploration and underground mine development program to extend Kensington’s mine life.
Additionally, former SilverCrest shareholders who received Coeur common stock in the SilverCrest Transaction may choose to sell or otherwise dispose of such shares, or Coeur’s historic stockholders may decide to reduce their investment in Coeur as a result of the SilverCrest Transaction’s impact to Coeur’s overall investment profile.
Additionally, former SilverCrest shareholders who received Coeur common stock in the SilverCrest Transaction and New Gold shareholders who may receive Coeur common stock in the contemplated New Gold Transaction may choose to sell or otherwise dispose of such shares, or Coeur’s historic stockholders may decide to reduce their investment in Coeur as a result of the SilverCrest and New Gold Transactions’ impact to Coeur’s overall investment profile.
Recently, the Russian invasion of Ukraine and the Israel-Hamas conflict have resulted in losses of life, displacement of people, and political and economic disruptions on a global scale.
Recently, the continued Russian invasion of Ukraine and the conflict in the Middle East have resulted in losses of life, displacement of people, and political and economic disruptions on a global scale.
Any transactions that we contemplate or pursue would involve risks and uncertainties and would be subject to competition from other mining companies. There can be no assurance with respect to the timing, likelihood or business effect of any possible transaction.
We regularly evaluate and engage in discussions or negotiations regarding acquisition opportunities. Any transactions that we contemplate or pursue would involve risks and uncertainties and would be subject to competition from other mining companies. There can be no assurance with respect to the timing, likelihood or business effect of any possible transaction.
As of December 31, 2024, no forward contracts remained outstanding but the Company did acquire 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. These hedges settle monthly through March, 2025.
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 the SilverCrest Transaction. These hedges settled monthly through March 2025. As of December 31, 2025, no forward contracts remained outstanding.
Notwithstanding our ongoing efforts, local communities and stakeholders could become dissatisfied with our activities or the level of benefits provided, which may result in legal or administrative proceedings, civil unrest, protests, direct action or campaigns against us or our operations.
Notwithstanding our ongoing efforts, local communities and stakeholders could become dissatisfied with our activities or the level of benefits provided, which may result in legal or administrative proceedings, civil unrest, protests, direct action or campaigns against us or our operations. Any such occurrences could materially and adversely affect our financial condition, results of operations and cash flows.
The high and low prices for each commodity during the 12 months ended December 31, 2024 are set forth in the following table: Metal High Price for 2024 Date Low Price for 2024 Date Gold (per ounce) $2,778 October 30, 2024 $1,985 February 14, 2024 Silver (per ounce) $34.51 October 23, 2024 $22.09 February 14, 2024 Gold and silver prices are affected by many factors beyond the Company’s control, including U.S. dollar strength or weakness, speculation, global currency values, global and regional demand and production, political and economic conditions and other factors.
The high and low prices for each commodity during the 12 months ended December 31, 2025 are set forth in the following table: Metal High Price for 2025 Date Low Price for 2025 Date Gold (per ounce) $4,449 December 23, 2025 $2,633 January 6, 2025 Silver (per ounce) $74.84 December 30, 2025 $29.41 January 2, 2025 Gold and silver prices are affected by many factors beyond the Company’s control, including U.S. dollar strength or weakness, speculation, global currency values, global and regional demand and production, political and economic conditions and other factors.
Certain of these fees will be incurred after closing of the SilverCrest Transaction, including for the integration of SilverCrest into Coeur. The timing and amount of fees and expenses incurred for the SilverCrest Transaction and post-closing integration of the companies is difficult to predict and may vary significantly from our initial projections.
The timing and amount of fees and expenses to be incurred for the New Gold Transaction and post-closing integration of the companies is difficult to predict and may vary significantly from our initial projections.
Any such occurrences could materially and adversely affect our financial condition, results of operations and cash flows. 15 In addition, the growing use of social media to generate, publish and discuss community news and issues and to connect with others has made it significantly easier, among other things, for individuals and groups to share their opinions of our business and our activities, whether true or not.
In addition, the growing use of social media to generate, publish and discuss community news and issues and to connect with others has made it significantly easier, among other things, for individuals and groups to share their opinions and information about our business and activities, whether true or not.
The combined company may be unable to integrate the businesses of Coeur and SilverCrest successfully or realize the anticipated benefits of the SilverCrest Transaction. The Company completed the SilverCrest Transaction with the expectation that it will result in certain benefits for the combined company.
The combined company may be unable to integrate the businesses of Coeur and New Gold successfully or realize the anticipated benefits of the New Gold Transaction. 25 The Company has entered into the Arrangement Agreement with the expectation that the New Gold Transaction will result in certain benefits for the combined company.
There is no guarantee that we will receive insurance proceeds with respect to a particular event or loss. Insurance fully covering many environmental risks, including potential liability for pollution or other hazards as a result of disposal of waste products occurring from exploration and production, is not generally available.
Insurance fully covering many environmental risks, including potential liability for pollution or other hazards as a result of disposal of waste products occurring from exploration and production, is not generally available.
Unprofitable acquisitions, or additional liabilities, indebtedness or issuances of securities in connection with such acquisitions or any future mine development, may negatively affect our results of operations.
Unprofitable acquisitions, or additional liabilities, indebtedness or issuances of securities in connection with such acquisitions or any future mine development, may negatively affect our results of operations. In connection with dispositions, the Company may provide representations, warranties and indemnities customary for such transactions.
Coeur has incurred and expects to continue incurring costs related to the SilverCrest Transaction, including integration costs. Such fees and expenses include, but are not limited to, financial advisor fees, legal fees, tax and accounting fees, filing and regulatory fees, soliciting fees, and other advisory services fees.
Coeur expects to continue to incur costs related to the New Gold Transaction, as well as additional integration costs if the New Gold Transaction is completed. Such fees and expenses include, but are not limited to, financial advisor fees, legal fees, tax and accounting fees, filing and regulatory fees, soliciting fees, and other advisory services fees.
In the normal course of our business, we are required to obtain and renew governmental permits for exploration, operations and expansion of existing operations and for the development of new projects, such as the permits recently obtained for the Rochester expansion, POA 1 at Kensington and at Palmarejo to allow the deposit of future tailings into the legacy open pit rather than expanding the current tailings impoundment facility.
In the normal course of our business, we are required to obtain and renew governmental permits for exploration, operations and expansion of existing operations and for the development of new projects, such as the permits recently obtained for the Rochester expansion, POA 1 at Kensington and the main operating permit at Palmarejo.
There can be no assurance that any rating currently assigned by Standard & Poor’s Rating Services or Moody’s Investors Service to us or our debt securities will remain unchanged for any given period of time or that a rating will not be lowered if, in that rating agency’s judgment, future circumstances relating to the basis of the rating so warrant.
Any downgrade in the credit ratings assigned to us or our debt securities could increase future borrowing costs, adversely affect the availability of new financing and may result in increased collateral requirements under our existing surety bond portfolio. 19 There can be no assurance that any rating currently assigned by Standard & Poor’s Rating Services or Moody’s Investors Service to us or our debt securities will remain unchanged for any given period of time or that a rating will not be lowered if, in that rating agency’s judgment, future circumstances relating to the basis of the rating so warrant.
These anticipated benefits are dependent, in part, on the successful integration of SilverCrest into Coeur, which is a complex process that includes strategic decisions on, among other factors, business strategy, staffing, and system integration.
These anticipated benefits are dependent, in part, on the successful integration of New Gold into Coeur, which is a complex process that includes strategic decisions on, among other factors, business strategy, staffing, and system integration. Coeur will not have the ability to exercise control over New Gold or its operations until the New Gold Transaction is completed.
We cannot guarantee that we will be able to successfully develop and start-up new mining properties, restart mining and processing activities at the Silvertip exploration property, integrate the operations of the Las Chispas mine or acquire additional mining properties on favorable economic terms or at all. We regularly evaluate and engage in discussions or negotiations regarding acquisition opportunities.
We cannot guarantee that we will be able to successfully develop and start-up new mining properties, restart mining and processing activities at the Silvertip exploration property, integrate the operations of the New Afton and Rainy River mines following the contemplated New Gold Transaction or acquire additional mining properties on favorable economic terms or at all.
Our mining assets are subject to geotechnical and hydrological risks, and a related incident could materially and adversely impact our production, profitability and financial condition, as well as the value of our common stock. Our mining assets are subject to geotechnical and hydrological risks which could impact the structural integrity of our mines, stockpiles, leach pads and tailings storage facilities.
Our mining assets are subject to geotechnical and hydrological risks which could impact the structural integrity of our mines, stockpiles, leach pads and tailings storage facilities.
These occurrences could result in damage to, or destruction of, mineral properties or production facilities, personal injury or death, environmental damage, reduced production and delays in mining, asset write-downs, monetary losses and possible legal liability.
These occurrences could result in damage to, or destruction of, mineral properties or production facilities, personal injury or death, environmental damage, reduced production and delays in mining, asset write-downs, monetary losses and possible legal liability. For example, a fire recently occurred in the Wharf mine crushing facility, which disabled the facility and necessitated the use of temporary crushers pending repairs.
We are subject to litigation and may be subject to additional litigation in the future. We are currently, and may in the future become, subject to other litigation, arbitration (including the current NAFTA arbitration matter involving recovery of amounts unduly paid as VAT in Mexico) or proceedings with other parties.
We are subject to litigation and may be subject to additional litigation in the future. We are currently, and may in the future become, subject to other litigation, arbitration or proceedings with other parties.
Performance may also be adversely impacted if post-closing integration efforts are not able to be achieved in a timely manner or if the efficiencies and benefits contemplated are not able to be realized. Additionally, management focus on integration matters could result in less attention on the Company’s other operations, which could impact the overall performance of the Company.
The combined company’s performance may be adversely impacted if post-closing integration efforts are not able to be achieved in a timely manner or if the efficiencies and benefits contemplated are not able to be realized.
A period of significant and sustained lower prices would materially and adversely affect our results of operations and cash flows.
Additionally, with the upcoming acquisition of New Gold, our results of operations and cash flows will fluctuate as the prices of copper changes. A period of significant and sustained lower prices would materially and adversely affect our results of operations and cash flows.
Our assets and cash flow may be insufficient to repay borrowings fully under all of our outstanding debt instruments if any of our debt instruments are accelerated upon an event of default, which could force the Company into bankruptcy or liquidation. 19 Any downgrade in the credit ratings assigned to us or our debt securities could increase future borrowing costs, adversely affect the availability of new financing and may result in increased collateral requirements under our existing surety bond portfolio.
Our assets and cash flow may be insufficient to repay borrowings fully under all of our outstanding debt instruments if any of our debt instruments are accelerated upon an event of default, which could force the Company into bankruptcy or liquidation.
As a result, it is possible that certain benefits expected from the combination of Coeur and SilverCrest may not be realized. 25 Item 1B. Unresolved Staff Comments None.
As a result, it is possible that certain benefits expected from the combination of Coeur and SilverCrest may not be realized. RISKS RELATED TO THE ANTICIPATED ACQUISITION OF NEW GOLD INC.
In addition, we have acquired mining properties such as the Silvertip exploration property and the recent acquisition of the Las Chispas mine.
In addition, we have acquired mining properties such as the Silvertip exploration property and the Las Chispas mine and expect to add the New Afton and Rainy River mines as part of the New Gold Transaction.
We do not have direct control over how we are perceived by others and any resulting loss of reputation could have a material adverse effect on our business, financial position and results of operations.
We do not have direct control over how we are perceived by others and any resulting loss of reputation could have a material adverse effect on our business, financial position and results of operations. 15 Our mining assets are subject to geotechnical and hydrological risks, and a related incident could materially and adversely impact our production, profitability and financial condition, as well as the value of our common stock.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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The Senior Director has more than 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Critical Controls, Defensible Security Architecture, Security Leadership, Security Operations, and Strategic Planning, Policy and Leadership certifications, as well as a Cybersecurity Management degree from the SANS Technology Institute.
The Vice President has more than 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Critical Controls, Defensible Security Architecture, Security Leadership, Security Operations, and Strategic Planning, Policy and Leadership certifications, as well as a Cybersecurity Management degree from the SANS Technology Institute.
Additional information on cybersecurity risks we face can be found above under “Item 1A - Risk Factors,” which should be read in conjunction with the foregoing information. 26
Additional information on cybersecurity risks we face can be found above under “Item 1A - Risk Factors,” which should be read in conjunction with the foregoing information. 27
A number of IT professionals with experience implementing cybersecurity defenses and responding to cyber attacks report to the Senior Director and, as noted above, the Senior Director also oversees third-party firms specializing in security monitoring and vulnerability assessment.
A number of IT professionals with experience implementing cybersecurity defenses and responding to cyber attacks report to the Vice President and, as noted above, the Vice President also oversees third-party firms specializing in security monitoring and vulnerability assessment.
The Audit Committee is briefed quarterly by our Senior Director on cybersecurity emerging risks, strategies, key initiatives, incidents and training and compliance.
The Audit Committee is briefed quarterly by our Vice President on cybersecurity emerging risks, strategies, key initiatives, incidents and training and compliance.
Our Senior Director leads our internal team responsible for assessing and managing cybersecurity risks.
Our Vice President leads our internal team responsible for assessing and managing cybersecurity risks.
This involves, in part, direct engagement by, and consultation with, our Senior Director of Cybersecurity and IT Infrastructure (“Senior Director”) during ERM and ORM risk assessments, and collaboration between the Senior Director and relevant Operations employees regarding OT cybersecurity.
This involves, in part, direct engagement by, and consultation with, our Vice President, IT & Cybersecurity (“Vice President”) during ERM and ORM risk assessments, and collaboration between the Vice President and relevant Operations employees regarding OT cybersecurity.
The Senior Director reports directly to the General Counsel and regularly engages with and briefs other members of senior and executive management on cybersecurity issues.
The Vice President reports directly to the Senior Vice President, FP&A, Strategy and Performance and regularly engages with and briefs other members of senior and executive management on cybersecurity issues.

Item 2. Properties

Properties — owned and leased real estate

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In addition, there is an advance minimum royalty due the lessors of $5,000 per year unless and until Wharf Resources identifies and publishes a reserve encompassing the leased premises, at which point the advance minimum royalty increases to $25,000 per year. • Wharf is obligated to pay a sliding scale production royalty of 0%-2% on the gross value of all gold in saleable form to Royal Gold, Inc.
In addition, there is an advance minimum royalty due to the lessors of $5,000 per year unless and until Wharf Resources identifies and publishes a reserve encompassing the leased premises, at which point the advance minimum royalty increases to $25,000 per year. • Wharf is obligated to pay a sliding scale production royalty of 0%-2% on the gross value of all gold in saleable form to Royal Gold, Inc.
These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis; and • Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with qualified person involvement at the site and corporate levels.
These technical statements include evaluation of modifying and technical factors, incorporate available reconciliation data, and are based on a cashflow analysis; and • Internal reviews of block models, mineral resources and mineral reserves using a “layered responsibility” approach with qualified person involvement at the site and corporate levels.
These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection, analysis, verification, storage, reporting and use of drillhole, assay, metallurgical and other technical and scientific information, including the following: • Third-party fully certified labs are used for assays used in public disclosure or resource models; • Drill programs include insertion of blank, duplicate, and certified reference materials; • QA/QC program with sufficient results for the analytical programs; • All core and reverse-circulation samples have been cataloged and stored in secure and designated areas on company property; • Data is subject to validation, which includes checks on downhole surveys, collar coordinates, geological data, and assay data; • Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation are downloaded from the database into a project file and reviewed for improbable entries and high values; • Written procedures and guidelines are used to support estimation methods and approaches; • Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons.
These internal controls include quality assurance and quality control (“QA/QC”) programs in the collection, 35 analysis, verification, storage, reporting and use of drillhole, assay, metallurgical and other technical and scientific information, including the following: • Third-party fully certified labs are used for assays used in public disclosure or resource models; • Drill programs include insertion of blank, duplicate, and certified reference materials; • QA/QC program with sufficient results for the analytical programs; • All core and reverse-circulation samples have been cataloged and stored in secure and designated areas on company property; • Data is subject to validation, which includes checks on downhole surveys, collar coordinates, geological data, and assay data; • Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation are downloaded from the database into a project file and reviewed for improbable entries and high values; • Written procedures and guidelines are used to support estimation methods and approaches; • Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons.
Mineral Resource and Mineral Reserve Estimates Coeur has the following internal controls protocols in place for mineral resource and mineral reserve estimation: • Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation are downloaded from the database into a project file and reviewed for improbable entries and high values; • Written procedures and guidelines are used to support estimation methods and approaches; • Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons.
Mineral Resource and Mineral Reserve Estimates Coeur has the following internal controls protocols in place for mineral resource and mineral reserve estimation: • Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation are downloaded from the database into a project file and reviewed for improbable entries and high values; • Written procedures and guidelines are used to support estimation methods and approaches; 36 • Completion of annual technical statements on each mineral resource and mineral reserve estimate by qualified persons.
Changes to database entries are required to be documented; and 33 • Database upload and verification procedures to ensure the accuracy and integrity of the data being entered into the project database(s). These are typically performed using software data-checking routines. Changes to database entries are required to be documented. Data is subject to regular backups.
Changes to database entries are required to be documented; and • Database upload and verification procedures to ensure the accuracy and integrity of the data being entered into the project database(s). These are typically performed using software data-checking routines. Changes to database entries are required to be documented. Data is subject to regular backups.
USA (South Dakota) — Wharf The Wharf mine, operated by our wholly-owned subsidiaries, Wharf Resources (U.S.A.) Inc. (“Wharf”) and Golden Reward Mining Limited Partnership (“Golden Reward”), is located in the northern Black Hills of western South Dakota, approximately four miles southwest of the city of Lead, South Dakota.
USA (South Dakota) — Wharf The Wharf mine, operated by our wholly-owned subsidiaries, Wharf Resources (U.S.A.) Inc. (“Wharf”) and Golden Reward Mining Limited Partnership (“Golden Reward”), is located in the northern Black Hills of western South Dakota, approximately four miles (six kilometers) southwest of the city of Lead, South Dakota.
Key Permit Conditions: The Wharf Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.
Key Permit Conditions: The Rochester Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.
The Las Chispas operation is located approximately 220 km miles northeast of the city of Hermosillo, in the state of Sonora in Northern Mexico at approximately 30.233902°N latitude and 110.163396°W longitude (580,500E, 3,344,500N), within the Arizpe Mining district. All coordinates are in Universal Transverse Mercator (WGS 84), Zone 12.
The Las Chispas operation is located approximately 354 miles (220 kilometers) northeast of the city of Hermosillo, in the state of Sonora in Northern Mexico at approximately 30.233902°N latitude and 110.163396°W longitude (580,500E, 3,344,500N), within the Arizpe Mining district. All coordinates are in Universal Transverse Mercator (WGS 84), Zone 12.
Stage: Production Location: State of Sonora, Northern Mexico Mine Type: Underground Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures Product: Doré Ownership: 100% Land Position: 3,425 net acres 31 Mineral Tenure: 27 wholly-owned mining concessions Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including mineral processing production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, waste generation, and reclamation.
Stage: Production Location: State of Sonora, Northern Mexico Mine Type: Underground Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures Product: Doré Ownership: 100% Land Position: 3,425 net acres (1,386 hectares) 28 Mineral Tenure: 27 wholly-owned mining concessions Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including mineral processing production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, waste generation, and reclamation.
(10) Mineral Resource estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver cut-off grade of 205 g / tonne silver equivalent and an incremental development cut-off grade of 54 g / tonne AgEq; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled; variable production mining costs that range from US$58.06–US$239.51/t, development mining costs of US$27.40/t, process costs of US$45.72/t, site general and administrative costs of US$20.70/t, underground general and administrative costs of US$12.81/t, and sustaining capital costs of US$7.64/t.
(10) Mineral Resource estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver equivalent cut-off grade (AgEq) of 140 g/tonne; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled; variable production mining costs that range from US$58.06–US$239.51/tonne, development mining costs of US$27.40/tonne, process costs of US$45.72/tonne, site general and administrative costs of US$20.70/tonne, underground general and administrative costs of US$12.81/tonne, and sustaining capital costs of US$7.64/tonne.
Other: • A security interest in the Rochester mine has been granted in favor of the lenders under the RCF (as defined below) • Coeur Rochester is obligated to pay a net smelters return of up to 5% to ASARCO, the prior owner, when the average quarterly market price of silver equals or exceeds $30.88 per ounce indexed for inflation, with the condition that the Rochester mine achieves positive cash flow for the applicable year.
Other: • A security interest in the Rochester mine has been granted in favor of the lenders under the RCF (as defined below) • Coeur Rochester is obligated to pay a net smelters return of up to 5% to ASARCO, the prior owner, when the average quarterly market price of silver equals or exceeds $31.68 per ounce indexed for inflation, with the condition that the Rochester mine achieves positive cash flow for the applicable year.
Stage: Production Location: Lead, South Dakota, USA Mine Type: Open Pit Heap Leach Metals/Mineralization: Gold and Silver by-product; a structurally controlled disseminated gold deposit Product: Electrolytic Cathodic Sludge Ownership: 100% 30 Land Position & Mineral Tenure • The Wharf Group is comprised of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.
Stage: Production Location: Lead, South Dakota, USA Mine Type: Open Pit Heap Leach Metals/Mineralization: Gold and Silver by-product; a structurally controlled disseminated gold deposit Product: Electrolytic Cathodic Sludge Ownership: 100% Land Position & Mineral Tenure • The Wharf Group comprises of 362 patented lode claims, 35 government lots, 123 subdivided lots, and 59 federal unpatented lode claims.
The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation. The term “cutoff grade” means the lowest grade of mineralized material considered economic to process.
The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation. The term “cut-off grade” means the lowest grade of mineralized material considered economic to process.
Stage: Production Location: State of Chihuahua, Northern Mexico Mine Type: Underground Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures Product: Doré Ownership: 100% Land Position: 74,119 net acres 27 Mineral Tenure: 96 wholly-owned mining concessions Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, and reclamation.
Stage: Production Location: State of Chihuahua, Northern Mexico Mine Type: Underground Metals/Mineralization: Silver and Gold, classified as epithermal deposits and are hosted in multiple veins, breccias, and fractures Product: Doré Ownership: 100% Land Position: 74,195 net acres (30,026 hectares) Mineral Tenure: 96 wholly-owned mining concessions 29 Key Permit Conditions: Authorizations are in place that regulate typical life of mine functions, including production facilities and utilities, mining operations, tailings and waste rock storage, exploration, surface disturbance, land use, vegetation and change in soil use, air emissions, water use, and reclamation.
Cutoff grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the mineralized material to silver or gold extraction and type of milling or leaching facilities available.
Cut-off grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the mineralized material to silver or gold extraction and type of milling or leaching facilities available.
(2) Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2024, are reported using definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
(2) In-Situ Mineral Resource estimates are reported exclusive of mineral reserves, are current as of December 31, 2025, are reported using definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
In total, the Silvertip mine covers an area of approximately 51,507 hectares (127,276 acres) Other: • Suspended operating activities in February 2020; ongoing exploration and technical work to evaluate and support a potential future operation • Silvertip is obligated to pay a 2.5% net smelter return royalty payable to Triple Flag on all mineral products produced from the Silvertip property, payable quarterly. • Silvertip is party to an agreement with the Kaska Nation which, among other things, provides for annual payments to the Kaska Nation calculated based on the financial performance of the Silvertip property and the average price of silver for the relevant calendar year.
In total, the Silvertip mine covers an area of approximately 309,858 acres (125,395 hectares) Other: • Suspended operating activities in February 2020; ongoing exploration and technical work to evaluate and support a potential future operation • Silvertip is obligated to pay a 2.5% net smelter return royalty payable to Triple Flag on all mineral products produced from the Silvertip property, payable quarterly. • Silvertip is party to an agreement with the Kaska Nation which, among other things, provides for annual payments to the Kaska Nation calculated based on the financial performance of the Silvertip property and the average price of silver for the relevant calendar year.
These interests cover approximately 3,585 net surface acres, 652 net mineral acres where both the Precambrian and younger formations are owned or controlled, 3,243 net mineral acres of non-Precambrian mineral estate, 1,603 net mineral acres of Precambrian mineral estate and 287 net acres of federal unpatented lode claims. • The Golden Reward Group encompasses 218 patented lode claims, 14 government lots, 19 subdivided lots and 34 federal unpatented lode claims.
These interests cover approximately 3,585 net surface acres (1,451 hectares), 652 net mineral acres (264 hectares) where both the Precambrian and younger formations are owned or controlled, 3,243 net mineral acres (1,312 hectares) of non-Precambrian mineral estate, 1,603 net mineral acres (649 hectares) of Precambrian mineral estate and 287 net acres (116 hectares) of federal unpatented lode claims. • The Golden Reward Group encompasses 218 patented lode claims, 14 government lots, 19 subdivided lots and 34 federal unpatented lode claims.
(9) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.
(9) Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
(11) Rounding of short tons, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tons, grades, and contained metal contents.
(11) Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cutoff of US$130/tonne. Mineral Resources are reported insitu using the following assumptions: The estimates use the following key input parameters: lead recovery of 89-90%, zinc recovery of 82-83% and silver recovery of 83-84%.
(8) Underground Mineral Resource estimates are reported using a net smelter return (“NSR”) cut-off of US$130/tonne. Mineral Resources are reported in-situ using the following assumptions: The estimates use the following key input parameters: lead recovery of 89-90%, zinc recovery of 82-83% and silver recovery of 83-84%.
Access to the property is provided by highway leading from the city of Hermosillo in Sonora, Mexico, and 350 km southwest of Tucson, Arizona.
Access to the property is provided by highway leading from the city of Hermosillo in Sonora, Mexico, and 217 miles (350 kilometers) southwest of Tucson, Arizona.
Product: Gold Concentrate Ownership: 100% 29 Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 net acres, consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres, 298 Federal unpatented lode claims covering approximately 3,222 net acres, and 13 State of Alaska mining claims covering approximately 95 net acres. • The Jualin Group, totaling approximately 8,531 net acres, is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres, 452 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,979 net acres, a State of Alaska upland mining lease comprising approximately 682 acres, one State of Alaska mining claim comprising approximately three acres and four State-selected mining claims covering approximately 60 acres. • 14 of the 23 patented lode claims cover private surface estate only.
Product: Gold Concentrate Ownership: 100% Land Position & Mineral Tenure • The Kensington Group, totaling approximately 3,972 net acres (1,607 hectares), consists of 51 patented lode and patented mill site claims comprising approximately 766 net acres (310 hectares), 298 Federal unpatented lode claims covering approximately 3,222 net acres (1,304 hectares), and 13 State of Alaska mining claims covering approximately 95 net acres (38 hectares). • The Jualin Group, totaling approximately 8,531 net acres (3,452 hectares), is comprised of 23 patented lode and patented mill site claims covering approximately 388 net acres (157 hectares), 452 Federal unpatented lode claims and 75 Federal unpatented mill site claims appropriating approximately 7,979 net acres (3,229 hectares), a State of Alaska upland mining lease comprising approximately 682 acres (276 hectares), one State of Alaska mining claim comprising approximately 3 acres (1 hectare) and four State-selected mining claims covering approximately 60 acres (24 hectares). • 14 of the 23 patented lode claims cover private surface estate only.
(9) Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained withed a conceptual measured, indicated and inferred optimized pit shell. Silver price of US$20/oz, gold price of US$1,400/oz.
(9) Open Pit Mineral Resource estimates are reported using an equivalent gold cut-off of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained within a conceptual measured, indicated and inferred optimized pit shell. Silver price of US$22/oz, gold price of US$1,350/oz.
(3) Assumed metal prices for 2024 estimated Mineral Resources were $27.00 per ounce of silver, $2,100 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, unless otherwise noted.
(3) Assumed metal prices for 2025 estimated Mineral Resources were $30.00 per ounce of silver, $2,500 per ounce of gold, $1.30 per pound of zinc, $1.00 per pound of lead, unless otherwise noted.
(7) Mineral Resource estimates are tabulated within a confining pit shell and use the following input parameters: Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cutoff of $3.76/ton 36 oxide and US$3.86/ton sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag = 61.0%; with a net smelter return cutoff of $4.24/ton for oxide; Lincoln Hill oxide recovery Au = 63.9% and Ag = 39.5%; with a net smelter return cutoff of $4.53/ton for oxide, where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
(7) Mineral Resource estimates are tabulated within a confining pit shell and use the following input parameters: Rochester oxide variable recovery Au = 71.2–85.9% and Ag = 59.4% and Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%, with a net smelter return cut-off of $4.12/ton oxide and US$4.22/ton sulfide; Nevada Packard oxide recovery Au = 88.4% and Ag = 59.4%, with a net smelter return cut-off of $4.92/ton for oxide; 39 Lincoln Hill oxide recovery Au = 61-63.9% and Ag = 18.5-39.5%, with a net smelter return cut-off of $5.02/ton for oxide, where the NSR is calculated as net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
(6) Mineral Resource estimates use the following key input parameters: assumption of conventional open pit mining; reported above a gold cut-off grade of 0.008 oz/ton Au; average metallurgical recovery assumption of 78.0% across all rock types; royalty burden of US$140.40/oz Au; pit slope angles that vary from 34–50º; mining costs of $2.56/ton mined, process costs of US$12.02/ton processed (includes general & administrative and sustaining capital costs).
(6) Mineral Resource estimates use the following key input parameters: assumption of conventional open pit mining; reported above a NSR cut-off grade of 13.42$/ton; average metallurgical recovery assumption of 78.0% across all rock types; royalty burden of US$112.00/oz Au; pit slope angles that vary from 34–50º; mining costs of $2.71/ton mined; process costs of US$13.42/ton processed (includes general & administrative and sustaining capital costs).
If cash flow is negative in any calendar year, the maximum royalty payable is $250,000. • Coeur Rochester is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.
If cash flow is negative in any calendar year, the maximum royalty payable is $250,000. • Coeur Rochester is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan. • In 2025, the Rochester mine incurred $11.7 million of royalty expense versus nil in 2024.
(7) Mineral Reserve estimates use the following key input parameters: assumption of conventional open pit mining; reported above a gold cut-off grade of 0.010 oz/ton Au; average metallurgical recovery assumption of 78.0%; royalty burden of US$140.40/oz Au; pit slope angles that vary from 34–50º; mining costs of US$2.56/ton mined, process costs of US$12.02/ton processed (includes general & administrative and sustaining capital costs).
(7) Mineral Reserve estimates use the following key input parameters: assumption of conventional open pit mining; reported above a NSR cut-off grade of $13.42/ton ; average metallurgical recovery assumption of 78.0%; royalty burden of US$112.00/oz Au; pit slope angles that vary from 34–50º; mining costs of US$2.71/ton mined, process costs of US$13.42/ton processed (includes general & administrative and sustaining capital costs).
This royalty encumbers the mineral estate, including the Precambrian Mineral Estate, of much of the lands held by Wharf. • Wharf is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan.
This royalty encumbers the mineral estate, including the Precambrian Mineral Estate, of much of the lands held by Wharf. • Wharf is party to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan. • In 2025, the Wharf mine incurred $14.7 million of royalty expense compared to $10.2 million in 2024.
In November 2018, Coeur Rochester acquired the Lincoln Hill, Gold Ridge and Wilco projects adjacent to Rochester from Alio Gold. The Rochester mine is fully supported with electricity, supplied by a local power company.
All coordinates are in Universal Transverse Mercator (WGS 84), Zone 11T. In November 2018, Coeur Rochester acquired the Lincoln Hill, Gold Ridge and Wilco projects adjacent to Rochester from Alio Gold. The Rochester mine is fully supported with electricity, supplied by a local power company.
(4) Mineral Reserve estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 2.13–2.45 g/t AuEq and an incremental development cut-off grade 1.05 g/t AuEq; metallurgical recovery assumption of 92.0% for gold and 83.0% for silver; mining dilution assumes 0.3–1.5 meter of hanging/foot wall waste dilution; mining loss of 15% was applied; variable mining costs that range from US$57.67–US$74.45/tonne, surface haulage costs of US$4.29/tonne, process costs of US$31.06/tonne, general and administrative costs of US$15.95/tonne, and surface/auxiliary support costs of US$4.42/tonne.
(4) Mineral Reserve estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 1.27–2.19 g/tonne AuEq and an incremental development cut-off grade 0.78 g/tonne AuEq; metallurgical recovery assumption of 95.4% for gold and 87.1% for silver; mining dilution assumes 0.4–1.0 meter of hanging/foot wall waste dilution; mining loss of 15% was applied; variable mining costs that range from US$32.29–$43.08/tonne, surface haulage costs of US$4.40/tonne, process costs of US$30.02/tonne, general and administrative costs of US$14.17/tonne, and surface/auxiliary support costs of US$3.52/tonne.
Mineral resources and mineral reserves are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. See “Item 1A - Risk Factors” for additional information.
Mineral resources and mineral reserves are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. See “Item 1A - Risk Factors” for additional information. Coeur had attributable proven and probable gold reserves of 4.4 million ounces at December 31, 2025.
Lead concentrate grade of 53-54%; zinc concentrate grade of 56-57%; mining costs of US$68.77/tonne; processing costs of US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine. 2023 metal prices were used to determine the mineral resource which were $25.00 per ounce of silver, $1.30 per pound of zinc, $1.00 per pound of lead.
Lead concentrate grade of 53-54%; zinc concentrate grade of 56-57%; mining costs of US$68.77/tonne; processing costs of US$58.20/tonne and US$46.49/tonne, where the NSR ($/tonne) = tonnes x grade x metal prices x metallurgical recoveries – royalties – TCRCs – transport costs over the life of the mine.
(8) Mineral Reserve estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver cut-off grade of 250 g / tonne silver equivalent and an incremental development cut-off grade of 63 g / tonne AgEq; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining dilution assumes 5% for development, 1 meter to 1.5 meters of ELOS (0.5 m – 1.0 m of hanging wall and 0.25 m – 0.5 m of footwall dilution) depending on geotechnical conditions in each stoping location, 0.2 meter ELOS (0.1 m of hanging wall and 0.1 m of footwall dilution) for cut and fill, 0.4 meter ELOS (0.2 m of hanging wall and 0.2 m of footwall dilution), 0.25 m for each exposed backfill floor, and 0.5 m for each exposed backfill wall; mining loss of 2% for development and 5% for stoping was applied, additional losses have been included to account for the required pillars in uphole stopes that cannot be filled; variable production mining costs that range from US$58.06–US$239.51/tonne, development mining costs of US$27.40/tonne, process costs of US$45.72/tonne, site general and administrative costs of US$20.70/tonne, underground general and administrative costs of US$12.81/tonne, and sustaining capital costs of US$7.64/tonne.
(8) Mineral Reserve estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver equivalent (AgEq) cut-off grade of 140 g/tonne and an incremental development cut-off grade of 59 g/tonne AgEq; metallurgical recovery assumption of 97.5% for silver and 98.0% for gold; mining dilution assumes 5% for development, 1 meter to 1.25 meters of ELOS (0.25 m – 0.5 m of hanging wall and 0.5 m – 1.0 m of footwall dilution) depending on geotechnical conditions in each stoping location, 0.2 meter ELOS (0.1 m of hanging wall and 0.1 m of footwall dilution) for cut and fill, 0.25 m for each exposed backfill floor, and 0.5 m for each exposed backfill wall; mining loss of 2% for development and 5% for stoping was applied; variable production mining costs that range from US$65–US$154/tonne, development mining costs of US$39/tonne, process costs of US$42/tonne, site general and administrative costs of US$25/tonne, underground general and administrative costs of US$18/tonne, and sustaining capital costs of US$12/tonne.
The mine is accessed by a horizontal tunnel and utilizes conventional and mechanized underground mining methods. Coordinates for the project centroid are 0494796 E, 652068 N and the Kensington Portal is located at 0494796 E, 6530584 N. All coordinates are in Universal Transverse Mercator (NAD 1983), Zone 8V.
Coordinates for the project centroid are 0494796 E, 652068 N and the Kensington Portal is located at 0494796 E, 6530584 N. All coordinates are in Universal Transverse Mercator (NAD 1983), Zone 8V.
Other: Compania Minera La Llamarada is obligated to pay a 2% royalty on the Nuevo Lupena and Panuco II concessions for material that has processed grades > 0.5 oz/tonnes gold and > 40 oz/tonnes silver, combined. EXPLORATION PROJECTS Canada (British Columbia) — Silvertip The Silvertip silver-zinc-lead exploration property owned by our wholly-owned subsidiary, Coeur Silvertip Ltd.
Other: Compania Minera La Llamarada is obligated to pay a 2% royalty on the Nuevo Lupena and Panuco II concessions for material that has processed grades > 0.5 oz/tonnes gold and > 40 oz/tonnes silver, combined.
OPERATING STATISTICS Palmarejo Rochester 2024 2023 2022 2024 2023 2022 Gold produced (oz.) 108,666 100,605 106,782 39,203 38,775 34,735 Silver produced (oz.) 6,779,659 6,591,590 6,708,689 4,377,847 3,391,530 3,061,924 32 Kensington Wharf 2024 2023 2022 2024 2023 2022 Gold produced (oz.) 95,671 84,789 109,061 98,042 93,502 79,768 MINERAL RESERVES AND MINERAL RESOURCES Internal Controls The Company’s internal controls are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results as well as mineral resource and reserve estimation are reasonable and in line with industry best practices.
Las Chispas Palmarejo 2025 2024 2023 2025 2024 2023 Gold produced (oz.) 54,705 — — 100,768 108,666 100,605 Silver produced (oz.) 5,145,771 — — 6,501,308 6,779,659 6,591,590 Rochester Kensington 2025 2024 2023 2025 2024 2023 Gold produced (oz.) 60,178 39,203 38,775 106,068 95,671 84,789 Silver produced (oz.) 6,131,881 4,377,847 3,391,530 — — — Wharf 2025 2024 2023 Gold produced (oz.) 97,327 98,042 93,502 Silver produced (oz.) 135,722 232,013 267,786 MINERAL RESERVES AND MINERAL RESOURCES Internal Controls The Company’s internal controls are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results as well as mineral resource and reserve estimation are reasonable and in line with industry best practices.
(5) Mineral Resource estimates use the following key input parameters: metal price of $2,300 per ounce gold, assumption of conventional longhole underground mining; reported above a variable gold cut-off grade of 0.115 oz/ton Au; metallurgical recovery assumption of 94.2%; gold payability of 97.5%, mining costs of US$116.09/ton mined; process costs of US$55.14/ton processed; general and administrative costs of US$53.18/ton processed; Sustaining capital US$4.50/ton processed; and concentrate refining and shipping costs of US$97.48/oz sold.
(5) Mineral Resource estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold cut-off grade of 0.108 oz/ton Au; metallurgical recovery assumption of 94.5%; gold payability of 97.5%; mining costs of US$127.32/ton mined; process costs of US$51.48/ton processed; general and administrative costs of US$49.74/ton processed; sustaining capital US$5.79/ton processed; and concentrate refining and shipping costs of US$104.73/oz sold.
(4) Mineral Resource estimates use the following key input parameters: Assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 1.83–2.10 g/t AuEq; metallurgical recovery assumption of 92.0% for gold and 83.0% for silver; variable mining costs that range from US$57.67–US$74.45/tonne, surface haulage costs of US$4.29/tonne, process costs of US$31.06/tonne, general and administrative costs of US$15.95/tonne, and surface/auxiliary support costs of US$4.42/tonne.
(4) Mineral Resource estimates use the following key input parameters: assumption of conventional longhole underground mining; reported above a variable gold equivalent cut-off grade that ranges from 0.93–1.62 g/tonne AuEq; metallurgical recovery assumption of 95.4% for gold and 87.1% for silver; variable mining costs that range from US$32.29–$43.08/tonne; surface haulage costs of US$4.40/tonne; process costs of US$30.02/tonne; general and administrative costs of US$14.17/tonne; and surface/auxiliary support costs of US$3.52/tonne.
The Palmarejo complex is located approximately 260 miles southwest of Chihuahua, in the state of Chihuahua in Northern Mexico. The coordinates for the centroid of the project are 108° 21.8203’ W longitude and 27° 21.5547’ N latitude (760,781 mE, 3,028,984 mN).
The coordinates for the centroid of the project are 108° 21.8203’ W longitude and 27° 21.5547’ N latitude (760,781 mE, 3,028,984 mN).
(5) Mineral Reserve estimates are tabulated within a confining pit design and use the following input parameters: Rochester oxide variable recovery Au = 77.7–85.9% and Ag = 59.4-61.0%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cutoff of $3.76/ton oxide and US$3.86/ton sulfide; Nevada Packard oxide recovery Au = 92.0% and Ag = 61.0%; with a net smelter return cutoff of $4.24/ton for oxide; Lincoln Hill oxide recovery Au = 63.9% and Ag = 39.5%; with a net smelter return cutoff of $4.53/ton for oxide where the NSR is calculated as resource net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine (6) Mineral Reserve estimates use the following key input parameters: assumption of conventional underground mining; gold price of $2,000/oz; reported above a gold cut-off grade of 0.133 oz/ton Au; metallurgical recovery assumption of 94.2%; gold payability of 97.5%; mining dilution of 15-20%; mining loss of 12% was applied; mining costs of US$116.09/ton mined; process costs of US$55.14/ton processed; general and administrative costs of US$53.18/ton processed; sustaining capital US$4.50/ton processed; and concentrate refining and shipping costs of US$97.48/oz sold.
(5) Mineral Reserve estimates are tabulated within a confining pit design and use the following input parameters: Rochester oxide variable recovery Au = 71.2–85.9% and Ag = 59.4%; Rochester sulfide variable recovery Au = 15.2–77.7% and Ag = 0.0–59.4%; with a net smelter return cut-off of $4.12/ton oxide and US$4.22/ton sulfide; Nevada Packard oxide recovery Au = 88.4% and Ag = 59.4%; with a net smelter return cut-off of $4.92/ton for oxide; Lincoln Hill oxide recovery Au = 61-63.9% and Ag = 18.5-39.5%; with a net smelter return cut-off of $5.02/ton for oxide where the NSR is calculated as net smelter return (NSR) = silver grade (oz/ton) * silver recovery (%) * (silver price ($/oz) - refining cost ($/oz)) + gold grade (oz/ton) * gold recovery (%) * (gold price ($/oz) - refining cost ($/oz)); variable pit slope angles that approximately average 48º over the life-of-mine.
Stage: Exploration Location: Northern British Columbia, Canada (10 miles south of the Yukon Territory Border) Mine Type: Underground Metals/Mineralization: Silver, Zinc and Lead; carbonate-hosted massive sulfide deposit Product: Concentrate Ownership: 100% Land Position & Mineral Tenure: • Seventy-Three (73) contiguous mineral claims containing approximately 48,998 hectares (121,076 acres), three mining leases containing approximately 1,828 hectares (4,517 acres), and approximately 681 hectares (1,683 acres) under an option agreement entered into November 2024.
Stage: Exploration Location: Northern British Columbia, Canada, 10 miles (16 kilometers) south of the Yukon Territory border Mine Type: Underground Metals/Mineralization: Silver, Zinc and Lead; carbonate-hosted massive sulfide deposit Product: Concentrate Ownership: 100% 34 Land Position & Mineral Tenure: • One Hundred-Three (103) contiguous mineral claims containing approximately 305,338 acres (123,566 hectares) and three (3) mining leases containing approximately 4,520 acres (1,829 hectares).
Silver and gold, consisting of silver sulfosalt minerals, argentite, silver-bearing tetrahedrite and minor native gold, are contained in zones of multiple quartz veins and veinlets (vein, vein swarms and stockworks) with variable amounts of pyrite Product: Doré Ownership: 100% Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 46,272 net acres • 1,465 owned and 358 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 29,982 net acres of public land; • 23 patented lode claims, consisting of approximately 392 acres; • Interests owned in approximately 9,327.8 gross acres of additional real property; and • Certain rights in and to approximately 6,182 acres, held either through lease, letter agreement or license. 28 Key Permit Conditions: The Rochester Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.
Silver and gold, consisting of silver sulfosalt minerals, argentite, silver-bearing tetrahedrite and minor native gold, are contained in zones of multiple quartz veins and veinlets (vein, vein swarms and stockworks) with variable amounts of pyrite Product: Doré Ownership: 100% 30 Land Position & Mineral Tenure Coeur Rochester lands, including the Lincoln Hill and related assets, consist of approximately 46,721 net acres (18,907 hectares) • 1,481 owned and 358 leased Federal unpatented lode claims and 6 owned federal unpatented placer claims, appropriating approximately 30,222 net acres (12,230 hectares) of public land; • 23 patented lode claims, consisting of approximately 392 acres (159 hectares); • Interests owned in approximately 9,328 gross acres (3,775 hectares) of additional real property; and • Certain rights in and to approximately 6,182 acres (2,502 hectares), held either through lease, letter agreement or license.
USA (Alaska) — Kensington The Kensington underground gold mine and associated milling facilities, operated by our wholly-owned subsidiary, Coeur Alaska, Inc. (“Coeur Alaska”), are located on the east side of the Lynn Canal about 45 miles north-northwest of Juneau, Alaska. The mine consists of the (i) Kensington Main deposit, (ii) Elmira, and (iii) other nearby deposits and exploration targets.
(“Coeur Alaska”), are located on the east side of the Lynn Canal about 45 miles (72 kilometers) north-northwest of Juneau, Alaska. The mine consists of the (i) Kensington Main deposit, (ii) Elmira, and (iii) other nearby deposits and exploration targets. The mine is accessed by a horizontal tunnel and utilizes conventional and mechanized underground mining methods.
Fish and Wildlife Service, National Oceanic and Atmospheric Administration, State of Alaska, as well through other federal, state, and local entities. The environmental effects of the operation were comprehensively evaluated through the National Environmental Policy Act (NEPA) through Environmental Impact Statements.
Fish and Wildlife Service, National Oceanic and Atmospheric Administration, State of Alaska, as well through other federal, state, and local entities. The environmental effects of the operation were comprehensively evaluated through the NEPA through Environmental Impact Statements. Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities.
The centroid location for the Rochester site is 400600 E, 4460300 N and the centroid of Rochester pit is located at 4002045 E, 4460050 N and Nevada Packard open pit is located at 400600 E, 4456675 E. All coordinates are in Universal Transverse Mercator (WGS 84), Zone 11T.
The mine consists of the main Rochester deposit and the adjacent Nevada Packard deposit, southwest of the Rochester mine. The centroid location for the Rochester site is 400600 E, 4460300 N and the centroid of Rochester pit is located at 4002045 E, 4460050 N and Nevada Packard open pit is located at 400600 E, 4456675 E.
(“Coeur Silvertip”), is an underground project located in northern British Columbia, Canada just south of the Yukon border. The project centroid coordinates in UTM (NAD 27) are 6,643,900 N and 425,200 E. The project is accessible via a 25-kilometer mine access road off the Alaska Highway.
EXPLORATION PROJECTS Canada (British Columbia) — Silvertip The Silvertip silver-zinc-lead exploration property owned by our wholly-owned subsidiary, Coeur Silvertip Ltd. (“Coeur Silvertip”), is an underground project located in northern British Columbia, Canada just south of the Yukon border. The project centroid coordinates in UTM (NAD 27) are 6,643,900 N and 425,200 E.
(3) The Mineral Reserve estimates are current as of December 31, 2024, are reported using the definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
(2) Assumed metal prices for 2025 Mineral Reserves were $26.00 per ounce of silver, $2,200 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead. (3) The Mineral Reserve estimates are current as of December 31, 2025, are reported using the definitions in Item 1300 of Regulation S-K and were prepared by the Company’s technical staff.
(“Triple Flag”) a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine 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. • Coeur Alaska is obligated to pay Hyak annually, during the initial term of the mining lease, an advance minimum royalty of $231,000, which amount is adjusted every three years in accordance with changes in the Consumer Price Index as published by the U.S.
Other: • A security interest in the Kensington mine has been granted in favor of the lenders under the RCF. • Pursuant to the Amended and Restated Royalty Deed effective January 1, 2024, Coeur is obligated to pay Maverix a net returns royalty of 1.25% through December 31, 2026, and 1.50% thereafter, until payment is made on two million troy ounces of refined gold or equivalent, based on the monthly average gold price of the London Bullion Market Association. • Coeur Alaska is obligated to pay Hyak Mining Company (“Hyak”) annually, during the initial term of the mining lease, an advance minimum royalty of $231,000, which amount is adjusted every three years in accordance with changes in the Consumer Price Index as published by the U.S.
Department of Commerce for all Urban Consumers, City of Anchorage, Alaska. If production occurs from the leased Hyak premises, a 5% net returns royalty on production as defined by the lease, is due, unless the amount of the net returns royalty is less than the adjusted advance minimum royalty.
If production occurs from the leased Hyak premises, a 5% net returns royalty on production as defined by the lease, is due, unless the amount of the net returns royalty is less than the adjusted advance minimum royalty. • In 2025, the Kensington mine incurred $4.9 million of royalty expense compared to $3.2 million in 2024.
Kensington has completed the planned expansion under POA 1, which increased tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, improved metal prices and ongoing operational efficiencies.
Kensington has completed the planned expansion under POA 1, which increased tailings and waste rock storage capacity to support an expected longer mine life, reflecting positive exploration results, improved metal prices and ongoing operational efficiencies. 31 Stage: Production Location: Juneau, Alaska (Southeast Alaska, USA) Mine Type: Underground Metals/Mineralization: Gold; gold-bearing mesothermal, quartz, carbonate and pyrite vein swarms and discrete quartz-pyrite veins hosted in Cretaceous-aged Jualin diorite.
(“Coeur Rochester”), is an open pit silver and gold mine located in Pershing County, Nevada, approximately 13 miles northeast of the city of Lovelock. The mine consists of the main Rochester deposit and the adjacent Nevada Packard deposit, southwest of the Rochester mine.
USA (Nevada) — Rochester The Rochester mine and associated heap leach facilities, operated by our wholly-owned subsidiary, Coeur Rochester, Inc. (“Coeur Rochester”), is an open pit silver and gold mine located in Pershing County, Nevada, approximately 13 miles (21 kilometers) northeast of the city of Lovelock.
Mexico — Palmarejo The Palmarejo complex, operated by our wholly-owned subsidiary, Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), consists of: (1) the Palmarejo processing facility; (2) the Guadalupe underground mine; (3) the Independencia underground mine; (4) the La Nación underground mine; and (5) other nearby deposits and exploration targets.
(“Coeur Mexicana”), consists of: (1) the Palmarejo processing facility; (2) the Guadalupe underground mine; (3) the Independencia underground mine; (4) the La Nación underground mine; and (5) other nearby deposits and exploration targets. The Palmarejo complex is located approximately 260 miles (418 kilometers) southwest of Chihuahua, in the state of Chihuahua in Northern Mexico.
Stage: Production Location: Juneau, Alaska (Southeast Alaska, USA) Mine Type: Underground Metals/Mineralization: Gold; gold-bearing mesothermal, quartz, carbonate and pyrite vein swarms and discrete quartz-pyrite veins hosted in Cretaceous-aged Jualin diorite. Most of the gold is contained in calaverite (AuTe2) that occurs in association with native gold as inclusions in and interstitial to pyrite grains and in microfractures in pyrite.
Most of the gold is contained in calaverite (AuTe2) that occurs in association with native gold as inclusions in and interstitial to pyrite grains and in microfractures in pyrite.
Coeur Mexicana is subject to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan. USA (Nevada) — Rochester The Rochester mine and associated heap leach facilities, operated by our wholly-owned subsidiary, Coeur Rochester, Inc.
Coeur Mexicana is subject to other royalty agreements for which there are no mineral resources or mineral reserves associated with them in the current life-of-mine plan. As of December 31, 2025 and 2024, Palmarejo reported 928,000 and 681,000 ounces of gold reserves, respectively, and 64.3 million and 46.0 million ounces of silver reserves, respectively.
The Golden Reward Group is comprised of approximately 1,564 net acres of surface estate, 2,988 net mineral acres of mineral estate where both the Precambrian and younger formations are owned or controlled, 357 net mineral acres of Non-Precambrian mineral estate, 153 net mineral acres of Precambrian mineral estate and 25 net acres of federal unpatented lode claims.
The Golden Reward Group is comprised of approximately 1,564 net acres (633 hectares) of surface estate, 2,988 net mineral acres (1,209 hectares) of mineral estate where both the Precambrian and younger formations are owned or controlled, 357 net mineral acres (144 hectares) of Non-Precambrian mineral estate, 153 net mineral acres (62 hectares) of Precambrian mineral estate and 25 net acres (10 hectares) of federal unpatented lode claims. 33 Key Permit Conditions: The Wharf Mine has in place and operates subject to all necessary environmental permits and licenses from the appropriate local, state, and federal agencies for typical life of mine functions involving exploration, the open pit mines, heap leach pads, processing infrastructure, and all necessary support facilities.
OTHER PROPERTIES The Company has leased or owned real property for office space.
The year-over-year decrease of approximately 29% in silver inferred resources, a decrease of approximately 33% in lead inferred resources, and a decrease of approximately 43% in zinc inferred resources were each due to technical revisions. OTHER PROPERTIES The Company has leased or owned real property for office space.
Removed
A permit to operate back-up generators during grid power interruptions was recently administratively revoked; however, we are appealing the revocation and also applying for a new permit. We have been granted the right to continue operating the back-up generators during the course of the appeal.
Added
As of December 31, 2025 and 2024, Las Chispas reported 296,000 and 357,000 ounces of gold reserves, respectively, and 28.3 million and 33.5 million ounces of silver reserves, respectively. The year-over-year decreases of approximately 17% in gold reserves and approximately 16% in silver reserves were the result of resource additions exceeded by depletion.
Removed
Monitoring programs are in place, and there is an approved reclamation and closure plan that reflects current mining, mitigation, and site facilities. Other: • A security interest in the Kensington mine has been granted in favor of the lenders under the RCF. • Coeur Alaska is obligated to pay a subsidiary of Triple Flag Precious Metals Corp.
Added
As of December 31, 2025 and 2024, Las Chispas reported 67,000 and 156,000 ounces of measured and indicated gold resources, respectively, and 6.4 million and 14.4 million ounces of measured and indicated silver resources, respectively.
Removed
MINERAL RESERVES Summary Gold Mineral Reserves at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(9) Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo (4) 100% 3,473 0.059 205 8,373 0.057 475 11,845 0.057 681 Las Chispas (8) 100% 787 0.150 118 2,700 0.088 239 3,486 0.102 357 United States Rochester (5) 100% 468,432 0.002 1,116 59,123 0.003 182 527,555 0.002 1,298 Kensington (6) 100% 1,340 0.186 249 1,427 0.177 252 2,768 0.181 501 Wharf (7) 100% 6,563 0.030 199 22,993 0.024 558 29,556 0.026 757 Total Gold 480,595 0.004 1,887 94,615 0.018 1,706 575,211 0.006 3,593 Summary Silver Mineral Reserves at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(9) Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo (4) 100% 3,473 3.94 13,667 8,373 3.86 32,307 11,845 3.88 45,974 Las Chispas (8) 100% 787 16.00 12,586 2,700 7.75 20,931 3,486 9.61 33,516 United States Rochester (5) 100% 468,432 0.37 172,408 59,123 0.32 18,632 527,555 0.36 191,040 Total Silver 472,691 0.42 198,660 70,195 1.02 71,870 542,887 0.50 270,530 34 (1) Certain definitions: The term “reserve” means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination.
Added
The year-over-year decreases of approximately 57% in gold measured and indicated resources and 56% in silver measured and indicated resources were each primarily driven by technical revisions. As of December 31, 2025 and 2024, Las Chispas reported 135,000 and 144,000 ounces of inferred gold ounces, respectively, and 11.8 million and 10.1 million ounces of silver inferred ounces, respectively.
Removed
(2) Assumed metal prices for 2024 Mineral Reserves were $23.50 per ounce of silver, $1,800 per ounce of gold, $1.15 per pound of zinc, $0.95 per pound of lead, except for Kensington at $2,000 per ounce of gold.
Added
The year-over-year decreases of approximately 6% in gold inferred ounces and year-over-year increase of 16% in silver inferred ounces were primarily due to exploration growth and technical revisions. Mexico — Palmarejo The Palmarejo complex, operated by our wholly-owned subsidiary, Coeur Mexicana, S.A. de C.V.
Removed
MINERAL RESOURCES Summary Gold Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo Mine, Mexico (4) 100% 6,996 0.068 474 15,368 0.062 949 22,363 0.064 1,423 6,577 0.098 643 Las Chispas Mine, Mexico (10) 100% 116 0.305 35 1,094 0.110 120 1,211 0.129 156 1,276 0.113 144 United States Rochester Mine, USA (7) 100% 82,371 0.002 144 40,402 0.003 116 122,773 0.002 260 116,521 0.002 258 Kensington Mine, USA (5) 100% 2,150 0.254 546 1,450 0.235 340 3,600 0.246 886 993 0.229 228 Wharf Mine, USA (6) 100% 10,180 0.017 175 49,155 0.017 845 59,335 0.017 1,019 26,735 0.018 470 Wilco Project, USA (9) 100% — — — — — — — — — 25,736 0.021 531 Total Gold 101,813 0.013 1,374 107,469 0.022 2,370 209,282 0.018 3,744 177,839 0.013 2,273 35 Summary Silver Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Tons (000s) Grade (oz./ton) Ounces (000s) Mexico Palmarejo Mine, Mexico (4) 100% 6,996 4.59 32,138 15,368 3.76 57,777 22,363 4.02 89,915 6,577 5.28 34,748 Las Chispas Mine, Mexico (10) 100% 116 31.15 3,623 1,094 9.87 10,798 1,211 11.91 14,421 1,276 7.90 10,088 United States Rochester Mine, USA (7) 100% 82,371 0.28 23,383 40,402 0.34 13,541 122,773 0.30 36,924 116,521 0.36 41,838 Wilco Project, USA (9) 100% — — — — — — — — — 25,736 0.13 3,346 Canada Silvertip Mine, Canada (8) 100% 734 10.56 7,749 6,418 7.78 49,919 7,152 8.06 57,668 2,345 6.86 16,084 Total Silver 90,217 0.74 66,894 63,282 2.09 132,035 153,499 1.30 198,929 152,456 0.70 106,104 Summary Zinc Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Canada Silvertip Mine, Canada (8) 100% 734 9.9 % 145,703 6,418 10.7 % 1,371,074 7,152 10.6 % 1,516,777 2,345 10.3 % 481,791 Summary Lead Mineral Resources at End of the Fiscal Year Ended December 31, 2024 (1)(2)(3)(11) Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources Coeur Ownership Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Tons (000s) Grade (%) Pounds (000s) Canada Silvertip Mine, Canada (8) 100% 734 7.9 % 115,648 6,418 5.1 % 653,008 7,152 5.4 % 768,656 2,345 4.3 % 199,815 (1) Certain definitions: The term “resource” means that it is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quantity that there are reasonable prospects for economic extraction.
Added
The year-over-year increases of approximately 36% in gold reserves and approximately 40% in silver reserves were both primarily due to increased metal prices, decreased operating costs, successful conversion drilling, and technical revisions.
Removed
The technical and economic parameters are those that were used in the 2018 Resource Estimation. Based on the QPs review of the estimate, there would be no material change to the mineral resources if a gold price of US$1,700/oz, a silver price of US$22/oz or economic parameters were updated.
Added
As of December 31, 2025 and 2024, Palmarejo reported 1,028,000 and 1,423,000 ounces of measured and indicated gold resources, respectively, and 56.5 million and 89.9 million ounces of measured and indicated silver resources, respectively.
Removed
Therefore the 2018 Mineral Resource report is considered current and is presented unchanged.
Added
The year-over-year decreases of approximately 28% in gold measured and indicated resources and 37% in silver measured and indicated resources were each driven by resource conversion to reserves and technical revisions.
Added
As of December 31, 2025 and 2024, Palmarejo reported 1,265,000 and 643,000 ounces of inferred gold ounces, respectively, and 60.3 million and 34.7 million ounces of silver inferred ounces, respectively. The year-over-year increases of approximately 97% in gold inferred ounces and 74% in silver inferred ounces were primarily due to success from the Company’s exploration investments.
Added
As of December 31, 2025 and 2024, Rochester reported 1,332,000 and 1,298,000 ounces of gold reserves, respectively, and 181.8 million and 191.0 million silver reserves, respectively.
Added
The year-over-year increase of approximately 3% in gold reserves and decrease of approximately 5% in silver reserves were the result of exploration additions and metal price increases which partly offset losses due to operating costs increases.
Added
As of December 31, 2025 and 2024, Rochester reported 353,000 and 260,000 ounces of measured and indicated gold resources, respectively, and 51.5 million and 36.9 million ounces of measured and indicated silver resources, respectively.
Added
The year-over-year increases of approximately 36% in gold measured and indicated resources and approximately 39% in silver measured and indicated resources were driven by exploration additions and technical revisions. As of December 31, 2025 and 2024, Rochester reported 323,000 and 258,000 ounces of inferred gold resources, respectively, and 54.9 million and 41.8 million ounces of silver inferred ounces, respectively.
Added
The year-over-year increases of approximately 25% in gold inferred ounces and 31% in silver inferred ounces were driven by exploration additions and technical revisions. USA (Alaska) — Kensington The Kensington underground gold mine and associated milling facilities, operated by our wholly-owned subsidiary, Coeur Alaska, Inc.
Added
Department of Commerce for all Urban Consumers, City of Anchorage, Alaska.
Added
As of December 31, 2025 and 2024, Kensington reported 546,000 and 501,000 ounces of gold reserves, respectively. 32 The year-over-year increase of approximately 9% was primarily due to additions through successful resource conversion drilling.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

2 edited+1 added−3 removed1 unchanged
The issuance of the Shares was pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act of 1933, as amended. 38 STOCK PERFORMANCE CHART COMPARISON OF CUMULATIVE TOTAL RETURN AMONG COEUR MINING, S&P 500 INDEX AND PEER GROUP INDEX The following performance graph compares the performance of the Company’s common stock during the period beginning December 31, 2019 and ending December 31, 2024 to (i) S&P 500, and (ii) the Arca Gold Miners Index (the “TSR Peer Group”), which the Company began using as its peer group index solely for purposes of the relative total stockholder return (“TSR”) calculation under the Company’s equity compensation program beginning in 2023.
On February 16, 2026, there were 642,097,555 outstanding shares of the Company’s common stock which were held by approximately 981 stockholders of record. 41 STOCK PERFORMANCE CHART COMPARISON OF CUMULATIVE TOTAL RETURN AMONG COEUR MINING, S&P 500 INDEX AND PEER GROUP INDEX The following performance graph compares the performance of the Company’s common stock during the period beginning December 31, 2020 and ending December 31, 2025 to (i) S&P 500, and (ii) the Arca Gold Miners Index (the “TSR Peer Group”), which the Company began using as its peer group index solely for purposes of the relative total stockholder return (“TSR”) calculation under the Company’s equity compensation program beginning in 2023.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s common stock is traded on the New York Stock Exchange under the ticker symbol CDE. On February 17, 2025, there were 638,557,875 outstanding shares of the Company’s common stock which were held by approximately 1,012 stockholders of record.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s common stock is traded on the New York Stock Exchange under the ticker symbol CDE. The Company recently applied for listing on the Toronto Stock Exchange (“TSX”). Approval of the listing remains subject to the TSX’s final review and acceptance.
Removed
On February 14, the Company completed the closing of the Transaction to acquire SilverCrest. Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares. In connection with the Transaction, Coeur increased the authorized common shares for issuance to 900,000,000 common shares.
Added
Dec. 2020 Dec. 2021 Dec. 2022 Dec. 2023 Dec. 2024 Dec. 2025 Coeur Mining 100.00 48.70 32.46 31.50 55.27 172.27 S&P 500 Index 100.00 128.71 105.40 133.10 166.40 196.16 TSR Peer Group 100.00 89.13 79.98 87.02 94.98 242.55 42
Removed
Pursuant to a privately negotiated agreement dated March 14, 2024, Coeur exchanged $5.867 million aggregate principal amount of its 5.125% Senior Notes due 2029 for 1,771,651 shares of its common stock, par value $0.01 per share (the “Shares”).
Removed
Dec. 2019 Dec. 2020 Dec. 2021 Dec. 2022 Dec. 2023 Dec. 2024 Coeur Mining 100.0 128.09 62.38 41.58 40.35 70.79 S&P 500 Index 100.0 118.40 152.39 124.79 157.59 197.02 TSR Peer Group 100.0 122.50 109.18 97.97 106.60 116.35 39

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

89 edited+69 added−46 removed98 unchanged
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.
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.
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.
Silvertip Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Exploration expense totaled $27.3 million in 2024 as the Company continued to focus on expanding the mineral resources at Silvertip, which were supported by 461 meters of underground mine development. Ongoing carrying costs at Silvertip totaled $8.5 million in 2024 compared to $15.6 million in 2023.
Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Exploration expense totaled $27.3 million in 2024 as the Company continued to focus on expanding the mineral resources at Silvertip, which were supported by 461 meters of underground mine development. Ongoing carrying costs at Silvertip totaled $8.5 million in 2024 compared to $15.6 million in 2023.
Cash Used in Investing Activities Net cash used in investing activities in the year ended December 31, 2024 was $193.5 million compared to $303.7 million in the year ended December 31, 2023. Cash used in investing activities decreased due to lower spending on capital expenditures at Rochester.
Net cash used in investing activities in the year ended December 31, 2024 was $193.5 million compared to $303.7 million in the year ended December 31, 2023. Cash used in investing activities decreased due to lower spending on capital expenditures at Rochester.
Cash Provided by Financing Activities Net cash provided by financing activities in the year ended December 31, 2024 was $13.9 million compared to $236.1 million in the year ended December 31, 2023.
Net cash provided by financing activities in the year ended December 31, 2024 was $13.9 million compared to $236.1 million in the year ended December 31, 2023.
The following table summarizes pre-development, reclamation, and other expenses: Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2024 2023 Silvertip ongoing carrying costs 8,513 15,616 (7,103) (45) % Loss on sale of assets 4,250 12,879 (8,629) (67) % Asset retirement accretion 16,778 16,405 373 2 % Kensington royalty litigation settlement 7,156 — 7,156 100 % Transaction costs 8,517 — 8,517 100 % Other 6,059 9,736 (3,677) (38) % Pre-development, reclamation and other expense $ 51,273 $ 54,636 $ (3,363) (6) % Other Income and Expenses During the year ended December 31, 2024, the Company incurred a $0.4 million gain in connection with the exchange of $5.9 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 1.8 million shares of common stock compared to $3.4 million incurred in connection with the exchange of $76.0 million in aggregate principal amount plus accrued interest for 25.2 million shares of common stock during the year ended December 31, 2023.
The following table summarizes pre-development, reclamation, and other expenses: Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2024 2023 Silvertip ongoing carrying costs $ 8,513 $ 15,616 $ (7,103) (45) % (Gain) Loss on sale of assets 4,250 12,879 (8,629) (67) % Asset retirement accretion 16,778 16,405 373 2 % Kensington royalty settlement 7,156 — 7,156 100 % Transaction costs 8,517 — 8,517 100 % Other 6,059 9,736 (3,677) (38) % Pre-development, reclamation and other expense $ 51,273 $ 54,636 $ (3,363) (6) % Other Income and Expenses During the year ended December 31, 2024, the Company incurred a $0.4 million gain in connection with the exchange of $5.9 million in aggregate principal amount plus accrued interest of 2029 Senior Notes for 1.8 million shares of common stock compared to $3.4 million incurred in connection with the exchange of $76.0 million in aggregate principal amount plus accrued interest for 25.2 million shares of common stock during the year ended December 31, 2023.
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”. 43 Net Income (Loss) Net income was $58.9 million, or $0.15 per diluted share, compared to a net loss of $103.6 million, or $0.30 per diluted share.
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”. Net Income (Loss) Net income was $58.9 million, or $0.15 per diluted share, compared to a net loss of $103.6 million, or $0.30 per diluted share.
For a discussion of estimates and assumptions used by management that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the reported amounts of revenue and expenses during the reporting period, and mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.
For a discussion of estimates and assumptions used by management that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the reported amounts of revenue 58 and expenses during the reporting period, and mined reserves, see Note 2 -- Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.
These 54 estimates involve assumptions regarding future silver and gold prices, mine geology, mining methods and the related costs to develop and mine the reserves. Changes in these assumptions could result in material adjustments to the Company’s reserve estimates. The Company uses reserve estimates in determining the units-of-production amortization and evaluating mine assets for potential impairment.
These estimates involve assumptions regarding future silver and gold prices, mine geology, mining methods and the related costs to develop and mine the reserves. Changes in these assumptions could result in material adjustments to the Company’s reserve estimates. The Company uses reserve estimates in determining the units-of-production amortization and evaluating mine assets for potential impairment.
Management’s determination of the components of Adjusted net income (loss ) 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.
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.
Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Gold and silver production increased 1% and 29%, respectively, driven by the increased production from the new leach pad. Metal sales were $215.8 million, or 20% of Coeur’s metal sales, compared with $156.0 million, or 19% of Coeur’s metal sales.
Year Ended December 31, 2024 compared to Year Ended December 31, 2023 53 Gold and silver production increased 1% and 29%, respectively, driven by the increased production from the new leach pad. Metal sales were $215.8 million, or 20% of Coeur’s metal sales, compared with $156.0 million, or 19% of Coeur’s metal sales.
The Company believes the use of Adjusted net income (loss) 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.
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.
Costs applicable to sales per gold and silver ounce decreased 21% and 23%, respectively, as a result of the increase in tons placed on the new leach pad, lower maintenance costs and LCM adjustments, and the favorable impact of an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024, partially offset by higher labor, electrical and outside service costs.
Costs applicable to sales per gold and silver ounce decreased 21% and 23%, respectively, as a result of the increase in tonnes placed on the new leach pad, lower maintenance costs and LCM adjustments, and the favorable impact of an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024, partially offset by higher labor, electrical and outside service costs.
These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. 57 Adjusted Net Income (Loss) Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations.
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.
Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 13 -- Derivative Financial Instruments and Hedging Activities for additional information. 56 Income and Mining Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740.
Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 14 -- Derivative Financial Instruments and Hedging Activities for additional information. Income and Mining Taxes The Company accounts for income taxes in accordance with the guidance of ASC 740.
The increase in gold ounces sold was due to higher gold production at all sites, specifically higher grade and recovery rates at Palmarejo, the successful completion of the Rochester expansion, higher mill throughput and grade at Kensington, and higher tons and grade at Wharf.
The increase in gold ounces sold was due to higher gold production at all sites, specifically higher grade and recovery rates at Palmarejo, the successful completion of the Rochester expansion, higher mill throughput and grade at Kensington, and higher tonnes and grade at Wharf.
The following table summarizes consolidated metal sales: Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2024 2023 Gold sales $ 734,861 $ 575,677 $ 159,184 28 % Silver sales 319,145 245,529 73,616 30 % Metal sales $ 1,054,006 $ 821,206 $ 232,800 28 % 41 Costs Applicable to Sales Costs applicable to sales decreased $26.7 million, or 4%, primarily due to higher recoverable ounces placed on the leach pad at Wharf, an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024 at Rochester, lower net realizable value (“LCM”) adjustments at Rochester, and the favorable impact of exchange rates at Palmarejo, partially offset by higher gold and silver ounces sold at all sites.
Gold and silver represented 70% and 30%, respectively, of both 2024 and 2023 sales revenue. 47 The following table summarizes consolidated metal sales: Year Ended December 31, Increase (Decrease) Percentage Change In thousands 2024 2023 Gold sales $ 734,861 $ 575,677 $ 159,184 28 % Silver sales 319,145 245,529 73,616 30 % Metal sales $ 1,054,006 $ 821,206 $ 232,800 28 % Costs Applicable to Sales Costs applicable to sales decreased $26.7 million, or 4%, primarily due to higher recoverable ounces placed on the leach pad at Wharf, an increase in estimated recoverable ounces on the legacy leach pad in the first quarter of 2024 at Rochester, lower net realizable value (“LCM”) adjustments at Rochester, and the favorable impact of exchange rates at Palmarejo, partially offset by higher gold and silver ounces sold at all sites.
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 year ended December 31, 2024 was $174.2 million, compared to $67.3 million for the year ended December 31, 2023.
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 year ended December 31, 2025 was $886.9 million, compared to $174.2 million for the year ended December 31, 2024.
GAAP) $ 230,018 $ 197,663 $ 178,564 $ 121,351 $ 4,018 $ 731,614 Amortization (35,709) (26,392) (25,905) (6,694) (4,018) (98,718) Costs applicable to sales $ 194,309 $ 171,271 $ 152,659 $ 114,657 $ — $ 632,896 Metal Sales Gold ounces 99,043 38,449 84,671 93,348 315,511 Silver ounces 6,534,469 3,339,780 266,156 — 10,140,405 Costs applicable to sales Gold ($/oz) $ 961 $ 2,138 $ 1,797 $ 1,159 $ 1,388 Silver ($/oz) $ 15.17 $ 26.67 $ — $ 19.06 Year Ended December 31, 2022 In thousands (except metal sales and per ounce amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S.
GAAP) $ 230,018 $ 197,663 $ 178,564 $ 121,351 $ 4,018 $ 731,614 Amortization (35,709) (26,392) (25,905) (6,694) (4,018) (98,718) Costs applicable to sales $ 194,309 $ 171,271 $ 152,659 $ 114,657 $ — $ 632,896 Metal Sales Gold ounces 99,043 38,449 84,671 93,348 315,511 Silver ounces 6,534,469 3,339,780 266,156 — 10,140,405 Costs applicable to sales Gold ($/oz) $ 961 $ 2,138 $ 1,797 $ 1,159 $ 1,388 Silver ($/oz) $ 15.17 $ 26.67 $ — $ 19.06 65 Reconciliation of Costs Applicable to Sales for 2026 Guidance In thousands (except metal sales and per ounce amounts) Las Chispas Palmarejo Rochester Kensington Wharf Costs applicable to sales, including amortization (U.S.
Refer to Note 10 -- Income and Mining Taxes for further discussion on our assertion. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions.
See Note 11 -- Income and Mining Taxes for further discussion on our assertion. The Company’s operations may involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions.
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.
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.
Our current leverage ratio is 1.6 times Adjusted EBITDA as of December 31, 2024. 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.
Our current net leverage ratio is (0.2) times Adjusted EBITDA as of December 31, 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.
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. 2024 Highlights For the full year 2024, Coeur reported revenue of $1.1 billion and cash provided by operating activities of $174.2 million. We reported GAAP net income of $58.9 million, or $0.15 per diluted share.
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. 2025 Highlights For the full year 2025, Coeur reported revenue of $2,070.1 million and cash provided by operating activities of $886.9 million. We reported GAAP net income of $585.9 million, or $0.95 per diluted share.
Costs applicable to sales per gold ounce decreased 19% due to higher tons and grade placed on the pads, and lower diesel costs, partially offset by higher royalties, labor and outside service costs. Amortization remained comparable at $6.5 million. Capital expenditures were $7.2 million.
Costs applicable to sales per gold ounce decreased 19% due to higher tonnes and grade placed on the pads, and lower diesel costs, partially offset by higher royalties, labor and outside service costs. Amortization remained comparable at $6.5 million. Capital expenditures increased to $7.2 million from $2.5 million due to the construction of a water treatment facility.
The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception.
Adjusted EBITDA for the year ended December 31, 2024 was $339.2 million, compared to $142.3 million for the year ended December 31, 2023 (see “Non-GAAP Financial Performance Measures”).
Adjusted EBITDA for the year ended December 31, 2025 was $1,025.8 million, compared to $339.2 million for the year ended December 31, 2024 (see “Non-GAAP Financial Performance Measures”).
Revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 increased by $232.8 million, of which $142.5 million as the result of higher average gold and silver prices and $90.3 million was due to higher volume of gold sales.
Revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 increased by $232.8 million, of which $142.5 million was the result of higher average gold and silver prices and $90.3 million was due to higher volume of gold sales. 56 Cash Used in Investing Activities Net cash used in investing activities in the year ended December 31, 2025 was $127.8 million compared to $193.5 million in the year ended December 31, 2024.
Year Ended December 31, (Dollars in thousands) 2024 2023 2022 Total debt $ 590,058 $ 545,310 $ 515,933 Cash and cash equivalents (55,087) (61,633) (61,464) Net debt $ 534,971 $ 483,677 $ 454,469 Net debt $ 534,971 $ 483,677 $ 454,469 Last Twelve Months Adjusted EBITDA $ 339,152 $ 142,302 $ 138,954 Leverage ratio 1.6 3.4 3.3 60 Costs Applicable to Sales Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation.
Year ended December 31, (Dollars in thousands) 2025 2024 2023 Total debt $ 340,533 $ 590,058 $ 545,310 Cash and cash equivalents (553,597) (55,087) (61,633) Net (cash) debt $ (213,064) $ 534,971 $ 483,677 Net (cash) debt $ (213,064) $ 534,971 $ 483,677 Last Twelve Months Adjusted EBITDA $ 1,025,772 $ 339,152 $ 142,302 Net Leverage ratio (0.2) 1.6 3.4 64 Costs Applicable to Sales Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation.
Metal sales were $234.0 million, or 22% of Coeur’s metal sales, compared to $189.5 million, or 23% of Coeur’s metal sales. Revenue increased by $44.5 million, or 23%, of which $33.9 million attributable to higher average realized gold prices and $10.6 million was due to a higher gold production.
Revenue increased by $44.5 million, or 23%, of which $33.9 million attributable to higher average realized gold prices and $10.6 million was due to a higher gold production.
Our longer-term plans contemplates continued exploration to extend mine lives at all of our operating sites, the repayment of the RCF, and additional exploration and studies to determine the viability of the Silvertip business case. Our long-term target leverage of Net Debt to the Last Twelve Months Adjusted EBITDA is 0.0 times Adjusted EBITDA .
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 .
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.
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.
Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the reported amounts of revenue and expenses during the reporting period, and mined reserves.
GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of its financial statements, the allocation of fair value to assets and liabilities assumed in connection with business combinations, the reported amounts of revenue and expenses during the reporting period, and mined reserves.
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) the sale of non-core assets; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) mining taxes; (v) foreign exchange rates; (vi) percentage depletion; and (vii) the impact of uncertain tax positions.
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) mining taxes; (vi) the impact of uncertain tax positions; (vii) percentage depletion; and (viii) 2024 enactment of a 1% increase in Mexico’s special mining duty tax.
Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Gold production increased 17% driven by higher grade, higher tons placed and timing of recoveries. Metal sales were $189.5 million, or 23% of Coeur’s metal sales, compared to $150.0 million, or 19% of Coeur’s metal sales.
Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Gold production increased 5% driven by higher tonnes placed and grade placed on the pads, and timing of recoveries. Metal sales were $234.0 million, or 22% of Coeur’s metal sales, compared to $189.5 million, or 23% of Coeur’s metal sales.
Liquidity and Capital Resources At December 31, 2024, the Company had $56.9 million of cash, cash equivalents and restricted cash and $175.7 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants.
Capital expenditures in 2024 totaled $3.6 million. Liquidity and Capital Resources At December 31, 2025, the Company had $555.7 million of cash, cash equivalents and restricted cash and $399.5 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants.
Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Gold and silver production decreased 6% and 2%, respectively, as a result of a 9% decrease in mill throughput partially offset by 4% and 9% higher gold and silver grades, respectively.
Year Ended December 31, 2025 compared to Year Ended December 31, 2024 Gold and silver production decreased 7% and 4%, respectively, as a result of a decrease in gold and silver grades, 52 partially offset by an increase of 9% in mill throughput.
During the year ended December 31, 2023, 7.3 million and 4.1 million tons of ore were placed on the new leach pad and legacy leach pads, respectively. (2) See Non-GAAP Financial Performance Measures.
During the year ended December 31, 2024, 19.5 million and 1.9 million tonnes of ore were placed on the new leach pad and legacy leach pad, respectively (2) See Non-GAAP Financial Performance Measures.
Ore tons placed increased 16% quarter-over-quarter to 8.2 million tons, including approximately 5.1 million tons through the new crushing circuit and placed on the new leach pad.
Ore tonnes placed increased 16% quarter-over-quarter to 7.4 million tonnes, including approximately 4.6 million tonnes through the new crushing circuit and placed on the new leach pad.
For the year ended December 31, 2023, tax effect of adjustments of $1.8 million (8%) is primarily related to the loss on the sale of the La Preciosa Deferred Consideration.
For the year ended December 31, 2024, tax effect of adjustments of $(0.8) million (-5%) are primarily related to the RMC bankruptcy distribution, and nonrecurring expenses at Palmarejo. For the year ended December 31, 2023, tax effect of adjustments of $1.8 million (8%) is primarily related to the loss on the sale of the La Preciosa Deferred Consideration.
The increase in silver ounces sold was the result of higher grade and recovery rates at Palmarejo, and the successful completion of the Rochester expansion. Gold and silver represented 70% and 30%, respectively, of both 2024 and 2023 sales revenue.
The increase in silver ounces sold was the result of higher grade and recovery rates at Palmarejo, and the successful completion of the Rochester expansion.
These differences will be reflected as increases or decreases to income tax expense in the period which they are determined. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
These differences will be reflected as increases or decreases to income tax expense in the period which they are determined.
Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Revenue We sold 315,511 gold ounces and 10.1 million silver ounces, compared to 329,968 gold ounces and 9.8 million silver ounces.
Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Revenue We sold 340,816 gold ounces and 11.4 million silver ounces, compared to 315,511 gold ounces and 10.1 million silver ounces.
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. 59 Year Ended December 31, (Dollars in thousands) 2024 2023 2022 Cash provided by (used in) operating activities $ 174,234 $ 67,288 $ 25,616 Changes in operating assets and liabilities: Receivables 504 (933) (4,452) Prepaid expenses and other (2,777) 461 (240) Inventories 69,640 47,592 51,448 Accounts payable and accrued liabilities (79,242) (55,581) (510) Operating cash flow before changes in working capital $ 162,359 $ 58,827 $ 71,862 Net Debt and Leverage Ratio Management defines Net Debt , a non-GAAP financial measure, as Total Debt , less Cash and Cash Equivalents .
Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Cash provided by operating activities $ 886,879 $ 174,234 $ 67,288 Changes in operating assets and liabilities: Receivables 6,688 504 (933) Prepaid expenses and other (72,634) (2,777) 461 Inventories 51,798 69,640 47,592 Accounts payable and accrued liabilities (101,174) (79,242) (55,581) Operating cash flow before changes in working capital $ 771,557 $ 162,359 $ 58,827 Net Debt and Leverage Ratio Management defines Net Debt , a non-GAAP financial measure, as Total Debt less Cash and Cash Equivalents .
During the year ended December 31, 2023, the Company drew $95.0 million, net, under the RCF, received aggregate net proceeds of $147.7 million from the sale of 54.6 million shares of its 53 common stock in the March 2023 Equity Offering and September 2023 Equity Offering, and received net proceeds of $20.9 million from the sale of 8.3 million shares of its common stock in the Private Placement Offering.
During the year ended December 31, 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 $20.0 million, net, from the RCF.
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.
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.
Adjusted EBITDA is reconciled to Net income (loss) in the following table: 58 Year Ended December 31, In thousands 2024 2023 2022 Net income (loss) $ 58,900 $ (103,612) $ (78,107) Interest expense, net of capitalized interest 51,276 29,099 23,861 Income tax provision (benefit) 67,450 35,156 14,658 Amortization 124,974 99,822 111,626 EBITDA 302,600 60,465 72,038 Fair value adjustments, net — (3,384) 66,668 Foreign exchange (gain) loss (4,753) 459 850 Asset retirement obligation accretion 16,778 16,405 14,232 Inventory adjustments and write-downs 8,042 43,188 49,085 (Gain) loss on sale of assets and securities 4,250 25,197 (64,429) RMC bankruptcy distribution (1,294) (1,516) (1,651) (Gain) loss on debt extinguishment (417) (3,437) — Transaction costs 8,517 — — Other adjustments 5,429 4,925 2,161 Adjusted EBITDA $ 339,152 $ 142,302 $ 138,954 Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations.
Adjusted EBITDA is reconciled to Net income (loss) in the following table: Year Ended December 31, In thousands 2025 2024 2023 Net income $ 585,872 $ 58,900 $ (103,612) Interest expense, net of capitalized interest 30,942 51,276 29,099 Income tax provision 96,666 67,450 35,156 Amortization 251,099 124,974 99,822 EBITDA 964,579 302,600 60,465 Fair value adjustments, net 342 — (3,384) Foreign exchange (gain) loss (1,429) (4,753) 459 Asset retirement obligation accretion 19,697 16,778 16,405 Inventory adjustments and write-downs 6,265 8,042 43,188 Loss on sale of assets 698 4,250 25,197 RMC bankruptcy distribution (37) (1,294) (1,516) (Gain) loss on debt extinguishment 113 (417) (3,437) Kensington royalty settlement (66) 7,369 469 Wage and Hour Litigation settlement 7,059 — — Mexico arbitration matter 2,950 3,612 2,803 Flow-through share premium (808) (5,563) (2,284) Interest income — — (187) Legacy crusher disposal — — 4,013 COVID-19 — 11 111 Transaction costs 26,409 8,517 — Adjusted EBITDA 1,025,772 339,152 142,302 Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations.
The acquisition of SilverCrest will include acquiring a significant amount of cash and gold and silver bullion which will be used along with our cash provided by operating activities to begin a period of debt and prepay reduction.
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 all borrowings under the RCF.
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. The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively.
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.
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.
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. 59 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.
Net cash provided by operating activities was impacted by the following key factors for the applicable periods: 52 Year Ended December 31, In thousands 2024 2023 2022 Cash flow before changes in operating assets and liabilities $ 162,359 $ 58,827 $ 71,862 Changes in operating assets and liabilities: Receivables (504) 933 4,452 Prepaid expenses and other 2,777 (461) 240 Inventories (69,640) (47,592) (51,448) Accounts payable and accrued liabilities 79,242 55,581 510 Cash provided by operating activities $ 174,234 $ 67,288 $ 25,616 Net cash provided by operating activities increased $106.9 million for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily due to a 8% and 13% increase in gold and silver ounces sold, respectively, a 18% and 15% increase in average realized gold and silver prices, respectively, partially offset by higher ore placed on leach pads at Rochester and Wharf, lower prepaid revenue at Kensington and increased exploration, general and administrative, interest and income and mining tax expense.
Net cash provided by operating activities was impacted by the following key factors for the applicable periods: Year Ended December 31, In thousands 2025 2024 2023 Cash flow before changes in operating assets and liabilities $ 771,557 $ 162,359 $ 58,827 Changes in operating assets and liabilities: Receivables (6,688) (504) 933 Prepaid expenses and other 72,634 2,777 (461) Inventories (51,798) (69,640) (47,592) Accounts payable and accrued liabilities 101,174 79,242 55,581 Cash provided by operating activities $ 886,879 $ 174,234 $ 67,288 Net cash provided by operating activities increased $712.6 million for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to a 24% and 59% increase in gold and silver ounces sold (includes $421.4 million of post-acquisition sales at Las Chispas), a 45% and 43% increase in average realized gold and silver prices, respectively, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, lower interest expense, and lower ore placed on leach pads at Wharf.
Metal sales were $313.2 million, or 38% of Coeur’s metal sales, compared with $303.4 million, or also 38% of Coeur’s metal sales. Revenue increased by $9.8 million, or 3%, of which $26.4 million was due to higher gold and silver prices, partially offset by a decrease of $16.6 million due to a lower volume of gold and silver production.
Metal sales were $473.8 million, or 23% of Coeur’s metal sales, compared with $379.1 million, or 36% of Coeur’s metal sales. Revenue increased by $94.7 million, or 25%, of which $123.9 million was due to higher gold and silver prices, partially offset by $29.2 million due to lower volume of gold and silver production.
The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. 55 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.
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.
Derivatives The Company is exposed to various market risks, including the effect of changes in metal prices and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP.
See Note 10 -- Reclamation in the notes to the Consolidated Financial Statements for additional information. Derivatives The Company is exposed to various market risks, including the effect of changes in metal prices and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business.
Consolidated Year Ended December 31, (Dollars in thousands) 2024 2023 2022 Cash flow from operations $ 174,234 $ 67,288 $ 25,616 Capital expenditures 183,188 364,617 352,354 Free cash flow $ (8,954) $ (297,329) $ (326,738) 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.
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. 63 Consolidated Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Cash flow from operations $ 886,879 $ 174,234 $ 67,288 Capital expenditures 221,162 183,188 364,617 Free cash flow $ 665,717 $ (8,954) $ (297,329) 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.
(2) Includes finance leases. Net of debt issuance costs and premium received. Consolidated Financial Results Year Ended December 31, 2024 compared to Year Ended December 31, 2023 Revenue We sold 340,816 gold ounces and 11.4 million silver ounces, compared to 315,511 gold ounces and 10.1 million silver ounces.
Consolidated Financial Results Year Ended December 31, 2025 compared to Year Ended December 31, 2024 Revenue We sold 422,032 gold ounces and 18.2 million silver ounces, compared to 340,816 gold ounces and 11.4 million silver ounces.
The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, Reclamation, and Other .
The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset.
Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Gold production decreased 22% as a result of 18% lower grades and 7% lower mill throughput. Metal sales were $162.5 million, or 20% of Coeur’s metal sales, compared to $202.5 million, or 26% of Coeur’s metal sales.
Year Ended December 31, 2025 compared to Year Ended December 31, 2024 Gold production increased 11% as a result of 9% higher mill throughput and slightly higher grades. Metal sales were $377.7 million, or 18% of Coeur’s metal sales, compared to $225.1 million, or 21% of Coeur’s metal sales.
Capital expenditures in 2024 totaled $3.6 million. Year Ended December 31, 2023 compared to Year Ended December 31, 2022 Ongoing carrying costs at Silvertip totaled $15.6 million in 2023 and $21.0 million in the prior year. Capital expenditures in 2023 totaled $2.9 million compared to $24.8 million in the prior year due to planned reduction in capital development expenditures.
Silvertip Year Ended December 31, 2025 compared to Year Ended December 31, 2024 Exploration expenses total $31.2 million in 2025 compared to $27.3 million in the prior year. Ongoing carrying costs at Silvertip totaled $10.4 million in 2025 and $8.5 million in the prior year. Capital expenditures in 2025 totaled $7.1 million compared to $3.6 million in the prior year.
Net cash provided by financing activities in the year ended December 31, 2023 was $236.1 million compared to $125.0 million in the year ended December 31, 2022.
Cash Provided by (Used in) Financing Activities Net cash used in financing activities in the year ended December 31, 2025 was $260.6 million compared to net cash provided by financing activities of $13.9 million in the year ended December 31, 2024.
Revenue for the year ended December 31, 2023 compared to the year ended December 31, 2022 increased by $35.6 million, of which $53.0 million was due to higher average realized gold and silver prices, partially offset $17.4 million as a result of lower volume of gold sales.
Revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024 increased by $1,016.1 million, of which $471.1 million was due to higher average realized gold and silver prices, $123.6 million was due to higher volume of gold and silver sales, and $421.4 million was due to post-acquisition sales at Las Chispas.
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 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.
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.
We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer term.
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”. Net Income (Loss) Net loss was $103.6 million, or $0.30 per diluted share, compared to $78.1 million, or $0.28 per diluted share.
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.
These ranges reflect the expected benefit of the recently acquired Las Chispas operation and the first full-year of production from the newly expanded Rochester operation totaling 7.0 - 8.3 million silver ounces and 60,000 - 75,000 gold ounces, representing year-over-year expected increases of 75% and 72%, respectively 40 Selected Financial and Operating Results Year Ended December 31, 2024 2023 2022 Financial Results: (in thousands, except per share amounts) Gold sales $ 734,861 $ 575,677 $ 572,877 Silver sales $ 319,145 $ 245,529 $ 212,759 Consolidated Revenue $ 1,054,006 $ 821,206 $ 785,636 Net income (loss) $ 58,900 $ (103,612) $ (78,107) Net income (loss) per share, diluted $ 0.15 $ (0.30) $ (0.28) Adjusted net income (loss) (1) $ 70,117 $ (78,048) $ (89,059) Adjusted net income (loss) per share, diluted (1) $ 0.18 $ (0.23) $ (0.32) EBITDA (1) $ 302,600 $ 60,465 $ 72,038 Adjusted EBITDA (1) $ 339,152 $ 142,302 $ 138,954 Total debt (2) $ 590,058 $ 545,310 $ 515,933 Operating Results: Gold ounces produced 341,582 317,671 330,346 Silver ounces produced 11,389,519 10,250,906 9,816,680 Gold ounces sold 340,816 315,511 329,968 Silver ounces sold 11,418,821 10,140,405 9,771,724 Average realized price per gold ounce $ 2,156 $ 1,825 $ 1,736 Average realized price per silver ounce $ 27.95 $ 24.21 $ 21.77 (1) See “Non-GAAP Financial Performance Measures”.
The Company plans to issue guidance including New Gold’s two assets, the New Afton and Rainy River mines, upon closing of the transaction 43 Selected Financial and Operating Results Year Ended December 31, 2025 2024 2023 Financial Results: (in thousands, except per share amounts) Gold sales $ 1,343,729 $ 734,861 $ 575,677 Silver sales $ 726,397 $ 319,145 $ 245,529 Consolidated revenue $ 2,070,126 $ 1,054,006 $ 821,206 Net income $ 585,872 $ 58,900 $ (103,612) Net income per share, diluted $ 0.95 $ 0.15 $ (0.30) Adjusted net income (loss) (1) $ 493,361 $ 70,117 $ (78,048) Adjusted net income (loss) per share, diluted (1) $ 0.80 $ 0.18 $ (0.23) EBITDA (1) $ 964,579 $ 302,600 $ 60,465 Adjusted EBITDA (1) $ 1,025,772 $ 339,152 $ 142,302 Total debt (2) $ 340,533 $ 590,058 $ 545,310 Operating Results: Gold ounces produced 419,046 341,582 317,671 Silver ounces produced 17,914,682 11,389,519 10,250,906 Gold ounces sold 422,032 340,816 315,511 Silver ounces sold 18,155,235 11,418,821 10,140,405 Average realized price per gold ounce $ 3,184 $ 2,156 $ 1,825 Average realized price per silver ounce $ 40.01 $ 27.95 $ 24.21 (1) See “Non-GAAP Financial Performance Measures”.
Adjusted net income (loss) is reconciled to Net income (loss) in the following table: Year Ended December 31, In thousands except per share amounts 2024 2023 2022 Net income (loss) $ 58,900 $ (103,612) $ (78,107) Fair value adjustments, net — (3,384) 66,668 Foreign exchange loss (gain) (4,448) 1,994 1,648 (Gain) loss on sale of assets and securities 4,250 25,197 (64,429) RMC bankruptcy distribution (1,294) (1,516) (1,651) (Gain) loss on debt extinguishment (417) (3,437) — Transaction costs 8,517 — — Other adjustments 5,429 4,925 2,161 Tax effect of adjustments (1) (820) 1,785 (15,349) Adjusted net income (loss) $ 70,117 $ (78,048) $ (89,059) Adjusted net income (loss) per share, Basic $ 0.18 $ (0.23) $ (0.32) Adjusted net income (loss) per share, Diluted $ 0.18 $ (0.23) $ (0.32) (1) For the year ended December 31, 2024, tax effect of adjustments of $(0.8) million (-5%) are primarily related to the RMC bankruptcy distribution, and nonrecurring expenses at Palmarejo.
Adjusted net income is reconciled to Net income in the following table: Year Ended December 31, In thousands except per share amounts 2025 2024 2023 Net income (loss) $ 585,872 $ 58,900 $ (103,612) Fair value adjustments, net 342 — (3,384) Foreign exchange loss (gain) (1) 42,040 (4,448) 1,994 Loss on sale of assets 698 4,250 25,197 RMC bankruptcy distribution (37) (1,294) (1,516) (Gain) loss on debt extinguishment 113 (417) (3,437) Transaction costs 26,409 8,517 — Kensington royalty settlement (66) 7,369 469 Wage and Hour Litigation settlement 7,059 — — Mexico arbitration matter 2,950 3,612 2,803 Flow-through share premium (808) (5,563) (2,284) Interest income — — (187) Legacy crusher non-operating costs — — 4,013 COVID-19 — 11 111 Valuation allowance and tax effect of adjustments (2) (171,211) (820) 1,785 Adjusted net income (loss) $ 493,361 $ 70,117 $ (78,048) Adjusted net income (loss) per share, Basic $ 0.81 $ 0.18 $ (0.23) Adjusted net income (loss) per share, Diluted $ 0.80 $ 0.18 $ (0.23) 62 (1) Includes the impact of foreign exchange rates on deferred tax balances of $43.5 million, $0.3 million and $1.5 million for the years ended December 31, 2025, 2024 and 2023.
Costs applicable to sales per gold and silver ounces increased 9% and 16%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and unfavorable impact of foreign exchange rates on employee-related and electricity costs. Amortization increased by $0.3 million to $35.7 million.
Costs applicable to sales per gold and silver ounce decreased 3% and increased 11%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation, lower consumable (power and cement) and maintenance costs, partially offset by lower production, unfavorable foreign exchange rates and higher outside service costs.
The Company incurred capital expenditures of $364.6 million in the year ended December 31, 2023 compared with $352.4 million in the year ended December 31, 2022 primarily related to construction activities at Rochester and underground development at Palmarejo and Kensington in both periods.
The Company incurred capital expenditures of $221.2 million in the year ended December 31, 2025 compared with $183.2 million in the year ended December 31, 2024 primarily related to post-acquisition underground development, and equipment purchases at Las Chispas, underground development at Palmarejo and Kensington, expanded tailings impoundment at Kensington and the construction of a water treatment facility at Wharf in both periods.
Revenue increased by $39.5 million, or 26%, of which $32.5 million was due to a higher gold production, and an increase of $7.0 million due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 10% due to lower operating costs and higher grade and tons placed.
Revenue increased by $105.2 million, or 45%, of which $114.4 million was due to higher average realized gold prices, partially offset by $9.2 million due to lower gold production. Costs applicable to sales per gold ounce increased 24% due to lower grade ore tonnes placed and higher labor and royalty costs.
Revenue increased by $35.6 million, or 5%, as a result of a 4% increase in silver ounces sold and a 5% and 11% increase in average realized gold and silver prices, respectively, partially offset by a 4% decrease in gold ounces sold.
Revenue increased by $1,016.1 million, or 96%, as a result of a 24% and 59% increase in gold and silver ounces sold (includes $421.4 million of post-acquisition sales at Las Chispas), and a 45% and 43% increase in average realized gold and silver prices, respectively.
Adjusted net income was $70.1 million, or $0.18 per diluted share, compared to adjusted net loss of $78.0 million, or $0.23 per diluted share (see “Non-GAAP Financial Performance Measures”).
Adjusted net income was $70.1 million, or $0.18 per diluted share, compared to adjusted net loss of $78.0 million, or $0.23 per diluted share (see “Non-GAAP Financial Performance Measures”). 2026 Guidance The Company has provided guidance for full-year 2026 including production, CAS, capital expenditures, depreciation, depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax.
Revenue increased by $26.4 million, or 20%, of which $15.5 million was due to a higher volume of gold and silver production, and $10.9 million was due to higher average realized gold and silver prices.
Metal sales were $458.0 million, or 22% of Coeur’s metal sales, compared with $215.8 million, or 20% of Coeur’s metal sales. Revenue increased by $242.2 million, or 112%, of which $146.1 million was due to a higher volume of gold and silver production, and $96.1 million was due to higher average realized gold and silver prices.
As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site.
Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected in earnings in the period an estimate is revised.
Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. 45 The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Year ended December 31, 2023 2022 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (107,021) $ (6,956) $ (107,477) $ 2,516 Canada (33,574) (848) (32,249) (51) Mexico 72,697 (27,352) 77,316 (17,123) Other jurisdictions (558) — (1,039) — $ (68,456) $ (35,156) $ (63,449) $ (14,658) 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.
Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. 46 The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit: Year ended December 31, 2025 2024 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 403,735 $ 102,058 $ 50,194 $ (13,063) Canada (56,323) (6,879) (46,702) (1,523) Mexico 337,125 (191,845) 125,027 (52,864) Other jurisdictions (1,999) — (2,169) — $ 682,538 $ (96,666) $ 126,350 $ (67,450) 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.
Net cash provided by operating activities increased $41.7 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, primarily due to a 4% increase in silver ounces sold and a 5% and 11% increase in average realized gold and silver prices, the receipt of $55.0 million of prepayments at Kensington, Rochester and Wharf in December 2023, and the receipt of $7.8 million FT Premium Liability, partially offset by a 4% decrease in gold ounces sold, higher operating costs, and timing of VAT collections at Palmarejo.
Net cash provided by operating activities increased $106.9 million for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily due to a 8% and 13% increase in gold and silver ounces sold, respectively, a 18% and 15% increase in average realized gold and silver prices, respectively, partially offset by higher ore placed on leach pads at Rochester and Wharf, lower prepaid revenue at Kensington and increased exploration, general and administrative, interest and income and mining tax expense.
Guidance figures exclude the impact of any metal sales or foreign exchange hedges. 47 Results of Operations Palmarejo Year Ended December 31, 2024 2023 2022 Tons milled 1,762,779 2,008,459 2,197,808 Average gold grade (oz/t) 0.07 0.05 0.05 Average silver grade (oz/t) 4.52 3.97 3.63 Average recovery rate – Au 93.0 % 91.1 % 92.1 % Average recovery rate – Ag 85.0 % 82.7 % 84.2 % Gold ounces produced 108,666 100,605 106,782 Silver ounces produced 6,779,659 6,591,590 6,708,689 Gold ounces sold 108,783 99,043 107,157 Silver ounces sold 6,796,715 6,534,469 6,695,454 CAS per gold ounce (1) $ 898 $ 961 $ 886 CAS per silver ounce (1) $ 14.38 $ 15.17 $ 13.09 (1) See Non-GAAP Financial Performance Measures.
Palmarejo Year Ended December 31, 2025 2024 2023 Tonnes milled 1,749,318 1,599,167 1,822,044 Average gold grade (grams/tonne) 1.9 2.3 1.9 Average silver grade (grams/tonne) 130 155 136 Average recovery rate – Au 94.2 % 93.0 % 91.1 % Average recovery rate – Ag 88.7 % 85.0 % 82.7 % Gold ounces produced 100,768 108,666 100,605 Silver ounces produced 6,501,308 6,779,659 6,591,590 Gold ounces sold 100,723 108,783 99,043 Silver ounces sold 6,498,821 6,796,715 6,534,469 CAS per gold ounce (1) $ 875 $ 898 $ 961 CAS per silver ounce (1) $ 15.93 $ 14.38 $ 15.17 (1) See Non-GAAP Financial Performance Measures.
This compares to income tax expense of $14.7 million for an effective tax rate of 23.1% for 2022.
Income and mining tax expense of approximately $96.7 million resulted in an effective tax rate of 14.2% for 2025. This compares to income tax expense of $67.5 million for an effective tax rate of 53.4% for 2024.
Interest expense (net of capitalized interest of $1.1 million) increased to $51.3 million from $29.1 million due to higher interest paid under the RCF attributable to higher average debt levels and higher interest paid under financial leases, partially offset by lower interest payable following the extinguishment of $5.9 million in 2029 Senior Notes.
Interest expense (net of capitalized interest of $1.1 million) increased to $51.3 million from $29.1 million due to higher interest paid under the RCF attributable to higher average debt levels and higher interest paid under financial leases, partially offset by lower interest payable following the extinguishment of $5.9 million in 2029 Senior Notes. 48 Other, net increased to a gain of $13.0 million compared to loss $7.5 million as a result of the recognition of the net proceeds received in excess of the Company’s trading price (“FT Premium Liability”) as income of $5.6 million following the renouncement of Silvertip exploration expenditures, favorable foreign exchange rates, particularly in Mexico, and the $12.3 million loss recognized from the sale of the contingent consideration received in connection with the sale of La Preciosa project (the “La Preciosa Deferred Consideration”) in 2023.
Revenue decreased by $40.0 million, or 20%, of which $46.0 million resulted from a lower volume of gold production, partially offset by a $6.0 million increase due to higher average realized gold prices. Costs applicable to sales per gold ounce increased 26% due to lower production partially offset by lower operating costs.
Revenue increased by $152.6 million, or 68%, of which $115.7 million was due to higher average realized gold prices, and $36.9 million was due to higher volume of gold production. Costs applicable to sales per gold ounce increased 2% as higher production was more than offset by higher maintenance, freight, and royalty costs.
Additionally, Las Chispas cost guidance excludes the effects of the SilverCrest purchase price allocation. 2025 Production Guidance Gold Silver (oz) (K oz) Las Chispas 42,500 - 52,500 4,250 - 5,250 Palmarejo 95,000 - 105,000 5,400 - 6,500 Rochester 60,000 - 75,000 7,000 - 8,300 Kensington 92,500 - 107,500 — Wharf 90,000 - 100,000 50 - 200 Total 380,000 - 440,000 16,700 - 20,250 46 2025 Costs Applicable to Sales Guidance Gold Silver ($/oz) ($/oz) Las Chispas (co-product) $850 - $950 $9.25 - $10.25 Palmarejo (co-product) $950 - $1,150 $17.00 - $18.00 Rochester (co-product) $1,250 - $1,450 $14.50 - $16.50 Kensington $1,700 - $1,900 — Wharf (by-product) $1,250 - $1,350 — 2025 Capital, Exploration and G&A Guidance ($M) Capital Expenditures, Sustaining $132 - $156 Capital Expenditures, Development $55 - $69 Exploration, Expensed $67 - $77 Exploration, Capitalized $10 - $16 General & Administrative Expenses $44 - $48 Note: The Company’s guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50.
Given the higher expected contribution of silver to total revenue due to the silver price’s outperformance relative to the gold price, silver CAS per ounce is expected to be higher in 2026, consistent with the trend seen in the second half of 2025. 50 2026 Production Guidance Gold Silver (oz) (K oz) Las Chispas 55,000 - 65,000 5,500 - 6,300 Palmarejo 95,000 - 105,000 6,250 - 7,000 Rochester 70,000 - 90,000 6,400 - 7,800 Kensington 98,000 - 110,000 — Wharf 72,000 - 90,000 50 - 200 Total 390,000 - 460,000 18,200 - 21,300 2026 Adjusted Costs Applicable to Sales Guidance Gold Silver ($/oz) ($/oz) Las Chispas (co-product) $750 - $950 $12.50 - $14.50 Palmarejo (co-product) $700 - $900 $21.50 - $23.50 Rochester (co-product) $1,350 - $1,550 $23.00 - $25.00 Kensington $1,750 - $1,950 — Wharf (by-product) $1,400 - $1,600 — 2026 Capital, DD&A, Exploration, G&A and Income and Mining Tax Guidance ($M) Capital Expenditures, Sustaining $207 - $239 Capital Expenditures, Development $98 - $125 Exploration, Expensed $93 - $103 Exploration, Capitalized $27 - $33 General & Administrative Expenses $63 - $67 Cash Income and Mining Taxes $400 - $500 Amortization $335 - $390 Effective Tax Rate (%) 29% - 35% Note: The Company’s guidance figures assume estimated prices of $4,550/oz gold and $77.50/oz silver as well as CAD of 1.38 and MXN of 18.00.
On a non-GAAP adjusted basis 1 , the Company reported EBITDA of $339.2 million and net income of $70.1 million, or $0.18 per diluted share. • Strong full-year 2024 production and cost results – 2024 full-year production of 341,582 ounces of gold and 11.4 million ounces of silver represented year-over-year increases of 8% and 11%, respectively, and fell solidly within the 2024 guidance ranges.
On a non-GAAP adjusted basis, the Company reported EBITDA of $1,025.8 million and net income of $493.4 million or $0.80 per diluted share. • Record full-year gold and silver production – Balanced contributions across Coeur’s portfolio led to 2025 full-year production of 419,046 ounces of gold and 17.9 million ounces of silver, representing year-over-year increases of 23% and 57%, respectively, within the Company’s 2025 consolidated guidance ranges • Record financial results – Fourth quarter free cash flow increased 66% versus the prior quarter to a record $313.2 million, bringing the full-year total to $666 million.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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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 December 31, 2024.
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 December 31, 2025.
The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 13 -- Derivative Financial Instruments & Hedging Activities in the notes to the Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”.
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 14 -- Derivative Financial Instruments & Hedging Activities in the notes to the Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”.
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 December 31, 2024.
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 December 31, 2025.
Gold and Silver Prices Gold and silver prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, 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.
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.
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.
For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to “Item 2 - Cautionary Statement Concerning Forward-Looking Statements” in this Report. Actual results and actions could differ materially from those discussed below.
The Company had no outstanding gold or silver hedging contracts at December 31, 2024 but the Company did acquire 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. These zero cost collar hedges settle monthly through March, 2025.
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 the SilverCrest Transaction that settled monthly through March 2025. The Company had no outstanding gold or silver hedging contracts at December 31, 2025.
The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at December 31, 2024 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,663 and $2,437 per ounce, respectively, and a short-term and long-term silver price of $31.38 and $30.23 per ounce, respectively.
The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at December 31, 2025 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $4,135 and $3,361 per ounce, respectively, and a short-term and long-term silver price of $54.73 and $37.74 per ounce, respectively.
At December 31, 2024, the Company had outstanding provisionally priced sales of 14,173 ounces of gold at an average price of $2,642. Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.2 million during 63 the twelve months ended December 31, 2024. A 10% change in realized gold prices would cause revenue to vary by $3.7 million.
At December 31, 2025, the Company had outstanding provisionally priced sales of 13,552 ounces of gold 67 at an average price of $4,258. Changes in gold prices resulted in provisional pricing mark-to-market loss of $1.5 million during the three months ended December 31, 2025. A 10% change in realized gold prices would cause revenue to vary by $5.8 million.
Investment Risk Equity Price Risk The Company had no equity securities at December 31, 2024.
Investment Risk Equity Price Risk The Company’s equity securities were not significant at December 31, 2025.
Removed
For the year ended December 31, 2024, the Company recognized a loss of $12.9 million and $4.3 million related to expired gold and silver contracts, respectively.

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