Coeur Mining, Inc.

Las Chispas

Gold and silver production increased 2% and 6%, respectively, as a result of higher mill throughput driven by the consumption of the remaining acquired stockpile and recovery of in-circuit inventory. Metal sales were $126.1 million, or 23% of Coeur’s metal sales, compared with $102.7 million, or 21% of Coeur’s metal sales. Revenue increased by $23.5 million, or 23%, of which $13.7 million was due to higher volume of gold and silver production and $9.8 million was due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce sold includes the impact of $902 and $10.38 per gold and silver ounce sold, respectively, on costs applicable to sales attributable to PPA ascribed to Inventory of $33.4 million, which on an adjusted basis results in a costs applicable to sales of $935 and $10.77 per gold and silver ounce sold, respectively. Amortization increased by $8.5 million to $30.9 million primarily as a result of higher gold and silver ounces sold. Capital expenditures were $9.8 million, in line with prior quarter, and were primarily composed of underground mine development and capitalized exploration costs.

Nine Months Ended September 30, 2025

Las Chispas results represent post-acquisition activity subsequent to the acquisition of SilverCrest on February 14, 2025. The consumption of the remaining acquired stockpile in the third quarter led to production of 39,986 and 3,774,761 gold and silver ounces, respectively. Metal sales were $286.8 million, or 21% of Coeur’s metal sales. Costs applicable to sales per gold and silver ounce sold includes the impact of $1,038 and $11.05 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $90.2 million, which on an adjusted basis results in a costs applicable to sales of $904 and $9.63 per gold and silver ounce sold, respectively. Amortization totaled $62.2 million. Capital expenditures of $24.3 million were primarily composed of underground mine development and capitalized exploration costs.

Palmarejo

Gold and silver production decreased 9% and 13%, respectively, as a result of lower gold and silver grades, partially offset by higher recoveries. Metal sales were $121.2 million, or 22% of Coeur’s metal sales, compared with $114.1 million, or 24% of Coeur’s metal sales. Revenue increased by $7.1 million, or 6%, of which $10.3 million was due to higher average realized gold and silver prices, partially offset by $3.2 million due to lower volume of gold and silver production. Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement were 49%, compared to 48% in the prior quarter. Costs applicable to sales per gold and silver ounce were in-line and increased 15%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation. Amortization increased by $0.7 million to $10.1 million as a result of commencement of commercial production at Hidalgo in June 2025. Capital expenditures remained comparable at $5.7 million.

Gold and silver production decreased 13% and 6%, respectively, as a result of a decrease in gold and silver grades, partially offset by an increase of 5% in mill throughput. Metal sales were $331.1 million, or 24% of Coeur’s metal sales, compared with $290.0 million, or 39% of Coeur’s metal sales. Revenue increased by $41.1 million, or 14%, of which $69.2 million was due to higher gold and silver prices, partially offset by $28.1 million due to lower volume of gold and silver production. Gold ounces sold associated with the Franco-Nevada Gold Stream Agreement increased to 48% from 32% in the prior year driven by mine sequencing. Costs applicable to sales per gold and silver ounce were in-line and increased 8%, respectively, due to lower production, unfavorable foreign exchange rates, higher outside service and power costs and the mix of gold and silver sales which impacted co-product cost allocation. Amortization decreased by $6.7 million to $28.7 million due to lower gold and silver ounces sold. Capital expenditures decreased to $17.2 million from $20.7 million due to the lower underground development and equipment purchases.

Rochester

(1)During the three months ended September 30, 2025 and June 30, 2025, 6.2 million and 6.7 million tons of crushed ore were placed on the new leach pad, respectively. During the nine months ended September 30, 2025 and 2024, 18.5 million and 12.5 million tons of crushed ore were placed on the new leach pad, respectively.

(2)See Non-GAAP Financial Performance Measures.

Gold and silver production increased 3% and 13%, respectively, driven by higher placement rates. Ore tons placed during the quarter totaled 8.3 million tons, consisting of approximately 6.3 million tons through the crushing circuit, down from 6.7 million tons in the prior quarter largely due to planned downtime in July to complete several crusher upgrades. Additionally, the Company placed approximately 2.0 million tons of direct to pad (“DTP”) material, up from 1.1 million tons of DTP material placed in the prior quarter. Metal sales were $112.5 million, or 20% of Coeur’s metal sales, compared with $95.0 million, or 20% of Coeur’s metal sales. Revenue increased by $17.5 million, or 18%, of which $8.7 million was due to higher average realized gold and silver prices and $8.8 million due to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 5% and increased 5%, respectively, as a result of higher labor, outside service and royalty costs as well as the mix of gold and silver sales which impacted co-product cost allocation. Amortization increased to $18.5 million due to the increase in gold and silver ounces sold. Capital expenditures decreased by $12.9 million to $11.6 million due to timing of capitalized stripping to facilitate exploration drilling and future planned mining activities and lower equipment purchases.

Gold and silver production increased 81% and 55%, respectively, as a result of the completion of the expansion project in March 2024 and subsequent ramp-up in production rates. Ore tons placed during the first nine months of 2025 totaled 23.1 million tons, a 51% (7.8 million ton) increase from the prior year period, consisting of approximately 18.5 million tons through the crushing circuit and 4.6 million tons of DTP material. Metal sales were $290.1 million, or 21% of Coeur’s metal sales, compared with $128.6 million, or 17% of Coeur’s metal sales. Revenue increased by $161.5 million, or 126%, of which $115.7 million was due to a higher volume of gold and silver production, and $45.8 million was due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 9% and 17%, respectively, as a result of the increase in ore tons placed, lower electrical power and haul truck repair costs and the mix of gold and silver sales which impacted co-production cost allocation. Amortization increased to $50.2 million due to the increase in gold and silver ounces sold and the impact of commissioning of the newly expanded crushing circuit in March 2024. Capital expenditures decreased to $50.9 million from $58.9 million due to Rochester expansion project spending in 2024 offset by equipment purchases and capitalized stripping in 2025.

Kensington

Gold production increased 3% as a result of a 7% increase in grades, partially offset by a 2% decrease in mill throughput. Metal sales were $98.9 million, or 18% of Coeur’s metal sales, compared to $89.8 million, or 19% of Coeur’s metal sales. Revenue increased by $9.1 million, or 10%, of which $4.4 million was due to higher volume of gold production and an increase of $4.7 million due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 3% due to higher production and lower outside service costs. Amortization increased by $0.2 million to $10.4 million due to an increase in gold ounces sold. Capital expenditures decreased by $0.7 million to $15.6 million as a result of lower expenditures related to underground development and capitalized exploration.

Gold production increased 11% as a result of 10% higher mill throughput. Metal sales were $253.9 million, or 18% of Coeur’s metal sales, compared to $156.7 million, or 21% of Coeur’s metal sales. Revenue increased by $97.2 million, or 62%, of which $72.6 million was due to higher average realized gold prices, and $24.6 million was due to higher volume of gold production. Costs applicable to sales per gold ounce increased 3% as higher production was more than offset by higher freight and royalty costs. Amortization increased to $28.1 million primarily due to an increase in gold ounces sold. Capital expenditures decreased to $47.4 million from $49.7 million due to lower underground development and capitalized exploration, partially offset by the construction of the expanded tailings impoundment.

Wharf

Gold production increased 16% driven by higher tons placed, and timing of recoveries of higher-grade material placed on the pads in prior period. Metal sales were $95.9 million, or 17% of Coeur’s metal sales, compared to $79.1 million, or 16% of Coeur’s metal sales. Revenue increased by $16.8 million, or 21%, of which $14.3 million was attributable to higher gold production, and $2.5 million was due to higher average realized gold prices. Costs applicable to sales per gold ounce decreased 9% due to higher ore tons placed. Amortization remained comparable at $1.8 million. Capital expenditures decreased to $3.2 million from $3.6 million.

Gold production decreased 5% driven by lower grade material placed on the pads and the timing of recoveries. Metal sales were $233.4 million, or 17% of Coeur’s metal sales, compared to $173.3 million, or 23% of Coeur’s metal sales. Revenue increased by $60.1 million, or 35%, of which $76.6 million was due to higher average realized gold prices, partially offset by $16.4 million due to lower gold production. Costs applicable to sales per gold ounce increased 23% due to lower ore tons placed and higher labor and royalty costs. Amortization decreased to $4.8 million due to the decrease in gold ounces mined. Capital expenditures increased to $14.1 million from $4.2 million as a result of the construction of a water treatment facility and mining equipment purchases.

Silvertip

Exploration expense totaled $10.1 million in the third quarter of 2025 compared to $9.2 million in the prior quarter as the Company continued to focus on expanding the mineral resources at Silvertip. Ongoing carrying costs at Silvertip totaled $2.6 million in the third quarter of 2025 compared to $2.4 million in the prior quarter. Capital expenditures in the third quarter of 2025 totaled $2.6 million.

Exploration expenses total $25.4 million in 2025 compared to $21.1 million in the prior year. Ongoing carrying costs at Silvertip totaled $7.7 million in 2025 and $6.1 million in the prior year. Capital expenditures in 2025 totaled $5.0 million compared to $1.9 million in the prior year.

Liquidity and Capital Resources

At September 30, 2025, the Company had $268.2 million of cash, cash equivalents and restricted cash and $399.3 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants. Cash and cash equivalents increased $211.3 million in the nine months ended September 30, 2025 due to the cash acquired in the SilverCrest Transaction of $103.7 million, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, a 22% and 65% increase in gold and silver ounces sold, respectively, and a 43% and 32% increase in average realized gold and silver prices, respectively. This was partially offset by RCF net repayments of $195.0 million, SilverCrest Transaction cost payments of $15.0 million, income and mining tax payments at Palmarejo and Las Chispas, full repayment of outstanding prepayment agreement balances at Rochester, Kensington and Wharf, $159.8 million of capital expenditures, and the second payment of $10.0 million related to the acquisition of mining concessions at Palmarejo.

We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer term. We expect to use cash provided by operating activities to fund near term capital requirements, including those described in this Report for our 2025 capital expenditure guidance, and to repurchase shares pursuant to the Company’s $75.0 million share repurchase program (the “Program”). The acquisition of SilverCrest included acquiring a significant amount of cash and gold and silver bullion, which was used along with our cash provided by operating activities to repay the RCF. Our longer-term plans contemplate continued exploration to extend the mine lives at our operating sites, reduction of debt, and additional investment to determine the viability of the Silvertip project. Our long-term target leverage ratio of Net Debt to the Last Twelve Months Adjusted EBITDA is 0.0 times Adjusted EBITDA. Our current net leverage ratio is 0.1 times Adjusted EBITDA as of September 30, 2025.

We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.

If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.

Cash Provided by Operating Activities

Net cash provided by operating activities for the three months ended September 30, 2025 was $237.7 million, compared to $207.0 million for the three months ended June 30, 2025. Net cash provided by operating activities for the nine months ended September 30, 2025 was $512.3 million, compared to $110.4 million for nine months ended September 30, 2024. Adjusted EBITDA for the three months ended September 30, 2025 was $299.1 million, compared to $243.5 million for the three months ended June 30, 2025. Adjusted EBITDA for the nine months ended September 30, 2025 was $691.5 million, compared to $222.8 million for the nine months ended September 30, 2024 (see “Non-GAAP Financial Performance

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

Net cash provided by operating activities increased $30.8 million for the three months ended September 30, 2025 compared to the three months ended June 30, 2025, primarily due to a 7% increase in gold and silver ounces sold, a 4% and 15% increase in average realized gold and silver prices, respectively, the consumption of the remaining acquired stockpile at Las Chispas, timing of accounts payable at Las Chispas and Silvertip, and lower interest expense. This was partially offset by timing of interest payments paid related to the Senior Notes, the Company’s annual insurance renewal payment, and increased general and administrative and exploration expenses. Revenue for the three months ended September 30, 2025 compared to the three months ended June 30, 2025 increased by $73.9 million, of which $36.0 million was due to higher volume of gold and silver sales and $37.9 million was due to higher average gold and silver prices.

Net cash provided by operating activities increased $401.9 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to a 22% and 65% increase in gold and silver ounces sold, respectively, a 43% and 32% increase in average realized gold and silver prices, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, and lower interest expense. This was partially offset by higher general and administrative and exploration expenses, and the receipt of $55.0 million of prepayments in the nine months ended September 30, 2024. Revenue for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 increased by $646.7 million, of which $280.2 million was due to higher average realized gold and silver prices, $79.7 million was due to higher volume of gold and silver sales, and $286.8 million was due to post-acquisition sales at Las Chispas.

Cash Used in Investing Activities

Net cash used in investing activities in the three months ended September 30, 2025 was $59.2 million compared to $60.6 million in the three months ended June 30, 2025. Cash used in investing activities decreased due to lower capital expenditures, partially offset by the $10.0 million payment for the purchase of mining concessions. The Company incurred capital expenditures of $49.0 million in the three months ended September 30, 2025 compared with $60.8 million in the three months ended June 30, 2025 primarily related to capitalized exploration at Rochester and Kensington, expanded tailings impoundment at Kensington in both periods, underground development at Palmarejo and Kensington in both periods, as well as mining equipment purchases at Rochester in three months ended June 30, 2025.

Net cash used in investing activities in the nine months ended September 30, 2025 was $66.5 million compared to $145.7 million in the nine months ended September 30, 2024. Cash used in investing activities decreased due to the cash acquired in the SilverCrest Transaction of $103.7 million, partially offset by post-acquisition capital expenditures at Las Chispas. The Company incurred capital expenditures of $159.8 million in the nine months ended September 30, 2025 compared with $135.5 million in the nine months ended September 30, 2024 primarily related to post-acquisition underground development and equipment purchases at Las Chispas, underground development at Palmarejo and Kensington in both periods, expanded tailings impoundment at Kensington in both periods, and the construction of a water treatment facility at Wharf .

Cash Provided by (Used in) Financing Activities

Net cash used in financing activities in the three months ended September 30, 2025 was $23.9 million compared to $112.8 million in the three months ended June 30, 2025. During the three months ended September 30, 2025, the Company had no repayments on a net basis under the RCF compared to $110.0 million, net, in the three months ended June 30, 2025. Additionally, the Company repurchased $5.3 million of common stock in connection with the Company’s Program in the three months ended September 30, 2025 compared to $2.0 million in the three months ended June 30, 2025, and prepaid $9.5 million in finance leases at Rochester.

Net cash used in financing activities in the nine months ended September 30, 2025 was $234.8 million compared to net cash provided by financing activities of $51.2 million in the nine months ended September 30, 2024. During the nine months ended September 30, 2025, the Company repaid $195.0 million, net, under the RCF, repurchased $7.3 million of common stock in connection with the Company’s Program, and prepaid $9.5 million in finance leases at Rochester. During the nine months ended September 30, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock in the Private Placement Offering, and drew $50.0 million, net, from the RCF.

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

The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the quarter ended September 30, 2025 and the approximate dollar value of stock that may yet be purchased pursuant to the Program:

Critical Accounting Policies and Accounting Developments

See Note 2 -- Summary of Significant Accounting Policies contained in the 2024 10-K and Note 2 - Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.

Ore on Leach Pads

The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.

The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.

The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered a change in estimate and are accounted for prospectively. As of September 30, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 64,482 and 8.9 million, respectively.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

The Company may elect to perform a qualitative assessment if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Other Liquidity Matters

We believe that our liquidity and capital resources in the U.S. are adequate to fund our U.S. operations and corporate activities. The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time to time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.

Non-GAAP Financial Performance Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Adjusted Net Income

Management uses Adjusted net incometo evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net incomeis evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net incomeis reconciled to Net incomein the following table:

(1) Includes the impact of foreign exchange rates on deferred tax balances of $9.8 million and $28.1 million for the three months ended September 30 and June 30, 2025, respectively, and $37.8 million and ($0.3) million for the nine months ended September 30, 2025 and 2024, respectively.

(2) For the three and nine months ended September 30, 2025, tax effect of adjustments of $173.0 million (415.5%) and $188.9 million (168.5%), respectively, are primarily related to the release of the valuation allowance against U.S. net deferred tax assets of $162.0 million, the wage and hour litigation settlement, Transaction costs at Corporate, and the impact of the PPA ascribed to Inventory at Las Chispas. For the three months ended June 30, 2025, tax effect of adjustments of $5.6 million (16.3%) are primarily related to the Transaction costs at Corporate and the impact of the PPA ascribed to Inventory at Las Chispas. For the nine months ended September 30, 2024, tax effect of adjustments of $1.0 million (-10%) is primarily related to the RMC Bankruptcy Distribution, Kensington royalty settlement, nonrecurring expenses at Palmarejo and LCM adjustment recorded at Rochester.

EBITDA and Adjusted EBITDA

Management uses EBITDAto evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is the basis of a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss)or Cash Flow from Operations as determined under GAAP. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDAis reconciled to Net income (loss)in the following table:

Free Cash Flow

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

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.

Operating Cash Flow Before Changes in Working Capital

Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables, Prepaid expenses and other, Inventories and Accounts payable and accrued liabilities as presented on the Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.

Net Debt and Leverage Ratio

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

The following table presents a reconciliation of Total Debt, the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented.

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

Three Months Ended September 30, 2025

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $33.4 million.

Three Months Ended June 30, 2025

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $29.7 million.

Nine Months Ended September 30, 2025

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $90.2 million.

Nine Months Ended September 30, 2024

Reconciliation of Costs Applicable to Sales for Updated 2025 Guidance

Reconciliation of Costs Applicable to Sales for Previous 2025 Guidance

Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, tax rates and treatment, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, the gold stream agreement at Palmarejo, liquidity management, financing plans, risk management strategies, capital allocation, and anticipated production, costs, expenses, and cash flow. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2024 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations and impacts from tariffs or other trade barriers (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.