Coeur Mining, Inc.

Previous wording

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item. We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Rainy River, New Afton and Wharf. Revenue from secondary metal, such as silver at Rainy River, New Afton and Wharf, is treated as a cost credit.

Current wording

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the “Company”, “our”, or “we”). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see “Non-GAAP Financial Performance Measures” at the end of this Item. We provide Costs applicable to sales (“CAS”) allocation, referred to as the co-product method, based on revenue contribution for Las Chispas, Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Rainy River, New Afton and Wharf. Revenue from secondary metal, such as silver at Rainy River, New Afton and Wharf, is treated as a cost credit.

Previous wording

For the quarter, Coeur reported revenue of $1 billion and cash provided by operating activities of $513 million, driven by the first full quarter of contributions from New Afton and Rainy River. We reported GAAP net income of $122 million, or $0.12 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $478 million and net income of $123 million or $0.12 per diluted share. For the six months ended June 30, 2026, Coeur reported revenue of $2 billion and cash provided by operating activities of $854 million. We reported GAAP net income of $369 million, or $0.42 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $953 million and net income of $376 million or $0.43 per diluted share.

Current wording

For the quarter, Coeur reported revenue of $1.0 billion and cash provided by operating activities of $386 million. We reported GAAP net income of $109 million, or $0.11 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $448 million and net income of $98 million or $0.10 per diluted share. For the nine months ended September 30, 2026, Coeur reported revenue of $2.9 billion and cash provided by operating activities of $1.2 billion. We reported GAAP net income of $478 million, or $0.52 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $1.4 billion and net income of $474 million or $0.51 per diluted share.

Previous wording

(1)See “Non-GAAP Financial Performance Measures”. Includes costs of $140 million and $85 million for the three months ended June 30, 2026 and March 31, 2026, respectively, and $225 million and $57 million for the six months ended June 30, 2026 and 2025, respectively, related to the PPA ascribed to Inventoryat New Afton, Rainy River and Las Chispas.

Current wording

(1)See “Non-GAAP Financial Performance Measures”. Includes non-cash costs of $40 million and $140 million for the three months ended September 30, 2026 and June 30, 2026, respectively, and $265 million and $90 million for the nine months ended September 30, 2026 and 2025, respectively, related to the PPA ascribed to Inventoryat New Afton, Rainy River and Las Chispas.

Previous wording

We sold 167,877 gold ounces, 4.5 million silver ounces, and 11.3 million copper pounds compared to 108,420 gold ounces, 4.4 million silver ounces, and 3.4 million copper pounds. Revenue increased by $229 million, or 27%, as a result of full-quarter sales from Rainy River and New Afton, a 2% increase in gold ounces sold from Coeur’s legacy mines, and a 10% increase in average realized copper price, partially offset by a 1% decrease in silver sales from Coeur’s legacy mines and 6% and 14% decreases in average realized gold and silver prices, respectively. The increase in gold ounces sold was the result of higher mill throughput at Las Chispas and Kensington, higher placement rates at Wharf, and full-quarter sales at Rainy River and New Afton. This was partially offset by lower grades at Palmarejo, and sequencing and timing of grade delivered to pad at Rochester. The slight increase in silver ounces sold was the result of full-quarter sales at Rainy River and New Afton, partially offset by lower grades at Palmarejo, and sequencing and timing of grade delivered to pad at Rochester. Gold, silver, and copper represented 64%, 30%, and 6% of second quarter 2026 sales revenue, respectively, compared to 56%, 42%, and 2% of first quarter 2026 sales revenue, respectively.

Current wording

We sold 164,311 gold ounces, 4.3 million silver ounces, and 9.3 million copper pounds compared to 167,877 gold ounces, 4.5 million silver ounces, and 11.3 million copper pounds. Revenue decreased by $102 million, or 9%, as a result of a 2%, 5%, and 18% decrease in gold, silver, and copper sales, respectively, and a 4% and 13% decrease in average realized gold and silver prices, respectively, partially offset by a 9% increase in average realized copper price. The slight decrease in gold ounces sold was the result of lower grades at Rainy River and Palmarejo, and lower mill throughput at New Afton. This was partially offset by higher grades and tonnes placed at Rochester, timing of recoveries at Rochester and Wharf, and timing of sales at Kensington. The decrease in silver ounces sold was the result of lower grades at Las Chispas, Palmarejo, and Rochester, partially offset by higher mill throughput at Las Chispas and Palmarejo, and higher tonnes placed at Rochester. The decrease in copper production was due to lower mill throughput at New Afton. Gold, silver, and copper represented 67%, 27%, and 6% of third quarter 2026 sales revenue, respectively, compared to 64%, 30%, and 6% of second quarter 2026 sales revenue, respectively.

Previous wording

Costs applicable to sales increased $220 million, or 67%, primarily driven by full-quarter sales at Rainy River and New Afton as well as the impact of the PPA ascribed to Inventory of $140 million compared to $85 million in the first quarter of 2026. For a complete discussion of costs applicable to sales, see Results of Operations below.

Current wording

Costs applicable to sales decreased $81 million, or 15%, primarily driven by the non-cash impact of the PPA ascribed to Inventory of $40 million compared to $140 million in the second quarter of 2026, partially offset by higher gold and silver ounces sold at Rochester, Kensington, and Wharf. For a complete discussion of costs applicable to sales, see Results of Operations below.

Previous wording

General and administrative expenses increased $1 million, or 5%, primarily due to higher outside service and travel costs, partially offset by lower stock-based compensation costs.

Current wording

General and administrative expenses decreased $1 million, or 5%, primarily due to lower outside service and travel costs, partially offset by higher stock-based compensation costs.

Previous wording

Pre-development, reclamation, and other expenses decreased $23 million, or 78%, as a result of lower transaction and integration costs associated with the acquisition of New Gold in the first quarter and the receipt of property damage insurance proceeds related to the fire incident at Wharf.

Current wording

Pre-development, reclamation, and other expenses increased $8 million, or 127%, as a result of receiving property damage insurance proceeds in the second quarter of 2026 related to the November 2025 fire incident at Wharf, partially offset by lower transaction and integration costs associated with the acquisition of New Gold.

Previous wording

Interest expense (net of capitalized interest) increased to $11 million attributable to the higher interest paid under the New Gold 2032 Senior Notes assumed in the New Gold Transaction and 2032 Senior Notes, partially offset by lower interest paid on finance leases. The new $1.0 billion RCF had no outstanding amount drawn as of June 30, 2026.

Current wording

Interest expense (net of capitalized interest) remained comparable at $11 million. The RCF had no outstanding amount drawn as of September 30, 2026.

Previous wording

Other, net increased to a gain of $10 million compared to $8 million as a result of higher foreign exchange rate gains.

Current wording

Other, net increased to $11 million compared to $10 million as a result of higher interest income, partially offset by lower foreign exchange rate gains.

Previous wording

Income and mining tax expense of approximately $93 million resulted in an effective tax rate of 43.3% for the three months ended June 30, 2026. This compares to income tax expense of $102 million for an effective tax rate of 29.2% for the three months ended March 31, 2026. 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) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) foreign exchange rates; (iv) excess of tax benefits from share-based compensation; (v) mining taxes; (vi) the impact of uncertain tax positions; (vii) percentage depletion and (viii) U.S. valuation allowance release. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $10 million and decreased income and mining tax expense by $2 million for the three months ended June 30, 2026 and March 31, 2026, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

Current wording

Income and mining tax expense of approximately $65 million resulted in an effective tax rate of 37.3% for the three months ended September 30, 2026. This compares to income tax expense of $93 million for an effective tax rate of 43.3% for the three months ended June 30, 2026. 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) foreign exchange rates; (ii) mining taxes; (iii) impact of uncertain tax positions; (iv) percentage depletion; (v) variations in the Company’s income before income taxes; (vi) geographic distribution of that income; and (vii) excess tax benefits from share-based compensation. Fluctuations in foreign exchange rates on deferred tax balances decreased income and mining tax expense by $7 million and increased income and mining tax expense by $10 million for the three months ended September 30, 2026 and June 30, 2026, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

Previous wording

The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. During the three and six months ended June 30, 2026, the Company released nil and $1.0 million, respectively, of valuation allowance against its U.S. net deferred tax assets resulting in a non-cash deferred tax benefit. The $1.0 million valuation allowance released is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

Current wording

The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. During the three and nine months ended September 30, 2026, the Company released nil and $1 million, respectively, of valuation allowance against its U.S. net deferred tax assets resulting in a non-cash deferred tax benefit. The $1 million valuation allowance released is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

Previous wording

Net income was $122 million, or $0.12 per diluted share, compared to $247 million, or $0.35 per diluted share. The decrease in net income resulted from a 1% decrease in silver sales from Coeur’s legacy mines and a 6% and 14% decrease in average realized gold and silver prices, respectively, post-acquisition costs applicable to sales at Rainy River and New Afton, and higher exploration and interest expense. This was partially offset by full-quarter sales from Rainy River and New Afton and a 2% increase in gold ounces sold from Coeur’s legacy mines, and lower income and mining taxes. Adjusted net income was $123 million, or $0.12 per diluted share, compared to $253 million, or $0.36 per diluted share (see “Non-GAAP Financial Performance Measures”).

Current wording

Net income was $109 million, or $0.11 per diluted share, compared to $122 million, or $0.12 per diluted share. The decrease in net income resulted from a 2%, 5%, and 18% decrease in gold, silver, and copper sales, respectively, a 4% and 13% decrease in average realized gold and silver prices, respectively, higher exploration costs, the receipt of property damage insurance proceeds in the second quarter of 2026 related to the November 2025 fire incident at Wharf, and higher income and mining taxes. This was partially offset by a 9% increase in average realized copper price, and lower non-cash impact of the PPA ascribed to Inventory of $40 million compared to $140 million in the second quarter of 2026. Adjusted net income was $98 million, or $0.10 per diluted share, compared to $123 million, or $0.12 per diluted share (see “Non-GAAP Financial Performance Measures”).

Previous wording

The Company sold 276,297 gold ounces, 8.9 million silver ounces, and 14.7 million copper pounds compared to 196,264 gold ounces, 8.6 million silver ounces, and zero copper pounds. Revenue increased by $1,101 million, or 131%, as a result of post-acquisition sales at Rainy River and New Afton, a 1% increase in silver ounces sold from Coeur’s legacy mines, and a 49% and 133% increase in average realized gold and silver prices, respectively. This was partially offset by a 14% decrease in gold ounces sold from Coeur’s legacy mines. The increase in gold ounces sold was primarily due to full-year sales at Las Chispas and post-acquisition sales at Rainy River and New Afton, partially offset by lower mill throughput at Palmarejo and Kensington, lower grades at Palmarejo, Rochester, and Kensington, and temporarily reduced crushing capacity at Wharf. The increase in silver ounces sold resulted from full-quarter sales at Las Chispas, partially offset by lower mill throughput at Palmarejo, and grades at Palmarejo and Rochester. Gold, silver and copper represented 60%, 35% and 5% of 2026 sales, respectively, compared to 66%, 34% and nil of 2025 sales, respectively.

Current wording

The Company sold 440,608 gold ounces, 13.2 million silver ounces, and 23.9 million copper pounds compared to 310,759 gold ounces, 13.6 million silver ounces, and zero copper pounds. Revenue increased by $1.5 billion, or 110%, as a result of post-acquisition sales at Rainy River and New Afton, and a 40% and 105% increase in average realized gold and silver prices, respectively. This was partially offset by a 15% and 6% decrease in gold and silver ounces sold from the Company’s United States and Mexico operations, respectively. The increase in gold ounces sold was primarily due to full-year sales at Las Chispas and post-acquisition sales at Rainy River and New Afton, partially offset by lower grades at Palmarejo, Rochester, and Kensington, and temporarily reduced crushing capacity at Wharf. The decrease in silver ounces sold resulted from lower grades at Palmarejo and Rochester, partially offset by full-year sales at Las Chispas. Gold, silver and copper represented 62%, 33% and 5% of 2026 sales, respectively, compared to 66%, 34% and nil of 2025 sales, respectively.

Previous wording

Costs applicable to sales increased $446 million, or 103%, primarily due to the post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas and higher operating costs at Palmarejo, Rochester and Kensington, partially offset by lower gold ounces sold Wharf. Cost applicable to sales includes the impact of the PPA ascribed to Inventory of $225 million compared to $57 million during 2025. For a complete discussion of costs applicable to sales, see Results of Operations below.

Current wording

Costs applicable to sales increased $666 million, or 98%, primarily due to the post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas and higher operating costs at Palmarejo, Rochester, and Kensington, partially offset by lower gold ounces sold at Wharf. Cost applicable to sales includes the non-cash impact of the PPA ascribed to Inventory of $265 million compared to $90 million during 2025. For a complete discussion of costs applicable to sales, see Results of Operations below.

Previous wording

Amortization increased $251 million, or 240%, as a result of post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas, partially offset by lower gold ounces sold at Palmarejo, Kensington and Wharf.

Current wording

Amortization increased $440 million, or 248%, as a result of post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas, partially offset by lower gold ounces sold at Palmarejo, Kensington, and Wharf.

Previous wording

General and administrative expenses increased $17 million, or 63%, primarily due to higher stock-based compensation, annual incentive compensation, outside services, and audit fees.

Current wording

General and administrative expenses increased $24 million, or 57%, primarily due to the New Gold Transaction, higher stock-based compensation, outside services, and audit fees.

Previous wording

Exploration expense increased $17 million, or 39%, driven by planned higher resource expansion drilling activity at all locations, full-year exploration expense at Las Chispas, and post-acquisition exploration expense at Rainy River and New Afton.

Current wording

Exploration expense increased $35 million, or 51%, driven by planned higher resource expansion drilling activity at all locations, full-year exploration expense at Las Chispas, and post-acquisition exploration expense at Rainy River and New Afton.

Previous wording

Pre-development, reclamation, and other expenses increased $6 million, or 21%, primarily due to higher transaction and integration costs related to the New Gold Transaction, partially offset by the receipt of property damage insurance proceeds related to the fire incident at Wharf.

Current wording

Pre-development, reclamation, and other expenses increased $5 million, or 12%, primarily due to higher transaction and integration costs related to the New Gold Transaction, higher asset retirement obligation accretion, and increased Silvertip care and maintenance costs, partially offset by the receipt of property damage insurance proceeds in the second quarter of 2026 related to the November 2025 fire incident at Wharf and the Wage and Hour Litigation settlement recorded in 2025.

Previous wording

Interest expense (net of capitalized interest) decreased to $17 million from $19 million due to lower interest paid under the RCF driven by lower average debt levels and lower interest paid under finance leases, partially offset by higher interest paid under the New Gold 2032 Senior Notes assumed in the New Gold Transaction and 2032 Senior Notes. The new $1.0 billion RCF had no outstanding amount drawn as of June 30, 2026.

Current wording

Interest expense (net of capitalized interest) increased to $28 million from $25 million due to higher interest paid under the New Gold 2032 Senior Notes assumed in the New Gold Transaction and 2032 Senior Notes, partially offset by lower interest paid under the RCF driven by lower average debt levels and lower interest paid under finance leases. The new $1.0 billion RCF had no outstanding amount drawn as of September 30, 2026.

Previous wording

Other, net increased to a gain of $17 million compared to $1.9 million as a result of higher interest income and foreign exchange rate gains.

Current wording

Other, net increased to a gain of $28 million compared to $1.0 million as a result of higher interest income and foreign exchange rate gains.

Previous wording

Income and mining tax expense of approximately $195 million resulted in an effective tax rate of 34.6% for the six months ended June 30, 2026. This compares to income tax expense of $81 million for an effective tax rate of 43.8% for the six months ended June 30, 2025. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) percentage depletion; (v) foreign exchange rates; (vi) excess of tax benefits from share-based compensation; (vii) the impact of uncertain tax positions and (viii) U.S. valuation allowance release. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $9 million and $28 million for the six months ended June 30, 2026 and 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

Current wording

Income and mining tax expense of approximately $260 million resulted in an effective tax rate of 35.2% for 2026. This compares to income tax benefit of $16 million for an effective tax rate of (4.5)% for 2025. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) third quarter 2025 U.S. valuation allowance release; (ii) variations in the Company’s income before income taxes; (iii) geographic distribution of that income; (iv) mining taxes; (v) percentage depletion; (vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and (viii) excess of tax benefits from share-based compensation. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $2 million and $38 million for the nine months ended September 30, 2026 and 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

Previous wording

The Company has historically provided a valuation allowance against a portion its U.S. net deferred tax assets. During the three and six months ended June 30, 2026, the Company released nil and $1.0 million, respectively, of valuation allowance against its U.S. net deferred tax assets resulting in a non-cash deferred tax benefit. The $1 million valuation allowance released is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

Current wording

The Company has historically provided a valuation allowance against a portion its U.S. net deferred tax assets. During the three and nine months ended September 30, 2026, the Company released nil and $1 million, respectively, of valuation allowance against its U.S. net deferred tax assets resulting in a non-cash deferred tax benefit. The $1 million valuation allowance released is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

Previous wording

Net income was $369 million, or $0.42 per diluted share, compared to $104 million, or $0.18 per diluted share. The increase in net income was driven by a 1% increase in silver ounces sold from Coeur’s legacy mines, post-acquisition sales at Rainy River and New Afton, a 49% and 133% increase in average realized gold and silver prices, respectively, and full-quarter sales at Las Chispas. This was partially offset by post-acquisition costs applicable to sales at Rainy River and New Afton, higher general and administrative, exploration, transaction and integration costs, and mining and income tax expense. Adjusted net income was $376 million, or $0.43 per diluted share, compared to $143 million, or $0.25 per diluted share (see “Non-GAAP Financial Performance Measures”).

Current wording

Net income was $478 million, or $0.52 per diluted share, compared to $371 million, or $0.61 per diluted share. The increase in net income was driven by post-acquisition sales at Rainy River and New Afton, full-year sales at Las Chispas, and a 40% and 105% increase in average realized gold and silver prices, respectively. This was partially offset by a 15% and 6% decrease in gold and silver ounces sold from the Company’s United States and Mexico operations, respectively, post-acquisition costs applicable to sales at Rainy River and New Afton, higher non-cash impact of the PPA ascribed to Inventory of $265 million compared to $90 million in 2025, higher general and administrative, exploration, transaction and integration costs, and higher mining and income tax expense. Adjusted net income was $474 million, or $0.51 per diluted share, compared to $266 million, or $0.44 per diluted share (see “Non-GAAP Financial Performance Measures”).

Previous wording

Note: The Company’s previous guidance figures assumed estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. The Company’s updated guidance figures assume estimated prices of $4,000/oz gold, $60.00/oz silver, and $6.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

Current wording

The Company’s guidance figures assume estimated prices of $4,000/oz gold, $55.00/oz silver, and $6.25/lb copper, as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

Previous wording

(1)See Non-GAAP Financial Performance Measures. Includes the impact of $2,560 and $3.10 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the first quarter of 2026, and $531 and $0.73 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the six months ended June 30, 2026. The impact on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA in the second quarter of 2026 was not significant.

Current wording

(1)See Non-GAAP Financial Performance Measures. Includes the non-cash impact of $327 and $0.45 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the nine months ended September 30, 2026. The non-cash impact on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA in the second and third quarters of 2026 was not significant.

Previous wording

New Afton results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $171 million, or 9% of Coeur’s metal sales. Costs applicable to sales per gold ounce and copper pound sold includes $531 and $0.73, respectively, of costs related to the expensing of $20 million of PPA that was ascribed to Inventory. Amortization totaled $121 million. Capital expenditures were $12 million.

Current wording

New Afton results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $282 million, or 10% of Coeur’s metal sales. Costs applicable to sales per gold ounce and copper pound sold includes $327 and $0.45, respectively, of costs related to the non-cash expensing of $20 million of PPA that was ascribed to Inventory. Amortization totaled $234 million. Capital expenditures were $27 million.

Previous wording

(1)See Non-GAAP Financial Performance Measures. Includes the impact of $2,036, $3,026, and $2,270 on costs applicable to sales per gold ounce sold, attributable to PPA ascribed to Inventory of $141 million, $65 million, and $205 million in the second quarter, first quarter and six months ended June 30, 2026, respectively.

Current wording

(1) See Non-GAAP Financial Performance Measures. Includes the non-cash impact of $694, $2,036, and $1,656 on costs applicable to sales per gold ounce sold, attributable to PPA ascribed to Inventory of $40 million, $141 million, and $245 million in the third quarter, second quarter and nine months ended September 30, 2026, respectively.

Previous wording

Rainy River results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $401 million, or 21% of Coeur’s metal sales. Costs applicable to sales per gold ounce sold include $2,270 of costs related to the expensing of $205 million of PPA that was ascribed to Inventory. Amortization totaled $96 million. Capital expenditures were $64 million.

Current wording

Rainy River results represent post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026. Metal sales were $645 million, or 22% of Coeur’s metal sales. Costs applicable to sales per gold ounce sold include $1,656 of costs related to the non-cash expensing of $245 million of PPA that was ascribed to Inventory. Amortization totaled $166 million. Capital expenditures were $125 million.

Previous wording

(1)See Non-GAAP Financial Performance Measures. Includes the impact of $1,106 and $11.80 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $57 million in the six months ended June 30, 2025.

Current wording

(1) See Non-GAAP Financial Performance Measures. Includes the non-cash 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 million in the nine months ended September 30, 2025.

Previous wording

Gold and silver production increased 3% and 2%, respectively, as a result of higher mill throughput, partially offset by lower silver grades. Metal sales were $187 million, or 17% of Coeur’s metal sales, compared with $194 million, or 23% of Coeur’s metal sales. Revenue decreased by $7 million, or 3%, of which $21 million was due to lower average realized gold and silver prices, partially offset by $14 million due to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 9% and decreased 1%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, and higher production, partially offset by higher outside service costs. Amortization increased by $4 million to $40 million as a result of higher gold and silver ounces sold. Capital expenditures increased to $16 million driven by the timing of capital expenditure payments.

Current wording

Gold and silver production increased 3% and 1%, respectively, as a result of higher mill throughput and higher gold grades, partially offset by lower silver grades. Metal sales were $162 million, or 16% of Coeur’s metal sales, compared with $187 million, or 17% of Coeur’s metal sales. Revenue decreased by $25 million, or 14%, of which $18 million was due to lower average realized gold and silver prices, and $7 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 16% and 7%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, and lower production, partially offset by lower labor and outside service costs. Amortization increased by $2 million to $42 million as a result of higher gold and silver ounces sold from short-term stockpile. Capital expenditures increased to $17 million driven by the timing of capital expenditure payments.

Previous wording

Las Chispas results represent post-acquisition activity subsequent to the SilverCrest Transaction that closed on February 14, 2025, which drove the gold and silver production increase of 30% and 35%, respectively. Metal sales were $381 million, or 20% of Coeur’s metal sales, compared with $161 million, or 19% of Coeur’s metal sales. Revenue increased by $220 million, or 137%, of which $145 million was due to higher gold and silver prices, and $75 million was attributable to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 59% and 35%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and the absence of PPA that was ascribed to Inventoryin 2026. In the prior year, costs applicable to sales per gold and silver ounce sold included $1,106 and $11.80, respectively, of costs related to the expensing of the $57 million of PPA. Amortization and capital expenditures increased to $75 million and $29 million, respectively, due to a full year of results in 2026.

Current wording

Las Chispas results represent post-acquisition activity subsequent to the SilverCrest Transaction that closed on February 14, 2025, which drove gold and silver production increases of 16% and 19%, respectively. Metal sales were $542 million, or 19% of Coeur’s metal sales, compared with $287 million, or 21% of Coeur’s metal sales. Revenue increased by $255 million, or 89%, of which $206 million was due to higher gold and silver prices, and $49 million was attributable to higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 56% and 32%, respectively, due to the mix of gold and silver sales which impacted co-product cost allocation and the absence of the PPA that was ascribed to Inventoryin 2026. In the prior year, costs applicable to sales per gold and silver ounce sold included $1,038 and $11.05, respectively, of non-cash costs related to the expensing of the $90 million of PPA. Amortization and capital expenditures increased to $117 million and $46 million, respectively, due to a full year of results in 2026.

Previous wording

Gold and silver production decreased 19% and increased 1%, respectively, as a result of lower gold and silver grades and lower average gold and silver recoveries, partially offset by higher mill throughput. Metal sales were $160 million, or 15% of Coeur’s metal sales, compared with $188 million, or 22% of Coeur’s metal sales. Revenue decreased by $29 million, or 15%, of which $22 million was due to lower average realized gold and silver prices, and $7 million was attributable to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 34% and 20%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, and lower gold production. Amortization decreased by $1 million to $6 million as a result of lower gold ounces sold. Capital expenditures decreased to $7 million due to lower infill drilling.

Current wording

Gold and silver production decreased 1% and 14%, respectively, as a result of lower gold and silver grades, partially offset by higher mill throughput. Metal sales were $132 million, or 13% of Coeur’s metal sales, compared with $160 million, or 15% of Coeur’s metal sales. Revenue decreased by $27 million, or 17%, of which $15 million was due to lower average realized gold and silver prices, and $12 million was attributable to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 16% and 4%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, and lower gold production. Amortization remained comparable at $6 million. Capital expenditures increased to $8 million due to higher infill drilling.

Previous wording

Gold and silver production decreased 17% and 13%, respectively, as a result of lower gold and silver grades, partially offset by higher mill throughput. Metal sales were $348 million, or 18% of Coeur’s metal sales, compared with $210 million, or 25% of Coeur’s metal sales. Revenue increased by $138 million, or 66%, of which $188 million was due to higher gold and silver prices, partially offset by $50 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce remained comparable and increased 76%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, lower production, and favorable impact of exchange rates in 2025. Amortization decreased to $13 million due to lower gold and silver ounces sold. Capital expenditures increased to $16 million due to higher levels of underground development and infill drilling.

Current wording

Gold and silver production decreased 20% and 14%, respectively, as a result of lower gold and silver grades, partially offset by higher mill throughput. Metal sales were $480 million, or 16% of Coeur’s metal sales, compared with $331 million, or 24% of Coeur’s metal sales. Revenue increased by $149 million, or 45%, of which $239 million was due to higher gold and silver prices, partially offset by $90 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 7% and 78%, respectively, due to the mix of gold and silver sales, which impacted co-product cost allocation, higher labor and consumable costs, lower production, and the unfavorable impact of exchange rates in 2025. Amortization decreased to $19 million due to lower gold and silver ounces sold. Capital expenditures increased to $24 million due to higher levels of underground development and infill drilling.

Previous wording

(1)During the three months ended June 30, 2026 and March 31, 2026, 6.8 million and 5.9 million tonnes of crushed ore were placed on the new leach pad, respectively. During the six months ended June 30, 2026 and June 30, 2025, 12.7 million and 11.1 million tonnes of crushed ore were placed on the new leach pad, respectively.

Current wording

(1) 6.8 million tonnes of crushed ore were placed on the new leach pad in each of the three months ended September 30, 2026 and June 30, 2026. During the nine months ended September 30, 2026 and September 30, 2025, 19.5 million and 16.8 million tonnes of crushed ore were placed on the new leach pad, respectively.

Previous wording

Gold and silver production decreased 17% and 12%, respectively, driven by timing of tonnes delivered to pad. Ore tonnes crushed during the quarter consisted of approximately 6.8 million tonnes (7.5 million tons) through the crushing circuit and 1.3 million tonnes (1.4 million tons) of direct to pad (“DTP”) material. Ore tonnes placed during the quarter totaled 8.0 million tonnes (8.9 million tons), a 20% (1.3 million tonnes) increase from the prior quarter. Metal sales were $141 million, or 13% of Coeur’s metal sales, compared with $181 million, or 21% of Coeur’s metal sales. Revenue decreased by $41 million, or 22%, of which $20 million was due to lower average realized gold and silver prices, and $21 million was attributable to a lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 28% and 25%, respectively, as a result of higher labor, consumable and maintenance costs, and the mix of gold and silver sales which impacted co-production cost allocation, partially offset by increased recoverable ounces placed on the new leach pad. Amortization decreased to $14 million driven by the decrease in gold and silver ounces sold. Capital expenditures decreased to $18 million from $23 million due to lower capitalized stripping related to the Phase 2 development of the Stage 6 leach pad.

Current wording

Gold and silver production increased 39% and 1%, respectively, driven by higher gold-grade ore placement and improved recoveries from newly commissioned leach pads, partially offset by lower silver grades. Ore tonnes crushed during the quarter consisted of approximately 6.8 million tonnes (7.5 million tons) through the crushing circuit. Ore tonnes placed during the quarter totaled 8.2 million tonnes (9.0 million tons). Metal sales were $144 million, or 15% of Coeur’s metal sales, compared with $141 million, or 13% of Coeur’s metal sales. Revenue increased by $4 million, or 3%, of which $16 million was attributable to a higher volume of gold and silver production, partially offset by $12 million due to lower average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 4% and 11%, respectively, as a result of the mix of gold and silver sales which impacted co-production cost allocation, increased recoverable ounces placed on the new leach pad, and lower labor costs, partially offset by higher consumable and maintenance costs. Amortization increased to $17 million driven by the increase in gold ounces sold. Capital expenditures increased to $22 million from $18 million due to higher mining equipment purchases.

Previous wording

Gold and silver production decreased 7% and 4%, respectively, as a result of lower grade, partially offset by higher placement rates. Metal sales were $322 million, or 17% of Coeur’s metal sales, compared with $178 million, or 21% of Coeur’s metal sales in the prior year period. Revenue increased by $145 million, or 81%, of which $165 million was due to higher average realized gold and silver prices, partially offset by $20 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 4% and increased 53%, respectively, as a result of the mix of gold and silver sales which impacted co-product cost allocation, higher labor, diesel and royalties costs, and lower production, partially offset by increased tonnes placed on the new leach pad. Amortization decreased to $30 million due to lower gold and silver ounces sold. Capital expenditures increased to $41 million from $39 million due higher capitalized stripping related to the construction of a new open pit, partially offset by lower equipment purchases.

Current wording

Gold and silver production decreased 1% and 12%, respectively, as a result of lower gold and silver grades, partially offset by higher placement rates. Metal sales were $467 million, or 16% of Coeur’s metal sales, compared with $290 million, or 21% of Coeur’s metal sales in the prior year period. Revenue increased by $177 million, or 61%, of which $220 million was due to higher average realized gold and silver prices, partially offset by $43 million due to lower volume of gold and silver production. Costs applicable to sales per gold and silver ounce increased 2% and 50%, respectively, as a result of the mix of gold and silver sales which impacted co-product cost allocation, higher labor, diesel and royalties costs, and lower production, partially offset by increased tonnes placed on the new leach pad. Amortization decreased to $46 million due to lower gold and silver ounces sold. Capital expenditures increased to $63 million from $51 million due higher capitalized stripping related to the construction of a new open pit, partially offset by lower equipment purchases.

Previous wording

Gold production decreased 15% as a result of lower mill throughput and lower grades. Metal sales were $196 million, or 10% of Coeur’s metal sales, compared to $155 million, or 18% of Coeur’s metal sales in the prior year period. Revenue increased by $41 million, or 27%, of which $74 million was due to higher average realized gold prices, partially offset by $33 million resulting from lower volume of gold production. Costs applicable to sales per gold ounce increased 27% due to lower production, and higher labor and maintenance costs, partially offset by lower outside service costs. Amortization decreased to $17 million resulting lower gold ounces sold. Capital expenditures decreased to $21 million from $32 million due to a decrease in underground development, capitalized exploration and tailings dam expansion expenditures.

Current wording

Gold production decreased 17% as a result of lower mill throughput and lower grades. Metal sales were $287 million, or 10% of Coeur’s metal sales, compared to $254 million, or 18% of Coeur’s metal sales in the prior year period. Revenue increased by $34 million, or 13%, of which $93 million was due to higher average realized gold prices, partially offset by $59 million resulting from lower volume of gold production. Costs applicable to sales per gold ounce increased 31% due to lower production, and higher labor and consumable costs, partially offset by lower outside service costs. Amortization decreased to $27 million due to lower gold ounces sold. Capital expenditures decreased to $33 million from $47 million due to a decrease in underground development, capitalized exploration and tailings dam expansion expenditures.

Previous wording

Gold production increased 85% driven by increased ore tonnes placed, reflecting the successful return to normal crushing rates following the November 2025 crusher fire, bolstered by contract crushing exceeding planned throughput. Demobilization of the contract crushing is complete and normal site operations have resumed, concurrent with the completion of secondary and tertiary crusher upgrades. Metal sales were $73 million, or 7% of Coeur’s metal sales, compared to $50 million, or 6% of Coeur’s metal sales in the prior year period. Revenue increased by $23 million, or 46%, of which $28 million resulted from higher gold production, partially offset by $5 million due to lower average realized gold prices. Costs applicable to sales per gold ounce decreased 20% due to higher ore tons placed and the $10 million received for the business interruption claim, partially offset by higher labor, consumable, and royalty costs. Amortization increased to $1 million as a result of the increase in gold ounces mined. Capital expenditures decreased to $(2) million from $13 million, reflecting a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million. The Company recognizes property damage and business interruption insurance recoveries in accordance with the nature of the claim.

Current wording

Gold production increased 28% driven by timing of recoveries. Ore tonnes placed decreased quarter-over-quarter due to lower crusher availability associated with the completion of crusher circuit ramp-up and grid power disruptions. Metal sales were $99 million, or 10% of Coeur’s metal sales, compared to $73 million, or 7% of Coeur’s metal sales in the prior year period. Revenue increased by $26 million, or 36%, of which $30 million resulted from higher gold production, partially offset by $4 million due to lower average realized gold prices. Costs applicable to sales per gold ounce increased 25% as a result of the $10 million received in the second quarter for the business interruption insurance claim, and higher labor and consumable costs, partially offset by lower outside service and royalty costs. Amortization increased to $2 million as a result of the increase in gold ounces mined. Capital expenditures increased to $4 million from $(2) million, due to a partial recovery of property insurance proceeds of $10 million received in the second quarter. The Company recognizes property damage and business interruption insurance recoveries in accordance with the nature of the claim.

Previous wording

Gold production decreased 38% driven by lower material placed on the pads. Ore tonnes placed were negatively impacted by a fire incident at the tertiary crusher which occurred during regularly scheduled maintenance in late 2025. Metal sales were $123 million, or 6% of Coeur’s metal sales, compared to $137 million, or 16% of Coeur’s metal sales in the prior year period. Revenue decreased by $15 million, or 11%, of which $85 million was due to lower gold production, partially offset by $70 million attributable to higher average realized gold prices. Costs applicable to sales per gold ounce increased 14% due to lower ore tonnes placed and higher labor, consumable, royalty, and outside service costs, partially offset by the he $10 million received for the business interruption claim. Amortization decreased to $2 million as a result of lower gold ounces mined. Capital expenditures remained comparable at $11 million.

Current wording

Gold production decreased 30% driven by lower grade material placed on the pads. Ore tonnes placed were negatively impacted by a fire incident at the tertiary crusher which occurred during regularly scheduled maintenance in November 2025. Metal sales were $222 million, or 8% of Coeur’s metal sales, compared to $233 million, or 17% of Coeur’s metal sales in the prior year period. Revenue decreased by $11 million, or 5%, of which $102 million was due to lower gold production, partially offset by $91 million attributable to higher average realized gold prices. Costs applicable to sales per gold ounce increased 27% due to lower ore tonnes placed and higher labor, consumable, royalty, and outside service costs, partially offset by the $10 million received for the business interruption claim. Amortization decreased to $4 million as a result of lower gold ounces mined. Capital expenditures remained comparable at $15 million, which includes a partial recovery of crusher construction costs from property damage insurance proceeds of $10 million in 2026.

Previous wording

Exploration expenses totaled $6 million in the second quarter of 2026 compared to $9 million in the first quarter of 2026. Ongoing carrying costs at Silvertip totaled $3 million in both periods. Capital expenditures totaled $5 million compared to $2 million in the prior period.

Current wording

Exploration expenses totaled $13 million in the third quarter of 2026 compared to $6 million in the second quarter of 2026. Ongoing carrying costs at Silvertip totaled $3 million in both periods. Capital expenditures totaled $6 million compared to $5 million in the prior period.