Coeur Mining, Inc.
For the period ended May 12, 2026. Filed Apr 1, 2026.
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May 12, 2026 · Filed Apr 1, 2026
Contents
Appendix A – Certain Additional Information
Appendix A
Certain Additional Information
Reconciliation of Non-U.S. GAAP Information
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”). These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is the basis of a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the following table:
Adjusted EBITDA Reconciliation
| ($ thousands) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net income (loss) | 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 |
| Loss on sale of assets and securities | 698 | 4,250 | 25,197 |
| RMC bankruptcy distribution | (37) | (1,294) | (1,516) |
| Loss on debt extinguishment | (113) | (417) | (3,437) |
| Asset retirement obligation accretion | 19,697 | 16,778 | 16,405 |
| Inventory adjustments and write-downs | 6,265 | 8,042 | 43,188 |
| Other adjustments | — | 5,429 | 4,925 |
| Adjusted EBITDA | $1,025,772 | $339,152 | $142,302 |
COEUR MINING 2026 Proxy Statement • 93
Appendix A − Certain Additional Information
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.
Free Cash Flow Reconciliation
| 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) |
Gold CAS / oz and Silver CAS / oz
| $ in thousands (except metal sales and per ounce amounts) | Las Chispas1 | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total |
|---|---|---|---|---|---|---|---|
| Costs applicable to sales, including amortization (U.S. GAAP) | 295,897 | 228,672 | 278,397 | 218,349 | 123,486 | 3,903 | 1,148,704 |
| Amortization | (94,213) | (37,015) | (69,283) | (39,295) | (6,558) | (3,903) | (250,267) |
| Reported costs applicable to sales | 201,684 | 191,657 | 209,114 | 179,054 | 116,928 | — | 898,437 |
| Inventory adjustments | (1,590) | (911) | (2,195) | (949) | (467) | — | (6,1112) |
| By-product credit | — | — | — | (17) | (5,121) | — | (5,138) |
| Adjusted costs applicable to sales | 200,094 | 190,746 | 206,919 | 178,088 | 111,340 | — | 887,187 |
| Metal Sales | |||||||
| Gold ounces | 58,251 | 100,723 | 60,612 | 105,682 | 96,764 | — | 422,032 |
| Silver ounces | 5,445,330 | 6,498,821 | 6,077,114 | — | 133,970 | — | 18,155,235 |
| Revenue Split | |||||||
| Gold | 48% | 46% | 46% | 100% | 100% | — | |
| Silver | 52% | 54% | 54% | — | — | — | |
| Adjusted costs applicable to sales | |||||||
| Gold ($/oz) | 1,649 | 871 | 1,570 | 1,685 | 1,151 | — | 1,347 |
| Silver ($/oz) | 19.11 | 15.85 | 18.39 | — | 17.69 | ||
1 Includes the impact of the purchase price allocation ascribed in Inventory of $93.5 million.
94 • COEUR MINING 2026 Proxy Statement
Appendix A − Certain Additional Information
| $ in thousands (except metal sales and per ounce amounts) | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Total |
|---|---|---|---|---|---|---|
| Costs applicable to sales, including amortization (U.S. GAAP) | 240,473 | 195,904 | 185,958 | 104,853 | 3,235 | 730,387 |
| Amortization | (44,979) | (41,293) | (28,201) | (6,487) | (3,235) | (124,195) |
| Reported costs applicable to sales | 195,458 | 154,611 | 157,757 | 98,366 | — | 606,192 |
| Inventory adjustments | (1,365) | (2,746) | (361) | (126) | — | (4,598) |
| By-product credit | — | — | (72) | (6,405) | — | (6,333) |
| Adjusted costs applicable to sales | 194,093 | 151,865 | 157,468 | 91,835 | — | 595,261 |
| Metal Sales | ||||||
| Gold ounces | 108,783 | 38,345 | 95,361 | 98,327 | — | 340,816 |
| Silver ounces | 6,796,715 | 4,389,378 | — | 232,728 | — | 11,418,821 |
| Revenue Split | ||||||
| Gold | 50% | 42% | 100% | 100% | — | |
| Silver | 50% | 58% | — | — | — | |
| Adjusted costs applicable to sales | ||||||
| Gold ($/oz) | 892 | 1,663 | 1,651 | 934 | — | 1,203 |
| Silver ($/oz) | 14.28 | 20.07 | — | 16.55 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.