Coeur Mining, Inc. (CDE)

Item 2.        Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

Overview

We are a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned North American operations: the New Afton gold-copper mine in British Columbia, Canada, the Rainy River gold-silver mine in Ontario, Canada, the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver mine in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.

Second Quarter Highlights

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.

•Record financial results despite lower realized prices – Record revenue of $1.1 billion increased 27% quarter over quarter and 126% year over year, record adjusted EBITDA of $478 million was slightly higher quarter over quarter and increased 124% year over year, and free cash flow of $388 million increased 45% quarter over quarter and 165% year over year. Average realized gold and silver prices declined 6% and 14% quarter over quarter, respectively, to $4,140 per gold ounce and $71.18 per silver ounce. Average realized prices in June were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce. Silver contributed 30% of the Company’s revenue in the quarter

•Solid production balanced across portfolio, including record gold output – Quarterly gold production reached a record 163,490 ounces, representing a 51% increase year over year and 69% increase quarter over quarter, reflecting the first full quarter of contributions from the recently-acquired New Afton and Rainy River operations and a near doubling of Wharf’s gold production from the prior quarter. Quarterly silver production of 4.4 million ounces was flat quarter over quarter and down 7% year over year, partially driven by lower silver grades at Rochester and Palmarejo and offset by record crusher performance at Rochester

•Growing liquidity and robust capital returns – Coeur’s $1.1 billion quarter-end cash balance was nearly ten times higher than the prior-year quarter-end and double the year-end 2025 cash balance. Since the commencement of the enhanced capital return program in mid-May, Coeur has repurchased $121 million of common stock, or 6.7 million shares, through July 31, and issued payment of an inaugural $0.02 per share semi-annual dividend in June. The Company also eliminated $39 million of capital leases in the quarter

•Record expected full-year production and financial results; adjustments to partial-year guidance ranges at new Canadian operations – Based on the mid-point of refined 2026 guidance ranges and updated metals price assumptions, the Company now expects to produce approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper and generate record full-year adjusted EBITDA of $2.3 billion and free cash flow of $1.5 billion. Coeur’s five legacy operations remain on track to achieve their prior stated full-year guidance while partial-year guidance updates at the two new Canadian operations reflect slightly slower than previously assumed ramp-up rates at New Afton’s C-Zone and Rainy River’s underground operations in 2026

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Selected Financial and Operating Results

(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 Inventory at New Afton, Rainy River and Las Chispas.

(2)Includes finance leases. Net of debt issuance costs and premium received.

Consolidated Financial Results

Three Months Ended June 30, 2026 compared to Three Months Ended March 31, 2026

Revenue

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.

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The following table summarizes consolidated metal sales:

Costs Applicable to Sales

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.

Amortization

Amortization increased $156 million, or 156%, as a result of full-quarter sales at Rainy River and New Afton, and higher gold and silver ounces sold at Las Chispas and Wharf, partially offset by lower gold and silver ounces sold at Palmarejo, Rochester, and Kensington.

Expenses

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.

Exploration expense increased $8 million, or 33%, primarily due to full-quarter of exploration activity at Rainy River and New Afton, and increased drilling activity at Wharf, Kensington, and Rochester.

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.

The following table summarizes pre-development, reclamation and other expenses:

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Item 7.        Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

Overview

We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada.

2025 Highlights

For the full year 2025, Coeur reported revenue of $2,070.1 million and cash provided by operating activities of $886.9 million. We reported GAAP net income of $585.9 million, or $0.95 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $1,025.8 million and net income of $493.4 million or $0.80 per diluted share.

•Record full-year gold and silver production – Balanced contributions across Coeur’s portfolio led to 2025 full-year production of 419,046 ounces of gold and 17.9 million ounces of silver, representing year-over-year increases of 23% and 57%, respectively, within the Company’s 2025 consolidated guidance ranges

•Record financial results – Fourth quarter free cash flow increased 66% versus the prior quarter to a record $313.2 million, bringing the full-year total to $666 million. Adjusted EBITDA increased 60% versus the prior quarter to a record $425 million, driving the last twelve-month total to over $1.0 billion. Average realized prices for gold and silver increased 21% and 39%, respectively, compared to the third quarter

•Long-term objective of net cash achieved – Cash and equivalents more than doubled compared to the prior quarter-end and increased tenfold compared to the prior year-end to $554 million; total debt decreased 42% to $341 million at December 31, 2025 compared to year-end 2024

•Strong quarter at Rochester – Silver and gold production at Rochester increased 6% and 20% quarter-over-quarter, respectively, and 40% and 54% year-over-year, respectively. During the fourth quarter, both tonnes2 crushed and tonnes placed reached record levels, with tonnes crushed increasing 12% to 6.4 million tonnes (7.0 million imperial tons) and tonnes placed increasing 23% to 9.3 million tonnes (10.2 million imperial tons). Fourth quarter free cash flow increased to $78 million compared to $30 million in the third quarter and $12 million in the fourth quarter for the prior year

•New Gold transaction approved by stockholders – On January 27, 2026, stockholders of both Coeur and New Gold voted overwhelmingly in favor of Coeur’s proposed acquisition of New Gold Inc. (“New Gold”). The transaction, which remains on track to close in the first half of 2026, is expected to create a new, sector-leading, all-North American senior precious metals mining company

•2026 guidance highlights portfolio strength – The Company expects 2026 gold and silver production from Coeur’s current portfolio of assets of 390,000 - 460,000 ounces and 18.2 - 21.3 million ounces, respectively, driven by strong contributions across the portfolio, including expected continued growth at Rochester and a full year of production at Las Chispas. The Company plans to issue guidance including New Gold’s two assets, the New Afton and Rainy River mines, upon closing of the transaction

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Selected Financial and Operating Results

(1)See “Non-GAAP Financial Performance Measures”. Includes costs of $93.5 million related to the purchase price allocation (“PPA”) ascribed to Inventory at Las Chispas.

(2)Includes finance leases. Net of debt issuance costs and premium received.

Consolidated Financial Results

Year Ended December 31, 2025 compared to Year Ended December 31, 2024

Revenue

We sold 422,032 gold ounces and 18.2 million silver ounces, compared to 340,816 gold ounces and 11.4 million silver ounces. Revenue increased by $1,016.1 million, or 96%, as a result of a 24% and 59% increase in gold and silver ounces sold (includes $421.4 million of post-acquisition sales at Las Chispas), and a 45% and 43% increase in average realized gold and silver prices, respectively. The increase in gold ounces sold was the result of post-acquisition sales at Las Chispas, higher placement rates and grades at Rochester, and higher mill throughput at Kensington, partially offset by lower grades at Palmarejo. The increase in silver ounces sold was the result of post-acquisition sales at Las Chispas, and higher silver ounces recovered at Rochester as a result of higher placement rates, partially offset by lower silver grades at Palmarejo. Gold and silver represented 65% and 35% of 2025 sales revenue, respectively, compared to 70% and 30% of 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:

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Costs Applicable to Sales

Costs applicable to sales increased $292.2 million, or 48%, primarily driven by post-acquisition gold and silver ounces sold at Las Chispas that includes the impact of the PPA ascribed to Inventory of $93.5 million, higher gold and silver ounces sold at Rochester, higher gold ounces sold at Kensington, and operating costs (royalties) at Rochester, Kensington, and Wharf, partially offset by lower gold and silver ounces sold at Palmarejo. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization

Amortization increased $126.1 million, or 101%, as a result of post-acquisition gold and silver ounces sold at Las Chispas, increased production at Rochester and Kensington, and the full-year impact of the commissioning of the newly expanded crushing circuit at Rochester in March 2024, partially offset by lower gold and silver ounces sold at Palmarejo and Wharf.

Expenses

General and administrative expenses increased $9.5 million, or 20%, primarily due to higher stock-based compensation and annual incentive costs, partially offset by lower outside service and legal costs.

Exploration expense increased $26.9 million, or 45%, driven by planned higher resource expansion drilling activity at all locations, including the addition of exploration expense at Las Chispas post-acquisition.

Pre-development, reclamation, and other expenses increased $18.5 million, or 36%, as a result of higher transaction costs, the Wage and Hour Litigation settlement, and higher asset retirement accretion following the 2024 year-end changes to estimates, partially offset by lower loss on the sale of assets.

The following table summarizes pre-development, reclamation, and other expenses:

Other Income and Expenses

Interest expense (net of capitalized interest of $1.1 million) decreased to $30.9 million from $51.3 million due to lower interest paid under the RCF attributable to lower average debt levels and interest rate, partially offset by higher interest paid under finance lease obligations. The RCF had no outstanding amount drawn as of December 31, 2025.

Other, net decreased to a gain of $6.9 million compared to $13.0 million as a result of the recognition of gains in 2024

related to premiums received from the private placement flow-through share offering (“Private Placement Offering”), and lower gains on foreign exchange rates.

Income and Mining Taxes

The Company’s Income and mining tax (expense) benefit consisted of:

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