Coeur Reports Fourth Quarter and Full-Year 2025 Results

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On an adjusted basis1, Coeur reported record quarterly EBITDA of $425 million, record cash flow from operating activities before changes in working capital of $318 million and record net income from continuing operations of $227 million, or $0.35 per share.For the full year, Coeur reported revenue of $2.1 billion, cash flow from operating activities of $887 million and GAAP net income from continuing operations of $586 million, or $0.95 per share. On an adjusted basis1, the Company reported EBITDA of $1.0 billion, cash flow from operating activities before changes in working capital of $772 million and net income from continuing operations of $493 million, or $0.80 per share.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.“Coeur finished 2025 on a high note, achieving a third consecutive quarter of record-setting financial results, driven by higher realized prices, strong production and disciplined cost management,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Each of the Company’s five operations delivered solid results and record free cash flow. Rochester’s fourth quarter results were especially noteworthy, with ore crushing and placement rates reaching record levels. Since closing the SilverCrest acquisition in mid-February, Las Chispas contributed $286 million of free cash flow to the Company, while Kensington delivered one of its strongest quarters ever on the back of its recently completed multi-year underground development and drilling program.“Coeur’s 2026 production guidance reflects our continued confidence in delivering record-setting operating and financial results this year. Following the expected close of our acquisition of New Gold in the first half of 2026, the addition of the New Afton and Rainy River operations in Canada will further enhance our emergence as a new precious metals mining leader at just the right time. On a combined basis, we expect to generate approximately $3 billion of EBITDA and $2 billion of free cash flow from our seven North American operations while remaining a top five global silver producer. We look forward to sharing updated guidance following the transaction close that highlights the scale and quality of this exciting new North American-only precious metals platform.“Coeur’s successful reserve and resource update issued yesterday further underscores the Company’s long-term growth potential through our sustained commitment to exploration. In addition to more than replacing Company-wide depletion, the near-doubling of mine life at Wharf to twelve years and strong reserve increases at Kensington and Palmarejo highlight the success of our organic growth strategy and long track record of generating value through investing in brownfield exploration.”(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Gold Sales$1,343.7$424.8$360.5$323.1$235.3$734.9$205.2Silver Sales$726.4$250.1$194.1$157.5$124.7$319.1$100.2Consolidated Revenue$2,070.1$674.7$554.6$480.7$360.1$1,054.0$305.4Costs Applicable to Sales3$898.4$215.9$248.7$229.5$204.3$606.2$158.8General and Administrative Expenses$57.2$15.2$14.8$13.3$13.9$47.7$11.1Net Income$585.9$215.0$266.8$70.7$33.4$58.9$37.9Net Income Per Share$0.95$0.29$0.41$0.11$0.06$0.15$0.08Adjusted Net Income1$493.4$227.3$122.7$102.9$40.5$70.1$45.3Adjusted Net Income1 Per Share$0.80$0.35$0.19$0.16$0.08$0.18$0.11Weighted Average Shares Outstanding614.7645.9644.9643.1521.2397.4401.0EBITDA1$964.6$407.2$249.1$203.0$105.3$302.6$104.6Adjusted EBITDA1$1,025.8$424.5$265.6$213.8$121.9$339.2$116.4Cash Flow from Operating Activities$886.9$374.6$237.7$207.0$67.6$174.2$63.8Capital Expenditures$221.2$61.4$49.0$60.8$50.0$183.2$47.7Free Cash Flow1$665.7$313.2$188.7$146.2$17.6$(9.0)$16.1Cash Income and Mining Taxes$178.5$41.2$36.4$38.2$62.6$45.1$11.7Cash, Equivalents & Short-Term Investments$553.6$553.6$266.3$111.6$77.6$55.1$55.1Total Debt4$340.5$340.5$363.5$380.7$498.3$590.1$590.1Average Realized Price Per Ounce – Gold$3,184$3,818$3,148$3,021$2,635$2,156$2,399Average Realized Price Per Ounce – Silver$40.01$54.30$38.93$33.72$32.05$27.95$31.11Gold Ounces Produced419,046112,429111,364108,48786,766341,58287,149Silver Ounces Produced17.94.74.84.73.711.43.2Gold Ounces Sold422,032111,273114,495106,94889,316340,81685,555Silver Ounces Sold18.24.65.04.73.911.43.2Adjusted CAS per AuOz1$1,347$1,207$1,355$1,405$1,476$1,203$1,192Adjusted CAS per AgOz1$17.69$17.29$18.45$16.48$17.94$16.55$16.93Fourth quarter 2025 revenue totaled $675 million compared to $555 million in the prior period and $305 million in the fourth quarter of 2024. The Company produced 112,429 and 4.7 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 111,273 ounces of gold and 4.6 million ounces of silver. Average realized gold and silver prices for the quarter were $3,818 and $54.30 per ounce, respectively, compared to $3,148 and $38.93 per ounce in the prior period and $2,399 and $31.11 per ounce in the fourth quarter of 2024.Coeur generated $2.1 billion in revenue in 2025, compared to $1.1 billion in 2024. Full-year gold and silver production totaled 419,046 and 17.9 million ounces, respectively, compared to 341,582 ounces of gold and 11.4 million ounces of silver in 2024. Metal sales in 2025 included 422,032 and 18.2 million ounces of gold and silver, respectively. Average realized gold and silver prices for the year were $3,184 and $40.01 per ounce, respectively, compared to $2,156 and $27.95 per ounce in 2024.Gold and silver sales represented 63% and 37% of quarterly revenue, respectively. For the full year, gold and silver sales accounted for 65% and 35% of revenue, respectively. The Company’s U.S. operations accounted for approximately 59% and 57% of fourth quarter and full-year revenue, respectively.Adjusted costs applicable to sales per ounce1 of gold and silver totaled $1,207 and $17.29, respectively. General and administrative expenses increased 3% quarter-over-quarter to $15 million, due primarily to increased stock-based compensation.Coeur invested approximately $25 million ($19 million expensed and $7 million capitalized) in exploration during the quarter, compared to approximately $30 million ($25 million expensed and $5 million capitalized) in the prior period. For the full year, the Company invested approximately $108 million ($87 million expensed and $21 million capitalized) compared to roughly $77 million ($60 million expensed and $17 million capitalized) in 2024. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.The Company recorded income tax expense of approximately $113 million and $97 million during the fourth quarter and for the full year, respectively. Cash income and mining taxes paid during the period totaled approximately $41 million, bringing the full-year total to $178 million, including $63 million, $38 million, and $36 million in the first, second, and third quarters, respectively. Cash taxes paid in 2025 primarily reflect income and mining tax payments in Mexico. Coeur expects to pay approximately $150 – $160 million in cash taxes during the first quarter of 2026, primarily as a result of strong operational performance at Palmarejo and Las Chispas.Quarterly operating cash flow increased to $375 million compared to $238 million in the prior period, driven by strong operational performance, increased metal sales and higher average metals prices. For the full year, operating cash flow totaled $887 million compared to $174 million in the prior period.Fourth quarter capital expenditures were $61 million compared to $49 million in the prior period, bringing the full-year total to $221 million and within Coeur’s 2025 guidance range of $187 – $225 million. Sustaining and development capital expenditures accounted for approximately $48 million and $14 million, or 78% and 22%, respectively, of Coeur’s total capital investment during the quarter.Coeur repurchased $2.3 million of shares in the fourth quarter, bringing the full-year total to $9.6 million. Repurchase activity was limited in the quarter due to a blackout period leading up to the announcement of the New Gold acquisition and trading restrictions post-announcement that limited repurchase volume and timing.Fourth quarter and full-year 2025 highlights for each of the Company’s operations are provided below.(Dollars in millions, except per ounce amounts)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Tonnes milled403,011114,814126,930107,41053,857——Average gold grade (grams/tonne)4.44.43.75.04.4——Average silver grade (grams/tonne)409411354457436——Average recovery rate – Au97.1%89.9%97.9%98.6%98.6%—%—%Average recovery rate – Ag97.2%90.3%97.8%98.5%98.1%—%—%Gold ounces produced54,70514,71916,54016,2717,175——Silver ounces produced (000’s)5,1461,3711,5721,489714——Gold ounces sold58,25114,81917,80016,0259,607——Silver ounces sold (000’s)5,4451,3671,6751,479924——Average realized price per gold ounce$3,489$4,131$3,427$3,315$2,902$—$—Average realized price per silver ounce$40.07$53.68$38.89$33.48$32.63$—$—Metal sales$421.4$134.6$126.1$102.7$58.0$—$—Costs applicable to sales3$201.7$33.1$68.1$57.7$42.8$—$—Adjusted CAS per AuOz1$1,649$1,010$1,836$1,857$2,095$—$—Adjusted CAS per AgOz1$19.11$13.37$21.13$18.57$23.61$—$—Exploration expense$10.4$2.7$2.5$3.3$1.9$—$—Cash flow from operating activities5$323.9$92.3$75.9$58.6$97.1$—$—Sustaining capital expenditures (excludes capital lease payments)$38.1$13.8$9.8$9.2$5.3$—$—Development capital expenditures$—$—$—$—$—$—$—Total capital expenditures$38.1$13.8$9.8$9.2$5.3$—$—Free cash flow1,5$285.8$78.5$66.1$49.4$91.8$—$—(Dollars in millions, except per ounce amounts)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Tonnes milled1,749,318470,127440,227438,968399,9961,599,167380,118Average gold grade (grams/tonne)1.91.81.82.11.92.32.0Average silver grade (grams/tonne)130117119139149155143Average recovery rate – Au94.2%93.9%95.0%92.9%95.2%93.0%91.2%Average recovery rate – Ag88.7%88.8%89.9%88.6%87.4%85.0%88.3%Gold ounces produced100,76825,66224,80227,27223,032108,66622,490Silver ounces produced (000’s)6,5011,5661,5141,7411,6806,7801,543Gold ounces sold100,72324,37826,85026,78222,713108,78322,353Silver ounces sold (000’s)6,4991,5101,6331,7201,6366,7971,598Average realized price per gold ounce$2,165$2,492$2,144$2,093$1,924$1,751$1,750Average realized price per silver ounce$39.35$54.26$38.97$33.76$31.85$27.74$31.27Metal sales$473.8$142.7$121.2$114.1$95.8$379.1$89.1Costs applicable to sales3$191.7$48.3$51.0$48.7$43.7$195.5$45.5Adjusted CAS per AuOz1$871$847$887$888$882$892$894Adjusted CAS per AgOz1$15.85$18.13$16.44$14.39$14.37$14.28$15.92Exploration expense$18.5$4.9$5.7$4.0$3.9$13.2$3.8Cash flow from operating activities$180.0$70.8$52.6$47.9$8.7$138.1$33.2Sustaining capital expenditures (excludes capital lease payments)$15.6$5.2$4.3$3.6$2.5$18.3$6.5Development capital expenditures$9.9$3.1$1.4$2.0$3.4$12.3$3.4Total capital expenditures$25.5$8.3$5.7$5.6$5.9$30.6$9.9Free cash flow1$154.5$62.5$46.9$42.3$2.8$107.5$23.3(Dollars in millions, except per ounce amounts)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Ore tonnes placed30,272,7669,275,7327,535,3267,122,9126,338,79621,345,8957,463,248Average silver grade (grams/tonne)19171920201815Average gold grade (grams/tonne)0.10.10.10.10.10.10.1Silver ounces produced (000’s)6,1321,7481,6441,4561,2844,3781,551Gold ounces produced60,17817,72214,80114,30213,35339,20315,752Silver ounces sold (000’s)6,0771,7011,6561,4381,2824,3891,571Gold ounces sold60,61218,04313,97513,88114,71338,34514,824Average realized price per silver ounce$40.70$54.85$38.95$33.88$31.86$28.31$30.97Average realized price per gold ounce$3,476$4,139$3,431$3,333$2,840$2,387$2,604Metal sales$458.0$167.9$112.5$95.0$82.6$215.8$87.2Costs applicable to sales3$209.1$60.7$52.0$47.9$48.5$154.6$51.5Adjusted CAS per AgOz1$18.39$19.69$17.73$16.83$18.41$20.07$17.96Adjusted CAS per AuOz1$1,570$1,458$1,585$1,675$1,670$1,663$1,495Prepayment, working capital cash flow$(17.5)$—$—$—$(17.5)$—$—Exploration expense$8.6$2.7$3.2$1.2$1.5$5.1$2.7Cash flow from operating activities$166.4$92.6$41.2$39.6$(7.0)$4.6$26.0Sustaining capital expenditures (excludes capital lease payments)$49.8$13.1$7.5$20.7$8.5$42.6$10.4Development capital expenditures$16.0$1.7$4.1$3.8$6.4$30.1$3.5Total capital expenditures$65.8$14.8$11.6$24.5$14.9$72.7$13.9Free cash flow1$100.6$77.8$29.6$15.1$(21.9)$(68.1)$12.1(Dollars in millions, except per ounce amounts)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Tonnes milled692,178178,513171,190174,333168,142634,156166,595Average gold grade (grams/tonne)5.25.65.55.24.55.15.5Average recovery rate92.0%92.7%90.5%91.8%93.3%91.3%91.8%Gold ounces produced106,06829,56727,23126,55522,71595,67126,931Gold ounces sold105,68228,71528,01126,75122,20595,36125,839Average realized price per gold ounce, gross$3,632$4,379$3,588$3,410$2,990$2,415$2,702Treatment and refining charges per gold ounce$58$67$56$56$53$53$53Average realized price per gold ounce, net$3,574$4,312$3,532$3,354$2,937$2,362$2,649Metal sales$377.7$123.8$98.9$89.8$65.2$225.1$68.3Costs applicable to sales3$179.1$44.1$46.7$46.1$42.2$157.8$39.7Adjusted CAS per AuOz1$1,685$1,533$1,659$1,713$1,882$1,651$1,529Prepayment, working capital cash flow$(12.1)$—$—$—$(12.1)$(12.9)$(12.9)Exploration expense$7.8$0.8$2.2$1.5$3.3$5.5$0.7Cash flow from operating activities$157.3$69.0$46.4$36.0$5.9$40.9$8.5Sustaining capital expenditures (excludes capital lease payments)$46.3$9.4$9.4$12.3$15.2$68.7$18.9Development capital expenditures$19.3$8.8$6.2$4.0$0.3$—$—Total capital expenditures$65.6$18.2$15.6$16.3$15.5$68.7$18.9Free cash flow1$91.7$50.8$30.8$19.7$(9.6)$(27.8)$(10.4)(Dollars in millions, except per ounce amounts)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Ore tonnes placed3,757,245595,7371,220,7641,002,988937,7564,539,4951,056,774Average gold grade (grams/tonne)0.90.91.01.20.71.10.8Gold ounces produced97,32724,75927,99024,08720,49198,04221,976Silver ounces produced (000’s)1362425365123254Gold ounces sold96,76425,31827,85923,50920,07898,32722,539Silver ounces sold (000’s)1342722355023354Average realized price per gold ounce$3,452$4,120$3,412$3,315$2,827$2,315$2,620Metal sales$339.2$105.8$95.9$79.1$58.4$234.0$60.7Costs applicable to sales3$116.9$30.0$30.9$29.0$27.0$98.4$22.1Adjusted CAS per AuOz1$1,151$1,121$1,079$1,175$1,260$934$902Prepayment, working capital cash flow$(12.5)$—$—$—$(12.5)$—$—Exploration expense$7.4$0.6$0.7$3.5$2.6$6.2$2.7Cash flow from operating activities$180.2$65.9$57.2$41.4$15.7$101.9$22.2Sustaining capital expenditures (excludes capital lease payments)$12.8$2.9$1.2$2.3$6.4$7.2$2.9Development capital expenditures$5.0$0.7$2.0$1.3$1.0$—$—Total capital expenditures$17.8$3.6$3.2$3.6$7.4$7.2$2.9Free cash flow1$162.4$62.3$54.0$37.8$8.3$94.7$19.3During the fourth quarter, Coeur invested approximately $25 million ($19 million expensed and $7 million capitalized), compared to roughly $30 million ($25 million expensed and $5 million capitalized) in the prior period. For the full year, the Company invested approximately $108 million ($87 million expensed and $21 million capitalized), compared to roughly $77 million ($60 million expensed and $17 million capitalized) in 2024.At Silvertip, exploration investment totaled approximately $6 million in the fourth quarter, compared to $10 million in the prior period, with up to five rigs drilling across the property. During the fourth quarter, scout and expansion drilling focused on the Southern Silver, Discovery, Camp Creek and Saddle Zones, using one underground rig and four surface rigs. In 2025, all the key exploration aims were achieved, including completion of the geological model, drilling to support the study program that is underway, and completion of regional programs that started in 2024.The Company’s exploration investment in 2026 is expected to total $93 – $103 million for expansion drilling (classified as exploration expense) and $27 – $33 million for infill drilling (capitalized exploration) for a total expected investment of $120 – $136 million.Top exploration priorities for 2026 are: (i) continuing to extend and infill known deposits to support future life of mine and building the inferred pipeline at Las Chispas, in addition to restarting regional exploration; (ii) infill drilling at Hidalgo to support near-term life of mine additions at Palmarejo, continuing to build the inferred pipeline to provide optionality to the operation, with particular emphasis on East Palmarejo; (iii) completing all drilling to support the next stage of mine permit expansion at Rochester along with regional studies and scout drilling across the district to build the exploration pipeline; (iv) maintaining a five-year reserve-based mine life at Kensington and increasing focus on scout drilling to add inferred resources; (v) continuing the expansion and infill programs at Wharf to further add to the life of mine and district-scale work to support long-term mine life additions; (vi) drill programs to support the study program and continue expanding the resource base at Silvertip through a mix of scout, expansion and infill drilling, totaling approximately $35 million.The Company has provided guidance for full-year 2026 including production, CAS, capital expenditures, depreciation, depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax.Overall cost guidance reflects higher expected royalty expense driven by stronger realized metal prices, particularly at Rochester, the impact of a stronger Mexican peso, inflation of 3% to 5% across the portfolio, and higher planned maintenance costs. For our co-product mines (Las Chispas, Palmarejo, Rochester), costs are allocated to gold and silver based on their relative revenue contribution. Given the higher expected contribution of silver to total revenue due to the silver price’s outperformance relative to the gold price, silver CAS per ounce is expected to be higher in 2026, consistent with the trend seen in the second half of 2025.GoldSilver(oz)(K oz)Las Chispas55,000 – 65,0005,500 – 6,300Palmarejo95,000 – 105,0006,250 – 7,000Rochester70,000 – 90,0006,400 – 7,800Kensington98,000 – 110,000—Wharf72,000 – 90,00050 – 200Total390,000 – 460,00018,200 – 21,300GoldSilver($/oz)($/oz)Las Chispas (co-product)$750 – $950$12.50 – $14.50Palmarejo (co-product)$700 – $900$21.50 – $23.50Rochester (co-product)$1,350 – $1,550$23.00 – $25.00Kensington$1,750 – $1,950—Wharf (by-product)$1,400 – $1,600—($M)Capital Expenditures, Sustaining$207 – $239Capital Expenditures, Development$98 – $125Exploration, Expensed$93 – $103Exploration, Capitalized$27 – $33General & Administrative Expenses$63 – $67Cash Income and Mining Taxes$400 – $500Amortization$335 – $390Effective Tax Rate (%)29% – 35%Note: The Company’s guidance figures assume estimated prices of $4,550/oz gold and $77.50/oz silver as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.Coeur will host a conference call to discuss its fourth quarter 2025 financial results on February 19, 2026 at 11:00 a.m. Eastern Time.Dial-In Numbers:(855) 560-2581 (U.S.)(855) 669-9657 (Canada)(412) 542-4166 (International)Conference ID:Coeur MiningHosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Executive Vice President and Chief Financial Officer, Michael “Mick” Routledge, Executive Vice President and Chief Operating Officer, Aoife McGrath, Executive Vice President, Exploration, and other members of management. A replay of the call will be available through February 26, 2026.Replay numbers:(855) 669-9658 (U.S./Canada)(412) 317-0088 (International)Conference ID:424 35 40Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex 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.This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding EBITDA, cash flow, production, costs, capital expenditures, tax rates and treatment, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the gold stream agreement at Palmarejo, anticipated production, and costs and expenses and operations at Las Chispas, Palmarejo, Rochester, Kensington and Wharf. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur’s future acquisition of new mining properties or businesses, risks associated with the anticipated acquisition of New Gold Inc., the risk that the Rochester expansion does not sustain planned performance, the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, changes in applicable tax laws or regulatory interpretations, impacts from tariffs or other trade barriers, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent report on Form 10-K. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale.The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Vice President, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2025.NotesEBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s RCF. Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. The amounts shown in this news release for costs applicable to sales (CAS) per ounce for Las Chispas, adjusted EBITDA, and adjusted net income from continuing operations are presented on a different basis compared to the amounts reported in the news releases reporting results for the first, second, and third quarters of 2025 as a result of revisions to “Acquisition Accounting”. Based on discussions with the SEC staff in the course of a regular review of Company disclosures, the staff has provided its view that, under its guidance on non-GAAP financial measures, the Company is required to calculate Las Chispas CAS, adjusted EBITDA and adjusted net income using the fair value of Las Chispas’ legacy inventory held as of the Las Chispas acquisition closing date, February 14, 2025, except when calculating the net leverage ratio under the Company’s revolving credit facility (“RCF”) since the RCF contractually provides for certain adjustments to be made. As a result, except when calculating the net leverage ratio under the RCF, the Company is not making adjustments that were intended to calculate non-GAAP financial measures using SilverCrest Metals Inc.’s historical costs of producing legacy inventory as such inventory is sold. In our view, the historical cost remains more indicative of the costs Las Chispas incurred in producing this legacy inventory, and is a better measure of performance, than the acquisition accounting measures of these costs. As a result of removing these adjustments, for the three months ended September 30, June 30, and March 31, 2025, adjusted EBITDA (including LTM adjusted EBITDA) and adjusted net income in this release are lower than previously reported, and Las Chispas CAS are higher, except as used in calculation of the net leverage ratio under the RCF, including the impact of the amortization of acquired inventory purchase price allocation of $3.3 million, $33.4 million, $29.7 million, and $27.0 million for the three months ended December 31, September 30, June 30, and March 31, 2025, respectively and an impact of $93.5 million for last twelve months. In each case we are also providing separately the amount of the relevant impact of amortizing the non-cash, non-recurring step-up in cost basis for legacy inventory from the acquisition-related fair value accounting, so readers can supplementally assess such amounts to the extent they deem appropriate to understand the normal, recurring cost performance of Las Chispas as well as Company-wide adjusted EBITDA and adjusted net income. To calculate amounts comparable to first, second and third quarter disclosures, which is the methodology the Company’s management uses to assess normal, recurring performance and our lenders use for purposes of calculating the net leverage ratio covenant under our revolving credit facility, readers would need to subtract the step-up in cost basis from Las Chispas CAS, and add back the impact of the step-up in cost basis to adjusted EBITDA and adjusted net income.Operating Statistics, Proven and Probable Reserves and Measured, Indicated and Inferred Resources presented above contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) lead and zinc are presented in percentages; and (iv) metal content for gold and silver is presented in ounces while metal content for lead and zinc is presented in pounds. The information that is presented in metric for the periods ended December 31, 2024 and 2023 has been converted from the 2024 10-K, filed with the SEC on February 19, 2025, as this information was previously presented in imperial.Excludes amortization.Includes capital leases. Net of debt issuance costs and premium received.Includes $72.0 million of monetized finished goods following the SilverCrest acquisition on February 14,2025.20254Q 20253Q 20252Q 20251Q 202520244Q 2024Average Gold Spot Price Per Ounce$3,432$4,135$3,457$3,280$2,860$2,386$2,663Average Silver Spot Price Per Ounce$40.03$54.73$39.40$33.68$31.88$28.27$31.38COEUR MINING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDecember 31, 2025December 31, 2024ASSETSIn thousands, except share dataCURRENT ASSETSCash and cash equivalents$553,597$55,087Receivables69,16029,930Inventory163,33078,617Ore on leach pads157,46192,724Prepaid expenses and other29,12916,741972,677273,099NON-CURRENT ASSETSProperty, plant and equipment and mining properties, net2,744,8841,817,616Goodwill625,812—Ore on leach pads119,446106,670Restricted assets9,1148,512Receivables19,68319,583Deferred tax assets140,5533,632Other63,51372,635TOTAL ASSETS$4,695,682$2,301,747LIABILITIES AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIESAccounts payable$148,872$125,877Accrued liabilities and other212,213156,609Debt16,99631,380Reclamation15,06316,954393,144330,820NON-CURRENT LIABILITIESDebt323,537558,678Reclamation262,448243,538Deferred tax liabilities322,9837,258Other long-term liabilities80,51938,201989,487847,675COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS’ EQUITYCommon stock, par value $0.01 per share; authorized 900,000,000 shares, 642,092,761 issued and outstanding at December 31, 2025 and 399,235,632 at December 31, 20246,4213,992Additional paid-in capital5,783,0194,181,521Accumulated deficit(2,476,389)(3,062,261)3,313,0511,123,252TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,695,682$2,301,747COEUR MINING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEYear Ended December 31,202520242023In thousands, except share dataRevenue$2,070,126$1,054,006$821,206COSTS AND EXPENSESCosts applicable to sales(1)898,437606,192632,896Amortization251,099124,97499,822General and administrative57,19747,72741,605Exploration86,59259,65830,962Pre-development, reclamation, and other69,78851,27354,636Total costs and expenses1,363,113889,824859,921Income from operations707,013164,182(38,715)OTHER INCOME (EXPENSE), NETGain (loss) on debt extinguishment(113)4173,437Fair value adjustments, net(342)—3,384Interest expense, net of capitalized interest(30,942)(51,276)(29,099)Other, net6,92213,027(7,463)Total other income (expense), net(24,475)(37,832)(29,741)Income before income and mining taxes682,538126,350(68,456)Income and mining tax benefit (expense)(96,666)(67,450)(35,156)NET INCOME$585,872$58,900$(103,612)OTHER COMPREHENSIVE INCOME (LOSS):Change in fair value of derivative contracts designated as cash flow hedges—(18,507)(318)Reclassification adjustments for realized (gain) loss on cash flow hedges—17,176(10,694)Other comprehensive income (loss)—(1,331)(11,012)COMPREHENSIVE INCOME$585,872$57,569$(114,624)NET INCOME PER SHAREBasic income per share:Basic$0.96$0.15$(0.30)Diluted$0.95$0.15$(0.30)(1) Excludes amortization.COEUR MINING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYear Ended December 31,202520242023In thousandsCASH FLOWS FROM OPERATING ACTIVITIES:Net income$585,872$58,900$(103,612)Adjustments:Amortization251,099124,97499,822Accretion20,97818,20816,381Deferred taxes(161,015)(8,734)(1,495)(Gain) loss on debt extinguishment113(417)(3,437)Fair value adjustments, net342—(3,384)Stock-based compensation19,20912,02211,361Loss on the sale or disposition of assets—4,25025,197Write-downs—3,23540,247Deferred revenue recognition(42,824)(55,562)(25,468)Acquired inventory purchase price allocation93,477——Other4,3065,4833,215Changes in operating assets and liabilities:Receivables(6,688)(504)933Prepaid expenses and other current assets72,6342,777(461)Inventory and ore on leach pads(51,798)(69,640)(47,592)Accounts payable and accrued liabilities101,17479,24255,581CASH PROVIDED BY OPERATING ACTIVITIES886,879174,23467,288CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures(221,162)(183,188)(364,617)Acquisitions, net93,635(10,000)—Proceeds from the sale of assets13378,546Sale of investments——47,611Proceeds from notes receivable——5,000Other(328)(362)(239)CASH USED IN INVESTING ACTIVITIES(127,842)(193,513)(303,699)CASH FLOWS FROM FINANCING ACTIVITIES:Issuance of common stock10,00522,823168,964Issuance of notes and bank borrowings, net of issuance costs166,500391,500598,000Payments on debt, finance leases, and associated costs(417,886)(398,348)(528,541)Share repurchases(9,625)——Other financing activities(9,625)(2,085)(2,370)CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(260,631)13,890236,053Effect of exchange rate changes on cash and cash equivalents425(1,115)567INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH498,831(6,504)209Cash, cash equivalents and restricted cash at beginning of period56,87463,37863,169Cash, cash equivalents and restricted cash at end of period$555,705$56,874$63,378Adjusted EBITDA Reconciliation(Dollars in thousands except per share amounts)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Net income$585,872$214,969$266,824$70,726$33,353$58,900$37,852Interest expense, net of capitalized interest30,9425,9686,2738,25110,45051,27611,887Income tax provision (benefit)96,666112,539(96,881)62,59518,41367,45018,420Amortization251,09973,65572,93061,42143,093124,97436,533EBITDA964,579407,131249,146202,993105,309302,600104,692Fair value adjustments, net342——(4)346——Foreign exchange (gain) loss(1,429)(4,021)2,080(246)758(4,753)(1,321)Asset retirement obligation accretion19,6975,0774,9884,9004,73216,7784,315Inventory adjustments and write-downs6,2651,5411,1981,5981,9288,0421,552(Gain) loss on sale of assets6982821131171864,250(102)RMC bankruptcy distribution(37)——(37)—(1,294)(95)(Gain) loss on debt extinguishment1131076——(417)—Transaction costs26,40914,2484512,8238,8878,5177,541Kensington royalty settlement(66)1—28(95)7,369—Wage and hour litigation settlement7,059616,998————Mexico arbitration matter2,950577431,7404103,612152Flow-through share premium(808)—(111)(112)(585)(5,563)(369)COVID-19—————11—Adjusted EBITDA$1,025,772$424,484$265,612$213,800$121,876$339,152$116,365Revenue$2,070,126$674,847$554,567$480,650$360,062$1,054,006$305,444Adjusted EBITDA Margin50%63%48%44%34%32%38%Adjusted Net Income Reconciliation(Dollars in thousands except per share amounts)20254Q253Q 20252Q 20251Q 202520244Q 2024Net income$585,872$214,969$266,824$70,726$33,353$58,900$37,852Fair value adjustments, net342——(4)346——Foreign exchange loss (gain)(1)42,0401,56311,83128,072574(4,448)265(Gain) loss on sale of assets6982821131171864,250(102)RMC bankruptcy distribution(37)——(37)—(1,294)(95)(Gain) loss on debt extinguishment1131076——(417)—Transaction costs26,40914,2484512,8238,8878,5177,541Kensington royalty settlement(66)1—28(95)7,369—Wage and hour litigation settlement7,059616,998————Mexico arbitration matter2,950577431,7404103,612152Flow-through share premium(808)—(111)(112)(585)(5,563)(369)COVID-19—————11—Valuation allowance and tax effect of adjustments(171,211)(3,992)(164,162)(467)(2,590)(820)142Adjusted net income$493,361$227,296$122,693$102,886$40,486$70,117$45,386Adjusted net income per share – Basic$0.81$0.36$0.19$0.16$0.08$0.18$0.12Adjusted net income per share – Diluted$0.80$0.35$0.19$0.16$0.08$0.18$0.11(1) Includes the impact of foreign exchange rates on deferred tax balances of $43.5 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively, and $5.9 million, $9.8 million, $28.3 million, $(0.2) million, $(1.0) million for the three months ended December 31, September 30, June 30 and March 31, 2025 and December 31 2024, respectively.Consolidated Free Cash Flow Reconciliation(Dollars in thousands)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Cash flow from operations$886,879$374,587$237,706$206,951$67,635$174,234$63,793Capital expenditures221,16261,31949,03460,80750,002183,18847,720Free cash flow$665,717$313,268$188,672$146,144$17,633$(8,954)$16,073Consolidated Operating Cash FlowBefore Changes in Working Capital Reconciliation(Dollars in thousands)20254Q 20253Q 20252Q 20251Q 202520244Q 2024Cash provided by operating activities$886,879$374,587$237,706$206,951$67,635$174,234$63,793Changes in operating assets and liabilities:Receivables6,688(1,265)7,1324,766(3,945)504(16)Prepaid expenses and other(72,634)4,3667,489(2,424)(82,065)(2,777)408Inventories51,79824,3145,01114,1258,34869,64015,852Accounts payable and accrued liabilities(101,174)(84,436)(18,636)(61,845)63,743(79,242)(1,485)Operating cash flow before changes in working capital$771,557$317,566$238,702$161,573$53,716$162,359$78,552Net Debt and Leverage Ratio(Dollars in thousands)4Q 20253Q 20252Q 20251Q 20254Q 2024Total debt$340,533$363,516$380,722$498,269$590,058Cash and cash equivalents(553,597)(266,342)(111,646)(77,574)(55,087)Net debt$(213,064)$97,174$269,076$420,695$534,971Net debt$(213,064)$97,174$269,076$420,695$534,971Last Twelve Months Adjusted EBITDA$1,025,772$807,817$634,803$443,729$339,152Leverage ratio(0.2)0.10.40.91.6Reconciliation of Costs Applicable to Salesfor the Year Ended December 31, 2025In thousands (except metal sales, per ounce or per pound amounts)Las ChispasPalmarejoRochesterKensingtonWharfSilvertipTotalCosts applicable to sales, including amortization (U.S. GAAP)$295,897$228,672$278,397$218,349$123,486$3,903$1,148,704Amortization(94,213)(37,015)(69,283)(39,295)(6,558)(3,903)(250,267)Costs applicable to sales$201,684$191,657$209,114$179,054$116,928$—$898,437Inventory Adjustments(1,590)(911)(2,195)(949)(467)—(6,112)By-product credit———(17)(5,121)—(5,138)Adjusted costs applicable to sales$200,094$190,746$206,919$178,088$111,340$—$887,187Metal SalesGold ounces58,251100,72360,612105,68296,764—422,032Silver ounces5,445,3306,498,8216,077,114133,970—18,155,235Zinc pounds——Lead pounds——Revenue SplitGold48%46%46%100%100%Silver52%54%54%—%Zinc—%Lead—%Adjusted costs applicable to salesGold ($/oz)$1,649$871$1,570$1,685$1,151$1,347Silver ($/oz)$19.11$15.85$18.39$—$17.69Zinc ($/lb)$—$—Lead ($/lb)$—$—This Post contains more content. For the full press release please view source version on Businesswire.com:https://www.businesswire.com/news/home/20260218185114/en/ContactsCoeur Mining, Inc.200 S. Wacker Drive, Suite 2100Chicago, IL 60606Attention: Jeff Wilhoit, Senior Director, Investor RelationsPhone: (312) 489-5800#distroPostmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.