Coeur Reports Year-End 2025 Mineral Reserves and Resources
CHICAGO--( BUSINESS WIRE)--Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported its 2025 year-end mineral reserves and resources. Year-end 2025 proven and probable mineral reserves increased to 4.4 million ounces of gold and 274.4 million ounces of silver, highlighted by a 65% year-over-year increase in gold reserves at Wharf, a 36% year-over-year increase in Palmarejo’s gold reserves, and a 9% year-over-year increase in Kensington’s gold reserves.
Measured and indicated mineral resources totaled 3.1 million ounces of gold, 172.0 million ounces of silver, 1,234 million pounds of zinc and 685.5 million pounds of lead. Gold and silver measured and indicated mineral resources decreased 18% and 14% year-over-year, respectively, partially offset by increases at Rochester and Wharf.
Inferred mineral resources increased year-over-year to 3.8 million ounces of gold, 141.8 million ounces of silver, 272.6 million pounds of zinc and 134.7 million pounds of lead. Growth was driven by a 216% increase at Wharf to 1.5 million ounces of gold and strong additions at Palmarejo, where inferred gold resources increased 97% to 1.3 million ounces and inferred silver resources increased 74% to 60.0 million ounces.
Key Highlights 1
“High-return organic growth through sustained levels of exploration investment has been a defining cornerstone of Coeur’s strategy and capital allocation plan, and our 2025 reserve and resource growth once again highlights the Company’s track record of delivering value to stockholders through disciplined exploration near our existing mines and projects,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “With its impressive 2025 increases, Wharf remains a key contributor to Coeur’s position as a sector leader in the return on invested capital. Having already generated free cash flow approximately six times greater than Coeur’s initial purchase price investment eleven years ago, Wharf’s updated technical report demonstrates that this operation’s best days may well remain ahead.
“At Palmarejo in Mexico, the team followed up a 75% increase in its inferred mineral resource base last year with an even stronger 2025 result, highlighted by the maiden resource in the Guazapares trend to the east of existing operations and outside of the area of the Franco-Nevada gold stream. The majority of Palmarejo’s 2026 exploration investment will continue to be allocated to the east and outside of the stream area as we continue to identify new opportunities across this highly prospective and underexplored 74,000-acre district.”
Coeur’s gold and silver price assumptions for year-end 2025 reserves were $2,200 per ounce and $26.00 per ounce, respectively, which represented increases over year-end 2024 gold and silver reserve prices of $1,800 per ounce and $23.50 per ounce, respectively. The Company increased its gold and silver price assumptions for year-end 2025 resources from $2,100 per ounce to $2,500 per ounce and from $27.00 per ounce to $30.00 per ounce, respectively.
About Coeur
Coeur 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.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding mineral reserve and mineral resource estimates, exploration efforts and plans, growth, mine lives, mine expansion and development plans, and resource delineation, expansion, and upgrade or conversion. 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 additions or upgrades to reserves and resources are not attained, the risk that planned exploration programs may be curtailed or canceled due to budget constraints or other reasons, the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold, silver, zinc and lead and a sustained lower price environment, the uncertainties inherent in Coeur’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground conditions, grade and recovery variability, any future labor disputes or work stoppages, the uncertainties inherent in the estimation of mineral reserves and mineral resources, the potential effects of pandemics or epidemics, including impacts to the availability of our workforce, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production, changes that could result from Coeur’s future acquisition of new mining properties or businesses, the loss of any third-party smelter to which Coeur markets its production, the effects of environmental and other governmental regulations, 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.
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 Regulation S-K under the Securities Exchange Act of 1934, as amended (“SK 1300”), 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 for Coeur’s material properties included in this news release, 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.
Notes
The potential quantity and grade for the deposits described herein are conceptual in nature. There is insufficient exploratory work to define a mineral resource and it is uncertain if further exploration will result in the applicable target being delineated as a mineral resource.
Mineral Reserves
Summary Gold Mineral Reserves at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(9)
100
%
5,183
1.79
295
13,927
1.41
632
19,064
1.51
928
100
%
981
4.19
132
2,240
2.28
164
3,221
2.86
296
100
%
402,556
0.09
1,162
45,100
0.12
171
447,656
0.09
1,332
100
%
1,539
5.92
293
1,297
6.07
253
2,836
5.99
546
100
%
20,334
0.73
477
34,727
0.69
773
55,061
0.71
1,250
430,547
0.17
2,360
97,291
0.64
1,993
527,838
0.26
4,353
Summary Silver Mineral Reserves at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(9)
100
%
5,138
117.11
19,344
13,927
100.44
44,973
19,064
104.93
64,318
100
%
981
442.91
13,973
2,240
198.5
14,293
3,221
272.96
28,266
100
%
402,556
12.81
165,799
45,100
11.04
16,014
447,656
12.63
181,814
408,675
15.15
199,117
61,267
38.22
75,280
469,941
18.16
274,397
Notes to above Mineral Reserves:
Mineral Resources
100
%
4,598
1.60
236
12,197
2.02
792
16,795
1.90
1,028
19,203
2.05
1,265
100
%
282
0.76
7
1,700
1.11
61
1,983
1.06
67
2,117
1.98
135
100
%
133,346
0.06
253
34,996
0.09
100
168,342
0.07
353
138,129
0.07
323
100
%
1,114
7.48
268
674
7.59
164
1,788
7.52
433
452
6.60
96
100
%
9,681
0.55
171
52,116
0.61
1,104
61,797
0.60
1,185
72,881
0.63
1,487
100
%
-
-
-
-
-
-
-
-
-
23,348
0.71
531
149,022
0.20
935
101,683
0.65
2,131
250,705
0.38
3,066
256,131
0.47
3,837
100
%
4,598
94.99
14,042
12,197
108.28
42,462
16,795
104.64
56,505
19,203
97.64
60,281
100
%
282
77.83
707
1,700
103.36
5,650
1,983
99.72
6,357
2,117
172.84
11,767
100
%
133,346
9.01
38,621
34,996
11.45
12,882
168,342
9.52
51,503
138,129
12.37
54,925
100
%
-
-
-
-
-
-
-
-
-
23,348
4.46
3,346
100
%
1,173
244.47
9,219
7,171
209.81
48,369
8,343
214.68
57,588
1,960
181.40
11,433
139,399
13.97
62,589
56,064
60.67
109,364
195,463
27.36
171,953
184,758
23.86
141,752
Summary Zinc Mineral Resources at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(11)
Measured Mineral Resources
Indicated Mineral Resources
Measured + Indicated Mineral Resources
Inferred Mineral Resources
Coeur Ownership
Tonnes (000s)
Grade (%)
Pounds (000s)
Tonnes (000s)
Grade (%)
Pounds (000s)
Tonnes (000s)
Grade (%)
Pounds (000s)
Tonnes (000s)
Grade (%)
Pounds (000s)
100
%
1,173
6.60
%
170,611
7,171
6.73
%
1,063,609
8,343
6.71
%
1,234,220
1,960
6.31
%
272,616
Summary Lead Mineral Resources at End of the Fiscal Year Ended December 31, 2025 (1)(2)(3)(11)
Measured Mineral Resources
Indicated Mineral Resources
Measured + Indicated Mineral Resources
Inferred Mineral Resources
Coeur Ownership
Tonnes (000s)
Grade (%)
Pounds (000s)
Tonnes (000s)
Grade (%)
Pounds (000s)
Tonnes (000s)
Grade (%)
Pounds (000s)
Tonnes (000s)
Grade (%)
Pounds (000s)
100
%
1,173
4.61
%
119,213
7,171
3.58
%
566,286
8,343
3.73
%
685,499
1,960
3.12
%
134,694
Notes to above Mineral Resources: