Coeur Reports Fourth Quarter and Full-Year 2025 Results
CHICAGO--( BUSINESS WIRE)--Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported record fourth quarter 2025 financial results, including revenue of $675 million and cash flow from operating activities of $375 million. The Company reported record quarterly GAAP net income from continuing operations of $215 million, or $0.29 per share. On an adjusted basis 1, 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 basis 1, 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.
Key Highlights
“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.”
Financial and Operating Highlights (Unaudited)
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Gold Sales
$
1,343.7
$
424.8
$
360.5
$
323.1
$
235.3
$
734.9
$
205.2
Silver Sales
$
726.4
$
250.1
$
194.1
$
157.5
$
124.7
$
319.1
$
100.2
Consolidated Revenue
$
2,070.1
$
674.7
$
554.6
$
480.7
$
360.1
$
1,054.0
$
305.4
Costs Applicable to Sales 3
$
898.4
$
215.9
$
248.7
$
229.5
$
204.3
$
606.2
$
158.8
General and Administrative Expenses
$
57.2
$
15.2
$
14.8
$
13.3
$
13.9
$
47.7
$
11.1
Net Income
$
585.9
$
215.0
$
266.8
$
70.7
$
33.4
$
58.9
$
37.9
Net Income Per Share
$
0.95
$
0.29
$
0.41
$
0.11
$
0.06
$
0.15
$
0.08
Adjusted Net Income 1
$
493.4
$
227.3
$
122.7
$
102.9
$
40.5
$
70.1
$
45.3
Adjusted Net Income 1 Per Share
$
0.80
$
0.35
$
0.19
$
0.16
$
0.08
$
0.18
$
0.11
Weighted Average Shares Outstanding
614.7
645.9
644.9
643.1
521.2
397.4
401.0
EBITDA 1
$
964.6
$
407.2
$
249.1
$
203.0
$
105.3
$
302.6
$
104.6
Adjusted EBITDA 1
$
1,025.8
$
424.5
$
265.6
$
213.8
$
121.9
$
339.2
$
116.4
Cash Flow from Operating Activities
$
886.9
$
374.6
$
237.7
$
207.0
$
67.6
$
174.2
$
63.8
Capital Expenditures
$
221.2
$
61.4
$
49.0
$
60.8
$
50.0
$
183.2
$
47.7
Free Cash Flow 1
$
665.7
$
313.2
$
188.7
$
146.2
$
17.6
$
(9.0)
$
16.1
Cash Income and Mining Taxes
$
178.5
$
41.2
$
36.4
$
38.2
$
62.6
$
45.1
$
11.7
Cash, Equivalents & Short-Term Investments
$
553.6
$
553.6
$
266.3
$
111.6
$
77.6
$
55.1
$
55.1
Total Debt 4
$
340.5
$
340.5
$
363.5
$
380.7
$
498.3
$
590.1
$
590.1
Average Realized Price Per Ounce – Gold
$
3,184
$
3,818
$
3,148
$
3,021
$
2,635
$
2,156
$
2,399
Average Realized Price Per Ounce – Silver
$
40.01
$
54.30
$
38.93
$
33.72
$
32.05
$
27.95
$
31.11
Gold Ounces Produced
419,046
112,429
111,364
108,487
86,766
341,582
87,149
Silver Ounces Produced
17.9
4.7
4.8
4.7
3.7
11.4
3.2
Gold Ounces Sold
422,032
111,273
114,495
106,948
89,316
340,816
85,555
Silver Ounces Sold
18.2
4.6
5.0
4.7
3.9
11.4
3.2
Adjusted CAS per AuOz 1
$
1,347
$
1,207
$
1,355
$
1,405
$
1,476
$
1,203
$
1,192
Adjusted CAS per AgOz 1
$
17.69
$
17.29
$
18.45
$
16.48
$
17.94
$
16.55
$
16.93
Financial Results
Fourth 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 ounce 1 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.
Operations
Fourth quarter and full-year 2025 highlights for each of the Company’s operations are provided below.
Las Chispas, Mexico
(Dollars in millions, except per ounce amounts)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Tonnes milled
403,011
114,814
126,930
107,410
53,857
—
—
Average gold grade (grams/tonne)
4.4
4.4
3.7
5.0
4.4
—
—
Average silver grade (grams/tonne)
409
411
354
457
436
—
—
Average recovery rate – Au
97.1
%
89.9
%
97.9
%
98.6
%
98.6
%
—
%
—
%
Average recovery rate – Ag
97.2
%
90.3
%
97.8
%
98.5
%
98.1
%
—
%
—
%
Gold ounces produced
54,705
14,719
16,540
16,271
7,175
—
—
Silver ounces produced (000’s)
5,146
1,371
1,572
1,489
714
—
—
Gold ounces sold
58,251
14,819
17,800
16,025
9,607
—
—
Silver ounces sold (000’s)
5,445
1,367
1,675
1,479
924
—
—
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 sales 3
$
201.7
$
33.1
$
68.1
$
57.7
$
42.8
$
—
$
—
Adjusted CAS per AuOz 1
$
1,649
$
1,010
$
1,836
$
1,857
$
2,095
$
—
$
—
Adjusted CAS per AgOz 1
$
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 activities 5
$
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 flow 1,5
$
285.8
$
78.5
$
66.1
$
49.4
$
91.8
$
—
$
—
Operational
Financial
Exploration
Guidance
Palmarejo, Mexico
(Dollars in millions, except per ounce amounts)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Tonnes milled
1,749,318
470,127
440,227
438,968
399,996
1,599,167
380,118
Average gold grade (grams/tonne)
1.9
1.8
1.8
2.1
1.9
2.3
2.0
Average silver grade (grams/tonne)
130
117
119
139
149
155
143
Average recovery rate – Au
94.2
%
93.9
%
95.0
%
92.9
%
95.2
%
93.0
%
91.2
%
Average recovery rate – Ag
88.7
%
88.8
%
89.9
%
88.6
%
87.4
%
85.0
%
88.3
%
Gold ounces produced
100,768
25,662
24,802
27,272
23,032
108,666
22,490
Silver ounces produced (000’s)
6,501
1,566
1,514
1,741
1,680
6,780
1,543
Gold ounces sold
100,723
24,378
26,850
26,782
22,713
108,783
22,353
Silver ounces sold (000’s)
6,499
1,510
1,633
1,720
1,636
6,797
1,598
Average realized price per gold ounce
$
2,165
$
2,492
$
2,144
$
2,093
$
1,924
$
1,751
$
1,750
Average realized price per silver ounce
$
39.35
$
54.26
$
38.97
$
33.76
$
31.85
$
27.74
$
31.27
Metal sales
$
473.8
$
142.7
$
121.2
$
114.1
$
95.8
$
379.1
$
89.1
Costs applicable to sales 3
$
191.7
$
48.3
$
51.0
$
48.7
$
43.7
$
195.5
$
45.5
Adjusted CAS per AuOz 1
$
871
$
847
$
887
$
888
$
882
$
892
$
894
Adjusted CAS per AgOz 1
$
15.85
$
18.13
$
16.44
$
14.39
$
14.37
$
14.28
$
15.92
Exploration expense
$
18.5
$
4.9
$
5.7
$
4.0
$
3.9
$
13.2
$
3.8
Cash flow from operating activities
$
180.0
$
70.8
$
52.6
$
47.9
$
8.7
$
138.1
$
33.2
Sustaining capital expenditures (excludes capital lease payments)
$
15.6
$
5.2
$
4.3
$
3.6
$
2.5
$
18.3
$
6.5
Development capital expenditures
$
9.9
$
3.1
$
1.4
$
2.0
$
3.4
$
12.3
$
3.4
Total capital expenditures
$
25.5
$
8.3
$
5.7
$
5.6
$
5.9
$
30.6
$
9.9
Free cash flow 1
$
154.5
$
62.5
$
46.9
$
42.3
$
2.8
$
107.5
$
23.3
Operational
Financial
Exploration
Other
Guidance
Rochester, Nevada
(Dollars in millions, except per ounce amounts)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Ore tonnes placed
30,272,766
9,275,732
7,535,326
7,122,912
6,338,796
21,345,895
7,463,248
Average silver grade (grams/tonne)
19
17
19
20
20
18
15
Average gold grade (grams/tonne)
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Silver ounces produced (000’s)
6,132
1,748
1,644
1,456
1,284
4,378
1,551
Gold ounces produced
60,178
17,722
14,801
14,302
13,353
39,203
15,752
Silver ounces sold (000’s)
6,077
1,701
1,656
1,438
1,282
4,389
1,571
Gold ounces sold
60,612
18,043
13,975
13,881
14,713
38,345
14,824
Average realized price per silver ounce
$
40.70
$
54.85
$
38.95
$
33.88
$
31.86
$
28.31
$
30.97
Average realized price per gold ounce
$
3,476
$
4,139
$
3,431
$
3,333
$
2,840
$
2,387
$
2,604
Metal sales
$
458.0
$
167.9
$
112.5
$
95.0
$
82.6
$
215.8
$
87.2
Costs applicable to sales 3
$
209.1
$
60.7
$
52.0
$
47.9
$
48.5
$
154.6
$
51.5
Adjusted CAS per AgOz 1
$
18.39
$
19.69
$
17.73
$
16.83
$
18.41
$
20.07
$
17.96
Adjusted CAS per AuOz 1
$
1,570
$
1,458
$
1,585
$
1,675
$
1,670
$
1,663
$
1,495
Prepayment, working capital cash flow
$
(17.5
)
$
—
$
—
$
—
$
(17.5
)
$
—
$
—
Exploration expense
$
8.6
$
2.7
$
3.2
$
1.2
$
1.5
$
5.1
$
2.7
Cash flow from operating activities
$
166.4
$
92.6
$
41.2
$
39.6
$
(7.0
)
$
4.6
$
26.0
Sustaining capital expenditures (excludes capital lease payments)
$
49.8
$
13.1
$
7.5
$
20.7
$
8.5
$
42.6
$
10.4
Development capital expenditures
$
16.0
$
1.7
$
4.1
$
3.8
$
6.4
$
30.1
$
3.5
Total capital expenditures
$
65.8
$
14.8
$
11.6
$
24.5
$
14.9
$
72.7
$
13.9
Free cash flow 1
$
100.6
$
77.8
$
29.6
$
15.1
$
(21.9
)
$
(68.1
)
$
12.1
Operational
Financial
Exploration
Guidance
Kensington, Alaska
(Dollars in millions, except per ounce amounts)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Tonnes milled
692,178
178,513
171,190
174,333
168,142
634,156
166,595
Average gold grade (grams/tonne)
5.2
5.6
5.5
5.2
4.5
5.1
5.5
Average recovery rate
92.0
%
92.7
%
90.5
%
91.8
%
93.3
%
91.3
%
91.8
%
Gold ounces produced
106,068
29,567
27,231
26,555
22,715
95,671
26,931
Gold ounces sold
105,682
28,715
28,011
26,751
22,205
95,361
25,839
Average realized price per gold ounce, gross
$
3,632
$
4,379
$
3,588
$
3,410
$
2,990
$
2,415
$
2,702
Treatment and refining charges per gold ounce
$
58
$
67
$
56
$
56
$
53
$
53
$
53
Average realized price per gold ounce, net
$
3,574
$
4,312
$
3,532
$
3,354
$
2,937
$
2,362
$
2,649
Metal sales
$
377.7
$
123.8
$
98.9
$
89.8
$
65.2
$
225.1
$
68.3
Costs applicable to sales 3
$
179.1
$
44.1
$
46.7
$
46.1
$
42.2
$
157.8
$
39.7
Adjusted CAS per AuOz 1
$
1,685
$
1,533
$
1,659
$
1,713
$
1,882
$
1,651
$
1,529
Prepayment, 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
$
0.7
Cash flow from operating activities
$
157.3
$
69.0
$
46.4
$
36.0
$
5.9
$
40.9
$
8.5
Sustaining capital expenditures (excludes capital lease payments)
$
46.3
$
9.4
$
9.4
$
12.3
$
15.2
$
68.7
$
18.9
Development 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
$
18.9
Free cash flow 1
$
91.7
$
50.8
$
30.8
$
19.7
$
(9.6
)
$
(27.8
)
$
(10.4
)
Operational
Financial
Exploration
Guidance
Wharf, South Dakota
(Dollars in millions, except per ounce amounts)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Ore tonnes placed
3,757,245
595,737
1,220,764
1,002,988
937,756
4,539,495
1,056,774
Average gold grade (grams/tonne)
0.9
0.9
1.0
1.2
0.7
1.1
0.8
Gold ounces produced
97,327
24,759
27,990
24,087
20,491
98,042
21,976
Silver ounces produced (000’s)
136
24
25
36
51
232
54
Gold ounces sold
96,764
25,318
27,859
23,509
20,078
98,327
22,539
Silver ounces sold (000’s)
134
27
22
35
50
233
54
Average realized price per gold ounce
$
3,452
$
4,120
$
3,412
$
3,315
$
2,827
$
2,315
$
2,620
Metal sales
$
339.2
$
105.8
$
95.9
$
79.1
$
58.4
$
234.0
$
60.7
Costs applicable to sales 3
$
116.9
$
30.0
$
30.9
$
29.0
$
27.0
$
98.4
$
22.1
Adjusted CAS per AuOz 1
$
1,151
$
1,121
$
1,079
$
1,175
$
1,260
$
934
$
902
Prepayment, working capital cash flow
$
(12.5
)
$
—
$
—
$
—
$
(12.5
)
$
—
$
—
Exploration expense
$
7.4
$
0.6
$
0.7
$
3.5
$
2.6
$
6.2
$
2.7
Cash flow from operating activities
$
180.2
$
65.9
$
57.2
$
41.4
$
15.7
$
101.9
$
22.2
Sustaining capital expenditures (excludes capital lease payments)
$
12.8
$
2.9
$
1.2
$
2.3
$
6.4
$
7.2
$
2.9
Development 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
$
2.9
Free cash flow 1
$
162.4
$
62.3
$
54.0
$
37.8
$
8.3
$
94.7
$
19.3
Operational
Financial
Exploration
Guidance
Exploration
During 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 $35 million.
2026 Guidance
The Company has provided guidance for full-year 2026 including production, CAS, capital expenditures, depreciation, depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax.
Overall cost guidance reflects higher expected royalty expense driven by stronger realized metal prices, particularly at Rochester, the impact of a stronger Mexican peso, inflation of 3% to 5% across the portfolio, and higher planned maintenance costs. For our co-product mines (Las Chispas, Palmarejo, Rochester), costs are allocated to gold and silver based on their relative revenue contribution. Given the higher expected contribution of silver to total revenue due to the silver price’s outperformance relative to the gold price, silver CAS per ounce is expected to be higher in 2026, consistent with the trend seen in the second half of 2025.
2026 Production Guidance
Gold
Silver
(oz)
(K oz)
Las Chispas
55,000 - 65,000
5,500 - 6,300
Palmarejo
95,000 - 105,000
6,250 - 7,000
Rochester
70,000 - 90,000
6,400 - 7,800
Kensington
98,000 - 110,000
—
Wharf
72,000 - 90,000
50 - 200
Total
390,000 - 460,000
18,200 - 21,300
2026 Adjusted Costs Applicable to Sales Guidance
Gold
Silver
($/oz)
($/oz)
Las Chispas (co-product)
$750 - $950
$12.50 - $14.50
Palmarejo (co-product)
$700 - $900
$21.50 - $23.50
Rochester (co-product)
$1,350 - $1,550
$23.00 - $25.00
Kensington
$1,750 - $1,950
—
Wharf (by-product)
$1,400 - $1,600
—
2026 Capital, DD&A, Exploration, G&A and Income and Mining Tax Guidance
($M)
Capital Expenditures, Sustaining
$207 - $239
Capital Expenditures, Development
$98 - $125
Exploration, Expensed
$93 - $103
Exploration, Capitalized
$27 - $33
General & Administrative Expenses
$63 - $67
Cash Income and Mining Taxes
$400 - $500
Amortization
$335 - $390
Effective 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.
Financial Results and Conference Call
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 Mining
Hosting 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 40
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 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.
Non-U.S. GAAP Measures
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.
Notes
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 (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.
Average Spot Prices
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Average Gold Spot Price Per Ounce
$
3,432
$
4,135
$
3,457
$
3,280
$
2,860
$
2,386
$
2,663
Average Silver Spot Price Per Ounce
$
40.03
$
54.73
$
39.40
$
33.68
$
31.88
$
28.27
$
31.38
COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2025
December 31, 2024
ASSETS
In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents
$
553,597
$
55,087
Receivables
69,160
29,930
Inventory
163,330
78,617
Ore on leach pads
157,461
92,724
Prepaid expenses and other
29,129
16,741
972,677
273,099
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net
2,744,884
1,817,616
Goodwill
625,812
—
Ore on leach pads
119,446
106,670
Restricted assets
9,114
8,512
Receivables
19,683
19,583
Deferred tax assets
140,553
3,632
Other
63,513
72,635
TOTAL ASSETS
$
4,695,682
$
2,301,747
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
148,872
$
125,877
Accrued liabilities and other
212,213
156,609
Debt
16,996
31,380
Reclamation
15,063
16,954
393,144
330,820
NON-CURRENT LIABILITIES
Debt
323,537
558,678
Reclamation
262,448
243,538
Deferred tax liabilities
322,983
7,258
Other long-term liabilities
80,519
38,201
989,487
847,675
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common 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, 2024
6,421
3,992
Additional paid-in capital
5,783,019
4,181,521
Accumulated deficit
(2,476,389
)
(3,062,261
)
3,313,051
1,123,252
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
4,695,682
$
2,301,747
COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31,
2025
2024
2023
In thousands, except share data
Revenue
$
2,070,126
$
1,054,006
$
821,206
COSTS AND EXPENSES
Costs applicable to sales (1)
898,437
606,192
632,896
Amortization
251,099
124,974
99,822
General and administrative
57,197
47,727
41,605
Exploration
86,592
59,658
30,962
Pre-development, reclamation, and other
69,788
51,273
54,636
Total costs and expenses
1,363,113
889,824
859,921
Income from operations
707,013
164,182
(38,715
)
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment
(113
)
417
3,437
Fair value adjustments, net
(342
)
—
3,384
Interest expense, net of capitalized interest
(30,942
)
(51,276
)
(29,099
)
Other, net
6,922
13,027
(7,463
)
Total other income (expense), net
(24,475
)
(37,832
)
(29,741
)
Income before income and mining taxes
682,538
126,350
(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 SHARE
Basic income per share:
Basic
$
0.96
$
0.15
$
(0.30
)
Diluted
$
0.95
$
0.15
$
(0.30
)
(1) Excludes amortization.
COEUR MINING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2025
2024
2023
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
585,872
$
58,900
$
(103,612
)
Adjustments:
Amortization
251,099
124,974
99,822
Accretion
20,978
18,208
16,381
Deferred taxes
(161,015
)
(8,734
)
(1,495
)
(Gain) loss on debt extinguishment
113
(417
)
(3,437
)
Fair value adjustments, net
342
—
(3,384
)
Stock-based compensation
19,209
12,022
11,361
Loss on the sale or disposition of assets
—
4,250
25,197
Write-downs
—
3,235
40,247
Deferred revenue recognition
(42,824
)
(55,562
)
(25,468
)
Acquired inventory purchase price allocation
93,477
—
—
Other
4,306
5,483
3,215
Changes in operating assets and liabilities:
Receivables
(6,688
)
(504
)
933
Prepaid expenses and other current assets
72,634
2,777
(461
)
Inventory and ore on leach pads
(51,798
)
(69,640
)
(47,592
)
Accounts payable and accrued liabilities
101,174
79,242
55,581
CASH PROVIDED BY OPERATING ACTIVITIES
886,879
174,234
67,288
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(221,162
)
(183,188
)
(364,617
)
Acquisitions, net
93,635
(10,000
)
—
Proceeds from the sale of assets
13
37
8,546
Sale of investments
—
—
47,611
Proceeds from notes receivable
—
—
5,000
Other
(328
)
(362
)
(239
)
CASH USED IN INVESTING ACTIVITIES
(127,842
)
(193,513
)
(303,699
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock
10,005
22,823
168,964
Issuance of notes and bank borrowings, net of issuance costs
166,500
391,500
598,000
Payments 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
)
13,890
236,053
Effect of exchange rate changes on cash and cash equivalents
425
(1,115
)
567
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
498,831
(6,504
)
209
Cash, cash equivalents and restricted cash at beginning of period
56,874
63,378
63,169
Cash, cash equivalents and restricted cash at end of period
$
555,705
$
56,874
$
63,378
Adjusted EBITDA Reconciliation
(Dollars in thousands except per share amounts)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Net income
$
585,872
$
214,969
$
266,824
$
70,726
$
33,353
$
58,900
$
37,852
Interest expense, net of capitalized interest
30,942
5,968
6,273
8,251
10,450
51,276
11,887
Income tax provision (benefit)
96,666
112,539
(96,881
)
62,595
18,413
67,450
18,420
Amortization
251,099
73,655
72,930
61,421
43,093
124,974
36,533
EBITDA
964,579
407,131
249,146
202,993
105,309
302,600
104,692
Fair value adjustments, net
342
—
—
(4
)
346
—
—
Foreign exchange (gain) loss
(1,429
)
(4,021
)
2,080
(246
)
758
(4,753
)
(1,321
)
Asset retirement obligation accretion
19,697
5,077
4,988
4,900
4,732
16,778
4,315
Inventory adjustments and write-downs
6,265
1,541
1,198
1,598
1,928
8,042
1,552
(Gain) loss on sale of assets
698
282
113
117
186
4,250
(102
)
RMC bankruptcy distribution
(37
)
—
—
(37
)
—
(1,294
)
(95
)
(Gain) loss on debt extinguishment
113
107
6
—
—
(417
)
—
Transaction costs
26,409
14,248
451
2,823
8,887
8,517
7,541
Kensington royalty settlement
(66
)
1
—
28
(95
)
7,369
—
Wage and hour litigation settlement
7,059
61
6,998
—
—
—
—
Mexico arbitration matter
2,950
57
743
1,740
410
3,612
152
Flow-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
$
116,365
Revenue
$
2,070,126
$
674,847
$
554,567
$
480,650
$
360,062
$
1,054,006
$
305,444
Adjusted EBITDA Margin
50
%
63
%
48
%
44
%
34
%
32
%
38
%
Adjusted Net Income Reconciliation
(Dollars in thousands except per share amounts)
2025
4Q25
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Net income
$
585,872
$
214,969
$
266,824
$
70,726
$
33,353
$
58,900
$
37,852
Fair value adjustments, net
342
—
—
(4
)
346
—
—
Foreign exchange loss (gain) (1)
42,040
1,563
11,831
28,072
574
(4,448
)
265
(Gain) loss on sale of assets
698
282
113
117
186
4,250
(102
)
RMC bankruptcy distribution
(37
)
—
—
(37
)
—
(1,294
)
(95
)
(Gain) loss on debt extinguishment
113
107
6
—
—
(417
)
—
Transaction costs
26,409
14,248
451
2,823
8,887
8,517
7,541
Kensington royalty settlement
(66
)
1
—
28
(95
)
7,369
—
Wage and hour litigation settlement
7,059
61
6,998
—
—
—
—
Mexico arbitration matter
2,950
57
743
1,740
410
3,612
152
Flow-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
)
142
Adjusted net income
$
493,361
$
227,296
$
122,693
$
102,886
$
40,486
$
70,117
$
45,386
Adjusted net income per share - Basic
$
0.81
$
0.36
$
0.19
$
0.16
$
0.08
$
0.18
$
0.12
Adjusted 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)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Cash flow from operations
$
886,879
$
374,587
$
237,706
$
206,951
$
67,635
$
174,234
$
63,793
Capital expenditures
221,162
61,319
49,034
60,807
50,002
183,188
47,720
Free cash flow
$
665,717
$
313,268
$
188,672
$
146,144
$
17,633
$
(8,954
)
$
16,073
Consolidated Operating Cash Flow
Before Changes in Working Capital Reconciliation
(Dollars in thousands)
2025
4Q 2025
3Q 2025
2Q 2025
1Q 2025
2024
4Q 2024
Cash provided by operating activities
$
886,879
$
374,587
$
237,706
$
206,951
$
67,635
$
174,234
$
63,793
Changes in operating assets and liabilities:
Receivables
6,688
(1,265
)
7,132
4,766
(3,945
)
504
(16
)
Prepaid expenses and other
(72,634
)
4,366
7,489
(2,424
)
(82,065
)
(2,777
)
408
Inventories
51,798
24,314
5,011
14,125
8,348
69,640
15,852
Accounts 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
$
78,552
Net Debt and Leverage Ratio
(Dollars in thousands)
4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
Total debt
$
340,533
$
363,516
$
380,722
$
498,269
$
590,058
Cash and cash equivalents
(553,597
)
(266,342
)
(111,646
)
(77,574
)
(55,087
)
Net debt
$
(213,064
)
$
97,174
$
269,076
$
420,695
$
534,971
Net debt
$
(213,064
)
$
97,174
$
269,076
$
420,695
$
534,971
Last Twelve Months Adjusted EBITDA
$
1,025,772
$
807,817
$
634,803
$
443,729
$
339,152
Leverage ratio
(0.2
)
0.1
0.4
0.9
1.6
Reconciliation of Costs Applicable to Sales
for the Year Ended December 31, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas
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
)
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
)
—
(6,112
)
By-product credit
—
—
—
(17
)
(5,121
)
—
(5,138
)
Adjusted costs applicable to sales
$
200,094
$
190,746
$
206,919
$
178,088
$
111,340
$
—
$
887,187
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
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
48
%
46
%
46
%
100
%
100
%
Silver
52
%
54
%
54
%
—
%
Zinc
—
%
Lead
—
%
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
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended December 31, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
65,377
$
56,553
$
79,791
$
55,272
$
31,745
$
1,040
$
289,778
Amortization
(31,995
)
(8,312
)
(19,127
)
(11,167
)
(1,774
)
(1,040
)
(73,415
)
Costs applicable to sales
$
33,382
$
48,241
$
60,664
$
44,105
$
29,971
$
—
$
216,363
Inventory Adjustments
(131
)
(242
)
(861
)
(115
)
(123
)
—
(1,472
)
By-product credit
—
—
—
18
(1,478
)
—
(1,460
)
Adjusted costs applicable to sales
$
33,251
$
47,999
$
59,803
$
44,008
$
28,370
$
—
$
213,431
Metal Sales
Gold ounces
14,819
24,378
18,044
28,715
25,318
—
111,274
Silver ounces
1,367,427
1,508,856
1,700,956
—
4,577,239
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
45
%
43
%
44
%
100
%
100
%
Silver
55
%
57
%
56
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,010
$
847
$
1,458
$
1,533
$
1,121
$
1,207
Silver ($/oz)
$
13.37
$
18.13
$
19.69
$
—
$
17.29
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended September 30, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
99,012
$
61,125
$
70,487
$
57,144
$
32,689
$
989
$
321,446
Amortization
(30,908
)
(10,115
)
(18,501
)
(10,435
)
(1,762
)
(989
)
(72,710
)
Costs applicable to sales
$
68,104
$
51,010
$
51,986
$
46,709
$
30,927
$
—
$
248,736
Inventory Adjustments
(36
)
(358
)
(473
)
(272
)
(23
)
—
(1,162
)
By-product credit
—
—
—
41
(846
)
—
(805
)
Adjusted costs applicable to sales
$
68,068
$
50,652
$
51,513
$
46,478
$
30,058
$
—
$
246,769
Metal Sales
Gold ounces
17,800
26,850
13,975
28,011
27,859
—
114,495
Silver ounces
1,674,770
1,633,196
1,656,336
—
21,650
—
4,985,952
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
48
%
47
%
43
%
100
%
100
%
Silver
52
%
53
%
57
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,836
$
887
$
1,585
$
1,659
$
1,079
$
1,355
Silver ($/oz)
$
21.13
$
16.44
$
17.73
$
—
$
18.45
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended June 30, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
80,122
$
58,109
$
64,676
$
56,304
$
30,542
$
928
$
290,681
Amortization
(22,375
)
(9,406
)
(16,748
)
(10,221
)
(1,549
)
(928
)
(61,227
)
Costs applicable to sales
$
57,747
$
48,703
$
47,928
$
46,083
$
28,993
$
—
$
229,454
Inventory Adjustments
(523
)
(147
)
(489
)
(222
)
(191
)
—
(1,572
)
By-product credit
—
—
—
(41
)
(1,188
)
—
(1,229
)
Adjusted costs applicable to sales
$
57,224
$
48,556
$
47,439
$
45,820
$
27,614
$
—
$
226,653
Metal Sales
Gold ounces
16,025
26,782
13,881
26,751
23,509
—
106,948
Silver ounces
1,479,410
1,720,383
1,437,811
—
34,916
—
4,672,520
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
52
%
49
%
49
%
100
%
100
%
Silver
48
%
51
%
51
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
1,857
$
888
$
1,675
$
1,713
$
1,175
$
1,405
Silver ($/oz)
$
18.57
$
14.39
$
16.83
$
—
$
16.48
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended March 31, 2025
In thousands (except metal sales, per ounce or per pound amounts)
Las Chispas
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
51,770
$
52,884
$
63,443
$
49,627
$
28,511
$
946
$
247,181
Amortization
(8,936
)
(9,181
)
(14,907
)
(7,471
)
(1,474
)
(946
)
(42,915
)
Costs applicable to sales
$
42,834
$
43,703
$
48,536
$
42,156
$
27,037
$
—
$
204,266
Inventory Adjustments
(900
)
(164
)
(372
)
(339
)
(131
)
—
(1,906
)
By-product credit
—
—
—
(36
)
(1,608
)
—
(1,644
)
Adjusted costs applicable to sales
$
41,934
$
43,539
$
48,164
$
41,781
$
25,298
$
—
$
200,716
Metal Sales
Gold ounces
9,607
22,713
14,713
22,205
20,078
—
89,316
Silver ounces
923,723
1,636,386
1,282,010
—
50,034
—
3,892,153
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
48
%
46
%
51
%
100
%
100
%
Silver
52
%
54
%
49
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
2,095
$
882
$
1,670
$
1,882
$
1,260
$
1,476
Silver ($/oz)
$
23.61
$
14.37
$
18.41
$
—
$
17.94
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended December 31, 2024
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
55,032
$
67,406
$
48,195
$
23,665
$
799
$
195,097
Amortization
(9,550
)
(15,858
)
(8,547
)
(1,607
)
(799
)
(36,361
)
Costs applicable to sales
$
45,482
$
51,548
$
39,648
$
22,058
$
—
$
158,736
Inventory Adjustments
(76
)
(1,190
)
(182
)
(56
)
—
(1,504
)
By-product credit
—
—
43
(1,680
)
—
(1,637
)
Adjusted costs applicable to sales
$
45,406
$
50,358
$
39,509
$
20,322
$
—
$
155,595
Metal Sales
Gold ounces
22,353
14,824
25,839
22,539
85,555
Silver ounces
1,596,875
1,570,448
54,000
—
3,221,323
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
44
%
44
%
100
%
100
%
Silver
56
%
56
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
894
$
1,495
$
1,529
$
902
$
1,192
Silver ($/oz)
$
15.92
$
17.96
$
—
$
16.93
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales
for Three Months Ended September 30, 2024
In thousands (except metal sales, per ounce or per pound amounts)
Palmarejo
Rochester
Kensington
Wharf
Silvertip
Total
Costs applicable to sales, including amortization (U.S. GAAP)
$
59,439
$
49,640
$
45,711
$
34,198
$
794
$
189,782
Amortization
(11,984
)
(10,231
)
(7,612
)
(2,419
)
(794
)
(33,040
)
Costs applicable to sales
$
47,455
$
39,409
$
38,099
$
31,779
$
—
$
156,742
Inventory Adjustments
(572
)
(536
)
50
(119
)
—
(1,177
)
By-product credit
—
—
12
(1,332
)
—
(1,320
)
Adjusted costs applicable to sales
$
46,883
$
38,873
$
38,161
$
30,328
$
—
$
154,245
Metal Sales
Gold ounces
28,655
9,186
24,800
34,272
—
96,913
Silver ounces
1,860,976
1,098,407
—
45,118
—
3,004,501
Zinc pounds
—
—
Lead pounds
—
—
Revenue Split
Gold
50
%
41
%
100
%
100
%
Silver
50
%
59
%
—
%
Zinc
—
%
Lead
—
%
Adjusted costs applicable to sales
Gold ($/oz)
$
818
$
1,735
$
1,539
$
885
$
1,113
Silver ($/oz)
$
12.60
$
20.88
$
—
$
15.67
Zinc ($/lb)
$
—
$
—
Lead ($/lb)
$
—
$
—
Reconciliation of Costs Applicable to Sales for 2026 Guidance
In thousands (except metal sales and per ounce amounts)
Las Chispas
Palmarejo
Rochester
Kensington
Wharf
Costs applicable to sales, including amortization (U.S. GAAP)
$
397,764
$
161,390
$
365,418
$
233,583
$
142,683
Amortization
(174,548
)
(36,491
)
(88,753
)
(41,722
)
(8,965
)
Costs applicable to sales
$
223,216
$
124,899
$
276,665
$
191,861
$
133,718
By-product credit
—
—
—
—
(6,132
)
Adjusted costs applicable to sales
$
223,216
$
124,899
$
276,665
$
191,861
$
127,586
Metal Sales
Gold ounces
59,521
100,000
81,143
105,137
86,868
Silver ounces
5,934,277
6,796,223
7,136,315
79,401
Revenue Split
Gold
34%
37%
40%
100%
100%
Silver
66%
63%
60 %
Adjusted costs applicable to sales
Gold ($/oz)
$750 - $950
$700 - $900
$1,350 - $1,550
$1,750 - $1,950
$1,400 - $1,600
Silver ($/oz)
$12.50 - $14.50
$21.50 - $23.50
$23.00 - $25.00