Coeur Mining — Third Quarter 2026 Earnings Summary

Financial Performance

• Consolidated revenue totaled $1.0 billion (specifically $983.6 million), a 77% increase year-over-year from $555 million in Q3 2025.
• Quarterly GAAP net income was $109 million ($0.11 per share); adjusted net income was $98 million ($0.10 per share).
• Adjusted EBITDA reached $448 million, up 69% year-over-year from $266 million in Q3 2025.
• Cash flow from operating activities was $386 million, compared to $238 million in Q3 2025.
• Free cash flow increased 27% year-over-year to $240 million.
• Cash balance increased more than fourfold year-over-year to $1.2 billion.
• Total debt stood at $701.7 million.
• Average realized gold price was $3,979 per ounce and silver was $62.22 per ounce, down from $4,140 and $71.18, respectively, in the prior quarter.
• Silver contributed 27% of quarterly revenue.

Guidance and Future Outlook

• Company targets full-year 2026 production at the low end of guidance ranges: 630,000 ounces of gold, 18.7 million ounces of silver, and 40.0 million pounds of copper.
• Full-year 2026 adjusted EBITDA is expected to exceed $2 billion, with free cash flow exceeding $1.3 billion at current prices.
• Full-year 2026 capital expenditures are guided to $360–$405 million (sustaining) and $160–$200 million (development).
• Full-year 2026 exploration investment is expected to total $147–$169 million ($118–$132 million expensed, $29–$37 million capitalized).
• Full-year 2026 general and administrative expenses are guided to $90–$100 million.
• Full-year 2026 cash income and mining taxes are guided to $350–$450 million.
• Effective tax rate for 2026 is expected to be 34%–38%.
• Guidance assumes gold at $4,000/oz, silver at $55.00/oz, copper at $6.25/lb, CAD at 1.38, and MXN at 18.00.

Business Segments and Product Lines

• New Afton (Canada): Produced 12,189 gold ounces and 10.0 million copper pounds; revenue split was 44% gold and 56% copper. Adjusted CAS per gold ounce was $1,673 and per copper pound was $2.67.
• Rainy River (Canada): Produced 53,965 gold ounces; revenue was 100% gold. Adjusted CAS per gold ounce was $2,883.
• Las Chispas (Mexico): Produced 15,942 gold ounces and 1.5 million silver ounces; revenue split was 42% gold and 58% silver. Adjusted CAS per gold ounce was $977 and per silver ounce was $14.26.
• Palmarejo (Mexico): Produced 18,469 gold ounces and 1.3 million silver ounces; revenue split was 36% gold and 64% silver. Adjusted CAS per gold ounce was $1,174 and per silver ounce was $28.71. Approximately 48% of Palmarejo's gold sales were sold under a Franco-Nevada stream agreement at $800/oz.
• Rochester (USA): Produced 16,211 gold ounces and 1.2 million silver ounces; revenue split was 46% gold and 54% silver. Adjusted CAS per gold ounce was $1,762 and per silver ounce was $26.48.
• Kensington (USA): Produced 21,483 gold ounces; revenue was 100% gold. Adjusted CAS per gold ounce was $2,304.
• Wharf (USA): Produced 23,141 gold ounces and 35,000 silver ounces; revenue was 100% gold. Adjusted CAS per gold ounce was $1,580.

Market and Competitive Landscape

• The Company operates seven North American operations, with U.S., Canadian, and Mexican operations accounting for approximately 34%, 36%, and 30% of third-quarter revenue, respectively.
• Recent acquisitions of New Afton and Rainy River (New Gold Inc.) are driving significant revenue growth and portfolio expansion.
• Metal prices declined sequentially: gold realized price dropped from $4,140 to $3,979 per ounce; silver realized price dropped from $71.18 to $62.22 per ounce.

Risks and Challenges

• Operational challenges included conveyor belt failure at New Afton (repaired mid-September), heavy rains impacting open pit operations at Rainy River and Palmarejo, and lower silver grades at Palmarejo.
• Purchase price allocation accounting for inventory at Rainy River and New Afton resulted in $40 million of non-cash expense, reducing adjusted net income by $0.03 per share.
• Forward-looking statements involve risks including production/cost levels not being attained, environmental hazards, weather conditions, metal price volatility, permitting delays, labor disputes, and integration risks from acquisitions.

Management Commentary and Tone

• Mitchell J. Krebs, Chairman, President and CEO, stated the Company generated strong financial and operational results despite lower prices and short-term operational challenges.
• Management expressed confidence in delivering strong fourth-quarter results to cap off a transformative and record year.
• The Company expects to deliver even stronger operational and financial results in 2027 due to a bolstered liquidity position and a full year of contributions from new Canadian operations.
• Specific operational highlights included new record tonnes crushed at Rochester and steady performance at Las Chispas.

Other Key Points

• The Company declared a second dividend of $0.02 per share, payable December 16, 2026.
• Since mid-May 2026, Coeur repurchased $231 million of common stock (12.6 million shares), including $111 million in Q3 2026, representing approximately 46% of quarterly free cash flow.
• An enhanced $750 million share repurchase program is in place.
• In October, Coeur reached an agreement to settle an insurance claim related to the November 2025 fire at Wharf; $70 million in cash proceeds is expected in Q4 2026.
• Wharf crusher circuit ramp-up was completed, though grid power disruptions occurred in Q3.
• Exploration investment in Q3 2026 totaled approximately $50 million ($43 million expensed, $7 million capitalized).