cde-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

___________________________________________

FORM 10-Q

___________________________________________


☑			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-08641

____________________________________________

COEUR MINING, INC.

(Exact name of registrant as specified in its charter)

____________________________________________

Delaware

82-0109423

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

200 S. Wacker Dr.

Suite 2100

Chicago,

Illinois

60606

(Address of principal executive offices)

(Zip Code)

(312) 489-5800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (par value $.01 per share)	CDE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The Company has 900,000,000 shares of common stock, par value of $0.01, authorized of which 639,697,401 shares were issued and outstanding as of May 5, 2025.

COEUR MINING, INC.

INDEX


		Page
Part I.	Financial Information

	Item 1. Financial Statements

	Condensed Consolidated Balance Sheets (Unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	5

	Condensed Consolidated Statements of Cash Flows (Unaudited)	6

	Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)	7

	Notes to Condensed Consolidated Financial Statements (Unaudited)	8

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

	Consolidated Financial Results	26

	Results of Operations	32

	Liquidity and Capital Resources	35

	Non-GAAP Financial Performance Measures	38

	Item 3. Quantitative and Qualitative Disclosures about Market Risk	44

	Item 4. Controls and Procedures	45

Part II.	Other Information	46

	Item 1. Legal Proceedings	46

	Item 1A. Risk Factors	46

	Item 4. Mine Safety Disclosures	46

	Item 5. Other Information	46

	Item 6. Exhibits	46

Signatures		47

PART I

Item 1. Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


		March 31, 2025		December 31, 2024
ASSETS	Notes	In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents		$	77,574	$	55,087
Receivables	5	54,908		29,930
Inventory	6	218,310		78,617
Ore on leach pads	6	123,028		92,724

Prepaid expenses and other		28,502		16,741

		502,322		273,099
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net	7	2,799,755		1,817,616
Goodwill	3	567,045		—
Ore on leach pads	6	93,199		106,670
Restricted assets		8,454		8,512

Receivables	5	14,029		19,583
Other		82,089		76,267
TOTAL ASSETS		$	4,066,893	$	2,301,747
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	124,928	$	125,877
Accrued liabilities and other	18	87,238		156,609
Debt	8	31,748		31,380
Reclamation	9	16,954		16,954

		260,868		330,820
NON-CURRENT LIABILITIES
Debt	8	466,521		558,678
Reclamation	9	255,558		243,538
Deferred tax liabilities		279,474		7,258
Other long-term liabilities		55,960		38,201
		1,057,513		847,675
COMMITMENTS AND CONTINGENCIES	17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 900,000,000 shares, 639,060,751 issued and outstanding at March 31, 2025 and 399,235,632 at December 31, 2024		6,390		3,992
Additional paid-in capital		5,771,030		4,181,521

Accumulated deficit		(3,028,908)		(3,062,261)
		2,748,512		1,123,252
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	4,066,893	$	2,301,747

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


		Three Months Ended March 31,
			2025		2024
	Notes		In thousands, except share data
Revenue	4		$	360,062	$	213,060
COSTS AND EXPENSES
Costs applicable to sales(1)	4		204,266		145,997
Amortization			43,093		27,297
General and administrative			13,912		14,404
Exploration			19,682		10,491

Pre-development, reclamation, and other	14		16,953		18,228
Total costs and expenses			297,906		216,417
Income (loss) from operations			62,156		(3,357)
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment			—		438
Fair value adjustments, net	12		(346)		—
Interest expense, net of capitalized interest	5		(10,450)		(12,947)
Other, net	14		406		2,773
Total other income (expense), net			(10,390)		(9,736)
Income (loss) before income and mining taxes			51,766		(13,093)
Income and mining tax (expense) benefit	10		(18,413)		(16,024)


NET INCOME (LOSS)			$	33,353	$	(29,117)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges			—		(7,625)
Reclassification adjustments for realized (gain) loss on cash flow hedges			—		147
Other comprehensive income (loss)			—		(7,478)
COMPREHENSIVE INCOME (LOSS)			$	33,353	$	(36,595)

NET INCOME (LOSS) PER SHARE	15
Basic income (loss) per share:


Basic			$	0.06	$	(0.08)




Diluted			$	0.06	$	(0.08)

(1) Excludes amortization.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		Three Months Ended March 31,
			2025		2024
	Notes		In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$	33,353	$	(29,117)
Adjustments:
Amortization			43,093		27,297
Accretion			4,732		4,076
Deferred taxes			(17,353)		4,429
Gain on debt extinguishment	8		—		(438)
Fair value adjustments, net	12		346		—
Stock-based compensation	11		3,298		4,248



Write-downs			—		3,235
Deferred revenue recognition	17		(42,316)		(55,159)
Other			28,563		10,822
Changes in operating assets and liabilities:
Receivables			3,945		(5,316)
Prepaid expenses and other current assets			82,065		(639)
Inventory and ore on leach pads	3		(8,348)		(19,694)
Accounts payable and accrued liabilities			(63,743)		40,385
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			67,635		(15,871)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(50,002)		(42,083)
Acquisitions, net			103,396		—
Proceeds from the sale of assets			—		24



Other			(90)		(67)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			53,304		(42,126)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	15		302		22,823
Issuance of notes and bank borrowings, net of issuance costs	8		99,500		135,000
Payments on debt, finance leases, and associated costs	8		(192,234)		(92,225)

Other			(5,721)		(1,779)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			(98,153)		63,819
Effect of exchange rate changes on cash and cash equivalents			(292)		40
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			22,494		5,862
Cash, cash equivalents and restricted cash at beginning of period			56,874		63,378
Cash, cash equivalents and restricted cash at end of period			$	79,368	$	69,240

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

COEUR MINING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)


In thousands	Common Stock Shares	Common Stock Par Value		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total














Balances at December 31, 2024	399,236	$	3,992	$	4,181,521	$	(3,062,261)	$	—	$	1,123,252
Net income (loss)	—	—		—		33,353		—		33,353

SilverCrest Acquisition	239,489	2,395		1,587,696		—		—		1,590,091
Kensington Royalty Settlement	595	6		3,649		—		—		3,655
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	(259)	(3)		(1,836)		—		—		(1,839)
Balances at March 31, 2025	639,061	$	6,390	$	5,771,030	$	(3,028,908)	$	—	$	2,748,512


In thousands	Common Stock Shares	Common Stock Par Value		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total
Balances at December 31, 2023	386,283	$	3,863	$	4,139,870	$	(3,121,161)	$	1,331	$	1,023,903
Net income (loss)	—	—		—		(29,117)		—		(29,117)
Other comprehensive income (loss)	—	—		—		—		(7,478)		(7,478)
Debt-for-Equity Exchange	1,772	18		5,350		—		—		5,368
Issuance of flow-through shares	7,705	77		22,908		—		—		22,985
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	2,823	28		2,440		—		—		2,468
Balances at March 31, 2024	398,583	$	3,986	$	4,170,568	$	(3,150,278)	$	(6,147)	$	1,018,129

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 1 - BASIS OF PRESENTATION

The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2025. The condensed consolidated December 31, 2024 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

Please see Note 2 — Summary of Significant Accounting Policies contained in the 2024 10-K.

Use of Estimates

The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.

Ore on Leach Pads

The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.

The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered a change in estimate and was accounted for prospectively. As of March 31, 2025, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 54,208 and 7.4 million, respectively.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

The Company may elect to perform a qualitative assessment if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We have adopted the new standard effective December 31, 2024 retrospectively for all periods presented. See Note 4 -- Segment Reporting for all periods presented with the new required disclosures. The new standard did not impact our Consolidated Financial Statements.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Although early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance, the Company believes that there is no material impact to the reader in early adoption. The Company plans to adopt this new guidance on our Consolidated Financial Statements and related disclosures on reporting year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Condensed Consolidated Financial Statements and related disclosures.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 3 – ACQUISITIONS

On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur would acquire all of the issued and outstanding shares of SilverCrest Metals Inc. (“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”). Under the terms of the Agreement, SilverCrest shareholders received 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

On February 14, 2025, the Company completed the closing of the Transaction after receiving regulatory approval on February 3, 2025 followed by shareholder approval on February 6, 2025. Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares. Based on the closing price of Coeur common shares on the NYSE on February 14, 2025, the implied total equity value was approximately $1.58 billion based on SilverCrest’s common shares outstanding and the Exchange Ratio.

The Company retained an independent appraiser to assist with the determination of the preliminary fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of SilverCrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes and was assigned to the Las Chispas segment. The goodwill balance is comprised of amounts attributable to the assembled workforce, potential strategic and financial benefits, including the financial flexibility to execute capital priorities, and new book to tax basis differences of assets acquired and liabilities assumed. The acquisition of SilverCrest increased the Company’s gold and other metal reserves and expanded our footprint in a jurisdiction where the Company has significant experience.

As of March 31, 2025, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for SilverCrest is preliminary. At March 31, 2025, remaining items to finalize include the fair value of property plant and mine development, goodwill, reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the acquisition date. Prior to the closing of the Transaction, the Company entered into a loan with SilverCrest through which Coeur Rochester, Inc., a subsidiary of the Company, owed $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction. The acquired bullion and metal inventory was sold during Q1 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net. Total transaction costs were $17.5 million with $8.9 million incurred in the three months ended March 31, 2025. These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income (loss) and are reflected in pro forma earnings in the table below for the three months ended March 31, 2024.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The following table summarizes the preliminary purchase price allocation for the Transaction as of March 31, 2025:


(Amounts in thousands, except shares and share price amounts)
Common shares issued (239,331,799 at $6.61)	$	1,581,983
Fair value of replacement stock-based compensation awarded(1)	8,566
Fair value of Coeur payable to SilverCrest repurchased	(72,311)
Total purchase price	$	1,518,238
Assets:
Cash and cash equivalents	$	103,441
Short-term receivables	22,996
Inventory	153,826



Prepaid expenses and other	15,213
Property, plant and equipment and mining properties	1,005,828
Other	5,596
Total Assets	$	1,306,900
Liabilities:
Accounts payable	16,774
Accrued liabilities and other	24,866
Debt	846
Reclamation	8,644
Deferred tax liabilities (2)	286,225
Other long-term liabilities	18,354
Total liabilities	$	355,709

Net identifiable assets acquired	$	951,191
Goodwill	567,047
Net assets acquired	$	1,518,238

(1) As of March 31, 2025, 0.2 million common shares were issued related to the exercise of 0.6 million replacement options.

(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the preliminary fair value of the assets acquired in Mexico and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill.

Pro Forma Financial Information

SilverCrest contributed revenue of $58.0 million and net income of $2.9 million from February 15, 2025 to March 31, 2025. The following unaudited pro forma financial information presents consolidated results assuming the Transaction occurred on January 1, 2024.


	Three Months Ended
	March 31, 2025		March 31, 2024
Revenue	$	415,039	$	276,706
Net income (loss)	$	47,577	$	(66,395)

These pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of SilverCrest to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties had been applied from January 1, 2024, with the consequential tax effects.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 4 – SEGMENT REPORTING

The Company’s operating segments include the Las Chispas, Palmarejo, Rochester, Kensington and Wharf mines, and the Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

The Company’s Chief Operating Decision Maker (“CODM”), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Chief Financial Officer, and Michael Routledge, Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations. The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes. The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies.

Financial information relating to the Company’s segments is as follows (in thousands):


Three Months Ended March 31, 2025	Las Chispas (5)		Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	27,882	$	43,695	$	41,783	$	65,207	$	56,760	$	—	$	—	$	235,327
Silver sales	30,137		52,111		40,843		36		1,608		—		—		124,735


Metal sales	58,019		95,806		82,626		65,243		58,368		—		—		360,062
Costs and Expenses
Costs applicable to sales(1)	42,834		43,703		48,536		42,156		27,037		—		—		204,266
Amortization	8,936		9,181		14,907		7,471		1,474		946		178		43,093
Exploration	1,878		3,860		1,467		3,301		2,629		6,107		440		19,682

Other operating expenses(2)	67		1,629		2,754		570		1,188		3,078		21,579		30,865
Costs and expenses	53,715		58,373		67,664		53,498		32,328		10,131		22,197		297,906
Income (loss) from operations	4,304		37,433		14,962		11,745		26,040		(10,131)		(22,197)		62,156
Other income (expense)

Fair value adjustments, net	—		—		(346)		—		—		—		—		(346)
Interest expense, net	(17)		15		(2,258)		(177)		(98)		—		(7,915)		(10,450)
Other, net(3)	428		(688)		(88)		(85)		(43)		97		785		406
Income (loss) before income and mining taxes	4,715		36,760		12,270		11,483		25,899		(10,034)		(29,327)		51,766
Income and mining tax (expense) benefit	(1,852)		(11,099)		(613)		(488)		(2,522)		—		(1,839)		(18,413)
Net Income (loss)	$	2,863	$	25,661	$	11,657	$	10,995	$	23,377	$	(10,034)	$	(31,166)	$	33,353

Segment assets(4)	$	1,717,053	$	312,023	$	1,229,683	$	233,190	$	124,776	$	219,103	$	62,948	$	3,898,776
Capital expenditures	$	5,338	$	5,857	$	14,853	$	15,473	$	7,364	$	854	$	263	$	50,002

(1) Excludes amortization.

(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.

(5) Las Chispas was acquired through the SilverCrest Transaction. Financial results presented correspond to the period after the acquisition. See Note 3 - Acquisitions for further information.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements


Three Months Ended March 31, 2024	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	53,902	$	12,681	$	43,485	$	41,701	$	—	$	—	$	151,769
Silver sales	42,476		17,148		34		1,633		—		—		61,291


Metal sales	96,378		29,829		43,519		43,334		—		—		213,060
Costs and Expenses
Costs applicable to sales(1)	54,294		26,999		39,289		25,415		—		—		145,997
Amortization	12,602		6,633		5,596		1,393		852		221		27,297
Exploration	2,485		431		1,545		123		5,280		627		10,491

Other operating expenses(2)	2,254		5,750		7,626		1,101		2,705		13,196		32,632
Costs and expenses	71,635		39,813		54,056		28,032		8,837		14,044		216,417
Income (loss) from operations	24,743		(9,984)		(10,537)		15,302		(8,837)		(14,044)		(3,357)
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		438		438
Fair value adjustments, net	—		—		—		—		—		—		—
Interest expense, net	(26)		(1,340)		(471)		(152)		(6)		(10,952)		(12,947)
Other, net(3)	546		30		(81)		(42)		(58)		2,378		2,773
Income (loss) before income and mining taxes	25,263		(11,294)		(11,089)		15,108		(8,901)		(22,180)		(13,093)
Income and mining tax (expense) benefit	(11,683)		234		—		(1,136)		—		(3,439)		(16,024)
Net Income (loss)	$	13,580	$	(11,060)	$	(11,089)	$	13,972	$	(8,901)	$	(25,619)	$	(29,117)

Segment assets(4)	$	314,217	$	1,110,479	$	182,085	$	102,351	$	214,522	$	57,607	$	1,981,261
Capital expenditures	$	6,761	$	21,243	$	13,258	$	308	$	509	$	4	$	42,083

(1) Excludes amortization.

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.



Assets	March 31, 2025		December 31, 2024
Total assets for reportable segments	$	3,898,776	$	2,161,881
Cash and cash equivalents	77,574		55,087
Other assets	90,543		84,779
Total consolidated assets	$	4,066,893	$	2,301,747

Geographic Information


Long-Lived Assets	March 31, 2025		December 31, 2024
United States	$	1,310,753	$	1,312,976
Mexico	1,818,914		267,144
Canada	236,900		237,263
Other	233		233
Total	$	3,366,800	$	1,817,616


Revenue	Three months ended March 31,
		2025		2024
United States		$	206,237	$	116,682
Mexico		153,825		96,378

Total		$	360,062	$	213,060

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 5 – RECEIVABLES

Receivables consist of the following:


In thousands	March 31, 2025		December 31, 2024
Current receivables:
Trade receivables	$	9,459	$	7,818
VAT receivable	28,174		12,684
Income tax receivable	8,489		8,509

Other (1)	8,786		919
	$	54,908	$	29,930
Non-current receivables:
Other tax receivable (1)	$	—	$	5,554
Deferred cash consideration (2)	834		834
Contingent consideration (3)	13,195		13,195
	$	14,029	$	19,583
Total receivables	$	68,937	$	49,513

(1) Consists of exploration credit refunds at Silvertip.

(2) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

(3) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million should the buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

NOTE 6 – INVENTORY AND ORE ON LEACH PADS

Inventory consists of the following:


In thousands	March 31, 2025		December 31, 2024
Inventory:
Concentrate	$	4,136	$	2,663
Stockpile ore (1)	116,892		6,773
Precious metals	34,372		16,034
Supplies	62,910		53,147
	$	218,310	$	78,617
Ore on Leach Pads:
Current	$	123,028	$	92,724
Non-current	93,199		106,670
	$	216,227	$	199,394

Long-term Stockpile (included in Other)	$	41,720	$	41,718

Total Inventory and Ore on Leach Pads	$	476,257	$	319,729

(1) Includes $113.3 million, $2.2 million, $0.8 million, and $0.5 million at Las Chispas, Kensington, Palmarejo, and Wharf at March 31, 2025, respectively. Includes $3.1 million, $0.5 million, and $3.2 million at Kensington, Palmarejo, and Wharf at December 31, 2024, respectively.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET

Property, plant and equipment and mining properties, net consist of the following:


In thousands	March 31, 2025		December 31, 2024
Mine development	$	1,554,357	$	1,502,457
Mineral interests	1,683,564		833,564
Land	9,961		9,000
Facilities and equipment(1)	1,685,851		1,517,170
Construction in progress	117,691		145,732
Total	$	5,051,424	$	4,007,923
Accumulated depreciation, depletion and amortization(2)	(2,251,669)		(2,190,307)
Property, plant and equipment and mining properties, net	$	2,799,755	$	1,817,616

(1) Includes $164.7 million and $170.1 million associated with facilities and equipment assets under finance leases at March 31, 2025 and December 31, 2024, respectively.

(2) Includes $67.4 million and $63.3 million of accumulated amortization related to assets under finance leases at March 31, 2025 and December 31, 2024, respectively.

NOTE 8 – DEBT


	March 31, 2025				December 31, 2024
In thousands	Current		Non-Current		Current		Non-Current
2029 Senior Notes, net(1)	$	—	$	290,241	$	—	$	290,058
Revolving Credit Facility(2)	—		110,000		—		195,000
Finance lease obligations	31,748		66,280		31,380		73,620
	$	31,748	$	466,521	$	31,380	$	558,678

(1) Net of unamortized debt issuance costs of $2.9 million and $3.1 million at March 31, 2025 and December 31, 2024, respectively.

(2) Unamortized debt issuance costs of $3.0 million and $3.4 million at March 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets.

2029 Senior Notes

In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 8 -- Debt contained in the 2024 10-K.

Revolving Credit Facility

At March 31, 2025, the Company had $110.0 million drawn at a weighted-average interest rate of 6.7%, $29.1 million in outstanding letters of credit and $260.9 million available under the revolving credit facility (“RCF”). Future borrowing may be subject to certain financial covenants.

Finance Lease Obligations

From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the three months ended March 31, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for $0.8 million at an interest rate of 7.2%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 7 -- Leases in the 2024 10-K.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Interest Expense


	Three Months Ended March 31,
In thousands		2025		2024
2029 Senior Notes		$	3,756	$	3,820
Revolving Credit Facility		4,206		6,454
Finance lease obligations		1,658		1,259
Amortization of debt issuance costs		581		619
Other obligations		645		797
Capitalized interest		(396)		(2)
Total interest expense, net of capitalized interest		$	10,450	$	12,947

NOTE 9 – RECLAMATION

Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. The asset retirement obligation increased in 2025 due to increased reclamation and mine closure costs associated with Las Chispas.

Changes to the Company’s asset retirement obligations for its operating sites are as follows:


	Three Months Ended March 31,
In thousands		2025		2024
Asset retirement obligation - Beginning		$	260,492	$	214,013
Accretion		4,732		4,076
Additions and changes to estimates		8,644		—

Settlements		(1,356)		(1,100)
Asset retirement obligation - Ending		$	272,512	$	216,989

NOTE 10 - INCOME AND MINING TAXES

The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2025 and 2024 by significant jurisdiction:


	Three months ended March 31,
		2025			2024
In thousands			Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States			$	20,325	$	(5,305)	$	(30,553)	$	(3,819)
Canada			(9,952)		(118)		(7,584)		(114)
Mexico			41,090		(12,990)		25,204		(12,091)
Other jurisdictions			303		—		(160)		—
			$	51,766	$	(18,413)	$	(13,093)	$	(16,024)

During the first quarter of 2025, the Company reported estimated income and mining tax expense of approximately $18.4 million, resulting in an effective tax rate of 35.6%. This compares to income tax expense of $16.0 million for an effective tax rate of (122.4)% during the first quarter of 2024. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) mining taxes; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) the impact of uncertain tax positions; (v) percentage depletion; and (vi) foreign exchange rates. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Item 1A - Risk Factors” in the 2024 10-K.

The Company or one of its subsidiaries files income tax returns in the U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2021 for the U.S. federal jurisdiction, for 2016 and from 2020 for the Mexico federal jurisdiction, and from 2018 for certain other foreign jurisdictions. Our 2016 federal tax return is currently under audit in Mexico. As a result of the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $1.0 and $1.5 million in the next twelve months.

At March 31, 2025 and December 31, 2024, the Company had $15.4 million and $0.0 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At March 31, 2025 and December 31, 2024, the amount of accrued income-tax-related interest and penalties was $3.3 million and $0.0 million, respectively.

In 2021, the Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. The Company’s worldwide revenues did not exceed the thresholds necessary to be subject to the Pillar Two rules during its year ended December 31, 2024.

As a result of 2025 business expansions, including the first quarter of 2025 closing of acquisition of SilverCrest Metals Inc., the Company expects to fall within the scope of the Pillar Two rules from January 1, 2025. The Company will continue to monitor developments and evaluate the potential impact on 2025 and future periods. At this time, based on the Company’s current analysis of the Pillar Two provisions and because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its Consolidated Financial Statements.

NOTE 11 – STOCK-BASED COMPENSATION

The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three months ended March 31, 2025 was $3.3 million, compared to $4.2 million in the three months ended March 31, 2024. At March 31, 2025, there was $7.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

The following table summarizes the grants awarded during the three months ended March 31, 2025:


Grant date	Restricted stock	Grant date fair value of restricted stock		Stock options(1)	Grant date fair value of stock options(1)		Performance shares	Grant date fair value of performance shares
February 14, 2025	—	$	—	3,488,137	$	6.61	—	$	—
March 12, 2025	80,954	$	5.71	—	$	—	32,520	$	5.71

(1) Includes 3.3 million shares of Coeur Options granted as replacement awards for SilverCrest Options that are fully vested and are exercisable at the Transaction date. See Note 3 - Acquisitions for additional detail on the Transaction.

NOTE 12 – FAIR VALUE MEASUREMENTS


	Three Months Ended March 31,
In thousands		2025		2024


Acquired bullion and metal inventory monetization		(346)		—
Fair value adjustments, net		$	(346)	$	—

Coeur Rochester, Inc., a subsidiary of the Company, had a loan payable of $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction. The acquired bullion and metal inventory was sold during Q1 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:


	Fair Value at March 31, 2025
In thousands	Total		Level 1		Level 2		Level 3
Assets:

Provisional metal sales contracts	$	448	$	—	$	448	$	—



Liabilities:
Provisional metal sales contracts	$	89	$	—	$	89	$	—


	Fair Value at December 31, 2024
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Provisional metal sales contracts	$	222	$	—	$	222	$	—


Liabilities:
Provisional metal sales contracts	$	70	$	—	$	70	$	—

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2025.

The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2025 and December 31, 2024 is presented in the following table:


	March 31, 2025
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3


Liabilities:
2029 Senior Notes(1)	$	290,241	$	276,641	$	—	$	276,641	$	—
Revolving Credit Facility(2)	$	110,000	$	110,000	$	—	$	110,000	$	—
Deferred Cash Due 2025	$	9,821	$	9,834	$	—	$	9,834	$	—
Deferred Cash Due 2026	$	4,584	$	4,604	$	—	$	4,604	$	—

(1) Net of unamortized debt issuance costs of $2.9 million.

(2) Unamortized debt issuance costs of $3.0 million included in Other Non-Current Assets.


	December 31, 2024
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	290,058	$	278,014	$	—	$	278,014	$	—
Revolving Credit Facility(2)	$	195,000	$	195,000	$	—	$	195,000	$	—
Deferred Cash Due 2025	$	9,644	$	9,673	$	—	$	9,673	$	—
Deferred Cash Due 2026	$	4,505	$	4,533	$	—	$	4,533	$	—

(1) Net of unamortized debt issuance costs of $3.1 million.

(2) Unamortized debt issuance costs of $3.4 million included in Other Non-Current Assets.

The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

In July 2024, the Company completed the purchase of mining concessions adjacent to the Palmarejo complex from Fresnillo. Total consideration includes a cash payment of $10 million paid at closing, the Deferred Cash Due 2025 of $10 million, and the Deferred Cash Due 2026 of $5 million. The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

Derivatives Designated as Cash Flow Hedging Strategies

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, in the past the Company has entered into forward contracts. The contracts were net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it resulted in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At March 31, 2025 and December 31, 2024, the Company had no outstanding derivative cash flow hedge instruments.

The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue were recognized as a component of Revenue in the same period as the related sale is recognized.

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the years ended March 31, 2025 and 2024, respectively (in thousands):


	Three Months Ended March 31,
		2025		2024
Amount of Gain (Loss) Recognized in AOCI
Gold forwards		$	—	$	(6,992)
Silver forwards		—		(633)
Gold zero cost collars		—		—

		$	—	$	(7,625)

Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards		$	—	$	979
Silver forwards		—		(832)
Gold zero cost collars		—		—

		$	—	$	147

Derivatives Not Designated as Hedging Instruments

Provisional Metal Sales

The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest that settled monthly through March 2025. The Company had no outstanding gold or silver hedging contracts at March 31, 2025.

At March 31, 2025, the Company had the following derivative instruments that settle as follows:


In thousands except average prices and notional ounces	2025		2026 and Thereafter
Provisional gold sales contracts	$	33,817	$	—
Average gold price per ounce	$	2,966	$	—
Notional ounces	11,400		—

The following summarizes the classification of the fair value of the derivative instruments:


	March 31, 2025
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	448	$	89


	December 31, 2024
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	222	$	70

The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2025 and 2024, respectively (in thousands):


		Three Months Ended March 31,
Financial statement line	Derivative		2025		2024
Revenue	Provisional metal sales contracts		$	207	$	490


			$	207	$	490

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

Pre-development, reclamation, and other consists of the following:


	Three Months Ended March 31,
In thousands		2025		2024
Silvertip ongoing carrying costs		$	2,626	$	2,362
Loss on sale of assets		186		3,536
Asset retirement accretion		4,732		4,076
Kensington royalty settlement(1)		(95)		6,750
Transaction costs		8,887		—
Other		617		1,504
Pre-development, reclamation and other		$	16,953	$	18,228

(1) See Note 17 -- Commitments and Contingencies for additional details on the Kensington royalty settlement.

Other, net consists of the following:


	Three Months Ended March 31,
In thousands		2025		2024
Foreign exchange gain (loss)		$	(758)	$	(365)

Flow-through shares		630		2,490

Other		534		648
Other, net		$	406	$	2,773

NOTE 15 – NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three months ended March 31, 2025 and 2024, there were 29,130 and 43,422 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.


	Three months ended March 31,
In thousands except per share amounts		2025		2024




Net income (loss) available to common stockholders		$	33,353	$	(29,117)

Weighted average shares:
Basic		514,501		384,968
Effect of stock-based compensation plans		6,702		—
Diluted		521,203		384,968

Income (loss) per share:


Basic		$	0.06	$	(0.08)




Diluted		$	0.06	$	(0.08)

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION

The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.

SUMMARIZED BALANCE SHEET


	Coeur Mining, Inc.				Subsidiary Guarantors
In thousands	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Current assets	$	20,798	$	13,782	$	192,832	$	164,627
Non-current assets(1)	$	561,748	$	516,209	$	1,465,049	$	1,483,632
Non-guarantor intercompany assets	$	2,777	$	3,144	$	—	$	—

Current liabilities	$	10,735	$	31,841	$	147,125	$	202,329
Non-current liabilities	$	413,892	$	496,976	$	252,491	$	260,210
Non-guarantor intercompany liabilities	$	2,364	$	2,642	$	1,565	$	1,570

(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

SUMMARIZED STATEMENTS OF INCOME

THREE MONTHS ENDED MARCH 31, 2025


In thousands	Coeur Mining, Inc.		Subsidiary Guarantors
Revenue	$	—	$	206,237


Gross profit (loss)	$	(177)	$	64,657


















Net income (loss)	$	33,353	$	46,024

NOTE 17 – COMMITMENTS AND CONTINGENCIES

Mexico Litigation Matters

As of March 31, 2025, $26.0 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration). Despite a favorable ruling from Mexican tax courts in this matter in 2019, Mexico still has not returned the payments. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur initiated an arbitration proceeding against Mexico under Annex 14-C of the United States-Mexico-Canada Agreement, or USMCA, for violations of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in arbitration and the process for recovering funds even if there is a successful outcome in arbitration can be lengthy and unpredictable.

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Palmarejo Gold Stream

Coeur Mexicana currently sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50% of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $78.0 million, consisting of $75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $3.0 million (the “Prior Gold Stream Agreement”). The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $22.0 million deposit toward future deliveries. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.

The following table presents a roll forward of the Franco-Nevada contract liability balance:


	Three Months Ended March 31,
In thousands		2025		2024
Opening Balance		$	6,382	$	6,943
Revenue Recognized		(152)		(159)
Closing Balance		$	6,230	$	6,784

Metal Sales Prepayments

In December 2024, Wharf and Rochester received additional prepayments of $12.5 million and $17.5 million, respectively, all of which were recognized as revenue in the first quarter of 2025. At March 31, 2025, there was no remaining contract liability.

In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. The metal sales prepayments represented a contract liability under ASC 606, which required the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability was included in Accrued liabilities and other on the Condensed Consolidated Balance Sheet.

The following table presents a roll forward of the prepayment contract liability balance:


	Three Months Ended March 31,
In thousands		2025		2024
Opening Balance		$	42,164	$	55,082
Additions		—		55,030
Revenue Recognized		(42,164)		(55,000)
Closing Balance		$	—	$	55,112

Kensington Royalty Matter

On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc. (“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc. and Maverix Metals (Nevada) Inc. (collectively, “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”). While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters. Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty. The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced at a rate of: (i) 1.25% for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5%

Coeur Mining, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

for production occurring on or after January 1, 2027. The Company also agreed to issue shares of its common stock to an affiliate of Maverix (“Settlement Shares”), consisting of 737,210 shares that were issued in April 2024 and 595,267 shares that were issued in March 2025. The issuances of the Settlement Shares were made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, and other general corporate purposes. As of March 31, 2025 and December 31, 2024, the Company had surety bonds totaling $363.5 million and $363.7 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time to time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION

Accrued liabilities and other consist of the following:


In thousands	March 31, 2025		December 31, 2024
Accrued salaries and wages	$	24,939	$	31,151
Flow-through share premium received	223		853
Deferred revenue (1)	737		42,863
Income and mining taxes	23,529		36,490
Kensington royalty settlement (1)	—		3,750
Deferred Cash Due 2025	9,821		9,644
Accrued operating costs	6,090		6,577
Unrealized losses on derivatives	89		70
Taxes other than income and mining	6,066		5,491
Accrued interest payable	3,775		8,122
Operating lease liabilities	11,969		11,598
Accrued liabilities and other	$	87,238	$	156,609

(1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that total the same such amounts shown in the Condensed Consolidated Statements of Cash Flows in the three months ended March 31, 2025 and 2024:


In thousands	March 31, 2025		March 31, 2024
Cash and cash equivalents	$	77,574	$	67,489
Restricted cash equivalents(1)	1,794		1,751
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	79,368	$	69,240

(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Condensed Consolidated Balance Sheet.

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

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

Overview

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

First Quarter Highlights

For the quarter, Coeur reported revenue of $360.1 million and cash provided by operating activities of $67.6 million. We reported GAAP net income of $33.4 million, or $0.06 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $148.9 million and net income of $59.9 million, or $0.11 per diluted share.

•Solid quarterly production and cost performance in-line with 2025 guidance – Contributions from Coeur’s portfolio of five North American operations led to a strong start to the year and position the Company to deliver guided 2025 production of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver. Quarterly silver production of 3.7 million ounces was 17% higher quarter-over-quarter and 44% higher year-over-year, driven by the newly expanded Rochester operation and a partial quarter of contribution from the newly acquired Las Chispas mine. Quarterly gold production of 86,766 ounces was flat quarter-over-quarter and 7% higher year-over-year

•Strong free cash flow and adjusted EBITDA – Strong silver production growth combined with higher average realized prices helped generate positive quarterly free cash flow of $18 million, which included several one-time and quarter-specific outlays totaling approximately $130 million. Quarterly adjusted EBITDA totaled $149 million, which was 28% higher quarter-over-quarter and more than triple the first quarter of 2024. Adjusted EBITDA over the last twelve months totaled $444 million

•Significant debt reduction and strengthening liquidity – The Company’s quarter-end cash balance increased to $78 million and the revolving credit facility (“RCF”) balance was reduced by 44%, or $85 million, to $110 million. $42 million of metals sales prepayments were also closed out during the quarter. Coeur’s net leverage ratio was 0.9x at quarter-end

•Las Chispas integration proceeding smoothly – During the six weeks of the first quarter after the SilverCrest transaction was completed, Las Chispas contributed production of 714,239 ounces of silver and 7,175 ounces of gold. Additionally, the Company monetized the acquired gold and silver bullion portfolio and finished goods for proceeds of approximately $72 million during the quarter. New high-grade discoveries were made in the first quarter in the Las Chispas block and in the area between the Babicanora and Las Chispas blocks

•Rochester continues to advance toward steady-state and remains on-track to achieve 2025 guidance ranges – The Rochester silver-gold operation in Nevada produced 1.3 million ounces of silver and 13,353 ounces of gold during the quarter, which were in-line with expectations and down slightly from the prior quarter. Full-year 2025 production is expected to be 7.0 - 8.3 million ounces of silver and 60,000 - 75,000 ounces of gold

Selected Financial and Operating Results



	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Financial Results: (in thousands, except per share amounts)
Gold sales	$	235,327	$	205,235	$	151,769
Silver sales	$	124,735	$	100,209	$	61,291


Consolidated revenue	$	360,062	$	305,444	$	213,060
Net income (loss)	$	33,353	$	37,852	$	(29,117)
Net income (loss) per share, diluted	$	0.06	$	0.08	$	(0.08)
Adjusted net income (loss)(1)	$	59,886	$	45,386	$	(19,021)
Adjusted net income (loss) per share, diluted(1)	$	0.11	$	0.11	$	(0.05)
EBITDA(1)	$	105,309	$	104,692	$	27,151
Adjusted EBITDA(1)	$	148,916	$	116,365	$	44,339
Total debt(2)	$	498,269	$	590,058	$	585,552
Operating Results:
Gold ounces produced	86,766		87,149		80,744
Silver ounces produced	3,729,218		3,146,243		2,584,760


Gold ounces sold	89,316		85,555		81,416
Silver ounces sold	3,892,153		3,221,158		2,600,435


Average realized price per gold ounce	$	2,635	$	2,399	$	1,864
Average realized price per silver ounce	$	32.05	$	31.11	$	23.57

(1)See “Non-GAAP Financial Performance Measures”.

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

Consolidated Financial Results

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Revenue

We sold 89,316 gold ounces and 3.9 million silver ounces, compared to 85,555 gold ounces and 3.2 million silver ounces. Revenue increased by $54.6 million, or 18%, as a result of a 4% and 21% increase in gold and silver ounces sold, respectively, and a 10% and 3% increase in average realized gold and silver prices, respectively. The increase in gold ounces sold was due to the post-acquisition sales at Las Chispas, and higher mill throughput and recovery rates at Palmarejo, partially offset by lower grades at Kensington and Wharf, and fewer gold ounces recovered at Rochester due to higher placement levels of direct to pad (“DTP”) material in the prior quarter. The increase in silver ounces sold was the result of the post-acquisition sales at Las Chispas, and higher mill throughput and grades at Palmarejo, partially offset by fewer silver ounces recovered at Rochester due to higher placement levels of DTP material in the prior quarter. Gold and silver represented 65% and 35% of first quarter 2025 sales revenue, respectively, compared to 67% and 33% of fourth quarter 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:


	Three Months Ended				Increase (Decrease)		Percentage Change
In thousands	March 31, 2025		December 31, 2024
Gold sales	$	235,327	$	205,235	$	30,092	15	%
Silver sales	124,735		100,209		24,526		24	%
Metal sales	$	360,062	$	305,444	$	54,618	18	%

Costs Applicable to Sales

Costs applicable to sales increased $45.5 million, or 29%, primarily due to the post-acquisition gold and silver ounces sold at Las Chispas, which includes the impact of the preliminary purchase price allocation (“PPA”) ascribed to Inventory of $27.0 million, and higher unit costs at Kensington and Wharf due to lower grades, partially offset by lower operating costs at Palmarejo and fewer silver ounces sold at Rochester. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization

Amortization increased $6.6 million, or 18%, as a result of the post-acquisition gold and silver ounces sold at Las Chispas, partially offset by fewer gold and silver ounces sold at Rochester, Kensington and Wharf.

Expenses

General and administrative expenses increased $2.8 million, or 25%, primarily due to higher employee incentive and stock-based compensation.

Exploration expense increased $3.0 million, or 18%, mostly due to increased drilling at Kensington and post-acquisition exploration at Las Chispas.

Pre-development, reclamation, and other expenses increased $1.1 million, or 7%, due to transaction costs related to the acquisition of SilverCrest and higher asset retirement accretion following the 2024 year-end changes to estimates.

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


	Three Months Ended		Increase (Decrease)			Percentage Change
In thousands	March 31, 2025				December 31, 2024
Silvertip ongoing carrying costs	$	2,626	$	2,415		$	211	9	%
Loss (gain) on sale of assets	186		(102)			288		(282)	%
Asset retirement accretion	4,732		4,315			417		10	%
Kensington royalty litigation settlement	(95)		—			(95)		(100)	%
Transaction costs	8,887		7,541			1,346		100	%
Other	617		1,703			(1,086)		(64)	%
Pre-development, reclamation and other expense	$	16,953	$	15,872		$	1,081	7	%

Other Income and Expenses

Interest expense (net of capitalized interest of $0.4 million) decreased to $10.5 million from $11.9 million due to lower interest paid under the RCF attributable to lower average debt levels, partially offset by higher interest paid under finance lease obligations.

Other, net decreased to a gain of $0.4 million compared to $1.7 million as a result of lower gains on foreign exchange rates.

Income and Mining Taxes

Income and mining tax expense of approximately $18.4 million resulted in an effective tax rate of 35.6% for three months ended March 31, 2025. This compares to income tax expense of $18.4 million for an effective tax rate of 32.7% for three months ended December 31, 2024. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) mining taxes; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) enactment of 1% increase in Mexico Special Mining Duty; (v) foreign exchange rates; (vi) percentage depletion; and (vii) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:


	Three Months Ended March 31,		Three Months Ended December 31,
		2025		2024
In thousands				Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States				$	20,325	$	(5,305)	$	42,696	$	(6,458)
Canada				(9,952)		(118)		(15,982)		(757)
Mexico				41,090		(12,990)		31,376		(11,205)
Other jurisdictions				303		—		(1,818)		—
				$	51,766	$	(18,413)	$	56,272	$	(18,420)

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A - Risk Factors”.

Net Income

Net income was $33.4 million, or $0.06 per diluted share, compared to $37.9 million, or $0.08 per diluted share. The decrease in net income was driven by post-acquisition cost applicable to sales at Las Chispas, higher general and administrative and exploration costs, and higher income and mining tax expense. This was partially offset by a 10% and 3% increase in average realized gold and silver prices, respectively, and a 4% and 21% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, and lower interest expense. Adjusted net income was $59.9 million, or $0.11 per diluted share, compared to $45.4 million, or $0.11 per diluted share (see “Non-GAAP Financial Performance Measures”).

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Revenue

We sold 89,316 gold ounces and 3.9 million silver ounces, compared to 81,416 gold ounces and 2.6 million silver ounces. Revenue increased by $147.0 million, or 69%, as a result of a 10% and 50% increase in gold and silver ounces sold, respectively, and a 41% and 36% increase in average realized gold and silver prices, respectively. The increase in gold ounces sold was primarily due to the post-acquisition sales at Las Chispas, and from higher production at Rochester, partially offset by lower mill throughput and grades at Palmarejo. The increase in silver ounces sold resulted from the post-acquisition sales at Las Chispas and from higher production at Rochester, partially offset by lower mill throughput at Palmarejo. Gold and silver represented 65% and 35% of first quarter 2025 sales revenue, respectively, compared to 71% and 29% of first quarter 2024 sales revenue, respectively.

The following table summarizes consolidated metal sales:


	Three Months Ended March 31,				Increase (Decrease)		Percentage Change
In thousands	2025		2024
Gold sales	$	235,327	$	151,769	$	83,558	55	%
Silver sales	124,735		61,291		63,444		104	%
Metal sales	$	360,062	$	213,060	$	147,002	69	%

Costs Applicable to Sales

Costs applicable to sales increased $58.3 million, or 40%, primarily due to the post-acquisition gold and silver ounces sold at Las Chispas, which includes the PPA ascribed to Inventory of $27.0 million and an increase in gold and silver ounces sold at Rochester, partially offset lower gold and silver ounces sold at Palmarejo. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization

Amortization increased $15.8 million, or 58%, as a result of the post-acquisition gold and silver ounces sold at Las Chispas, higher gold and silver ounces sold at Rochester and Kensington and the impact of the commissioning of the newly expanded crushing circuit in March 2024 at Rochester.

Expenses

General and administrative expenses decreased $0.5 million, or 3%, primarily due to lower stock-based compensation and outside service costs.

Exploration expense increased $9.2 million, or 88%, driven by planned higher drilling activity at Kensington, higher greenfield exploration near mining operations and post-acquisition exploration at Las Chispas.

Pre-development, reclamation, and other expenses decreased $1.3 million, or 7%, stemming from the sale of assets in 2024 and the loss related to the Kensington royalty settlement, partially offset by transaction costs related to the acquisition of SilverCrest and higher asset retirement accretion following the 2024 year-end changes to estimates.

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


	Three Months Ended March 31,		Increase (Decrease)			Percentage Change
In thousands		2025							2024
Silvertip ongoing carrying costs				$	2,626		$	2,362	$	264	11	%
(Gain) Loss on sale of assets				186			3,536		(3,350)		(95)	%
Asset retirement accretion				4,732			4,076		656		16	%
Kensington royalty settlement				(95)			6,750		(6,845)		100	%
Transaction costs				8,887			—		8,887		100	%
Other				617			1,504		(887)		(59)	%
Pre-development, reclamation and other expense				$	16,953		$	18,228	$	(1,275)	(7)	%

Other Income and Expenses

Interest expense (net of capitalized interest of $0.4 million) decreased to $10.5 million from $12.9 million due to lower interest paid under the RCF attributable to lower average debt levels, partially offset by higher interest paid under finance lease obligations.

Other, net decreased to a gain of $0.4 million compared to $2.8 million as a result of higher FT Premium Liability income following the renouncement of Silvertip exploration expenditures recognized in 2024.

Income and Mining Taxes

Income and mining tax expense of approximately $18.4 million resulted in an effective tax rate of 35.6% for first quarter of 2025. This compares to income tax expense of $16.0 million for an effective tax rate of (122.4)% for first quarter of 2024. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) mining taxes; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) the impact of uncertain tax positions; (v) percentage depletion; and (vi) foreign exchange rates. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

The following table summarizes the components of the Company’s income (loss) before tax and income and mining tax (expense) benefit:


	Three Months Ended March 31,
	2025				2024
In thousands	Income (loss) before tax		Tax (expense) benefit		Income (loss) before tax		Tax (expense) benefit
United States	$	20,325	$	(5,305)	$	(30,553)	$	(3,819)
Canada	(9,952)		(118)		(7,584)		(114)
Mexico	41,090		(12,990)		25,204		(12,091)
Other jurisdictions	303		—		(160)		—
	$	51,766	$	(18,413)	$	(13,093)	$	(16,024)

Net Income (Loss)

Net income was $33.4 million, or $0.06 per diluted share, compared to net loss $29.1 million, or $0.08 per diluted share. The increase in net income was driven by a 10% and 50% increase in gold and silver ounces sold, respectively, which includes post-acquisition gold and silver ounces sold at Las Chispas, a 41% and 36% increase in average realized gold and silver prices, respectively, and lower interest expense. This was partially offset by post-acquisition cost applicable to sales at Las Chispas, higher exploration and Transaction costs, and higher income and mining tax expense. Adjusted net income was $59.9 million, or $0.11 per diluted share, compared to a loss of $19.0 million, or $0.05 per diluted share (see “Non-GAAP Financial Performance Measures”).

2025 Guidance

The Company has reaffirmed its 2025 guidance ranges as shown below.

Gold and silver production is expected to increase 20% and 62%, respectively, compared to 2024 based on the midpoint of guidance ranges. The increase is primarily driven by the completion and ramp-up of Rochester last year and the addition of Las Chispas in mid-February.

Overall cost guidance has increased slightly at Palmarejo, Kensington and Wharf, compared to 2024.

The below exploration expense guidance excludes $17 - $22 million of underground mine development and support costs associated with Silvertip.

Note that Las Chispas guidance reflects results from the February 14 closing of the acquisition. Additionally, Las Chispas cost guidance excludes the effects of the SilverCrest purchase price allocation.

2025 Production Guidance


	Gold	Silver
	(oz)	(K oz)
Las Chispas	42,500 - 52,500	4,250 - 5,250
Palmarejo	95,000 - 105,000	5,400 - 6,500
Rochester	60,000 - 75,000	7,000 - 8,300
Kensington	92,500 - 107,500	—
Wharf	90,000 - 100,000	50 - 200

Total	380,000 - 440,000	16,700 - 20,250

2025 Adjusted Costs Applicable to Sales Guidance


	Gold	Silver
	($/oz)	($/oz)
Las Chispas (co-product)	$850 - $950	$9.25 - $10.25
Palmarejo (co-product)	$950 - $1,150	$17.00 - $18.00
Rochester (co-product)	$1,250 - $1,450	$14.50 - $16.50
Kensington	$1,700 - $1,900	—
Wharf (by-product)	$1,250 - $1,350	—

2025 Capital, Exploration and G&A Guidance


															($M)
Capital Expenditures, Sustaining															$132 - $156
Capital Expenditures, Development															$55 - $69
Exploration, Expensed															$67 - $77
Exploration, Capitalized															$10 - $16
General & Administrative Expenses															$44 - $48

Note: The Company’s guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

Results of Operations

Las Chispas


	Three Months Ended
		March 31, 2025			December 31, 2024		March 31, 2024
Tons milled		59,368			—		—
Average gold grade (oz/t)		0.130			—		—
Average silver grade (oz/t)		12.71			—		—
Average recovery rate – Au		94.8		%	—	%	—	%
Average recovery rate – Ag		94.6		%	—	%	—	%
Gold ounces produced		7,175			—		—
Silver ounces produced		714,239			—		—
Gold ounces sold		9,607			—		—
Silver ounces sold		923,723			—		—
CAS per gold ounce(1)		$	2,140		—		—
CAS per silver ounce(1)		$	24.11		—		—

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025

Las Chispas results represent post-acquisition activity subsequent to the acquisition of SilverCrest on February 14, 2025. Daily average throughput of approximately 1,320 tons per day at average gold and silver grades of 0.130 ounces per ton and 12.71 ounces per ton, respectively, were slightly better than plan and lead to production of 7,175 and 714,239 gold and silver ounces, respectively. Metal sales were $58.0 million, or 16% of Coeur’s metal sales. Costs applicable to sales per gold and silver ounce sold were $2,140 and $24.11, respectively, which includes the impact of $1,351 and $15.22 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $27.0 million. Amortization totaled $8.9 million. Capital expenditures were $5.3 million.

Palmarejo


	Three Months Ended
		March 31, 2025			December 31, 2024			March 31, 2024
Tons milled		440,920			419,008			500,747
Average gold grade (oz/t)		0.050			0.060			0.070
Average silver grade (oz/t)		4.36			4.17			4.34
Average recovery rate – Au		95.2		%	91.2		%	95.2		%
Average recovery rate – Ag		87.4		%	88.3		%	83.7		%
Gold ounces produced		23,032			22,490			33,160
Silver ounces produced		1,680,316			1,541,955			1,818,297
Gold ounces sold		22,713			22,353			33,462
Silver ounces sold		1,636,386			1,596,876			1,796,468
CAS per gold ounce(1)		$	885		$	895		$	909
CAS per silver ounce(1)		$	14.42		$	15.95		$	13.30

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold and silver production increased 2% and 9%, respectively, as a result of a 5% increase in mill throughput and higher silver grade, partially offset by lower average gold grade and silver recoveries. Metal sales were $95.8 million, or 27% of Coeur’s metal sales, compared with $89.1 million, or 29% of Coeur’s metal sales. Revenue increased by $6.7 million, or 8%, of which $4.8 million was due to higher average realized gold and silver prices and $1.9 million was the result of higher volume of gold and silver production. Costs applicable to sales per gold and silver ounce decreased 1% and 10%, respectively, due to

higher production, and lower consumable, maintenance and outside costs. Amortization decreased by $0.4 million to $9.2 million as a result of a lower depletion rate. Capital expenditures decreased to $5.9 million from $9.9 million due to lower underground development expenditures and lower mining equipment purchases.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold and silver production decreased 31% and 8%, respectively, as a result of a 29% decrease in gold grade, and a 12% decrease in mill throughput. Metal sales were $95.8 million, or 27% of Coeur’s metal sales, compared with $96.4 million, or 45% of Coeur’s metal sales. Revenue decreased by $0.6 million, or 1%, of which $25.8 million was due to lower volume of gold and silver production, partially offset by an increase of $25.2 million due to higher gold and silver prices. Costs applicable to sales per gold and silver ounces decreased 3% and increased 8%, respectively, due to lower production and the mix of gold and silver sales which impacted co-product cost allocation. Amortization decreased by $3.4 million to $9.2 million due to lower gold and silver ounces sold. Capital expenditures decreased to $5.9 million from $6.8 million due to lower underground development expenditures and lower mining equipment purchases.

Rochester


	Three Months Ended
		March 31, 2025		December 31, 2024		March 31, 2024
Tons placed(1)		6,987,324		8,226,820		3,135,571
Average gold grade (oz/t)		0.003		0.003		0.002
Average silver grade (oz/t)		0.59		0.44		0.52
Gold ounces produced		13,353		15,752		5,755
Silver ounces produced		1,283,722		1,550,444		699,190
Gold ounces sold		14,713		14,824		6,185
Silver ounces sold		1,282,010		1,570,448		735,254
CAS per gold ounce(2)		$	1,682	$	1,530	$	1,877
CAS per silver ounce(2)		$	18.55	$	18.38	$	20.93

(1) Includes 5.5 million, 5.1 million and 1.9 million of crushed ore tons placed on the new leach pad in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

(2)See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold and silver production decreased 15% and 17%, respectively, driven by higher placement rates of DTP material in the prior quarter, which impacted the timing and recovery rates for both silver and gold during the quarter. Ore tons placed during the quarter totaled 7.0 million tons, consisting of approximately 5.5 million tons through the crushing circuit, up from 5.1 million tons in the prior quarter. Additionally, the Company placed approximately 1.5 million tons of DTP material, down from 3.1 million tons of DTP material placed in the prior quarter. The Company began the partial removal of approximately eight million tons from the legacy leach pads to facilitate exploration drilling and future planned mining activities. Metal sales were $82.6 million, or 23% of Coeur’s metal sales, compared with $87.2 million, or 29% of Coeur’s metal sales. Revenue decreased by $4.6 million, or 5%, of which $9.5 million was due to lower volume of gold and silver production, partially offset by $4.9 million attributable to a higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce increased 10% and 1%, respectively, as a result of fewer ounces sold and higher labor, maintenance, and royalty costs. Amortization decreased by $1.0 million to $14.9 million due to fewer gold and silver ounces sold. Capital expenditures remained comparable at $14.9 million.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold and silver production increased 132% and 84%, respectively, as a result of the completion of the POA 11 expansion project in March 2024 and subsequent ramp-up in production rates since then. Metal sales were $82.6 million, or 23% of Coeur’s metal sales, compared with $29.8 million, or 14% of Coeur’s metal sales. Revenue increased by $52.8 million, or 177%, of which $41.6 million was due to a higher volume of gold and silver production, and $11.2 million was due to higher average realized gold and silver prices. Costs applicable to sales per gold and silver ounce decreased 10% and 11%, respectively, as a result of higher production, and LCM adjustments of $3.1 million in 2024. Amortization increased to $14.9 million due to higher gold and silver ounces sold and the commissioning of the newly expanded crushing circuit in March 2024. Capital expenditures decreased to $14.9 million from $21.2 million due to Rochester expansion project spending in 2024.

Kensington


	Three Months Ended
		March 31, 2025			December 31, 2023			March 31, 2024
Tons milled		185,344			183,639			167,439
Average gold grade (oz/t)		0.13			0.16			0.14
Average recovery rate		93.3		%	91.8		%	90.8		%
Gold ounces produced		22,715			26,931			21,434
Gold ounces sold		22,205			25,839			21,183
CAS per gold ounce(1)		$	1,897		$	1,536		$	1,853

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold production decreased 16% as a result of a 19% decrease in grade due to stope sequencing, partially offset by higher average recovery rates and increased tons milled. Metal sales were $65.2 million, or 18% of Coeur’s metal sales, compared to $68.4 million, or 22% of Coeur’s metal sales. Revenue decreased by $3.2 million, or 5%, of which $10.7 million was due to lower volume of gold production, partially offset by an increase of $7.5 million due to higher average realized gold prices. Costs applicable to sales per gold ounce increased 24% due to lower production levels and higher expensed development costs. Amortization decreased to $7.5 million primarily due to a decrease in gold ounces sold. Capital expenditures decreased to $15.5 million as a result of lower underground development and mining equipment purchases.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold production increased 6% as a result of 11% higher mill throughput, partially offset by a 7% decrease in gold grade. Metal sales were $65.2 million, or 18% of Coeur’s metal sales, compared to $43.5 million, or 20% of Coeur’s metal sales. Revenue increased by $21.7 million, or 50%, of which $18.8 million was due to higher average realized gold prices, and $2.9 million was due to higher volume of gold production. Costs applicable to sales per gold ounce increased 2% due to higher labor and outside service costs, partially offset by higher production. Amortization increased to $7.5 million primarily due to an increase in gold ounces sold. Capital expenditures increased to $15.5 million from $13.3 million due to construction of the expanded tailings impoundment.

Wharf


	Three Months Ended
		March 31, 2025		December 31, 2024		March 31, 2024
Tons placed		1,033,699		1,164,894		1,251,955
Average gold grade (oz/t)		0.020		0.023		0.021
Gold ounces produced		20,491		21,976		20,395
Silver ounces produced		50,941		53,844		67,273
Gold ounces sold		20,078		22,539		20,586
Silver ounces sold		50,034		53,834		68,713
CAS per gold ounce(1)		$	1,267	$	904	$	1,155

(1)See Non-GAAP Financial Performance Measures.

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Gold production decreased 7% driven by fewer tons placed, lower grade material placed on the pads, and timing of recoveries. Metal sales were $58.4 million, or 16% of Coeur’s metal sales, compared to $60.7 million, or 20% of Coeur’s metal sales. Revenue decreased by $2.4 million, or 4%, of which $7.1 million attributable to lower gold production, partially offset by $4.7 million due to higher average realized gold prices. Costs applicable to sales per gold ounce increased 40% due to fewer tons and lower grade material placed on the pads. Amortization remained comparable at $1.5 million. Capital expenditures increased to $7.4 million from $2.9 million due to the construction of a water treatment plant and mining equipment purchases.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Gold production remained comparable. Metal sales were $58.4 million, or 16% of Coeur’s metal sales, compared to $43.3 million, or 20% of Coeur’s metal sales. Revenue increased by $15.0 million, or 35%, of which $17.1 million was due to higher average realized gold prices, partially offset by fewer gold ounces sold. Costs applicable to sales per gold ounce increased 10% due to lower grade and fewer tons placed. Amortization remained comparable at $1.5 million. Capital expenditures increased to $7.4 million from $0.3 million as a result of the construction of a waste water treatment facility and mining equipment purchases.

Silvertip

Three Months Ended March 31, 2025 compared to Three Months Ended December 31, 2024

Exploration expense totaled $6.1 million in 2025 as the Company continued to focus on expanding the mineral resources at Silvertip, which were supported by 188 meters of underground mine development in the quarter. Ongoing carrying costs at Silvertip totaled $2.6 million in 2025 compared to $2.4 million in 2024. Capital expenditures in 2025 totaled $0.9 million.

Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024

Ongoing carrying costs at Silvertip totaled $2.6 million in 2025 and $2.4 million in the prior year. Capital expenditures in 2025 totaled $0.9 million compared to $0.5 million in the prior year.

Liquidity and Capital Resources

At March 31, 2025, the Company had $79.4 million of cash, cash equivalents and restricted cash and $260.9 million available under the RCF. Future borrowing under the RCF may be subject to certain financial covenants. Cash and cash equivalents increased $22.5 million in the three months ended March 31, 2025 due to the cash acquired in the SilverCrest Transaction of $103.4 million, sale of SilverCrest acquired bullion and metal inventory for $72.0 million, a 4% and 21% increase in gold and silver ounces sold, respectively, and a 10% and 3% increase in average realized gold and silver prices, respectively. This was partially offset by RCF net repayments of $85.0 million, SilverCrest acquisition transaction cost payments of $14.8 million, full repayment of outstanding prepayment at Rochester, Kensington and Wharf, and $50.0 million of capital expenditures.

We currently believe we have sufficient sources of funding to meet our business requirements for the next twelve months and longer term. We expect to use cash provided by operating activities to fund near term capital requirements, including those described in this Report for our 2025 capital expenditure guidance. The acquisition of SilverCrest included acquiring a significant amount of cash and gold and silver bullion which was used along with our cash provided by operating activities to repay debt. Our longer-term plans contemplate continued exploration to extend the mine lives at our operating sites, repayment of the remaining RCF balance, and additional investment to determine the viability of the Silvertip project. Our long-term target leverage ratio of Net Debt to the Last Twelve Months Adjusted EBITDA is 0.0 times Adjusted EBITDA. Our current net leverage ratio is 0.9 times Adjusted EBITDA as of March 31, 2025.

We also have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures and other purchase obligations and commitments for purchases of goods and services.

If and to the extent liquidity resources are insufficient to support short- and long-term expenditures, we may need to incur additional indebtedness or issue additional equity securities, among other financing options, which may not be available on acceptable terms or at all. This could have a material adverse impact on the Company, as discussed in more detail under “Item 1A – Risk Factors”.

Cash Provided by (Used in) Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2025 was $67.6 million, compared to $63.8 million for the three months ended December 31, 2024 and net cash used in operating activities of $15.9 million for the three months ended March 31, 2024. Adjusted EBITDA for the three months ended March 31, 2025 was $148.9 million, compared to $116.4 million for the three months ended December 31, 2024 and $44.3 million for the three months ended March 31, 2024 (see “Non-GAAP Financial Performance Measures”). Net cash provided by (used in) operating activities was impacted by the following key factors for the applicable periods:


	Three Months Ended
In thousands	March 31, 2025		December 31, 2024		March 31, 2024
Cash flow before changes in operating assets and liabilities	$	53,716	$	78,552	$	(30,607)
Changes in operating assets and liabilities:
Receivables	3,945		16		(5,316)
Prepaid expenses and other	82,065		(408)		(639)
Inventories	(8,348)		(15,852)		(19,694)
Accounts payable and accrued liabilities	(63,743)		1,485		40,385
Cash provided by operating activities	$	67,635	$	63,793	$	(15,871)

Net cash provided by operating activities increased $3.8 million for the three months ended March 31, 2025 compared to the three months ended December 31, 2024, primarily due to a 4% and 21% increase in gold and silver ounces sold, respectively, a 10% and 3% increase in average realized gold and silver prices, respectively, and the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, partially offset by the receipt of $30.0 million of prepayments in December 2024, increased general and administrative and exploration expenses, and income and mining taxes paid at Palmarejo and Las Chispas. Revenue for the three months ended March 31, 2025 compared to the three months ended December 31, 2024 increased by $54.6 million, of which $31.4 million was due to higher volume of gold and silver sales and $23.2 million was due to higher average gold and silver prices.

Net cash provided by operating activities increased $83.5 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to a 10% and 50% increase in gold and silver ounces sold, respectively, a 41% and 36% increase in average realized gold and silver prices, the sale of SilverCrest acquired bullion and metal inventory for $72.0 million, timing of recoveries at Rochester and VAT collections at Palmarejo in 2024. This was partially offset by higher exploration expense, the receipt of $25.0 million of prepayments in March 2024 and timing of interest and income and mining tax payments. Revenue for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 increased by $147.0 million, of which $84.8 million was due to higher average realized gold and silver prices and $62.2 million was due to higher volume of gold and silver sales.

Cash Provided by (Used in) Investing Activities

Net cash provided by investing activities in the three months ended March 31, 2025 was $53.3 million compared to net cash used in investing activities of $47.8 million in the three months ended December 31, 2024. Cash provided by investing activities increased due to the cash acquired in the SilverCrest Transaction of $103.4 million, partially offset by an increase in capital expenditures. The Company incurred capital expenditures of $50.0 million in the three months ended March 31, 2025 compared with $47.7 million in the three months ended December 31, 2024 primarily related to capitalized exploration at Rochester and Kensington and underground development and exploration at Palmarejo and Kensington in both periods.

Net cash provided by investing activities in the three months ended March 31, 2025 was $53.3 million compared to net cash used in investing activities of $42.1 million in the three months ended March 31, 2024. Cash provided by investing activities increased due to the cash acquired in the SilverCrest Transaction of $103.4 million and the expansion project and subsequent ramp-up activities at Rochester during 2024.

Cash Provided by (Used in) Financing Activities

Net cash used in financing activities in the three months ended March 31, 2025 was $98.2 million compared to $37.3 million in the three months ended December 31, 2024. During the three months ended March 31, 2025, the Company repaid $85.0 million, net, under the RCF compared to $30.0 million in the three months ended December 31, 2024. Additionally, the Company made cash payments of $5.7 million in connection with tax withholding on vested share-based compensation.

Net cash used in financing activities in the three months ended March 31, 2025 was $98.2 million compared to net cash provided by financing activities of $63.8 million in the three months ended March 31, 2024. During the three months ended March 31, 2025, the Company repaid $85.0 million, net, under the RCF. During the three months ended March 31, 2024, the Company received net proceeds of $23.7 million from the sale of 7.7 million shares of its common stock pursuant to subscription agreements with certain Canadian accredited investors for a private placement offering issued as “flow-through shares”, as defined in subsection 66(15) of the Income Tax Act (Canada), and drew $50.0 million, net, from the RCF.

Critical Accounting Policies and Accounting Developments

See Note 2 -- Summary of Significant Accounting Policies contained in the 2024 10-K and Note 2 - Summary of Significant Accounting Policies contained in this Report for the Company’s critical accounting policies and estimates.

Ore on Leach Pads

The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered a change in estimate and was accounted for prospectively. As of March 31, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 54,208 and 7.4 million, respectively.

Goodwill

Other Liquidity Matters

We believe that our liquidity and capital resources in the U.S. are adequate to fund our U.S. operations and corporate activities. The Company has asserted a partial indefinite reinvestment of earnings from its Mexican operations as determined by management’s judgment about, and intentions concerning, the future operations of the Company. The Company does not believe that the amounts reinvested will have a material impact on liquidity.

In order to reduce indebtedness, fund future cash interest payments and/or amounts due at maturity or upon redemption and for general working capital purposes, from time to time we may (1) issue equity securities for cash in public or private offerings or (2) repurchase certain of our debt securities for cash or in exchange for other securities, which may include secured or unsecured notes or equity, in each case in open market or privately negotiated transactions. We evaluate any such transactions in light of prevailing market conditions, liquidity requirements, contractual restrictions, and other factors. The amounts involved may be significant and any debt repurchase transactions may occur at a substantial discount to the debt securities’ face amount.

Non-GAAP Financial Performance Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by generally accepted accounting principles (“GAAP”). Unless otherwise noted, we present the Non-GAAP financial measures in the tables below. These measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Adjusted Net Income (Loss)

Management uses Adjusted net income (loss) to evaluate the Company’s operating performance, and to plan and forecast its operations. The Company believes the use of Adjusted net income (loss) reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted net income (loss) is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. The tax effect of adjustments are based on statutory tax rates and the Company’s tax attributes, including the impact through the Company’s valuation allowance. The combined effective rate of tax adjustments may not be consistent with the statutory tax rates or the Company’s effective tax rate due to jurisdictional tax attributes and related valuation allowance impacts which may minimize the tax effect of certain adjustments and may not apply to gains and losses equally. Adjusted net income (loss) is reconciled to Net income (loss) in the following table:


	Three Months Ended
In thousands except per share amounts	March 31, 2025		December 31, 2024		March 31, 2024
Net income (loss)	$	33,353	$	37,852	$	(29,117)
Fair value adjustments, net	346		—		—
Foreign exchange loss (gain)	574		265		484
(Gain) loss on sale of assets and securities	186		(102)		3,536
RMC bankruptcy distribution	—		(95)		—

(Gain) loss on debt extinguishment	—		—		(438)
Transaction costs	8,887		7,541		—
Acquired inventory purchase price	27,040		—		—
Other adjustments	(270)		(217)		5,461
Tax effect of adjustments(1)	(10,230)		142		1,053
Adjusted net income (loss)	$	59,886	$	45,386	$	(19,021)

Adjusted net income (loss) per share, Basic	$	0.12	$	0.12	$	(0.05)
Adjusted net income (loss) per share, Diluted	$	0.11	$	0.11	$	(0.05)

(1) For the three months ended March 31, 2025, tax effect of adjustments of $10.2 million (28.3%) are primarily related to the Transaction costs at Corporate and the impact of the PPA ascribed to Inventory at Las Chispas. For the three months ended December 31, 2024, tax effect of adjustments of $0.1 million (2%) is primarily related to nonrecurring expenses at Palmarejo. For the three months ended March 31, 2024, tax effect of adjustments of $1.1 million (12.3%) is primarily related to the Kensington royalty settlement and LCM adjustment recorded at Rochester.

EBITDA and Adjusted EBITDA

Management uses EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company believes the use of EBITDA reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Adjusted EBITDA is the basis of a measure used in the indenture governing the 2029 Senior Notes and the RCF to determine our ability to make certain payments and incur additional indebtedness. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, Net income (Loss) or Cash Flow from Operations as determined under GAAP. Other companies may calculate Adjusted EBITDA differently and those calculations may not be comparable to our presentation. Adjusted EBITDA is reconciled to Net income (loss) in the following table:


	Three Months Ended
In thousands	March 31, 2025		December 31, 2024		March 31, 2024
Net income (loss)	$	33,353	$	37,852	$	(29,117)

Interest expense, net of capitalized interest	10,450		11,887		12,947
Income tax provision (benefit)	18,413		18,420		16,024
Amortization	43,093		36,533		27,297
EBITDA	105,309		104,692		27,151
Fair value adjustments, net	346		—		—
Foreign exchange (gain) loss	758		(1,321)		365
Asset retirement obligation accretion	4,732		4,315		4,076
Inventory adjustments and write-downs	1,928		1,552		4,188
(Gain) loss on sale of assets and securities	186		(102)		3,536
RMC bankruptcy distribution	—		(95)		—

(Gain) loss on debt extinguishment	—		—		(438)
Transaction costs	8,887		7,541		—
Acquired inventory purchase price allocation	27,040		—		—
Other adjustments	(270)		(217)		5,461
Adjusted EBITDA	$	148,916	$	116,365	$	44,339

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Cash Provided By (used in) Operating Activities less Capital expenditures as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow.


Consolidated	Three Months Ended
(Dollars in thousands)		March 31, 2025		December 31, 2024		March 31, 2024
Cash flow from operations		$	67,635	$	63,793	$	(15,871)
Capital expenditures		50,002		47,720		42,083
Free cash flow		$	17,633	$	16,073	$	(57,954)

Operating Cash Flow Before Changes in Working Capital

Management uses Operating Cash Flow Before Changes in Working Capital as a non-GAAP measure to analyze cash flows generated from operations. Operating Cash Flow Before Changes in Working Capital is Cash Provided By (used in) Operating Activities excluding the change in Receivables, Prepaid expenses and other, Inventories and Accounts payable and

accrued liabilities as presented on the Consolidated Statements of Cash Flows. The Company believes Operating Cash Flow Before Changes in Working Capital is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Operating Cash Flow Before Changes in Working Capital and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Operating Cash Flow Before Changes in Working Capital is not necessarily comparable to such other similarly titled captions of other companies.

The following table sets forth a reconciliation of Operating Cash Flow Before Changes in Working Capital, a non-GAAP financial measure, to Cash Provided By (used in) Operating Activities, which the Company believes to be the GAAP financial measure most directly comparable to Operating Cash Flow Before Changes in Working Capital.


	Three Months Ended
(Dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
Cash provided by (used in) operating activities	$	67,635	$	63,793	$	(15,871)
Changes in operating assets and liabilities:
Receivables	(3,945)		(16)		5,316
Prepaid expenses and other	(82,065)		408		639
Inventories	8,348		15,852		19,694
Accounts payable and accrued liabilities	63,743		(1,485)		(40,385)
Operating cash flow before changes in working capital	$	53,716	$	78,552	$	(30,607)

Net Debt and Leverage Ratio

Management defines Net Debt, a non-GAAP financial measure, as Total Debt less Cash and Cash Equivalents. We define Leverage Ratio, a non-GAAP financial measure, as the ratio of Net Debt to the Last Twelve Months Adjusted EBITDA. Management believes Net Debt and Leverage Ratio are important measures to monitor our financial flexibility and evaluate the strength of our Consolidated Balance Sheets. Net Debt and Leverage Ratio have limitations as analytical tools and may vary from similarly titled measures used by other companies. Net Debt and Leverage Ratio should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP.

The following table presents a reconciliation of Total Debt, the most directly comparable financial measure calculated in accordance with GAAP, to Net Debt for each of the periods presented.


	Three Months Ended
(Dollars in thousands)		March 31, 2025		December 31, 2024		March 31, 2024
Total debt		$	498,269	$	590,058	$	585,552
Cash and cash equivalents		(77,574)		(55,087)		(67,489)
Net debt		$	420,695	$	534,971	$	518,063

Net debt		$	420,695	$	534,971	$	518,063
Last Twelve Months Adjusted EBITDA		$	443,729	$	339,152	$	161,514
Leverage ratio		0.9		1.6		3.2

Costs Applicable to Sales

Management uses CAS to evaluate the Company’s current operating performance and life of mine performance from discovery through reclamation. We believe these measures assist analysts, investors and other stakeholders in understanding the costs associated with producing gold and silver, as well as assessing our operating performance and ability to generate free cash flow from operations and sustaining production. These measures may not be indicative of operating profit or cash flow from operations as determined under GAAP. Management believes that allocating CAS to gold and silver based on gold and silver metal sales relative to total metal sales best allows management, analysts, investors and other stakeholders to evaluate the operating performance of the Company. Other companies may calculate CAS differently as a result of reflecting the benefit from selling non-silver metals as a by-product credit, converting to silver equivalent ounces, and differences in underlying accounting principles and accounting frameworks such as in IFRS Accounting Standards.

Three Months Ended March 31, 2025


In thousands (except metal sales and per ounce amounts)	Las Chispas (1)		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

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









Costs applicable to sales
Gold ($/oz)	$	2,140	$	885	$	1,682	$	1,897	$	1,267
Silver ($/oz)	$	24.11	$	14.42	$	18.55					$	—

(1) Includes the impact of the preliminary purchase price allocation ascribed to Inventory of $27.0 million.

Three Months Ended December 31, 2024


In thousands (except metal sales and per ounce 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

Metal Sales
Gold ounces	22,353		14,824		25,839		22,539		—		85,555
Silver ounces	1,596,876		1,570,448				53,834		—		3,221,158









Costs applicable to sales
Gold ($/oz)	$	895	$	1,530	$	1,536	$	904
Silver ($/oz)	$	15.95	$	18.38					$	—

Three Months Ended March 31, 2024


In thousands (except metal sales and per ounce amounts)	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Total
Costs applicable to sales, including amortization (U.S. GAAP)	$	66,896	$	33,632	$	44,885	$	26,808	$	852	$	173,073
Amortization	(12,602)		(6,633)		(5,596)		(1,393)		(852)		(27,076)
Costs applicable to sales	$	54,294	$	26,999	$	39,289	$	25,415	$	—	$	145,997

Metal Sales
Gold ounces	33,462		6,185		21,183		20,586		—		81,416
Silver ounces	1,796,468		735,254		—		68,713		—		2,600,435









Costs applicable to sales
Gold ($/oz)	$	909	$	1,877	$	1,853	$	1,155
Silver ($/oz)	$	13.30	$	20.93					$	—

Reconciliation of Costs Applicable to Sales for 2025 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)	$	144,729	$	245,767	$	275,743	$	222,569	$	130,856
Amortization	(45,992)		(38,779)		(75,033)		(43,903)		(7,105)
Costs applicable to sales	$	98,737	$	206,988	$	200,710	$	178,666	$	123,751
By-product credit	—		—		—		—		(2,824)
Adjusted costs applicable to sales	$	98,737	$	206,988	$	200,710	$	178,666	$	120,927

Metal Sales
Gold ounces	52,000		100,018		68,000		104,271		95,454
Silver ounces	5,240,757		6,006,911		7,752,237				94,138



Revenue Split
Gold	48%		50%		44%		100%		100%
Silver	52%		50%		56%



Adjusted costs applicable to sales
Gold ($/oz)	$850 - $950		$950 - $1,150		$1,250 - $1,450		$1,700 - $1,900		$1,250 - $1,350
Silver ($/oz)	$9.25 - $10.25		$17.00 - $18.00		$14.50 - $16.50

Cautionary Statement Concerning Forward-Looking Statements

This Report contains numerous forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) relating to the Company’s gold and silver mining business, including statements regarding operations and activities at the Company’s properties, exploration and development efforts, mine lives, strategies, inflation, hedging strategies, realization of deferred tax assets, expectations about the recovery of unduly paid VAT in Mexico, timing of completion of obligations under prepayment agreements, the gold stream agreement at Palmarejo, liquidity management, financing plans, risk management strategies, capital allocation, and anticipated production, costs, expenses, and cash flow. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plan,” “projected,” “contemplates,” “anticipates” or similar words. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include (i) the risk factors set forth in Part II, Item 1A of this Report and in “Risk Factors” section of the 2024 10-K, and the risks set forth in this MD&A and Item 3 of this Report, (ii) 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), (iii) changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, (iv) the uncertainties inherent in the Company’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), mining law changes, ground conditions and grade and recovery variability, (v) any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), (vi) the uncertainties inherent in the estimation of mineral reserves and resources, (vii) changes that could result from the Company’s future acquisition of new mining properties or businesses, (viii) the loss of access to any third-party smelter or refiner to whom the Company markets its production, (ix) the potential effects of a future pandemic, equipment and materials availability, inflationary pressures, and impacts from tariffs or other trade barriers (x) the effects of environmental and other governmental regulations, (xi) the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, (xii) breaches or lapses in the security of technology systems on which the Company relies, which could compromise the data stored within them, as well as failure to comply with ever-evolving global privacy and security regulatory obligations, and (xiii) the Company’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to various market risks as a part of its operations and engages in risk management strategies to mitigate these risks. The Company continually evaluates the potential benefits of engaging in these strategies based on current market conditions. The Company does not actively engage in the practice of trading derivative instruments for profit. Additional information about the Company’s derivative financial instruments may be found in Note 13 -- Derivative Financial Instruments & Hedging Activities in the notes to the Condensed Consolidated Financial Statements. This discussion of the Company’s market risk assessments contains “forward looking statements”. For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements. Actual results and actions could differ materially from those discussed below.

Gold and Silver Prices

Gold and silver prices may fluctuate widely due to numerous factors, such as U.S. dollar strength or weakness, global political and economic conditions, demand, investor sentiment, inflation or deflation, and global mine production. The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold and silver.

Decreases in the market price of gold and silver can also significantly affect the value of our metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets.

Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at March 31, 2025 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,860 and $2,392 per ounce, respectively, and a short-term and long-term silver price of $31.88 and $29.93 per ounce, respectively.

The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.

Hedging

To mitigate the risks associated with metal price fluctuations, the Company may enter into option contracts to hedge future production. The Company had forward contracts for gold and silver that settled monthly through June 2024 in order to protect cash flow during the Rochester expansion ramp-up. The contracts were net cash settled and, if the spot price of gold at the time of expiration was lower than the fixed price or higher than the fixed prices, it resulted in a realized gain or loss, respectively. The forward contracts exposed us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions. To reduce counter-party credit exposure, the Company entered into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. For additional information, please see the section titled “Item 1A - Risk Factors” in this Report. The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest that settled monthly through March 2025. The Company had no outstanding gold or silver hedging contracts at March 31, 2025.

Provisional Metal Sales

The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract. Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability. The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold and silver price at the end of each period from the provisional sale date to the date of final settlement. The mark-to-market gains and losses are recorded in earnings. At March 31, 2025, the Company had outstanding provisionally priced sales of 11,400 ounces of gold at

an average price of $2,966. Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.2 million during the twelve months ended March 31, 2025. A 10% change in realized gold prices would cause revenue to vary by $3.4 million.

Foreign Currency

The Company operates, or has mineral interests, in several foreign countries including Canada, Mexico, and New Zealand, which exposes it to foreign currency exchange rate risks. Foreign currency exchange rates are influenced by world market factors beyond the Company’s control, such as supply and demand for U.S. and foreign currencies and related monetary and fiscal policies. Fluctuations in local currency exchange rates in relation to the U.S. dollar may significantly impact profitability and cash flow.

Foreign Exchange Hedging

To manage foreign currency risk, the Company may enter into foreign currency forward exchange contracts. In 2020, the Company entered into foreign currency forward contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company had no outstanding foreign currency forward exchange contracts at March 31, 2025.

Interest Rates

Interest Rate Hedging

The Company may use financial instruments to manage exposures to changes in interest rates on loans, which exposes it to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, it does not pose credit risk. The Company seeks to minimize the credit risk in derivative instruments by entering into transactions with what it believes are high-quality counterparties. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The Company had no outstanding interest rate swaps at March 31, 2025.

Investment Risk

Equity Price Risk

The Company had no equity securities at March 31, 2025.

Item 4. Controls and Procedures

(a)Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance regarding management’s control objectives.

The design of any system of controls is based in part upon certain assumptions about the likelihood of future events. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by it in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

PART II

Item 1. Legal Proceedings

See Note 17 -- Commitments and Contingencies in the notes to the Consolidated Financial Statements included herein.

Item 1A. Risk Factors

Item 1A -- Risk Factors of the 2024 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial condition or operating results. Except as supplemented, the risk factors set forth in the 2024 10-K remain current. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.

Item 4. Mine Safety Disclosures

Information pertaining to mine safety matters is reported in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act in Exhibit 95.1 attached to this Form 10-Q.

Item 5. Other Information

On February 21, 2025, Mitchell J. Krebs, Chairman, President and Chief Executive Officer, adopted a trading arrangement for the sale of shares of the Company’s common stock (the “Krebs 10b5-1 Plan”) in accordance with Rule 10b5-1 of the Exchange Act. The Krebs 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s Insider Trading Policy and is intended to satisfy the affirmative defense requirements of Rule 10b5-1(c) under the Exchange Act. The Krebs 10b5-1 Plan provides for the sale of up to 200,000 shares of the Company’s common stock between May 23, 2025 and May 23, 2027, pursuant to terms specified in the Krebs 10b5-1 Plan.

On February 28, 2025, Casey M. Nault, Senior Vice President, General Counsel and Secretary, adopted a trading arrangement for sale of shares of the Company’s common stock (the “Nault 10b5-1 Plan”) in accordance with Rule 10b5-1 of the Exchange Act. The Nault 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s Insider Trading Policy and is intended to satisfy the affirmative defense requirements of Rule 10b5-1(c) under the Exchange Act. The Nault 10b5-1 Plan provides for the sale of up to 202,257 shares of the Company’s common stock between June 2, 2025 and February 26, 2027, pursuant to terms specified in the Nault 10b5-1 Plan.

Item 6. Exhibits


31.1			Certification of the CEO (Filed herewith).
31.2			Certification of the CFO (Filed herewith).
32.1			CEO Section 1350 Certification (Filed herewith).
32.2			CFO Section 1350 Certification (Filed herewith).
95.1			Mine Safety Disclosure (Filed herewith).
101.INS			XBRL Instance Document*
101.SCH			XBRL Taxonomy Extension Schema*
101.CAL			XBRL Taxonomy Extension Calculation Linkbase*
101.DEF			XBRL Taxonomy Extension Definition Linkbase*
101.LAB			XBRL Taxonomy Extension Label Linkbase*
101.PRE			XBRL Taxonomy Extension Presentation Linkbase*
104			Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).

* The following financial information from Coeur Mining, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in XBRL (Extensible Business Reporting Language): Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statement of Changes in Stockholders’ Equity.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		COEUR MINING, INC.
		(Registrant)

Dated	May 7, 2025	/s/ Mitchell J. Krebs
		MITCHELL J. KREBS
		Chairman, President and Chief Executive Officer (Principal Executive Officer)

Dated	May 7, 2025	/s/ Thomas S. Whelan
		THOMAS S. WHELAN
		Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Dated	May 7, 2025	/s/ Ken Watkinson
		KEN WATKINSON
		Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)