Financial Analysis

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 SilverCrest 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 SilverCrest Transaction after receiving regulatory approval on February 3, 2025 followed by stockholder 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 SilverCrests common shares outstanding and the Exchange Ratio. The Company retained an independent appraiser to assist with the determination of the 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 …

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COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters As of December 31, 2025, $29.4 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 Mexicanas) 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 certain unfavorable Mexican court decisions, the Company determined to write down the carrying value …

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DEBT December 31, 2025 December 31, 2024 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ $ 290,792 $ $ 290,058 Revolving Credit Facility (2) 195,000 Finance lease obligations 16,996 32,745 31,380 73,620 $ 16,996 $ 323,537 $ 31,380 $ 558,678 (1) Net of unamortized debt issuance costs of $2.3 million and $3.1 million at December 31, 2025 and December 31, 2024, respectively. (2) Unamortized debt issuance costs of $1.9 million and $3.4 million at December 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). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 (the Indenture), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the Guarantors), and The Bank of New York Mellon, as trustee (the Trustee). The 2029 Senior Notes bear interest at a rate of 5.125% per year from the date of issuance. Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally g …

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STOCK-BASED COMPENSATION The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 was $19.2 million, $12.0 million and $11.4 million, respectively. At December 31, 2025, there was $17.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years. Restricted Stock Restricted stock granted under the Companys incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vests in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote and to receive any dividends declared on the shares. The following table summarizes restricted stock activity for the years ended December 31, 2025, 2024, and 2023: Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 2,784,610 $ 5.05 Granted 3,251,765 2.94 Vested (1,381,246) 5.09 Canceled/Forfeited (680,710) 3.66 Outstanding at December 31, 2023 3,974,419 $ 3.54 Granted 3,129,255 2.66 Vested (1,576,652) 4.11 Canceled/Forfeited (308,396) 2.82 Outstanding at December 31, 2024 5,218,626 $ 2.89 Granted 1,857,034 7.42 Vested (2,506,676) 3.03 Canceled/Forfeited (71,826) 4.09 Outs …

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FAIR VALUE MEASUREMENTS Year Ended December 31, In thousands 2025 2024 2023 Change in the value of equity securities $ $ $ 3,384 Acquired bullion and metal inventory monetization (342) Fair value adjustments, net $ (342) $ $ 3,384 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 SilverCrest Transaction. The acquired bullion and metal inventory was sold during the first quarter of 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 on the Consolidated Statements of Comprehensive Income (loss). 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 Companys 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 fa …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME AND MINING TAXES The components of Income (loss) before income taxes are below: Year Ended December 31, In thousands 2025 2024 2023 United States $ 403,735 $ 50,194 $ (107,021) Foreign 278,803 76,156 38,565 Total $ 682,538 $ 126,350 $ (68,456) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year Ended December 31, In thousands 2025 2024 2023 Current: United States $ (637) $ (145) $ 981 United States State mining taxes (33,269) (11,256) (7,047) United States Foreign withholding tax (22) (33) (119) Canada (5,169) (1,147) (848) Mexico (215,872) (63,604) (30,222) Deferred: United States 138,893 149 305 United States State mining taxes 3,479 (1,778) (1,076) Canada (4,798) (376) Mexico 20,729 10,740 2,870 Income tax (expense) benefit $ (96,666) $ (67,450) $ (35,156) The Companys Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons: Year Ended December 31, In thousands 2025 % 2024 % 2023 % U.S. federal statutory tax rate $ (143,428) 21.0 % $ (26,534) 21.0 % $ 14,376 21.0 % State income and mining taxes, net of federal benefit (1) (37,331) 5.5 (11,313) 9.0 (1,468) (2.2) Foreign tax effects Mexico Foreign tax rate differences (30,341) 4.4 (11,253) 8.9 (5,848) (8.6) Foreign permanent differences 1,893 (0.3) (1,384) 1.1 (1,190) (1.7) Mining taxes, net of income tax benefit (27,276) 4.0 (8,865) 7.0 (6,513 …

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LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Companys finance and operating leases. Year ended December 31, In thousands 2025 2024 2023 Lease Cost Operating lease cost $ 13,600 $ 12,924 $ 12,536 Short-term operating lease cost $ 18,705 $ 13,784 $ 12,223 Finance lease cost: Amortization of leased assets $ 39,494 $ 34,424 $ 27,985 Interest on lease liabilities 5,739 4,844 3,762 Total finance lease cost $ 45,233 $ 39,268 $ 31,747 Supplemental cash flow information related to leases was as follows: Year ended December 31, In thousands 2025 2024 2023 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 32,305 $ 26,709 $ 24,759 Operating cash flows from finance leases $ 5,739 $ 4,844 $ 3,762 Financing cash flows from finance leases $ 56,386 $ 24,524 $ 24,505 Supplemental balance sheet information related to leases was as follows: In thousands December 31, 2025 December 31, 2024 Operating Leases Other assets, non-current $ 15,837 $ 23,913 Accrued liabilities and other 11,962 11,598 Other long-term liabilities 6,467 14,797 Total operating lease liabilities $ 18,429 $ 26,395 Finance Leases Property and equipment, gross $ 123,770 $ 170,144 Accumulated depreciation (75,056) (63,278) Property and equipment, net $ 48,714 $ 106,866 Debt, current $ 16,996 $ 31,380 Debt, non-current 32,745 73,620 Total finance lease liabilities $ 49,741 $ 1 …

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Recently Issued Accounting Standards 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 Consolidated Financial Statements and related disclosures.

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SEGMENT REPORTING The Companys 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 Companys Chief Operating Decision Maker (CODM), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Executive Vice President and Chief Financial Officer, and Michael Routledge, Executive Vice President and Chief Operating Officer, evaluates performance and allocates resources for all of the Companys 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 …

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Companys control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors. A substantial or extended decline in commodity prices could have a material adverse effect on the Companys financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. Further, the carrying value of the Companys property, plant and equipment and mining properties, net, inventories and ore on leach pads are particularly sensitive to the outlook for commodity prices. A decline in the Companys price outlook from current levels could result in material impairment charges related to these assets. In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and impacts of global events could result in material impairment charges related to these as …

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