Coeur Mining — May 7, 2025 release

NEWS RELEASE              Coeur Reports First Quarter 2025 Results Positive quarterly net income and free cash flow; significant debt reduction; reaffirms full-year guidance; positioned for record year Chicago, Illinois - May 7, 2025 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported first quarter 2025 financial results, including revenue of $360 million and cash flow from operating activities of $68 million. The Company reported GAAP net income from continuing operations of $33 million, or $0.06 per share. On an adjusted basis 1 , Coeur reported EBITDA of $149 million, cash flow from operating activities before changes in working capital of $54 million and net income from continuing operations of $60 million, or $0.11 per share. Key Highlights • 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 1 – 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”) 2 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 at adjusted CAS 1 per ounce of $8.38 and $744 for silver and gold, respectively. 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 1 “Coeur’s balanced portfolio of five North American operations had a solid first three months of the year, which puts us in a strong position to deliver record operational and financial results in 2025,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Despite the first quarter being our softest quarter of the year, we achieved our fourth consecutive quarter of positive earnings per share and delivered $18 million of free cash flow even after approximately $130 million of one-time and first-quarter specific outflows. The Company’s quarterly adjusted EBITDA jumped sharply to $149 million, bringing our last twelve-month total to $444 million and keeping us on-track to generate over $700 million of adjusted EBITDA at much higher overall margins this year. It was less than twenty-four months ago that our last twelve-month adjusted EBITDA was just $102 million, which highlights the magnitude of the Company’s transformation after several years of heavy investment, the impact of the recent SilverCrest acquisition, and the added benefit of higher gold and silver prices. “Aided by the addition of SilverCrest’s pristine balance sheet, we reduced our RCF by another $85 million, leaving a remaining balance of $110 million. In addition, we used proceeds from the sale of SilverCrest’s bullion and finished goods inventory to close out $42 million of outstanding metal prepayments and add to our cash balance during the quarter. With the high-margin contribution from the newly-acquired Las Chispas silver and gold mine, Rochester’s continued momentum during its first year post-expansion, and consistent performance from our other three operations, we expect to generate average quarterly free cash flow of $75 to $100 million during the remainder of the year, allowing us to rapidly pay down debt while continuing to reinvest in high-return organic growth opportunities and focusing on ways to further generate per share value for our shareholders.” 2 Financial and Operating Highlights (Unaudited) (Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Gold Sales $ 235.3   $ 205.2  $ 223.8  $ 154.1  $ 151.8  Silver Sales $ 124.7   $ 100.2  $ 89.7  $ 67.9  $ 61.3  Consolidated Revenue $ 360.1   $ 305.4  $ 313.5  $ 222.0  $ 213.1  Costs Applicable to Sales 4 $ 204.3   $ 158.8  $ 156.7  $ 144.7  $ 146.0  General and Administrative Expenses $ 13.9   $ 11.1  $ 11.0  $ 11.2  $ 14.4  Net Income (Loss) $ 33.4   $ 37.9  $ 48.7  $ 1.4  $ (29.1) Net Income (Loss) Per Share $ 0.06   $ 0.08  $ 0.12  $ 0.00  $ (0.08) Adjusted Net Income (Loss) 1 $ 59.9   $ 45.3  $ 47.2  $ (3.4) $ (19.0) Adjusted Net Income (Loss) 1 Per Share $ 0.11   $ 0.11  $ 0.12  $ (0.01) $ (0.05) Weighted Average Shares Outstanding 521.2   401.0  400.8  399.9  385.0  EBITDA 1 $ 105.3   $ 104.6  $ 121.1  $ 49.7  $ 27.2  Adjusted EBITDA 1 $ 148.9   $ 116.4  $ 126.0  $ 52.4  $ 44.3  Cash Flow from Operating Activities $ 67.6   $ 63.8  $ 111.1  $ 15.2  $ (15.9) Capital Expenditures $ 50.0   $ 47.7  $ 42.0  $ 51.4  $ 42.1  Free Cash Flow 1 $ 17.6   $ 16.1  $ 69.1  $ (36.2) $ (58.0) Cash, Equivalents & Short-Term Investments $ 77.6   $ 55.1  $ 76.9  $ 74.1  $ 67.5  Total Debt 5 $ 498.3   $ 590.1  $ 605.2  $ 629.3  $ 585.6  Average Realized Price Per Ounce – Gold $ 2,635   $ 2,399  $ 2,309  $ 2,003  $ 1,864  Average Realized Price Per Ounce – Silver $ 32.05   $ 31.11  $ 29.86  $ 26.20  $ 23.57  Gold Ounces Produced 86,766   87,149  94,993  78,696  80,744  Silver Ounces Produced 3.7   3.2  3.0  2.6  2.6  Gold Ounces Sold 89,316   85,555  96,913  76,932  81,416  Silver Ounces Sold 3.9   3.2  3.0  2.6  2.6  Adjusted CAS per AuOz 1 $ 1,330   $ 1,192  $ 1,113  $ 1,264  $ 1,267  Adjusted CAS per AgOz 1 $ 14.28   $ 16.93  $ 15.67  $ 17.71  $ 14.63  Financial Results First quarter 2025 revenue totaled $360 million compared to $305 million in the prior period and $213 million in the first quarter of 2024. The Company produced 86,766 and 3.7 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 89,316 ounces of gold and 3.9 million ounces of silver. Average realized gold and silver prices for the quarter were $2,635 and $32.05 per ounce, respectively, compared to $2,399 and $31.11 per ounce in the prior period and $1,864 and $23.57 per ounce in the first quarter of 2024. Gold and silver sales represented 65% and 35% of quarterly revenue, respectively, compared to 67% and 33% in the prior period. The Company’s U.S. operations accounted for approximately 57% of first quarter revenue compared to 71% in the fourth quarter of 2024, reflecting the mid-quarter addition of Las Chispas. Adjusted costs applicable to sales per ounce 1 of gold and silver increased 12% and decreased 16% quarter-over-quarter, respectively, largely due to higher silver metal sales. General and administrative expenses increased $3 million, or 25%, quarter-over-quarter to $14 million driven by annual incentive payouts paid in the first quarter. 3 Coeur invested approximately $22 million ($20 million expensed and $2 million capitalized) in exploration during the quarter, compared to approximately $20 million ($17 million expensed and $4 million capitalized) in the prior period. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities. The Company recorded income tax expense of approximately $18 million during the first quarter. Cash income and mining taxes paid during the period totaled approximately $63 million, including $25 million for payment of the annual Mexican mining EBITDA tax at both Las Chispas and Palmarejo. Quarterly operating cash flow totaled $68 million compared to $64 million in the prior period, mainly driven by increased metal sales and higher average metals prices. Changes in working capital during the quarter were $14 million, reflecting final repayments of prepayment programs, tax payments in Mexico and semi-annual interest payments on the Company’s 2029 5.125% Senior Notes. First quarter capital expenditures were $50 million compared to $48 million in the prior period. Sustaining and development capital expenditures accounted for approximately $38 million and $12 million, or 77% and 23%, respectively, of Coeur’s total capital investment during the quarter. First quarter one-time outflows included $42 million of prepay repayments, $50 million of Mexican fourth quarter taxes, the mining EBITDA tax and the annual Mexican mining royalty, $15 million of transaction costs, $15 million of annual incentive payments and $8 million for Rochester property taxes. 4 Operations First quarter 2025 highlights for each of the Company’s operations are provided below. Las Chispas, Mexico (Dollars in millions, except per ounce amounts) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 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 (000’s) 714 — — — — Gold ounces sold 9,607 — — — — Silver ounces sold (000’s) 924 — — — — Average realized price per gold ounce $ 2,902 $ — $ — $ — $ — Average realized price per silver ounce $ 32.63 $ — $ — $ — $ — Metal sales $ 58.0 $ — $ — $ — $ — Costs applicable to sales 4 $ 42.8 $ — $ — $ — $ — Adjusted CAS per AuOz 1 $ 744 $ — $ — $ — $ — Adjusted CAS per AgOz 1 $ 8.38 $ — $ — $ — $ — Exploration expense $ 1.9 $ — $ — $ — $ — Cash flow from operating activities $ 97.1 $ — $ — $ — $ — Sustaining capital expenditures (excludes capital lease payments) $ 5.3 $ — $ — $ — $ — Development capital expenditures $ — $ — $ — $ — $ — Total capital expenditures $ 5.3 $ — $ — $ — $ — Free cash flow 1 $ 91.8 $ — $ — $ — $ — Operational • Quarterly production and costs reflect approximately 1.5 months with the SilverCrest transaction closing February 14, 2025 • Daily average throughput of approximately 1,320 tons per day at average gold and silver grades of 0.130 ounce per ton and 12.71 ounce per ton, respectively, were slightly better than plan and led to the production of 7,175 gold ounces and 714,239 silver ounces at average adjusted CAS 1 per ounce of $744 for gold and $8.38 for silver Financial • Gold and silver accounted for approximately 48% and 52%, respectively, of revenue during the quarter • Free cash flow 1 in the first quarter totaled $92 million which includes the sale of held bullion and finished goods totaling $72 million Exploration • Exploration investment for the first quarter totaled approximately $2 million (substantially all expensed) • Scout and expansion drilling totaling approximately 9,900 meters was carried out with three surface and two underground rigs in the Babicanora Gap and Las Chispas blocks, focusing on the Los Sheiks, Luigi, Giovani and William Tell veins. Of particular note was the discovery of the Augusta vein located in the Gap zone between the Babi and Las Chispas blocks. To date, the vein has been defined over 200 meters along strike and 150 meters down dip and several multi-kilo intercepts have been encountered. Encouraging results have also been seen from expansion drilling on the Los Sheiks vein 5 in this area. Historic drilling in the Gap zone has been limited but with these recent drill results is considered increasingly prospective • In addition to the discovery in the Gap zone, positive results are being obtained from ongoing expansion drilling of the Giovani Mini, William Tell Mini and the Luigi veins on the Las Chispas block (and located close to the Las Chispas underground ramp). High-grade intercepts have been seen at all three veins with William Tell Mini vein demonstrating at least 250 meters of potential continuity to the south and the Luigi vein showing expansion of roughly 200 meters to the south. Additionally, the North Las Chispas veins (also located close to the Las Chispas underground infrastructure) showed new high-grade intercepts over 150 meters to the southeast, with infill drilling scheduled for the second quarter • Following the acquisition, the focus of the 2025 exploration program shifted from regional targets, such as Picacho, and back to the main asset. The program there has been expanded by nearly 40,000 meters of additional infill and expansion drilling. The primary focus is to support current mine life through conversion of existing inferred resources and addition of new inferred and indicated resources around the main Babicanora veins. Several additional rigs are being added and are expected to drill for the remainder of the year Guidance • Prorated production reflecting 10.5 months is expected to be 42,500 - 52,500 ounces of gold and 4.25 - 5.25 million ounces of silver • Prorated adjusted CAS 1 reflecting 10.5 months are expected to be $850 - $950 per gold ounce and $9.25 - $10.25 per silver ounce • Prorated capital expenditures reflecting 10.5 months are expected to be $30 - $34 million, consisting primarily of sustaining capital • Prorated exploration investment reflecting 10.5 months is expected to be $16 - $18 million (substantially all expensed) 6 Palmarejo, Mexico (Dollars in millions, except per ounce amounts) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Tons milled 440,920 419,008 413,463 429,561 500,747 Average gold grade (oz/t) 0.050 0.059 0.070 0.066 0.070 Average silver grade (oz/t) 4.36 4.17 5.15 4.49 4.34 Average recovery rate – Au 95.2   % 91.2  % 94.8  % 89.9  % 95.2  % Average recovery rate – Ag 87.4   % 88.3  % 85.6  % 82.8  % 83.7  % Gold ounces produced 23,032 22,490 27,549 25,467 33,160 Silver ounces produced (000’s) 1,680 1,543 1,823 1,596 1,818 Gold ounces sold 22,713 22,353 28,655 24,313 33,462 Silver ounces sold (000’s) 1,636 1,598 1,861 1,542 1,796 Average realized price per gold ounce $ 1,924 $ 1,750 $ 1,922 $ 1,744 $ 1,611 Average realized price per silver ounce $ 31.85 $ 31.27 $ 29.71 $ 26.48 $ 23.64 Metal sales $ 95.8 $ 89.1 $ 110.4 $ 83.2 $ 96.4 Costs applicable to sales 4 $ 43.7 $ 45.5 $ 47.5 $ 48.2 $ 54.3 Adjusted CAS per AuOz 1 $ 882 $ 894 $ 818 $ 1,006 $ 901 Adjusted CAS per AgOz 1 $ 14.37 $ 15.92 $ 12.60 $ 15.24 $ 13.18 Exploration expense $ 3.9 $ 3.8 $ 4.3 $ 2.6 $ 2.5 Cash flow from operating activities $ 8.7 $ 33.2 $ 55.6 $ 23.7 $ 25.6 Sustaining capital expenditures (excludes capital lease payments) $ 2.5 $ 6.5 $ 4.0 $ 3.1 $ 4.7 Development capital expenditures $ 3.4 $ 3.4 $ 4.0 $ 2.8 $ 2.1 Total capital expenditures $ 5.9 $ 9.9 $ 8.0 $ 5.9 $ 6.8 Free cash flow 1 $ 2.8 $ 23.3 $ 47.6 $ 17.8 $ 18.8 Operational • First quarter gold and silver production totaled 23,032 and 1.7 million ounces, respectively, compared to 22,490 and 1.5 million ounces in the prior period and 33,160 and 1.8 million ounces in the first quarter of 2024 • Production during the quarter benefited from higher tons milled, higher average gold recoveries, and higher average silver grade, partially offset by lower average gold grade and slightly lower average silver recoveries Financial • Adjusted CAS 1 for gold and silver on a co-product basis decreased 1% and 10% quarter-over-quarter to $882 and $14.37 per ounce, respectively, driven by higher metal sales • Capital expenditures decreased 40% quarter-over-quarter to $6 million compared to $10 million in the prior period • Free cash flow 1 in the first quarter totaled $3 million compared to $23 million in the prior period Exploration • Exploration investment for the first quarter totaled approximately $4 million (substantially all expensed) compared to roughly $4 million (substantially all expensed) in the prior period • Exploration ramped up quickly in the first quarter with six rigs drilling across the property. Expansion drill programs at the Link zone and the Hidalgo-Libertad corridor continued. Scout drilling at the Camuchin zone and underground validation drilling on the Independencia Sur claims also commenced during the quarter 7 • Validation drilling on the recently acquired Fresnillo claims is underway with several veins intersected to date, including within the 300 meter gap area bridging the Independencia resource to the northwest and the historic Fresnillo drilling on the Independencia Sur claims immediately southeast. Drilling is expected to primarily test the Bruno, Nacion and Portales veins on the Indpendencia Sur claim, in addition to the exploration for new veins at deeper elevations than the historic drilling • Drilling at the Hidalgo-Libertad corridor continues to successfully extend mineralization further to the northwest nearer to the Palmarejo processing plant. At the Link zone, which is adjacent to mining infrastructure, several potential veins have been identified. Both of these targets are expected to be a focus for continued definition through 2025 • Visual results from scout drilling at the Camuchin zone indicate multiple veins present, which is encouraging for continued exploration in a new trend that is several kilometers long • A pilot program of high-resolution geophysics was undertaken in 2024 with phase one results now available that are expected to improve the ability to predict sub-surface locations of prospective geology and structures. Drill results on the Hidalgo corridor along with this new data have highlighted a new, prospective zone called the Libertad Quadrant with exploration in this area now underway • During the quarter a significant milestone was achieved through the signing of an amendment to an agreement with the Guazapares Ejido that provides exploration and exploitation rights for a 20-year period, giving Coeur expanded coverage and access to several key exploration priorities including Independencia Sur and the historic La Union resource, along with many other targets in the Guazapares trend in the northeast of the claim block Other • Approximately 45% of Palmarejo’s gold sales in the first quarter were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce, totaling 10,232 ounces. The Company anticipates approximately 40% - 50% of Palmarejo’s 2025 gold sales will be sold under the gold stream agreement Guidance • Full-year 2025 production is expected to be 95,000 - 105,000 ounces of gold and 5.4 - 6.5 million ounces of silver • Adjusted CAS 1 in 2025 are expected to be $950 - $1,150 per gold ounce and $17.00 - $18.00 per silver ounce • Capital expenditures are expected to be $26 - $32 million, consisting primarily of sustaining capital and underground development • Exploration investment in 2025 is expected to be $16 - $18 million (substantially all expensed) 8 Rochester, Nevada (Dollars in millions, except per ounce amounts) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Ore tons placed 6,987,324   8,226,820  7,064,623  5,102,800  3,135,571  Average silver grade (oz/t) 0.59   0.44  0.57  0.59  0.52  Average gold grade (oz/t) 0.003   0.003  0.002  0.002  0.002  Silver ounces produced (000’s) 1,284   1,551  1,155  973  699  Gold ounces produced 13,353   15,752  9,690  8,006  5,755  Silver ounces sold (000’s) 1,282   1,571  1,098  985  735  Gold ounces sold 14,713   14,824  9,186  8,150  6,185  Average realized price per silver ounce $ 31.86   $ 30.97  $ 30.13  $ 25.78  $ 23.32  Average realized price per gold ounce $ 2,840   $ 2,604  $ 2,492  $ 2,131  $ 2,050  Metal sales $ 82.6   $ 87.2  $ 56.0  $ 42.8  $ 29.8  Costs applicable to sales 4 $ 48.5   $ 51.5  $ 39.4  $ 36.7  $ 27.0  Adjusted CAS per AgOz 1 $ 18.41   $ 17.96  $ 20.88  $ 21.58  $ 18.17  Adjusted CAS per AuOz 1 $ 1,670   $ 1,495  $ 1,735  $ 1,813  $ 1,630  Prepayment, working capital cash flow $ (17.5) $ —  $ —  $ —  $ —  Exploration expense $ 1.5   $ 2.7  $ 1.0  $ 1.0  $ 0.4  Cash flow from operating activities $ (7.0) $ 26.0  $ 3.2  $ (5.9) $ (18.7) Sustaining capital expenditures (excludes capital lease payments) $ 8.5   $ 10.4  $ 7.0  $ 9.9  $ 15.3  Development capital expenditures $ 6.4   $ 3.5  $ 3.1  $ 17.6  $ 5.9  Total capital expenditures $ 14.9   $ 13.9  $ 10.1  $ 27.5  $ 21.2  Free cash flow 1 $ (21.9) $ 12.1  $ (6.9) $ (33.4) $ (39.9) Operational • Silver and gold production in the first quarter totaled 1.3 million and 13,353 ounces, respectively, compared to 1.6 million and 15,752 ounces in the prior period and 0.7 million and 5,755 ounces in the first quarter of 2024. As expected, gold and silver production levels decreased compared to the prior quarter, mainly driven by higher placement rates of direct-to-pad (“DTP”) material in the prior period • 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 legacy leach pads to facilitate exploration drilling and future planned mining activities Financial • First quarter adjusted CAS 1 for silver and gold on a co-product basis totaled $18.41 and $1,670 per ounce, respectively, mainly driven by higher maintenance costs, deferred capitalized stripping and royalty payments due to higher silver prices • Capital expenditures increased modestly quarter-over-quarter to $15 million compared to $14 million in the prior period driven mainly by capitalized stripping to offload material from the Stage one and two leach pads • Free cash flow 1 in the first quarter totaled $(22) million compared to $12 million in the prior period Exploration • Exploration investment in the first quarter totaled approximately $2 million ($1 million expensed and $1 million capitalized) compared to roughly $4 million ($3 million expensed and $1 million capitalized) in the prior quarter 9 • The primary 2025 exploration objective at Rochester is to augment the grade profile of the current 16-year reserve mine life to bolster cash flow. Additional aims are to delineate the outer limits of the East Rochester mineralization, to conduct validation and scout/condemnation drilling at Lincoln Hill, to commence the drill out of the Wedge target in East Rochester late in the year and to conduct scout drilling in the corridor between the Rochester and Nevada Packard pits • Reverse circulation drilling at Nevada Packard during the first quarter focused on testing for higher grades inside current pit design. Core drilling is also underway at East Rochester to test the northern limits of the Wedge target and to further define areas containing colluvium • Ongoing geological modeling is taking place at both Nevada Packard and East Rochester with drilling later in the year planned to test and validate the interpretations and assist in the aim of defining higher grades Guidance • Full-year 2025 production is expected to be 7.0 - 8.3 million ounces of silver and 60,000 - 75,000 ounces of gold • Adjusted CAS 1 for 2025 are expected to be $14.50 - $16.50 per silver ounce and $1,250 - $1,450 per gold ounce • Capital expenditures are expected to be $57 - $70 million, which reflects an eight-million-ton stripping campaign for the removal of Stage 1 and 2 leach pads to access ore zones in the eastern portion of the open pit, modifications after startup of the crusher corridor and final negotiated payment with a key contractor of the expansion construction • Exploration investment in 2025 is expected to be $13 - $16 million ($11 - $12 million expensed and $2 - $4 million capitalized) Kensington, Alaska (Dollars in millions, except per ounce amounts) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Tons milled 185,344   183,639  165,916  182,043  167,439  Average gold grade (oz/t) 0.13   0.16  0.16  0.14  0.14  Average recovery rate 93.3% 91.8% 90.4% 92.3% 90.8% Gold ounces produced 22,715   26,931  24,104  23,202  21,434  Gold ounces sold 22,205   25,839  24,800  23,539  21,183  Average realized price per gold ounce, gross $ 2,990   $ 2,702  $ 2,563  $ 2,223  $ 2,105  Treatment and refining charges per gold ounce $ 53   $ 53  $ 56  $ 52  $ 52  Average realized price per gold ounce, net $ 2,937   $ 2,649  $ 2,507  $ 2,171  $ 2,053  Metal sales $ 65.2   $ 68.3  $ 62.2  $ 51.1  $ 43.5  Costs applicable to sales 4 $ 42.2   $ 39.7  $ 38.1  $ 40.7  $ 39.3  Adjusted CAS per AuOz 1 $ 1,882   $ 1,529  $ 1,539  $ 1,734  $ 1,840  Prepayment, working capital cash flow $ (12.1) $ (12.9) $ 11.8  $ (11.8) $ —  Exploration expense $ 3.3   $ 0.7  $ 2.0  $ 1.3  $ 1.5  Cash flow from operating activities $ 5.9   $ 8.5  $ 38.1  $ (7.2) $ 1.5  Sustaining capital expenditures (excludes capital lease payments) $ 15.2   $ 18.9  $ 20.0  $ 16.5  $ 13.3  Development capital expenditures $ 0.3   $ —  $ —  $ —  $ —  Total capital expenditures $ 15.5   $ 18.9  $ 20.0  $ 16.5  $ 13.3  Free cash flow 1 $ (9.6) $ (10.4) $ 18.1  $ (23.7) $ (11.8) Operational 10 • Gold production in the first quarter totaled 22,715 ounces compared to 26,931 ounces in the prior period and 21,434 ounces in the first quarter of 2024 • Lower production during the quarter was driven by lower average gold grade from timing of stopes due to sequencing, partially offset by higher average recovery rates and increased tons milled Financial • First quarter adjusted CAS 1 totaled $1,882 per ounce compared to $1,529 per ounce in the prior period, reflecting decreased metal sales • Capital expenditures decreased 18% quarter-over-quarter to $15 million • Free cash flow 1 in the first quarter remained consistent quarter-over-quarter at $(10) million and is expected to become positive mid-year as the multi-year development and drilling plan wraps up Exploration • Exploration investment in the first quarter totaled approximately $5 million ($3 million expensed and $2 million capitalized), compared to $3 million ($1 million expensed and $2 million capitalized) in the prior period • Drilling at Kensington is off to a strong start with up to six rigs active during the quarter. As a result of better-than-expected results at the Johnson target in 2024, drill programs continued there in 2025 with both visual and assay results confirming significant grades and width of mineralization. Additional investment is planned for this target later in the year • Scout drilling took place on the Elmira to Kimberley trend targeting an approximate 3,000-foot gap between the deposits that are located along strike of each other. Results are pending but wide zones of veining and mineralization were visually identifiable in the core • Both the up-dip extension of Zone 10 and the Elmira Hanging Wall zone were also drilled during the quarter. Though many results are still pending, visual estimates indicate that Zone 10 has been extended by approximately 450 feet along strike to the north and roughly 100 feet up-dip Guidance • Full-year 2025 production is expected to be 92,500 - 107,500 gold ounces • Adjusted CAS 1 in 2025 are expected to be $1,700 - $1,900 per gold ounce • Capital expenditures are expected to be $55 - $64 million, which reflects the completion of the multi-year development and exploration program in the first half of the year as well as an $18 - $22 million investment to raise the main tailings storage facility embankment as part of the expansion of the existing facility, which is expected to be executed over the next two years • Exploration investment in 2025 is expected to be $11 - $14 million ($6 - $8 million expensed and $5 - $6 million capitalized) 11 Wharf, South Dakota (Dollars in millions, except per ounce amounts) 1Q 2025 4Q 2024 3Q2024 2Q 2024 1Q 2024 Ore tons placed 1,033,699   1,164,894  1,424,649  1,162,437  1,251,955  Average gold grade (oz/t) 0.020   0.023  0.046  0.032  0.021  Gold ounces produced 20,491   21,976  33,650  22,021  20,395  Silver ounces produced (000’s) 51   54  42  69  67  Gold ounces sold 20,078   22,539  34,272  20,930  20,586  Silver ounces sold (000’s) 50   54  45  65  69  Average realized price per gold ounce $2,827 $2,620 $2,440 $2,064 $2,026 Metal sales $ 58.4   $ 60.7  $ 85.0  $ 45.0  $ 43.3  Costs applicable to sales 4 $ 27.0   $ 22.1  $ 31.8  $ 19.1  $ 25.4  Adjusted CAS per AuOz 1 $ 1,260   $ 902  $ 885  $ 822  $ 1,165  Prepayment, working capital cash flow $ (12.5) $ —  $ —  $ —  $ —  Exploration expense $ 2.6   $ 2.7  $ 2.3  $ 1.1  $ 0.1  Cash flow from operating activities $ 15.7   $ 22.2  $ 51.6  $ 17.0  $ 11.1  Sustaining capital expenditures (excludes capital lease payments) $ 6.4   $ 2.9  $ 2.8  $ 1.2  $ 0.3  Development capital expenditures $ 1.0   $ —  $ —  $ —  $ —  Total capital expenditures $ 7.4   $ 2.9  $ 2.8  $ 1.2  $ 0.3  Free cash flow 1 $ 8.3   $ 19.3  $ 48.8  $ 15.8  $ 10.8  Operational • Gold production in the first quarter decreased 7% quarter-over-quarter to 20,491 ounces, largely due to timing of ounces placed on the leach pad in the prior quarter Financial • Adjusted CAS 1 on a by-product basis increased 40% quarter-over-quarter to $1,260 per ounce, largely driven by lower average gold grades on the leach pad compared to the prior period • Capital expenditures totaled approximately $7 million compared to $3 million in the prior period reflecting investments to materially extend the mine life • Free cash flow 1 in the first quarter totaled $8 million compared to $19 million in the prior period Exploration • Exploration investment during the first quarter totaled $3 million (substantially all expensed), compared to $3 million (substantially all expensed) in the prior quarter • Exploration programs that commenced in 2024 continued into the first quarter with up to two rigs drilling on the property. The focus of 2025 exploration is on expansion and infill drilling at the Juno, North Foley and Wedge targets. Drilling to date has been concentrated on expanding the mineralized zones at Juno and North Foley and is outlining a new zone of mineralization in the Wedge - a previously un-drilled target to the southeast of the North Foley deposit Guidance • Full-year 2025 production is expected to be 90,000 - 100,000 gold ounces and 50,000 - 200,000 ounces of silver • Adjusted CAS 1 in 2025 are expected to be $1,250 - $1,350 per gold ounce • Capital expenditures are expected to be $13 - $17 million, which reflects increased infill drilling expected to materially extend the mine life as well as other investments which are expected to be required to convert the Juno and North Foley deposits into reserves • Exploration investment in 2025 is expected to be $7 - $10 million (substantially all expensed) 12 Exploration During the first quarter, Coeur invested approximately $22 million ($20 million expensed and $2 million capitalized), compared to roughly $20 million ($17 million expensed and $4 million capitalized) in the prior period. The Company’s exploration investment in 2025 is expected to total $67 - $77 million for expansion drilling (classified as exploration expense) and $10 - $16 million for infill drilling (capitalized exploration). Top exploration priorities for 2025 are: (1) continuing to build the inferred pipeline at Palmarejo to provide optionality to the operation including to the East of existing operations, where 60% of this year’s exploration investment is budgeted; (2) outlining higher-grade structures to enhance the near-term margin and longer-term free cash flow profile of Rochester; (3) maintaining a 5-year reserve-based mine life at Kensington while finding higher-grade zones to bolster cash flow; (4) completing the expansion and infill programs at Wharf to add to the life of mine; (5) building on the new geological model and understanding at Silvertip to rapidly grow the resource base, and; (6) rapidly building detailed knowledge of Las Chispas and maintaining mine life. At Silvertip, exploration investment totaled approximately $6 million in the first quarter, compared to $6 million in the prior period. The Company expects 2025 Silvertip exploration investment to be approximately $12 - $14 million, which excludes $17 - $22 million related to underground mine development and site support costs. The key focus at Silvertip during the quarter was the completion of the first detailed geological model and preparation for the 2025 drilling season. The exploration program is focused on extending and building the resource base adjacent to the current resource and further increasing knowledge of the district through follow-up on key targets outlined by the 2024 regional program. A significant claim staking exercise was also undertaken during the fourth quarter of 2024 and the first quarter of 2025 with the land package more than tripling from approximately 39,000 hectares to 124,000 hectares. The newly staked claims will undergo systematic exploration in future years to further refine the key areas of interest. 13 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. 14 Financial Results and Conference Call Coeur will host a conference call to discuss its first quarter 2025 financial results on May 8, 2025 at 11:00 a.m. Eastern Time. Dial-In Numbers:        (855) 560-2581 (U.S.)         (855) 669-9657 (Canada)         (412) 542-4166 (International) Conference ID:        Coeur Mining Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael “Mick” Routledge, Senior Vice President and Chief Operating Officer, Aoife McGrath, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through May 15, 2025. Replay numbers:        (877) 344-7529 (U.S.)         (855) 669-9658 (Canada)         (412) 317-0088 (International) Conference ID:        792 08 99 About Coeur Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia. Cautionary Statements This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding cash flow, production growth, costs, capital expenditures, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the gold stream agreement at Palmarejo, anticipated production, and costs and expenses and operations at Las Chispas, Palmarejo, Rochester, Wharf and Kensington. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur’s production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur’s future acquisition of new mining properties or businesses, risks associated with the continued integration of the recent acquisition of SilverCrest, the risk that the Rochester expansion does not sustain planned performance, the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, impacts from tariffs or other trade barriers, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur’s ability to raise additional financing necessary to conduct its business, make payments 15 or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale. The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300 of SEC Regulation S-K, namely our Senior Director, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov. Non-U.S. GAAP Measures We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) or pound (zinc or lead). We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce (gold and silver) and pound (zinc and lead) are important measures in assessing the Company’s overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2024. Notes 1.    EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company’s RCF. Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. 2. As of March 31, 2025, Coeur had $30 million in outstanding letters of credit and $110 million in outstanding borrowings under its RCF. Future borrowing under the RCF may be subject to certain financial covenants. 3. Percentage based on the midpoint of 2025 guidance ranges. 4. Excludes amortization. 5. Includes capital leases. Net of debt issuance costs and premium received. Average Spot Prices 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Average Gold Spot Price Per Ounce $ 2,860   $ 2,663  $ 2,474  $ 2,338  $ 2,070  Average Silver Spot Price Per Ounce $ 31.88   $ 31.38  $ 29.43  $ 28.45  $ 23.34  Average Zinc Spot Price Per Pound $ 1.29   $ 1.38  $ 1.26  $ 1.29  $ 1.11  Average Lead Spot Price Per Pound $ 0.89   $ 0.91  $ 0.92  $ 0.98  $ 0.94  For Additional Information Coeur Mining, Inc. 200 S. Wacker Drive, Suite 2100 Chicago, IL 60606 16 Attention: Jeff Wilhoit, Senior Director, Investor Relations Phone: (312) 489-5800 www.coeur.com Source: Coeur Mining 17 COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2025 December 31, 2024 ASSETS In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 77,574  $ 55,087  Receivables 54,908  29,930  Inventory 218,310  78,617  Ore on leach pads 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 2,799,755  1,817,616  Goodwill 567,045  —  Ore on leach pads 93,199  106,670  Restricted assets 8,454  8,512  Receivables 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 87,238  156,609  Debt 31,748  31,380  Reclamation 16,954  16,954  260,868  330,820  NON-CURRENT LIABILITIES Debt 466,521  558,678  Reclamation 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 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 other comprehensive income (loss) —  —  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  . 18 COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)   Three Months Ended March 31,   2025 2024   In thousands, except share data Revenue $ 360,062  $ 213,060  COSTS AND EXPENSES Costs applicable to sales (1) 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 16,953  18,228  Total costs and expenses 297,906  216,417  Income or loss from operations 62,156  (3,357) OTHER INCOME (EXPENSE), NET Gain (loss) on debt extinguishment —  438  Fair value adjustments, net (346) —  Interest expense, net of capitalized interest (10,450) (12,947) Other, net 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 (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 Basic income (loss) per share: Basic $ 0.06  $ (0.08) Diluted $ 0.06  $ (0.08) (1) Excludes amortization. 19 COEUR MINING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)   Three Months Ended March 31,   2025 2024   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 —  (438) Fair value adjustments, net 346  —  Stock-based compensation 3,298  4,248  Write-downs —  3,235  Deferred revenue recognition (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 (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 USED IN INVESTING ACTIVITIES 53,304  (42,126) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 302  22,823  Issuance of notes and bank borrowings, net of issuance costs 99,500  135,000  Payments on debt, finance leases, and associated costs (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  20 Adjusted EBITDA Reconciliation (Dollars in thousands except per share amounts) LTM 1Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Net income (loss) $ 121,370  $ 33,353  $ 37,852  $ 48,739  $ 1,426  $ (29,117) Interest expense, net of capitalized interest 48,779  10,450  11,887  13,280  13,162  12,947  Income tax provision (benefit) 69,839  18,413  18,420  25,817  7,189  16,024  Amortization 140,770  43,093  36,533  33,216  27,928  27,297  EBITDA 380,758  105,309  104,692  121,052  49,705  27,151  Fair value adjustments, net 346  346  —  —  —  —  Foreign exchange (gain) loss (4,360) 758  (1,321) (1,708) (2,089) 365  Asset retirement obligation accretion 17,434  4,732  4,315  4,233  4,154  4,076  Inventory adjustments and write-downs 5,782  1,928  1,552  1,231  1,071  4,188  (Gain) loss on sale of assets and securities 900  186  (102) 176  640  3,536  RMC bankruptcy distribution (1,294) —  (95) —  (1,199) —  (Gain) loss on debt extinguishment 21  —  —  —  21  (438) Transaction costs 17,404  8,887  7,541  976  —  —  Acquired inventory purchase price 27,040  27,040  —  —  —  —  Other adjustments (302) (270) (217) 81  104  5,461  Adjusted EBITDA $ 443,729  $ 148,916  $ 116,365  $ 126,041  $ 52,407  $ 44,339  Revenue $ 1,201,008  $ 360,062  $ 305,444  $ 313,476  $ 222,026  $ 213,060  Adjusted EBITDA Margin 37  % 41  % 38  % 40  % 24  % 21  % Adjusted Net Income (Loss) Reconciliation (Dollars in thousands except per share amounts) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Net income (loss) $ 33,353  $ 37,852  $ 48,739  $ 1,426  $ (29,117) Fair value adjustments, net 346  —  —  —  —  Foreign exchange loss (gain) 574  265  (2,247) (2,950) 484  (Gain) loss on sale of assets and securities 186  (102) 176  640  3,536  RMC bankruptcy distribution —  (95) —  (1,199) —  (Gain) loss on debt extinguishment —  —  —  21  (438) Transaction costs 8,887  7,541  976  —  —  Acquired inventory purchase price 27,040  —  —  —  —  Other adjustments (270) (217) 81  104  5,461  Tax effect of adjustments (10,230) 142  (568) (1,447) 1,053  Adjusted net income (loss) $ 59,886  $ 45,386  $ 47,157  $ (3,405) $ (19,021) Adjusted net income (loss) per share - Basic $ 0.12  $ 0.12  $ 0.12  $ (0.01) $ (0.05) Adjusted net income (loss) per share - Diluted $ 0.11  $ 0.11  $ 0.12  $ (0.01) $ (0.05) Consolidated Free Cash Flow Reconciliation (Dollars in thousands) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Cash flow from operations $ 67,635  $ 63,793  $ 111,063  $ 15,249  $ (15,871) Capital expenditures 50,002  47,720  41,980  51,405  42,083  Free cash flow $ 17,633  $ 16,073  $ 69,083  $ (36,156) $ (57,954) 21 Consolidated Operating Cash Flow Before Changes in Working Capital Reconciliation (Dollars in thousands) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Cash provided by (used in) operating activities $ 67,635  $ 63,793  $ 111,063  $ 15,249  $ (15,871) Changes in operating assets and liabilities: Receivables (3,945) (16) (1,616) (3,180) 5,316  Prepaid expenses and other (82,065) 408  352  (4,176) 639  Inventories 8,348  15,852  14,320  19,774  19,694  Accounts payable and accrued liabilities 63,743  (1,485) (37,187) (185) (40,385) Operating cash flow before changes in working capital $ 53,716  $ 78,552  $ 86,932  $ 27,482  $ 27,482  $ (30,607) Net Debt and Leverage Ratio (Dollars in thousands) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Total debt $ 498,269  $ 590,058  $ 605,183  $ 629,327  $ 585,552  Cash and cash equivalents (77,574) (55,087) (76,916) (74,136) (67,489) Net debt $ 420,695  $ 534,971  $ 534,971  $ 528,267  $ 555,191  $ 518,063  Net debt $ 420,695  $ 534,971  $ 528,267  $ 555,191  $ 518,063  Last Twelve Months Adjusted EBITDA $ 443,729  $ 339,152  $ 287,079  $ 191,686  $ 161,514  Leverage ratio 0.9  1.6  1.8  2.9  3.2  Reconciliation of Costs Applicable to Sales for Three Months Ended March 31, 2025 In thousands (except metal sales, per ounce or per pound amounts) Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 51,770  $ 52,884  $ 63,443  $ 49,627  $ 28,511  $ 946  $ 195,411  Amortization (8,936) (9,181) (14,907) (7,471) (1,474) (946) (42,915) Costs applicable to sales $ 42,834  $ 43,703  $ 48,536  $ 42,156  $ 27,037  $ —  $ 204,266  Inventory Adjustments (27,940) (164) (372) (339) (131) — (1,006) By-product credit — — — (36) (1,608) — (1,644) Adjusted costs applicable to sales $ 14,894  $ 43,539  $ 48,164  $ 41,781  $ 25,298  $ —  $ 201,616  Metal Sales Gold ounces 9,607  22,713  14,713  22,205  20,078  —  89,316  Silver ounces 923,723  1,636,386  1,282,010  —  50,034  —  3,892,153  Zinc pounds —  —  Lead pounds —  —  Revenue Split Gold 48  % 46  % 51  % 100  % 100  % Silver 52  % 54  % 49  % —  % Zinc —  % Lead —  % Adjusted costs applicable to sales Gold ($/oz) $ 744  $ 882  $ 1,670  $ 1,882  $ 1,260  $ 1,330  Silver ($/oz) $ 8.38  $ 14.37  $ 18.41  $ —  $ 14.28  Zinc ($/lb) $ —  $ —  Lead ($/lb) $ —  $ —  22 Reconciliation of Costs Applicable to Sales for Three Months Ended December 31, 2024 In thousands (except metal sales, per ounce or per pound amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 55,032  $ 67,406  $ 48,195  $ 23,665  $ 799  $ 195,097  Amortization (9,550) (15,858) (8,547) (1,607) (799) (36,361) Costs applicable to sales $ 45,482  $ 51,548  $ 39,648  $ 22,058  $ —  $ 158,736  Inventory Adjustments (76) (1,190) (182) (56) — (1,504) By-product credit — — 43 (1,680) — (1,637) Adjusted costs applicable to sales $ 45,406  $ 50,358  $ 39,509  $ 20,322  $ —  $ 155,595  Metal Sales Gold ounces 22,353  14,824  25,839  22,539  85,555  Silver ounces 1,596,875  1,570,448  54,000  —  3,221,323  Zinc pounds —  —  Lead pounds —  —  Revenue Split Gold 44  % 44  % 100  % 100  % Silver 56  % 56  % —  % Zinc —  % Lead —  % Adjusted costs applicable to sales Gold ($/oz) $ 894  $ 1,495  $ 1,529  $ 902  $ 1,192  Silver ($/oz) $ 15.92  $ 17.96  $ —  $ 16.93  Zinc ($/lb) $ —  $ —  Lead ($/lb) $ —  $ —  Reconciliation of Costs Applicable to Sales for Three Months Ended September 30, 2024 In thousands (except metal sales, per ounce or per pound amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 59,439  $ 49,640  $ 45,711  $ 34,198  $ 794  $ 189,782  Amortization (11,984) (10,231) (7,612) (2,419) (794) (33,040) Costs applicable to sales $ 47,455  $ 39,409  $ 38,099  $ 31,779  $ —  $ 156,742  Inventory Adjustments (572) (536) 50 (119) — (1,177) By-product credit — — 12 (1,332) — (1,320) Adjusted costs applicable to sales $ 46,883  $ 38,873  $ 38,161  $ 30,328  $ —  $ 154,245  Metal Sales Gold ounces 28,655  9,186  24,800  34,272  —  96,913  Silver ounces 1,860,976  1,098,407  —  45,118  —  3,004,501  Zinc pounds —  —  Lead pounds —  —  Revenue Split Gold 50  % 41  % 100  % 100  % Silver 50  % 59  % —  % Zinc —  % Lead —  % Adjusted costs applicable to sales Gold ($/oz) $ 818  $ 1,735  $ 1,539  $ 885  $ 1,113  Silver ($/oz) $ 12.60  $ 20.88  $ —  $ 15.67  Zinc ($/lb) $ —  $ —  Lead ($/lb) $ —  $ —  23 Reconciliation of Costs Applicable to Sales for Three Months Ended June 30, 2024 In thousands (except metal sales, per ounce or per pound amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 59,070  $ 45,225  $ 47,166  $ 20,181  $ 790  $ 172,432  Amortization (10,843) (8,570) (6,445) (1,067) (790) (27,715) Costs applicable to sales $ 48,227  $ 36,655  $ 40,721  $ 19,114  $ —  $ 144,717  Inventory Adjustments (252) (617) 55 (149) — (963) By-product credit — — 50 (1,760) — (1,710) Adjusted costs applicable to sales $ 47,975  $ 36,038  $ 40,826  $ 17,205  $ —  $ 142,044  Metal Sales Gold ounces 24,313  8,150  23,539  20,930  —  76,932  Silver ounces 1,542,395  985,269  65,063  —  2,592,727  Zinc pounds —  —  Lead pounds —  —  Revenue Split Gold 51  % 41  % 100  % 100  % Silver 49  % 59  % —  % Zinc —  % Lead —  % Adjusted costs applicable to sales Gold ($/oz) $ 1,006  $ 1,813  $ 1,734  $ 822  $ 1,264  Silver ($/oz) $ 15.24  $ 21.58  $ —  $ 17.71  Zinc ($/lb) $ —  $ —  Lead ($/lb) $ —  $ —  Reconciliation of Costs Applicable to Sales for Three Months Ended March 31, 2024 In thousands (except metal sales, per ounce or per pound amounts) Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 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  Inventory Adjustments (468) (3,555) (283) 198 — (4,108) By-product credit — — (34) (1,633) — (1,667) Adjusted costs applicable to sales $ 53,826  $ 23,444  $ 38,972  $ 23,980  $ —  $ 140,222  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  Zinc pounds —  —  Lead pounds —  —  Revenue Split Gold 56  % 43  % 100  % 100  % Silver 44  % 57  % —  % Zinc —  % Lead —  % Adjusted costs applicable to sales Gold ($/oz) $ 901  $ 1,630  $ 1,840  $ 1,165  $ 1,267  Silver ($/oz) $ 13.18  $ 18.17  $ —  $ 14.63  Zinc ($/lb) $ —  $ —  Lead ($/lb) $ —  $ —  24 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 25