CHICAGO--(BUSINESS WIRE)--Coeur Mining, Inc.'s ("Coeur†or the "Company†) (NYSE: CDE) Chairman, President and Chief Executive Officer, Mitchell J. Krebs, will present at Mining Forum Americas in Colorado Springs, Colorado on Monday, September 15, 2025 at 1:00 p.m. Mountain Time. Mining Forum Americas is an invitation-only investment conference. Presentation materials will be made available on the Company's website at www.coeur.com. About Coeur Coeur Mining, Inc. is a U.S.-based, well-diversifie. ...

Group 1 - The gold sector experienced a significant rise, with spot gold surpassing $3,560, marking a new historical high [1] - Notable stock performances include Harmony Gold (HMY.US) up over 7%, Royal Gold (RGLD.US) up 0.34%, Coeur Mining (CDE.US) up over 3%, New Gold (NGD.US) up over 1%, DRDGOLD (DRD.US) up over 5%, and Kinross Gold (KGC.US) up over 2% [1] - According to Tavi Costa from Crescat Capital, foreign central bank gold holdings have exceeded U.S. Treasury holdings for the first time since 1996 as gold prices reach record levels [1]

金价再创新高，带动美股黄金股盘前集体上涨，其中，哈莫尼黄金涨超7%，科尔黛伦矿业涨4.5%， | 代码 | 名称 | 最新价 | 涨跌幅 | 盘前涨跌幅 √ | | --- | --- | --- | --- | --- | | HIMY | 哈莫尼黄金 | 13.280 | 5.31% | 7.30% | | BGL | Blue Gold | 10.810 | -0.83% | 5.64% | | CDE | 科尔黛伦矿业 | 13.150 | 4.70% | 4.49% | | GAU | Galiano Gold | 2.170 | 2.36% | 3.69% | | NGD | New Gold | 5.900 | 3.87% | 3.39% | | EQX | Equinox Gold | 8.760 | 5.93% | 3.20% | | KGC | 令品前事令 | 20.900 | 3.36% | 3.01% | | PAAS | 泛美白银 | 33.920 | 3.01% | 2.92% | New Gold、DRDGOLD、金罗斯黄金涨超3%。 消息上，在现货市场上，现货黄金今日盘中涨破3 ...

Industry Overview - The Zacks Mining - Non Ferrous industry faces challenges due to metal price volatility, weak demand, and tariff uncertainties, alongside inflated costs, labor shortages, and supply-chain issues [1][4][5] - Despite these challenges, demand for non-ferrous metals is expected to be supported by the energy-transition trend, which may buoy the industry [1][6] Key Companies to Watch - Southern Copper Corporation (SCCO) is positioned for growth with significant copper reserves and ongoing investments exceeding $10.3 billion in Peru and $10.2 billion in Mexico [2][16] - Freeport-McMoRan Inc. (FCX) is expanding reserves and implementing new technologies, targeting an annual run rate of 300 million pounds of copper by year-end, with plans to increase to 800 million pounds in 3-5 years [2][21] - First Quantum Minerals (FQVLF) has received government approval for its Cobre Panamá mine and expects to achieve production targets of 160,000-190,000 tons of copper in 2025 [2][24] - Coeur Mining (CDE) has enhanced its position in the silver market through the acquisition of SilverCrest Metals, reporting a 79% year-over-year increase in silver production [2][28] - Centrus Energy (LEU) is pioneering High-Assay, Low-Enriched Uranium (HALEU) production, with a solid backlog of $3.6 billion in contracts and plans to expand production capacity [2][31] Market Performance - The Zacks Mining - Non Ferrous industry has underperformed compared to the Zacks Basic Materials sector and the S&P 500, with a collective loss of 7.5% over the past year [9] - The industry's current trailing 12-month EV/EBITDA ratio is 9.48X, significantly lower than the S&P 500's 17.81X and the Basic Materials sector's 13.85X [12] Future Outlook - The demand for non-ferrous metals is expected to remain high, driven by sectors such as transportation, construction, and renewable energy, particularly for metals like copper and nickel [6] - The industry is facing a potential future deficit in metal supply due to depleting resources and declining production from old mines, which may eventually bolster metal prices [4][6]

Technical Analysis - Coeur Mining (CDE) has reached an important support level and surpassed resistance at the 20-day moving average, indicating a short-term bullish trend [1] - The 20-day simple moving average is a popular tool among traders, providing insights into short-term price trends and trend reversals [1][2] Earnings Estimates - Positive earnings estimate revisions for CDE strengthen the bullish case, with no lowered estimates in the past two months and three raised estimates for the current fiscal year [3] - The consensus earnings estimate for CDE has also increased, suggesting potential for further gains [3] Stock Performance - CDE shares have increased by 42.5% over the past four weeks, indicating strong upward momentum [4] - The company currently holds a Zacks Rank 3 (Hold), suggesting the potential for continued stock price appreciation [4]

Financial Data and Key Metrics Changes - Free cash flow reached $146 million, enabling the repayment of the remaining balance on a revolving credit facility and funding initial share repurchases, resulting in a higher cash balance at quarter end [3][17] - Adjusted EBITDA is updated to over $800 million for the full year, with free cash flow expected to exceed $400 million [3][17] - Consolidated gold and silver production increased by 2527% respectively compared to the last quarter, totaling 108,000 ounces of gold and 4.7 million ounces of silver [5][6] - Total adjusted cash per ounce for gold and silver decreased by 56% respectively compared to the last quarter [5] Business Line Data and Key Metrics Changes - At Los Chispas, silver production reached nearly 1.5 million ounces and gold production added 16,000 ounces, both exceeding annual guidance levels [6] - Palmarejo generated $42 million of free cash flow, driven by gold and silver production increases of 186% respectively compared to the first quarter [6] - Rochester saw silver and gold production increase by 137% respectively compared to the prior quarter and by 5079% compared to last year's second quarter [7] - Kensington achieved a 17% quarter-over-quarter production increase, generating $20 million of free cash flow [8] - Wharf's quarterly gold production increased by 18% to over 24,000 ounces, leading to free cash flow of $38 million [9] Market Data and Key Metrics Changes - The company reaffirmed its overall production and cost guidance for 2025, anticipating a stronger second half of production growth and higher margins [4] - The adjusted EBITDA margin reached 51%, more than double the margin from the same time last year [16] Company Strategy and Development Direction - The company is focused on brownfield exploration potential around existing sites, with a significant increase in land positions around each asset [28] - The exploration program at Los Chispas is delivering promising results, with a focus on extending and infilling known veins [10][11] - The company aims to maintain a six-year mine life at Los Chispas while exploring opportunities for production growth [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a net cash position by year-end, supported by strong cash flow and a solid balance sheet [3][17] - The company anticipates generating second half free cash flow of between $250 million to $300 million based on updated pricing forecasts [18] - Management highlighted the importance of maintaining operational flexibility and efficiency across all sites [58] Other Important Information - The company fully repaid the $110 million balance on its revolving credit facility, a quarter ahead of schedule [17] - Cash and cash equivalents increased by 44% versus Q1 to $112 million [17] - The company is implementing a $75 million share buyback program as part of its return of capital strategy [17] Q&A Session Summary Question: Is there an opportunity to accelerate Silvertip into a development project? - Management indicated a five-year timeframe for Silvertip but noted potential to shorten it due to supportive measures for critical minerals projects in Canada [26][27] Question: What are the biggest items to drive production growth? - Management emphasized brownfield exploration potential across existing sites, with significant opportunities at Wharf, Palmarejo, Kensington, and Las Chispas [28][29] Question: Clarification on free cash flow and tax implications? - Management confirmed that Mexico will continue to pay quarterly taxes, while the U.S. will maintain a zero tax rate due to net operating losses [35][38] Question: Insights on the share buyback program and Las Chispas exploration? - Management described the buyback program as having both discretionary and non-discretionary components, with plans to increase repurchase activity post-second quarter results [47][48] - Exploration at Las Chispas is focused on high-grade blocks, with positive results expected to support mine life and production growth [50][55]

Financial Highlights - The company achieved record quarterly net income, free cash flow, and adjusted EBITDA [6] - The company repaid the remaining revolver balance, reducing the net leverage ratio to 04x [7] - Initial share repurchases were completed under a $75 million program [8] - Revenue increased by 117% year-over-year to $4807 million [26] - Adjusted EBITDA margin was 51%, a 27% increase year-over-year [26] - Free cash flow reached $1461 million [26] Production and Operations - Rochester crushed ore tons increased 24% versus the prior quarter [8] - Full-year production and CAS guidance were reaffirmed [8] - Rochester's expansion is expected to result in >70% production increases and >20% lower expected costs [16] - The company's combined operations reflect a more balanced, US-centric portfolio, with revenue mix of ~67% gold and ~33% silver [12, 13] Exploration and Investment - The company is sustaining a higher level of exploration investment, with significant investments at Palmarejo, Las Chispas, and Silvertip [21, 22] - Total exploration investment is projected to be between $77 million and $93 million [23]

[Key Highlights & Financial Summary](index=1&type=section&id=Key%20Highlights%20%26%20Financial%20Summary) Coeur Mining reported record Q2 2025 financial results, driven by significant production increases and higher metal prices, achieving record revenue, operating cash flow, and net income, which enabled debt repayment and a share repurchase program Q2 2025 Financial Performance Highlights | Metric | Q2 2025 ($M) | Q1 2025 ($M) | Q2 2024 ($M) | | :--- | :--- | :--- | :--- | | Revenue | $480.7M | $360.1M | $222.0M | | Net Income | $70.7M | $33.4M | $1.4M | | Adjusted EBITDA | $243.5M | $148.9M | $52.4M | | Operating Cash Flow | $207.0M | $67.6M | $15.2M | | Free Cash Flow | $146.2M | $17.6M | ($36.2M) | - Production saw substantial year-over-year growth, with silver production increasing by **79%** and gold production by **38%**[3](index=3&type=chunk) - Quarter-over-quarter, silver and gold production rose by **27%** and **25%**, respectively[3](index=3&type=chunk) - The company strengthened its balance sheet by repaying the remaining **$110 million** on its revolving credit facility (RCF), reducing its net leverage ratio to **0.4x**[3](index=3&type=chunk) - A **$75 million** share repurchase program was authorized, with **216,500** shares repurchased during the quarter at an average price of **$9.24** per share[3](index=3&type=chunk) - Full-year 2025 guidance was reaffirmed for production of **380,000 - 440,000 ounces** of gold and **16.7 - 20.3 million ounces** of silver[3](index=3&type=chunk) [Operations Review](index=5&type=section&id=Operations) All five North American operations achieved strong production increases and positive free cash flow in Q2, with significant contributions from the newly acquired Las Chispas and successful ramp-up at Rochester, alongside solid performance from Palmarejo, Kensington, and Wharf [Las Chispas, Mexico](index=5&type=section&id=Las%20Chispas%2C%20Mexico) The Las Chispas mine, in its first full quarter, produced **16,271 ounces of gold** and **1.5 million ounces of silver**, generating **$49.4 million in free cash flow**, with exploration focused on expanding high-grade discoveries Las Chispas Q2 2025 Performance | Metric | Q2 2025 | | :--- | :--- | | Gold Production (oz) | 16,271 | | Silver Production (oz) | 1,488,672 | | Adjusted CAS per AuOz ($/oz) | $894 | | Adjusted CAS per AgOz ($/oz) | $8.94 | | Free Cash Flow ($M) | $49.4M | - Exploration investment totaled approximately **$3 million**, with up to eight rigs active[18](index=18&type=chunk) - The high-grade Augusta discovery has been traced over **320 meters** along strike, consistently yielding high-grade intercepts[18](index=18&type=chunk) [Palmarejo, Mexico](index=6&type=section&id=Palmarejo%2C%20Mexico) The Palmarejo complex produced **27,272 ounces of gold** and **1.7 million ounces of silver**, with free cash flow surging to **$42.3 million**, driven by higher grades and throughput, while exploration focuses on expanding the Hidalgo Corridor Palmarejo Q2 2025 Performance | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Gold Production (oz) | 27,272 | 23,032 | | Silver Production (K oz) | 1,741 | 1,680 | | Adjusted CAS per AuOz ($/oz) | $888 | $882 | | Adjusted CAS per AgOz ($/oz) | $14.39 | $14.37 | | Free Cash Flow ($M) | $42.3M | $2.8M | - Exploration investment was approximately **$4 million**[27](index=27&type=chunk) - Drilling at the Hidalgo Corridor continues to deliver excellent results, extending the strike length by an additional **350 meters** year-to-date[27](index=27&type=chunk) [Rochester, Nevada](index=8&type=section&id=Rochester%2C%20Nevada) The Rochester expansion project showed continued progress with crushed ore tons increasing **24%** to **6.7 million tons**, driving higher production of **1.5 million silver ounces** and **14,302 gold ounces**, and returning to positive free cash flow of **$15.1 million** Rochester Q2 2025 Performance | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Silver Production (K oz) | 1,456 | 1,284 | | Gold Production (oz) | 14,302 | 13,353 | | Adjusted CAS per AgOz ($/oz) | $16.83 | $18.41 | | Adjusted CAS per AuOz ($/oz) | $1,675 | $1,670 | | Free Cash Flow ($M) | $15.1M | ($21.9M) | - The crushing circuit processed **6.7 million tons**, a **24%** increase from the **5.5 million tons** in the previous quarter, reflecting steady increases in circuit availability[33](index=33&type=chunk) [Kensington, Alaska](index=10&type=section&id=Kensington%2C%20Alaska) Kensington's gold production increased to **26,555 ounces**, with adjusted CAS decreasing to **$1,713** per ounce, generating **$19.7 million in free cash flow**, marking the end of a multi-year underground development program Kensington Q2 2025 Performance | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Gold Production (oz) | 26,555 | 22,715 | | Adjusted CAS per AuOz ($/oz) | $1,713 | $1,882 | | Free Cash Flow ($M) | $19.7M | ($9.6M) | - Exploration drilling is progressing well, with a newly-discovered Elmira Hanging Wall Zone expected to be included in year-end resource estimates for the first time[39](index=39&type=chunk) [Wharf, South Dakota](index=11&type=section&id=Wharf%2C%20South%20Dakota) The Wharf mine increased gold production by **18%** to **24,087 ounces**, leading to a **7%** decrease in adjusted CAS to **$1,175** per ounce and a substantial increase in free cash flow to **$37.8 million** Wharf Q2 2025 Performance | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Gold Production (oz) | 24,087 | 20,491 | | Adjusted CAS per AuOz ($/oz) | $1,175 | $1,260 | | Free Cash Flow ($M) | $37.8M | $8.3M | - Exploration investment totaled **$4 million**[49](index=49&type=chunk) - Expansion and infill drilling programs at Wedge and North Foley were completed and are expected to contribute meaningfully to year-end reserve and resource estimates[49](index=49&type=chunk) [Exploration](index=13&type=section&id=Exploration) The company invested approximately **$30 million** in Q2 exploration, with total 2025 investment expected between **$77 million** and **$93 million**, prioritizing resource expansion at Palmarejo, higher-grade zone definition at Rochester, and geological knowledge building at Las Chispas - Total Q2 exploration investment was approximately **$30 million**, consisting of **$23 million** expensed and **$7 million** capitalized[52](index=52&type=chunk) - Top exploration priorities for 2025 are: (1) building the inferred pipeline at Palmarejo, (2) outlining higher-grade structures at Rochester, (3) maintaining a **5-year** reserve life at Kensington, (4) completing expansion programs at Wharf, (5) growing the resource base at Silvertip, and (6) building knowledge of Las Chispas[51](index=51&type=chunk) - At the Silvertip project, exploration investment was **$9 million** in Q2, with drilling commencing in May on three targets: Southern Silver, Discovery, and Saddle Zones[53](index=53&type=chunk) [2025 Guidance](index=14&type=section&id=2025%20Guidance) Coeur reaffirmed its full-year 2025 production and CAS guidance while updating sustaining capital expenditures and G&A expenses to reflect a **$10 million** cash funding decision and non-cash incentive compensation due to strong share price performance 2025 Production Guidance (Ounces) | Mine | Gold (oz) | Silver (K oz) | | :--- | :--- | :--- | | Las Chispas | 42,500 - 52,500 | 4,250 - 5,250 | | Palmarejo | 95,000 - 105,000 | 5,400 - 6,500 | | Rochester | 60,000 - 75,000 | 7,000 - 8,300 | | Kensington | 92,500 - 107,500 | — | | Wharf | 90,000 - 100,000 | 50 - 200 | | **Total** | **380,000 - 440,000** | **16,700 - 20,250** | 2025 Adjusted CAS Guidance ($/oz) | Mine | Gold ($/oz) | Silver ($/oz) | | :--- | :--- | :--- | | Las Chispas | $850 - $950 | $9.25 - $10.25 | | Palmarejo | $950 - $1,150 | $17.00 - $18.00 | | Rochester | $1,250 - $1,450 | $14.50 - $16.50 | | Kensington | $1,700 - $1,900 | — | | Wharf | $1,250 - $1,350 | — | Updated 2025 Capital, Exploration & G&A Guidance ($M) | Category | Previous ($M) | Updated ($M) | | :--- | :--- | :--- | | Capital Expenditures, Sustaining | $132 - $156 | $142 - $156 | | General & Administrative Expenses | $44 - $48 | $48 - $52 | [Financial Statements](index=18&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q2 2025, including the Balance Sheet, Income Statement, and Cash Flow Statement, reflecting the significant impact of the SilverCrest acquisition and strong operational performance [Condensed Consolidated Balance Sheets](index=18&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$4.15 billion** from **$2.30 billion** due to the SilverCrest acquisition, with cash increasing to **$111.6 million** and total debt reduced to **$380.7 million** Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $111,646 | $55,087 | | Total Assets | $4,150,950 | $2,301,747 | | Total Current Liabilities | $327,674 | $330,820 | | Total Debt (Current & Non-Current) | $380,722 | $590,058 | | Total Stockholders' Equity | $2,828,387 | $1,123,252 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=19&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) For Q2 2025, the company generated revenue of **$480.7 million**, more than double the prior year, resulting in a net income of **$70.7 million**, or **$0.11 per share**, a significant improvement from Q2 2024 Q2 Income Statement Comparison (in thousands) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $480,650 | $222,026 | | Total costs and expenses | $340,542 | $205,350 | | Income from operations | $140,108 | $16,676 | | Net Income | $70,726 | $1,426 | | Basic EPS | $0.11 | $0.00 | [Condensed Consolidated Statements of Cash Flows](index=20&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated a record **$207.0 million** in cash from operating activities in Q2 2025, with **$60.6 million** used in investing activities and **$112.8 million** used in financing activities, primarily for debt and lease payments Q2 Cash Flow Comparison (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cash from Operating Activities | $206,951 | $15,249 | | Cash used in Investing Activities | ($60,573) | ($51,553) | | Cash from (used in) Financing Activities | ($112,772) | $43,316 | | Increase in Cash | $34,102 | $6,651 | [Appendix: Non-GAAP Reconciliations](index=21&type=section&id=Appendix%3A%20Non-GAAP%20Reconciliations) This appendix provides detailed reconciliations of non-U.S. GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, and Adjusted Costs Applicable to Sales (CAS), to their nearest U.S. GAAP equivalents, offering transparency into various adjustments - The report provides reconciliations for key non-GAAP measures including EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, and Adjusted Costs Applicable to Sales (CAS) per ounce[64](index=64&type=chunk)[67](index=67&type=chunk) Net Debt and Leverage Ratio Trend | Metric | 2Q 2025 | 1Q 2025 | 2Q 2024 | | :--- | :--- | :--- | :--- | | Total debt ($M) | $380.7M | $498.3M | $629.3M | | Net debt ($M) | $269.1M | $420.7M | $555.2M | | Leverage ratio (x) | 0.4x | 0.9x | 2.9x | - Detailed reconciliations of Costs Applicable to Sales (CAS) to Adjusted CAS are provided for each operation, breaking down adjustments for amortization, inventory, and by-product credits to arrive at the per-ounce cost metrics[84](index=84&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk)

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Coeur Mining, Inc. for the period ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Details the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $526,309 | $273,099 | | Cash and cash equivalents | $111,646 | $55,087 | | **Total Assets** | **$4,150,950** | **$2,301,747** | | Goodwill | $613,355 | $0 | | **Total Current Liabilities** | $327,674 | $330,820 | | **Total Liabilities** | $1,322,563 | $1,178,495 | | **Total Stockholders' Equity** | $2,828,387 | $1,123,252 | | **Total Liabilities and Stockholders' Equity** | **$4,150,950** | **$2,301,747** | - Total assets **significantly increased** from **$2.3 billion** to **$4.15 billion**, primarily **driven by** the acquisition of SilverCrest, which added **$613.4 million** in goodwill and increased property, plant, and equipment[11](index=11&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Presents the company's financial performance, including revenue and net income (loss), for the periods ended June 30, 2025 and 2024 Statement of Comprehensive Income (Loss) Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$480,650** | **$222,026** | **$840,712** | **$435,086** | | Income from operations | $140,108 | $16,676 | $202,264 | $13,319 | | **Net Income (Loss)** | **$70,726** | **$1,426** | **$104,079** | **$(27,691)** | | **Diluted EPS** | **$0.11** | **$0.00** | **$0.18** | **$(0.07)** | - Revenue for the second quarter of 2025 **more than doubled** year-over-year to **$480.7 million**, leading to a **substantial increase** in net income to **$70.7 million** compared to **$1.4 million** in the prior-year period[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Details cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | **$274,586** | **$(622)** | | Net cash provided by (used in) investing activities | $(7,269) | $(93,679) | | Net cash provided by (used in) financing activities | $(210,925) | $107,135 | | **Increase in cash, cash equivalents and restricted cash** | **$56,596** | **$12,513** | - Operating cash flow for the first six months of 2025 was a **strong inflow** of **$274.6 million**, a **significant turnaround** from a small outflow in the same period of 2024. Financing activities showed a **net use** of cash of **$210.9 million**, primarily due to debt repayments of **$357.0 million**[13](index=13&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies and methodologies used in preparing the financial statements - On February 14, 2025, the Company completed the acquisition of SilverCrest Metals Inc. in exchange for approximately **239.3 million common shares**, with an implied total equity value of **$1.58 billion**. The transaction was accounted for as a business combination[29](index=29&type=chunk)[30](index=30&type=chunk) Preliminary Purchase Price Allocation for SilverCrest Acquisition (in thousands) | Component | Amount | | :--- | :--- | | **Total purchase price** | **$1,518,211** | | Net identifiable assets acquired | $904,856 | | **Goodwill** | **$613,355** | - The Revolving Credit Facility (RCF) was **fully repaid** during the quarter, with **no outstanding** draws as of June 30, 2025, compared to **$195.0 million** outstanding at the end of 2024[51](index=51&type=chunk)[53](index=53&type=chunk) - The company **initiated** a **$75.0 million** share repurchase program on May 27, 2025. During June 2025, **216,500 shares** were repurchased for approximately **$2.0 million**, leaving **$73.0 million** available under the program[95](index=95&type=chunk)[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, highlighting **record** revenue, cash flow, and balance sheet improvements - Q2 2025 was a **record quarter** with revenue of **$480.7 million**, net income of **$70.7 million**, and **record free cash flow** of **$146 million**[117](index=117&type=chunk) - The company strengthened its balance sheet by repaying the remaining **$110 million** on its revolving credit facility (RCF), resulting in a net leverage ratio of **0.4x** at quarter-end[117](index=117&type=chunk) - Full-year 2025 production guidance is **reaffirmed** at **380,000 - 440,000 ounces** of gold and **16.7 - 20.3 million ounces** of silver[117](index=117&type=chunk) [Consolidated Financial Results](index=28&type=section&id=Consolidated%20Financial%20Results) Provides a comparative analysis of financial results, highlighting significant revenue growth and improved net income Consolidated Metal Sales (in thousands) | Period | Gold Sales | Silver Sales | Total Metal Sales | | :--- | :--- | :--- | :--- | | **Q2 2025** | $323,114 | $157,536 | $480,650 | | **Q1 2025** | $235,327 | $124,735 | $360,062 | | **% Change** | 37% | 26% | 33% | - The increase in Q2 2025 revenue was **driven by** a **20% increase** in gold and silver ounces sold and a **15%** and **5% increase** in average realized gold and silver prices, respectively, compared to Q1 2025[120](index=120&type=chunk) - For the first six months of 2025, revenue increased **93% year-over-year**, **driven by** a **24% increase** in gold ounces sold, a **65% increase** in silver ounces sold, and a **47%** and **32% increase** in realized gold and silver prices, respectively[130](index=130&type=chunk) [2025 Guidance](index=32&type=section&id=2025%20Guidance) The company reaffirmed 2025 production and cost guidance while updating capital and G&A expense guidance 2025 Production Guidance | Metal | Production Range | | :--- | :--- | | Gold (oz) | 380,000 - 440,000 | | Silver (K oz) | 16,700 - 20,250 | 2025 Capital, Exploration and G&A Guidance Update ($M) | Category | Previous | Updated | | :--- | :--- | :--- | | Capital Expenditures, Sustaining | $132 - $156 | $142 - $156 | | General & Administrative Expenses | $44 - $48 | $48 - $52 | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Details the operational performance of each mine, highlighting significant production increases from key sites Q2 2025 Production by Mine | Mine | Gold Ounces Produced | Silver Ounces Produced | | :--- | :--- | :--- | | Las Chispas | 16,271 | 1,488,672 | | Palmarejo | 27,272 | 1,740,952 | | Rochester | 14,302 | 1,456,326 | | Kensington | 26,555 | - | | Wharf | 24,087 | 36,244 | - Las Chispas results reflect a full quarter of operations in Q2 vs. a partial quarter in Q1 post-acquisition, with gold and silver production increasing **127%** and **108%** respectively[149](index=149&type=chunk) - Rochester's ramp-up is progressing, with **6.7 million tons** of crushed ore placed on the new leach pad in Q2, a **24% increase** compared to Q1[156](index=156&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a **strong liquidity position** with increased cash and available credit, improving its net leverage ratio - At quarter-end, the company had **$113.5 million** in cash, cash equivalents, and restricted cash, with **$379.8 million** available under the RCF[166](index=166&type=chunk) - The company **fully repaid** its RCF, with net repayments of **$195.0 million** during the first six months of 2025[166](index=166&type=chunk) - The company's net leverage ratio (Net Debt to Last Twelve Months Adjusted EBITDA) **improved** to **0.4x** as of June 30, 2025[167](index=167&type=chunk) [Non-GAAP Financial Performance Measures](index=41&type=section&id=Non-GAAP%20Financial%20Performance%20Measures) Provides definitions and reconciliations for non-GAAP measures like Adjusted EBITDA and Free Cash Flow Key Non-GAAP Reconciliations (Q2 2025, in thousands) | Metric | Amount | | :--- | :--- | | Net Income | $70,726 | | **Adjusted Net Income** | **$127,401** | | EBITDA | $202,993 | | **Adjusted EBITDA** | **$243,481** | | Cash flow from operations | $206,951 | | **Free Cash Flow** | **$146,144** | [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from fluctuating metal prices, foreign currency, and interest rates - The company's **primary market risk** is the fluctuation of gold and silver prices, which can significantly impact profitability, cash flow, and the valuation of inventory and assets[213](index=213&type=chunk) - As of June 30, 2025, the company had **no outstanding** gold or silver hedging contracts. It acquired some zero-cost collar hedges with the SilverCrest acquisition, but they settled by March 2025[217](index=217&type=chunk) - The company has exposure to foreign currency risk from its operations in Canada and Mexico. It may use forward contracts to manage this risk but had **none outstanding** at June 30, 2025[220](index=220&type=chunk)[221](index=221&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were **effective**, with **no material changes** to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[225](index=225&type=chunk) - There were **no changes** in the company's internal control over financial reporting during the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, its internal controls[226](index=226&type=chunk) [Part II. Other Information](index=50&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, risk factors, and other material information not included in the financial statements [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 17 for details on legal proceedings, including VAT recovery litigation and labor matters - For details on legal proceedings, the report refers to Note 17 of the financial statements[228](index=228&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) **No material changes** to previously disclosed risk factors from the 2024 10-K and Q1 2025 10-Q - The risk factors set forth in the 2024 10-K, as supplemented by the Q1 2025 10-Q, remain current. **No new significant risks** are disclosed in this report[229](index=229&type=chunk) [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) Discloses CEO Mitchell J. Krebs adopted a new Rule 10b5-1 trading plan for potential stock sales - On June 6, 2025, CEO Mitchell J. Krebs adopted a new 10b5-1 trading plan for the sale of up to **250,000 shares** of common stock, **effective** from September 5, 2025, to February 15, 2026[231](index=231&type=chunk)

Group 1 - Coeur Mining (CDE) is currently outperforming its peers in the Basic Materials sector, with a year-to-date return of approximately 70.5% compared to the sector average of 11.7% [4] - The Zacks Rank for Coeur Mining is 1 (Strong Buy), indicating a positive earnings outlook and strong analyst sentiment, with a consensus estimate for full-year earnings having increased by 57.6% in the past quarter [3][4] - Coeur Mining belongs to the Mining - Non Ferrous industry, which has seen a decline of about 1.1% year-to-date, further highlighting CDE's strong performance relative to its industry [6] Group 2 - Another notable stock in the Basic Materials sector is US Gold Corp (USAU), which has achieved a year-to-date return of 82.7% and has a Zacks Rank of 2 (Buy) [5] - The Mining - Gold industry, to which US Gold Corp belongs, has performed well with a year-to-date increase of 69%, although it is ranked 55 in the Zacks Industry Rank [6] - Investors interested in Basic Materials stocks should monitor both Coeur Mining and US Gold Corp for continued strong performance [7]