Results
1Record results driven by the first full quarter with New Afton and Rainy River; cash more than doubles since year-end to $1.1 billion; initiated enhanced capital return program; 2026 guidance updated to reflect lower prices and adjustments to New Afton and Rainy RiverGuidance lowered
Chicago, Illinois - August 5, 2026 - Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today reported record second quarter 2026 financial results, including record revenue of $1.1 billion and cash flow from operating activities of $513 million.
The Company reported quarterly GAAP net income of $122 million, or $0.12 per share.
On an adjusted basis 1 , Coeur reported record quarterly adjusted EBITDA 1 of $478 million, record cash flow from operating activities before changes in working capital of $513 million and net income of $123 million, or $0.12 per share.
Financial results in the quarter, including adjusted EBITDA 1 and net income, were affected by a non-cash impact of $140 million, or $(0.10) per share, due to purchase price allocation accounting for Rainy River’s stockpile inventory.
Key Highlights
4Record financial results despite lower realized prices – Record revenue of $1.1 billion increased 27% quarter over quarter and 126% year over year, record adjusted EBITDA 1 of $478 million was slightly higher quarter over quarter and increased 124% year over year, and free cash flow 1 of $388 million increased 45% quarter over quarter and 165% year over year.
Average realized gold and silver prices declined 6% and 14% quarter over quarter, respectively, to $4,140 per gold ounce and $71.18 per silver ounce.
Average realized prices in June were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce.
Silver contributed 30% of the Company’s revenue in the quarter
6Solid production balanced across portfolio, including record gold output – Quarterly gold production reached a record 163,490 ounces, representing a 51% increase year over year and 69% increase quarter over quarter, reflecting the first full quarter of contributions from the recently-acquired New Afton and Rainy River operations and a near doubling of Wharf’s gold production from the prior quarter.
Quarterly silver production of 4.4 million ounces was flat quarter over quarter and down 7% year over year, partially driven by lower silver grades at Rochester and Palmarejo and offset by record crusher performance at Rochester
Capital return
7Growing liquidity and robust capital returns – Coeur’s $1.1 billion quarter-end cash balance was nearly ten times higher than the prior-year quarter-end and double the year-end 2025 cash balance.
Since the commencement of the enhanced capital return program in mid-May, Coeur has repurchased $121 million of common stock, or 6.7 million shares, through July 31, and issued payment of an inaugural $0.02 per share semi-annual dividend in June.
The Company also eliminated $39 million of capital leases in the quarter
Outlook
Record expected full-year production and financial results; adjustments to partial-year guidance ranges at new Canadian operations – Based on the mid-point of refined 2026 guidance ranges and updated metals price assumptions, the Company now expects to produce approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper and generate record full-year adjusted EBITDA 1 of $2.3 billion and free cash flow 1 of $1.5 billion.Guidance raised
Coeur’s five legacy operations remain on track to achieve their prior stated full-year guidance while partial-year guidanceGuidance reaffirmed
2updates at the two new Canadian operations reflect slightly slower than previously assumed ramp-up rates at New Afton’s C-Zone and Rainy River’s underground operations in 2026Guidance lowered
Management commentary
“Record second quarter results reflected the growing momentum from the platform of North American precious metals assets we’ve built through a combination of disciplined investments in organic growth and two well-timed acquisitions,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer.
“Results were largely driven by the first full quarter of contribution from the newly acquired, lower-cost New Afton and Rainy River operations along with steady performance from our five other North American assets despite lower grades at three of our legacy operations.
8Most notably, Rochester achieved a 15% quarter-over-quarter increase in tonnes crushed to a quarterly record of 6.8 million tonnes, and Wharf nearly doubled its production.
3The second quarter also marked the launch of our enhanced capital return policy with $121 million of share repurchases made through the end of July and an inaugural dividend paid in June, all while significantly bolstering our cash levels to over $1.0 billion at quarter-end.
Outlook
“Integration efforts since our acquisition of New Gold closed in late March have continued to progress according to plan.
After operating Rainy River and New Afton for a full quarter, we are refining our partial-year 2026 guidance ranges at both new Canadian operations to reflect more achievable ramp-up timetables for underground mining activities at Rainy River and the development of the new C-Zone at New Afton this year.Guidance lowered
Full-year production and cost guidance ranges remain unchanged at all five of our legacy operations.Guidance reaffirmed
“As we look to the second half of our back-weighted year, we expect sharp increases in our production levels and free cash flow to drive record full-year 2026 results despite lower assumed metals prices relative to the first half of the year.
5Compared to 2025, we anticipate delivering strong double-digit gold and silver production increases and generating approximately $2.3 billion of adjusted EBITDA 1 (compared to $1.0 billion in 2025) and $1.5 billion of free cash flow 1 (compared to $666 million in 2025) with a year-end cash balance approaching $2.0 billion.”
Results
Financial and Operating Highlights (Unaudited)
Financial Results
Second quarter 2026 revenue totaled $1.1 billion compared to $856 million in the prior period and $481 million in the second quarter of 2025.
The Company produced 163,490 ounces of gold, 4.4 million ounces of silver and 11.4 million pounds of copper during the quarter.
Metal sales for the quarter totaled 167,877 ounces of gold, 4.5 million ounces of silver and 11.3 million pounds of copper.
Average realized gold, silver and copper prices for the quarter were $4,140 per ounce of gold, $71.18 per ounce of silver and $6.11 per pound of copper compared to $4,383 per ounce of gold, $82.85 per ounce of silver and $5.55 per pound of copper in the prior period and $3,021 and $33.72 per ounce of gold and silver in the second quarter of 2025.
Gold, silver and copper sales represented 64%, 30% and 6% of quarterly revenue, respectively.
The Company’s U.S. and Canadian operations accounted for approximately 68% of second quarter revenue.
Adjusted costs applicable to sales per ounce 1 of gold and silver were $2,442 and $22.99, respectively, compared to $2,032 and $20.01 in the prior period.
Adjusted CAS 1 per gold ounce includes the non-cash impact of the $140 million related to purchase price allocation ascribed to inventory, which added $834 per ounce to the gold CAS 1 .
General and administrative expenses increased 5% quarter-over-quarter to $23 million, due primarily to the inclusion of personnel costs associated with the acquired New Gold operations.
Coeur invested approximately $44 million ($34 million expensed and $10 million capitalized) in exploration during the quarter compared to approximately $32 million ($26 million expensed and $6 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 $93 million during the second quarter.
Cash income and mining taxes paid during the period totaled approximately $106 million, primarily reflecting income and mining tax payments in Mexico and the United States.
Quarterly operating cash flow increased to $513 million from $341 million in the prior period, primarily due to a full quarter of contributions from New Afton and Rainy River, partially offset by lower realized metal prices.
Changes in working capital remained flat quarter over quarter.
Second quarter capital expenditures were $126 million compared to $74 million in the prior period.
Sustaining and development capital expenditures accounted for approximately $105 million and $21 million, or 83% and 17%, respectively, of Coeur’s total capital investment during the quarter and included approximately $26 million of capitalized stripping costs at Rainy River.
Operations
Second quarter 2026 highlights for each of the Company’s operations are provided below.
Gold and copper production in the second quarter totaled 14,059 ounces and 11.4 million pounds, respectively, compared to 1,605 gold ounces and 1.3 million pounds in the prior period, which reflected eleven days of production following the closing of the New Gold transaction on March 20, 2026
Management commentary
Production was affected by lower than planned mining rates as a result of the continued ramp-up of C-Zone cave growth during the quarter after completion of construction activities in April
Outlook
Mining rates averaged approximately 12,000 tonnes per day during the quarter, further increasing to approximately 14,000 tonnes per day in the final week of July.
Mining rates are expected to increase to 16,000 tonnes per day from the C-Zone beginning early in the fourth quarter of 2026
Results
Financial
Copper and gold accounted for approximately 52% and 48% of revenue during the quarter, respectively
Second quarter adjusted CAS 1 for copper and gold on a by-product basis totaled $2.33 and $1,766 per pound and ounce, respectively
Free cash flow 1 in the second quarter totaled $51 million
Exploration
Outlook
Key exploration goals for 2026 include infill drilling of inferred resources in the K-Zone resource cave shape, expansion of the overall measured, indicated and inferred resources in the K-Zone and testing the Southern Picrite trend
Results
Exploration investment in the second quarter totaled approximately $5 million (substantially all expensed) and focused primarily on expanding the K-Zone to the southeast and west, while also advancing the scout drilling of a new target area, the Southern Picrite trend.
The footprint of the K-Zone has been extended by more than 300 meters since the acquisition, while scout drilling has intersected porphyry-style mineralization
Outlook
Guidance
The Company has revised New Afton’s 2026 production and cost guidance ranges to reflect a slightly slower assumed ramp-up of C-Zone mining ratesGuidance lowered
Prorated production reflecting nine months of contributions is expected to be 50,000 - 60,000 ounces of gold (previously 60,000 - 80,000 ounces), 40 - 50 million pounds of copper (previously 50 - 65 million pounds), and 100,000 - 180,000 ounces of silver (previously 130,000 - 180,000 ounces)Guidance lowered
Prorated adjusted CAS 1 reflecting nine months of results are expected to be $1,300 - $1,600 per gold ounce (previously $1,000 - $1,200 per ounce) and $2.00 - $2.30 per pound of copper (previously $1.20 - $1.35 per pound), which reflects lower expected production levels and includes $175 per ounce of gold and $0.24 per pound of copper of non-cash impacts relating to the purchase price allocation ascribed to short-term inventoryGuidance raised
Prorated capital expenditures reflecting nine months of ownership are expected to be $51 - $61 million, which are unchanged from the previous guidance rangeGuidance reaffirmed
Prorated exploration investment reflecting nine months of activity is expected to be $19 - $23 million ($17 - $19 million expensed and $2 - $4 million capitalized), which is unchanged from the previous guidance rangeGuidance reaffirmed
Rainy River, Canada
Results
Gold production in the second quarter totaled 64,042 ounces compared to 12,494 gold ounces in the prior period, which reflected eleven days of production following the closing of the New Gold transaction on March 20, 2026
Management commentary
Production was driven by strong mining rates in the open pit, as Phase 4 approaches expected completion at the end of 2026.
Stripping and mining of Phase 5 of the open pit is progressing ahead of schedule
Results
Underground production rates averaged approximately 2,300 tonnes per day during the quarter, which were below plan due to short-term execution challenges by the underground mining contractor.
Underground production rates increased approximately 40% during July to approximately 3,300 tonnes per day and are expected to ramp up to 5,000 tonnes per day by year-end
Financial
Second quarter adjusted CAS 1 for gold on a by-product basis totaled $3,788 per ounce.
CAS 1 per gold ounce includes the non-cash impact of the $141 million of purchase price allocation ascribed to inventory, which added $2,036 per ounce to the gold CAS 1
Free cash flow 1 in the second quarter totaled $123 million
Exploration
Outlook
Exploration in 2026 is focused on supporting the transition to underground mining by continuing to extend known shoots down-plunge, assess near-mine opportunities for additional open pit resources and explore new targets to further build the resource pipeline
Results
Exploration investment in the second quarter totaled approximately $5 million (substantially all expensed) and was focused on drilling to test continuity between the Northwest Trend and Phase 5 open pits, continuation of the underground resource expansion program, and commencement of regional programs
Outlook
Guidance
The Company has revised Rainy River’s 2026 production and cost guidance to reflect a slower assumed ramp-up in underground production ratesGuidance lowered
Prorated production reflecting nine months of contributions is expected to be 190,000 - 230,000 ounces of gold (previously 230,000 - 275,000 ounces) and 380,000 - 450,000 ounces of silver (previously 350,000 - 450,000 ounces)Guidance lowered
Prorated adjusted CAS 1 reflecting nine months of results are expected to be $2,700 - $3,000 per gold ounce (previously $2,150 - $2,350 per ounce), which reflects lower production levels and includes $1,020 per ounce of non-cash impacts relating to the purchase price allocation ascribed to short-term inventory and $155 per ounce attributable to the Royal Gold streamGuidance raised
Prorated capital expenditures reflecting nine months of ownership are expected to be $150 - $170 million (previously $81 - $101 million), reflecting the inclusion of approximately $45 million of capitalized stripping costs (previously categorized as expensed) and $25 million of expenditures related to underground development, equipment and infrastructureGuidance raised
Prorated exploration investment reflecting nine months of activity is expected to be $8 - $10 million (substantially all expensed), which is unchanged from the previous guidance rangeGuidance reaffirmed
Las Chispas, Mexico
Results
Second quarter silver and gold production totaled 1.5 million and 15,518 ounces, respectively, compared to 1.5 million and 15,031 ounces in the prior period and 1.5 million and 16,271 ounces in the second quarter of 2025
Production during the quarter was driven by higher tonnes milled, partially offset by slightly lower grades for silver
Financial
Silver and gold accounted for approximately 60% and 40% of revenue during the quarter, respectively
Second quarter adjusted CAS 1 for silver and gold on a co-product basis totaled $13.27 and $841 per ounce, respectively
Free cash flow 1 in the second quarter totaled $107 million compared to $76 million in the prior period
Exploration
Outlook
Key exploration goals in 2026 include the continuation of expansion and infill drilling on veins in the Babicanora Block, Las Chispas Block and the Gap Zone and the commencement of scout drilling aimed at identifying new vein targets and replenishing inferred inventory for future conversion
Results
Exploration investment in the second quarter totaled approximately $7 million ($3 million expensed and $4 million capitalized) compared to $6 million ($4 million expensed and $2 million capitalized) in the prior period, and was focused on scout, expansion and infill drilling across the Babicanora and Las Chispas Blocks, with the Gap Zone yielding successful results in each respective area
Outlook
Guidance
Full-year 2026 production is expected to be 55,000 - 65,000 ounces of gold and 5.5 - 6.3 million ounces of silver, which is unchanged from previous guidance rangesGuidance reaffirmed
Adjusted CAS 1 in 2026 are expected to be $750 - $950 per gold ounce and $12.50 - $14.50 per silver ounce, which are unchanged from previous guidance rangesGuidance reaffirmed
Capital expenditures in 2026 are expected to be $71 - $84 million, consisting primarily of sustaining capital and underground development, which are unchanged from previous guidance rangesGuidance reaffirmed
Exploration investment in 2026 is expected to be $21 - $26 million ($11 - $14 million expensed and $10 - $12 million capitalized), which is unchanged from previous guidance rangesGuidance reaffirmed
Palmarejo, Mexico
Results
Second quarter silver and gold production totaled 1.5 million and 18,602 ounces, respectively, compared to 1.5 million and 22,918 ounces in the prior period and 1.7 million and 27,272 ounces in the second quarter of 2025
Production during the quarter was impacted by lower grades and recoveries, partially offset by higher mill throughput
Financial
Silver and gold accounted for approximately 67% and 33% of revenue during the quarter, respectively
Second quarter adjusted CAS 1 for silver and gold on a co-product basis totaled $27.69 and $1,016 per ounce, respectively
Capital expenditures decreased to $7 million compared to $9 million in the prior period
Free cash flow 1 in the second quarter totaled $56 million compared to $64 million in the prior period
Exploration
Outlook
Exploration in 2026 is focused on building reserves and resources near mine infrastructure while developing a significant pipeline to the east in the area unaffected by the Franco-Nevada gold stream, where over 70% of the exploration budget is expected to be spent this year
Results
Exploration investment in the second quarter totaled approximately $8 million ($7 million expensed and $1 million capitalized) compared to $6 million ($5 million expensed and $1 million capitalized) in the prior period.
Key areas of focus included expansion drilling at San Miguel and La Unión in the Eastern District, expansion drilling in the northwest of the Hidalgo Corridor and expansion and infill drilling at Independencia Sur.
Programs to date have successfully extended veins at each target
Outlook
10,084 ounces, or approximately 51% of Palmarejo’s gold sales in the second quarter, were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce.
The Company anticipates approximately 40% - 50% of Palmarejo’s 2026 gold sales will be sold under the gold stream agreement
Guidance
Full-year 2026 production is expected to be 95,000 - 105,000 ounces of gold and 6.25 - 7.0 million ounces of silver, which is unchanged from the previous guidance rangesGuidance reaffirmed
Adjusted CAS 1 in 2026 are expected to be $700 - $900 per gold ounce and $21.50 - $23.50 per silver ounce, which are unchanged from the previous guidance rangesGuidance reaffirmed
Capital expenditures in 2026 are expected to be $35 - $41 million, consisting primarily of sustaining capital and underground development, which are unchanged from the previous guidance rangesGuidance reaffirmed
Exploration investment in 2026 is expected to be $24 - $28 million ($22 - $24 million expensed and $2 - $4 million capitalized), which is unchanged from the previous guidance rangesGuidance reaffirmed
Results
Silver and gold production in the second quarter totaled 1.2 million and 11,671 ounces, respectively, compared to 1.4 million and 14,112 ounces in the prior period and 1.5 million and 14,302 ounces in the second quarter of 2025
Management commentary
Lower production levels in the quarter were driven by mine sequencing and timing of grade placed on the leach pad
Results
Ore tonnes placed through the crushing circuit totaled 6.8 million tonnes compared to 5.9 million tonnes in the prior quarter.
A total of 8.0 million tonnes were placed during the quarter compared to
6.7 million tonnes in the prior period, due to improvements in material quality control, mine-to-crusher interface upgrades and maintenance optimization initiatives
Financial
Silver and gold accounted for approximately 63% and 37% of revenue during the quarter, respectively
Second quarter adjusted CAS 1 for silver and gold on a co-product basis totaled $29.66 and $1,832 per ounce, respectively
Capital expenditures decreased to $18 million compared to $23 million in the prior period
Free cash flow 1 in the second quarter totaled $25 million compared to $62 million in the prior period, primarily driven by lower production and lower average realized metals prices
Exploration
Outlook
Exploration in 2026 is focused on near-pit drilling to support upcoming permitting and the commencement of district-scale exploration to build the resource pipeline
Results
Exploration investment in the second quarter totaled approximately $2 million ($1 million expensed and $1 million capitalized), consistent with the prior period, and was directed toward infill drilling of the Wedge target and expansion of the northeast Rochester target
Outlook
Guidance
Full-year 2026 production is expected to be 6.4 - 7.8 million ounces of silver and 70,000 - 90,000 ounces of gold, which is unchanged from the previous guidance rangeGuidance reaffirmed
Adjusted CAS 1 in 2026 are expected to be $23.00 - $25.00 per silver ounce and $1,350 - $1,550 per gold ounce, which are unchanged from the previous guidance rangeGuidance reaffirmed
Capital expenditures in 2026 are expected to be $96 - $110 million, which are unchanged from the previous guidance range and includes projects related to the Phase 2 development of the Stage 6 leach pad and modifications after startup of the crusher corridorGuidance reaffirmed
Exploration investment in 2026 is expected to be $14 - $17 million ($7 - $9 million expensed and $7 - $8 million capitalized), which is unchanged from the previous guidance rangeGuidance reaffirmed
Results
Gold production in the second quarter totaled 21,528 ounces compared to 20,525 ounces in the prior period and 26,555 ounces in the second quarter of 2025
Production during the quarter was driven by higher tonnes milled, partially offset by lower average gold grade as a result of adjustments to stope sequencing and timing
Financial
Second quarter adjusted CAS 1 increased 3% quarter-over-quarter to $2,323 per ounce
Capital expenditures increased 34% quarter-over-quarter to $12 million
Free cash flow 1 in the second quarter totaled $32 million compared to $44 million in the prior period
Exploration
Outlook
Exploration in 2026 is focused on maintaining a five-year reserves-based life of mine and bolstering the inferred resource pipeline
Results
Exploration investment in the second quarter totaled approximately $4 million ($2 million expensed and $2 million capitalized) compared to $4 million ($3 million expensed and $2 million capitalized) in the prior period.
Expansion and infill drilling were focused around multiple zones within Kensington, with scout and expansion drilling undertaken on multiple targets including Bunkhouse, Cookhouse and Elmira Hangingwall.
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