CDE 10-K & 10-Q changes, risk factors and insider trading

Because we derive all of our revenues from sales of these metals, our results of operations and cash flows will fluctuate as the prices of these metals change. Additionally, with the upcoming acquisition of New Gold, our results of operations and cash flows will fluctuate as the prices of copper changes. A period of significant and sustained lower prices would materially and adversely affect our results of operations and cash flows. In response to environments of lower metal prices and/or higher treatment and refining charges, we may have to revise our operating plans, including reducing operating costs and capital expenditures, terminating or suspending mining operations at one or more of our properties and discontinuing certain exploration and development plans. These types of initiatives may not sufficiently offset reductions in revenues, and we may continue to incur losses associated with sustained lower metals prices and/or higher treatment and refining charges.

Speculation in the market may result in short term volatility in the prices of the metals we produce and result in significant changes in the price of our securities, which may not be reflective of our operating performance or financial results. For example, the price of silver increased 5%11% between MayOctober 23,3, 20242025 and MayOctober 29,16, 2024,2025, and then decreased by 6%9% on JuneOctober 7,29, 2024.2025. This swing in the price of silver was seemingly attributable to a coordinated effort by market participants to drive up the price of silver and did not reflect changes in the underlying fundamentals that typically drive changes in the price of silver, including supply and demand. The price of our common stock increased by 6%23% and decreased by 6%21% during the same periods. The trading volume for shares of our common stock also increased significantly during this period. This volatility in the price of our common stock did not, in our view, reflect any significant change in our business or results of operations during the same period.

The mining business is subject to risks and hazards, including environmental hazards, industrial accidents, the encountering of unusual or unexpected geological formations, geotechnical failures, flooding, earthquakes and periodic interruptions due to inclement or hazardous weather conditions or machine failure. These occurrences could result in damage to, or destruction of, mineral properties or production facilities, personal injury or death, environmental damage, reduced production and delays in mining, asset write-downs, monetary losses and possible legal liability. For example, a fire recently occurred in the Wharf mine crushing facility, which disabled the facility and necessitated the use of temporary crushers pending repairs.

We maintain insurance policies that protect against property loss and business interruption in amounts that we believe are reasonable taking into account the nature of, and risks related to, our business and operations as well as the cost of policy premiums. Such insurance is, however, subject to certain exclusions, and potential claims could exceed policy limits. There is no guarantee that we will receive insurance proceeds with respect to a particular event or loss.loss, such as the claims we plan to submit related to the Wharf fire incident. Insurance fully covering many environmental risks, including potential liability for pollution or other hazards as a result of disposal of waste products occurring from exploration and production, is not generally available. Any liabilities that we incur for these risks and hazards could be significant and could adversely affect results of operations, cash flows and financial condition.

Because mines have limited lives based on proven and probable mineral reserves, our ability to achieve significant additional growth in revenues and cash flows will depend upon our success in further developing and expanding existing properties and the opportunistic acquisition or development and start-up of exploration projects or new mining properties, such as the acquisition of mining concessions from a subsidiary of Fresnillo plc that are located adjacent to the existing Palmarejo site andsite, the recent acquisition of SilverCrest Metals Inc. (“SilverCrest”), in February 2025, which operates the Las Chispas mine in Sonora, Mexico (the “SilverCrest Transaction”). and the expected integration of two Canadian mines, New Afton and Rainy River, as part of Coeur’s upcoming acquisition of New Gold.

While initial development of our operating mines has been substantially completed, development work continues to expand these mines while leveraging existing infrastructure. Palmarejo completed open pit mining several years ago and evolved to be an underground-only operation, developing new underground mining operations. At Rochester, we completed the POA 11 expansion,expansion in 2024, which is a significant additional expansion that includes a three-stage crushing facility, a new leach pad, and a new Merrill-Crowe processing facility and related infrastructure to support the extension of Rochester’s mine life. At Kensington, we amended our operating permit in 2022 to allow for an additional 10 years of mine life by providing for expanded tailings and waste rock storage, increased mill throughput, enhanced infrastructure and other benefits (“POA 1”). We arerecently completingcompleted a multi-year exploration and underground mine development program to extend theKensington’s mine life. Our ability to timely complete these and future mine expansion and mine life extension projects is dependent on numerous factors, many of which are outside of our control, including, among others, availability of funding on acceptable terms, timing of receipt of permits and approvals from regulatory authorities, obtaining materials and equipment, as well as construction, engineering and other services, at favorable prices and terms, and disputes with third-party providers of materials, equipment or services. Construction services performed by contractors create a risk of delays or additional costs resulting from, among other factors: inability to negotiate contracts with favorable pricing and terms; delays in performance of the services; failure of a contractor to comply with applicable laws and regulations; termination of a contract by a contractor before completion of the services; failure by a contractor to obtain necessary equipment or materials; mismanagement by a contractor of its workforce; and insolvency or other financial difficulty encountered by a contractor which results in a delay in services or termination of a contract with the contractor. Expected benefits from the Rochester expansion are based on estimates of a variety of key factors, including mineral reserves and resources, grade, recovery rates, the ability of processing infrastructure such as the refinery to meet higher throughput rates, and operating costs among others. However, achieving results in line with those estimates is subject to risks and uncertainties such as variability in grade, recovery rates and cost inputs and any inability of infrastructure to accommodate higher throughput. We cannot provide assurance that we will be able to successfully expand or extend the lives of existing mining operations, and a completed project may not yield the anticipated operational or financial benefits, such as expected availability, throughput, metal recovery rates, concentrate quality, unit costs, operating margin and/or cash flows, any of which may have a material negative impact on returns on invested capital, operating costs or cash flows.

In addition, we have acquired mining properties such as the Silvertip exploration property and the recentLas acquisitionChispas mine and expect to add the New Afton and Rainy River mines as part of the LasNew ChispasGold mine.Transaction. We cannot guarantee that we will be able to successfully develop and start-up new mining properties, restart mining and processing activities at the Silvertip exploration property, integrate the operations of the LasNew ChispasAfton mineand Rainy River mines following the contemplated New Gold Transaction or acquire additional mining properties on favorable economic terms or at all.

We regularly explore opportunities to selectively acquire other businesses or assets or to divest ourselves of all or part of certain assets in support of our growth plans and strategic objectives. There can be no assurance that the anticipated benefits of past acquisitions, including the SilverCrest Transaction and the anticipated New Gold Transaction, or any future acquisition, will be realized on the originally anticipated timeline or at all. The success and the ability to realize the anticipated benefits of any acquisition will depend upon our ability to effectively manage the integration, performance and operations of entities or properties we acquire. The process of managing acquired businesses or assets may involve unforeseen challenges and may require a disproportionate amount of our resources, which may divert focus and resources from other strategic opportunities and/or from operational matters during this process. As an example, the ramp up of the Silvertip exploration property, acquired in late 2017, was slower and less profitable than originally anticipated, due primarily to more significant mill availability and maintenance challenges than were anticipated at the time Silvertip was acquired, as well as deteriorating zinc and lead market conditions.

As a result of the recent SilverCrest Transaction, Coeur’s business has expanded to include the Las Chispas mine in Sonora, Mexico. The commercial viability of the Las Chispas operation is dependent on various elements, including mining and processing costs, deposit characteristics such as size, grade, and infrastructure accessibility, as well as the cyclical nature of metal prices and governmental regulations. Factors such as weather events, permit issues, infrastructure failures, and community-related concerns also pose threats to Las Chispas. While the precise impact of these factors is uncertain, their convergence couldmay render the Las Chispas mine economically unfeasible, potentially leading to closure.

•additional debt incurred or issued to fund some or all of acquisition consideration (as was the case with Silvertip and Wharf),consideration, resulting in increased interest expense and other borrowing costs;

•issuance of equity securities as acquisition consideration (which occurred in the acquisitionSilverCrest ofTransaction and is expected to occur in the LincolnNew Hill and Silvertip projects and the SilverCrestGold Transaction), resulting in ownership dilution of our existing stockholders;

We cannot predict the impact of future acquisitions on the price of our common stock or assureensure that we will be able to obtain necessary acquisition or development financing on acceptable terms or at all. Unprofitable acquisitions, or additional liabilities, indebtedness or issuances of securities in connection with such acquisitions or any future mine development, may negatively affect our results of operations.

In connection with dispositions, the Company may provide representations, warranties and indemnities customary for such transactions, as was the case with the Company’s sale of its interest in the Crown, Sterling and La Preciosa projects.transactions. There is a risk that the Company may incur liability in the future associated with assets it no longer owns or in which it has a reduced interest.

Our plans include several significant projects to construct or upgrade mining and processing facilities at our existing mining operations or exploration properties, includingas well as the plannedanticipated POA 1 mine life extension at Kensington and future developmentintegration of the SilvertipNew explorationAfton project.and Rainy River mines following the completion of the New Gold Transaction. These projects can take several months or years to complete, are complex and require significant capital expenditures, as demonstrated by the recently completed POA 11 expansion at Rochester. These projects are subject to significant risks described in this Item 1A, any of which may have a material negative impact on returns on invested capital, operating costs or cash flows.

Mineral exploration involves many risks and is frequently unproductive. Even if mineral deposits are found, those deposits may be insufficient in quantity or quality to return a profit from production, or it may take a number of years until production is possible, during which time the economic viability of the project may change. Few properties that are explored are ultimately developed into producing mines. The commercial viability of a mineral deposit, once developed, depends on a number of factors, including: the particular attributes of the deposit, including size, grade and proximity to infrastructure; government regulations, including taxes, royalties and land tenure; land use; importing and exporting of minerals; environmental protection; mineral prices; and issuance and maintenance of necessary permits. Factors that affect adequacy of infrastructure include reliability of roads, bridges, power sources and water supply; unusual or infrequent weather phenomena; sabotage; and government or other interference in the maintenance or provision of such infrastructure. The exact effect of these factors cannot be accurately predicted, but the combination may result in not receiving an adequate return on invested capital.

The Company may face supply chain disruptions as a result of matters outside of the Company’s control or ability to mitigate, such as natural disasters, transportation disruptions, economic instability, sanctions or tariffs, geopolitical unrest, civil or international hostilities and global pandemics, among others. Recently, the continued Russian invasion of Ukraine and the Israel-Hamasconflict conflictin the Middle East have resulted in losses of life, displacement of people, and political and economic disruptions on a global scale. Additionally, recent economic tensions involving jurisdictions in which we operate or from which we source goods have resulted in proposals to implementproposed or actual implementation of tariffs and other trade barriers that could result in disruptions to supply chains or lead to increased costs to obtain necessary supplies. There may be unforeseen impacts from these events globally on commodity prices, liquidity and credit or supply chains, and the Company continues to monitor them closely.

A significant portion of our revenues is generated by operations outside the United States, particularly Mexico. Exploration, development, production and closure activities in many countries are potentially subject to heightened political and social risks that are beyond our control and could result in increased costs, capacity constraints and potential disruptions to our business. These risks include the possible unilateral cancellation or forced renegotiation of contracts in which we, directly or indirectly, may have an interest, unfavorable changes in foreign laws and regulations, royalty and tax increases (including taxes associated with the import or export of goods), risks associated with the value-added tax (“VAT”) and income tax refund recovery and collection process, aggressive or punitive tax audits, policy-driven or punitive interference with or moratoriums on processing of permit applications or granting water or mineral concessions, erection of trade barriers, including tariffs and duties, claims by governmental entities or indigenous communities, changes to mining and related laws impacting current and future operations, expropriation or nationalization of property and other risks arising out of foreign sovereignty over areas in which our operations are conducted. As an example, as disclosed in Note 1718 -- Commitments and Contingencies to the Consolidated Financial Statements, we are currently engaged in efforts to recover amounts unduly paid to the Mexican government that are owed to Coeur associated with a prior royalty agreement covering gold production at Palmarejo, including through international arbitration. While the Company believes that it remains legally entitled to be refunded the full amount of the unduly paid VAT receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable of $26.0 million at September 2021. In addition, recent amendments to mining, water and environmental laws in Mexico, and recent government actions under the prior Mexican administration intended to slow or halt the normal processing of permits and granting of water or mineral concessions, could impose additional restrictions on our ability to obtain and maintain mining and water rights and operate in Mexico, among other potentially adverse provisions. The main operating permit at Palmarejo expires in October 2025. We filed a routine application to extend the permit in the ordinary course, which the environmental authorities under the prior administration did not act upon, consistent with prior administration policy. Since President Claudia Sheinbaum took office on October 1, 2024, we have seen indications of a return to normal processing of permits, and we are engaging with the government to gain approval for the extension of the permit, but there can be no assurance as to whether or when we will receive it. The right to import and export gold and silver may depend on obtaining certain licenses and quotas, which could be delayed or denied at the discretion of the relevant regulatory authorities, or could become subject to new taxes, tariffs or duties imposed by U.S. or foreign jurisdictions, as well as other actions taken in potential trade disputes, which could have a material adverse effect on our business, financial condition, or future prospects. In addition, our rights under local law may be less secure in countries where judicial systems are susceptible to manipulation and intimidation by government agencies, non-governmental organizations or civic groups.

Our operations outside the United States also expose us to economic and operational risks. Local economic conditions, as well as epidemics, pandemics or natural disasters, can cause shortages of skilled workers and supplies, increase costs and adversely affect the security of operations. In addition, higher incidences of criminal activity and violence in the area of some of our foreign operations, including drug cartel-related violence in Mexico, could adversely affect our ability to operate in an optimal fashion and may impose greater risks of extortion and theft, greater risks to our personnel and property, greater risks to the transport of materials to refineries, and greater risks to the supply of services and goods to our operations, including specialized equipment. These conditions, including security concerns in certain communities surrounding the Palmarejo complex impacting third-party deliveries of supplies to Palmarejo, could adversely impact our operations and lead to lower productivity and higher costs, which would adversely affect results of operations and cash flows. Furthermore, with the completion of the SilverCrest Transaction, the Company’s exposure to such risks is expected to increase due to the addition of the Las Chispas operation in Mexico.

In addition, the growing use of social media to generate, publish and discuss community news and issues and to connect with others has made it significantly easier, among other things, for individuals and groups to share their opinions ofand information about our business and our activities, whether true or not. We do not have direct control over how we are perceived by others and any resulting loss of reputation could have a material adverse effect on our business, financial position and results of operations.

Waste rock in the form of tailings generated as a by-product of processed ore is produced at the Kensington and Palmarejo mines. We place tailings into engineered containments, underground as structural backfill, and as thickened tailingtailings into a former open pit. In response to several recent tailings damfacility failures at third-party operations that have involved loss of life and resulted in severe property and environmental ecosystem damage, we completed a comprehensive review of our tailings damsfacilities and operational practices to characterize our risk profile. We concluded that our tailings damsfacilities represent a low exposure risk profile for several reasons, including that our tailings damsfacilities were constructed using construction methods recognized in the industry as the most stable tailings damfacility design using high strength and chemically stable rock in construction. Our damsfacilities are continuously monitored and inspected by internal resources as well as third-party industry qualified experts. The significant dam failure events at third-party locations that have occurred in recent years may lead to regulatory governance changes stemming from updated laws, regulation or guidance, which could result in increased operational and compliance costs if we need to make changes to existing facilities. The failure of a tailings dam or tailings storage facility at one of our mine sites could result in severe, and in some cases catastrophic, property and environmental damage and loss of life. Geotechnical or hydrological failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, fines and penalties, lawsuits filed by parties who suffer injuries or property damage from such events, increased monitoring costs, remediation costs, loss of mineral reserves and resources and other impacts, which could have a material adverse effect on our results of operations and financial position as well as the value of our common stock.

We have in the past, and may in the future, enter into price risk management contracts to protect against fluctuations in the price of gold and silver, foreign currency rates and changes in the prices of fuel and other input costs. These contracts could include forward sales or purchase contracts, futures contracts, purchased or sold put and call options and other derivative instruments. We entered into price risk management contracts on certain gold and silver sales in 2021, 2022, 2023 and 2024. We determined to implement these contracts to provide for a minimum level of revenue from the sales of the covered gold and silver ounces in order to mitigate the risk of not being able to fund all or a portion of the costs of several significant projects at our existing operations, such as the Rochester expansion, as well as provide greater certainty in our planning and budgeting process. As of December 31, 2024, no forward contracts remained outstanding but theThe Company did acquireacquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of itsthe acquisitionSilverCrest of SilverCrest.Transaction. These hedges settlesettled monthly through March,March 2025. As of December 31, 2025, no forward contracts remained outstanding. See Note 1314 — Derivative Financial Instruments & Hedging Activities in the notes to the Consolidated Financial Statements.

We are dependent upon information technology and operational technology, including technology that incorporates artificial intelligence (“AI”), which are subject to cybersecurity incidents, disruption, damage, failure and other risks associated with implementation and integration.

The information technology and operational technology used in our business and operations are subject to disruption, damage or failure from a variety of sources, including, without limitation, malicious AI usage or misuse of AI, computer viruses, security breaches, cyberattacks, natural disasters and defects in design. Cybersecurity incidents, in particular, are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data or machines and equipment, other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information, and the corruption of data or the disabling, misuse or malfunction of machines and equipment. Various measures have been implemented to manage our risks related to information technology, operational technology and network disruptions. However, given the unpredictability of the timing, nature and scope of information or operational technology disruptions, we could potentially be subject to production downtimes, operational delays, operating accidents, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems, equipment and networks or financial losses from remedial actions, any of which could have a material adverse effect on cash flows, financial condition or results of operations. We may also incur large expenditures to recover data, to repair or replace networks or information or to protect against similar future events.

There has been heightened legislative and regulatory focus on data privacyprivacy, cybersecurity and cybersecurityAI usage and compliance in the U.S and elsewhere. We may be required to comply with a fast-evolving set of legal requirements in this area, including substantive data privacyprivacy, cybersecurity and cybersecurityAI standards. This regulatory environment may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks.

We may be expected to continue enhancing our ESGsustainability practices to meet evolving and inconsistent standards.

ESGEnvironmental sustainability factors, including water stewardship, biodiversity and climate-related initiatives such as GHG emissions targets and climate risk management, are a metric used by many institutional investors to review and assess the performance of the Company and a significant factor in their investment decisions. We believe we have established ourselves as a leader among peers in ESGthis area and continued to advance our ESGsustainability initiatives, and have adopted specific, objective goals such as continuing to improve our industry-leading safety record, reducing the net intensity of our GHG emissions across the Company, advancing our commitment to an inclusive culture to attract and retain the workforce we need today and in the future, strengthening community relations and protecting critical habitat. However, there are no assurances that our efforts will be sufficient or meet the standards set by ESGthird-party analysts or institutional or other investors.

Our mining operations require significant quantities of water for mining, ore processing and related support facilities. In particular, our properties in Mexico and Nevada are in areas where water is scarce and competition among users for continuing access to water is significant. Continuous production and mine development is dependent on our ability to acquire and maintain water rights and claims and to defeat claims adverse to current water uses in legal proceedings. For example, in January 2024, the Mexican Supreme Court of Justice of the Nation issued a ruling that invalidated certain non-material surface water rights previously utilized at Palmarejo. Although each of our operating mines currently has sufficient water rights and claims to cover its operational demands, we cannot predict the potential outcome of pending or future legal proceedings relating to enforcement of water rights, claims and uses, or potential pressure from other users of water, government agencies and officials, and/or non-governmental organizations to limit the amount of water made available to or used for mining activities, regardless of legally valid water rights.

There can be no assurance that any rating currently assigned by Standard & Poor’s Rating Services or Moody’s Investors Service to us or our debt securities will remain unchanged for any given period of time or that a rating will not be lowered if, in that rating agency’s judgment, future circumstances relating to the basis of the rating so warrant. For example, rating agencies may reevaluate Coeur’s credit ratings following the consummation of the SilverCrestNew Gold Transaction. Factors that may impact Coeur's credit ratings followingwith the consummation of the SilverCrestNew Gold Transaction include debt levels, planned asset purchases or sales and near-term and long-term production growth, opportunities, liquidity, asset quality, cost structure, product mix and commodity pricing levels. Likewise, if we are unable to maintain our outstanding debt and financial ratios at levels acceptable to the credit rating agencies, or should our business prospects or financial results deteriorate, including as a result of declines in gold or silver prices or other factors beyond our control, our ratings could be downgraded by the rating agencies. A downgrade by the rating agencies could adversely affect the value of our outstanding debt securities, our existing debt, and our ability to obtain new financing on favorable terms, if at all, may increase borrowing costs, and may result in increased collateral requirements under our existing surety bond portfolio, which in turn may adversely affect our results of operations and financial position.

U.S. surface and underground mines like the Kensington, Rochester and Wharf mines are regularly inspected by the U.S. Mine Safety and Health Administration (“MSHA”). These inspections may lead to written citations or violation notices, which are reported in Exhibit 95.1 to this Report. Recently, MSHA has been conducting more comprehensive inspections of mining operations in general, focusing on miner health and critical safety hazards. Similar inspections are conducted in British Columbia, Canada, at the Silvertip exploration property in British Columbia, Canada by the British Columbia Ministry of Mining and Critical Minerals andMinerals, in Mexico at the Palmarejo complex and Las Chispas mine by the Mexican Secretaria del Trabajo y Prevision Social (Secretary of Labor and Social Safety).

Environmental regulations mandate, among other things, the maintenance of air and water quality standards, land development and land reclamation, and set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation and environmental justice provisions are evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for mining companies and their officers, directors and employees. We may incur environmental costs that could have a material adverse effect on financial condition and results of operations. Any failure to remedy an environmental problem could require us to suspend operations or enter into interim compliance measures pending completion of the required remedy. The environmental standards that ultimately may be imposed at a mine site affect the cost of remediation and could exceed the financial accruals that we have made for such remediation. The potential exposure may be significant and could have a material adverse effect on our financial condition and results of operations.

Airborne emissions are subject to controls under air pollution statutes implementing the Clean Air Act in the U.S. and are regulated under the Environmental Management Act in British Columbia (Canada) and the GLEBPE and the regulations under GLEBPE related to prevention and control of the pollution of the atmosphere in Mexico. In addition, there are numerous legislative and regulatory initiatives related to climate change, reductions in greenhouse gasGHG emissions, or energy policy and adoption of these initiatives through legislative actions or administrative policy could have a material adverse effect on results of operations and cash flows. However, we are unable to predict the scope, nature and timing of any new or increased environmental laws and regulations and therefore cannot predict the ultimate impact of such laws and regulations on our business or financial results. We continue to monitor existing and proposed laws and regulations in the jurisdictions in which we operate to consider actions we may take to potentially mitigate any unfavorable impact of such laws or regulations.

In the normal course of our business, we are required to obtain and renew governmental permits for exploration, operations and expansion of existing operations and for the development of new projects, such as the permits recently obtained for the Rochester expansion, POA 1 at Kensington and the main operating permit at Palmarejo to allow the deposit of future tailings into the legacy open pit rather than expanding the current tailings impoundment facility.Palmarejo. Obtaining and renewing governmental permits is a complex and time-consuming process. The timeliness and success of permitting efforts are contingent upon many variables not within our control, including the interpretation of permit approval requirements administered by the applicable permitting authority and government and third-party sentiment towards the mining industry generally. We may not be able to obtain or renew permits that are necessary to our operations, or the cost and time required to obtain or renew permits may exceed our expectations. Any unexpected delays or costs associated with the permitting process could impede or delay the development or operation of a mine, which in turn could have a material adverse effect on our revenues and future growth. For example, as noted above, we are working through a prolonged delay in the routine renewal of our main operating permit at Palmarejo, which expires in October 2025. As has been publicized in media coverage, we understand that other mining projects in Mexico have also experienced extended permitting delays or, in certain circumstances, denials of permits, due to anti-mining policies of the prior Mexican administration which just ended on October 1, 2024. Our early engagements with the new Mexican administration indicate normal processing of permits may be resuming, but there can be no assurance as to when or whether the Palmarejo permit extension will be granted. Any delay in obtaining a permit may require us to revise mine plans or curtail expected production, which could have a material adverse effect on results of operations and cash flow. In addition, key permits and approvals may be revoked or suspended or may be changed in a manner that adversely affects our operations. For example, we recently received a notice of revocation of our permit to operate back-up generators at Palmarejo. We are appealing the revocation and have been granted the right to continue operating the back-up generators during the course of the appeal. We are also applying for a new permit in case our appeal is not successful, but there can be no assurance that the revocation of the prior permit will not have an adverse impact on Palmarejo’s operating and financial results.

We are currently, and may in the future become, subject to other litigation, arbitration (including the current NAFTA arbitration matter involving recovery of amounts unduly paid as VAT in Mexico) or proceedings with other parties. If decided adversely to us, these legal proceedings, or others that could be brought against us in the future, could have a material adverse effect on our financial position or prospects. Responding to disputes, even those that are without merit or ultimately decided in our favor, may require us to incur significant expense, devote significant resources, and may generate adverse publicity, which could materially and adversely affect our business. In the event of a dispute arising at our foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or arbitral panels or may not be successful in subjecting foreign persons to the jurisdiction of courts or arbitral panels in the United States. Our inability to enforce our rights and the enforcement of rights on a prejudicial basis by foreign courts or arbitral panels could have an adverse effect on our results of operations and financial position.

In Mexico, while mineral rights are administered by the federal government through federally issued mining concessions, federally recognized agrarian communities called ejidos control surface or surface access rights to thetheir land. An ejido may sell or lease lands directly to a private entity. While we have agreements or are in the process of negotiating agreements with the ejidos that impact all of our projects in Mexico, some of these agreements may be subject to renegotiation or legal challenges.

We are subject to tax laws in the United StatesStates, Mexico, Canada and severalother foreign jurisdictions. Changes in fiscal and tax policies, including new tax legislation and reform to existing policy, may have a significant negative impact on the Company’s effective tax rate.

We have the ability to issue additional equity securities, including in connection with an acquisition of other companies, including the SilverCrestanticipated New Gold Transaction, which would lead to dilution of our issued and outstanding common stock and may materially and adversely affect the price of our common stock.

The issuance of additional equity securities or securities convertible into equity securities, whether to acquire new companies or businesses or for other strategic benefits, would result in dilution of our existing stockholders’ equity ownership. For example, in our recent acquisition of SilverCrest we issued 1.6022 shares of Coeur common stock in exchange for each share of issued and outstanding common stock of SilverCrest, resulting in the issuance of 239,331,799 Coeur common shares. Similarly, as part of the New Gold Transaction, we expect to issue 0.4959 shares of Coeur common stock in exchange for each share of issued and outstanding common stock of New Gold, resulting in the expected issuance of approximately 392,610,973 Coeur common shares. The increase to the number of outstanding shares of Coeur’s common stock may impact the marketplace’s view of Coeur’s common stock and may lead to adverse changes in the stock’s trading volume and trading price.

Additionally, former SilverCrest shareholders who received Coeur common stock in the SilverCrest Transaction and New Gold shareholders who may receive Coeur common stock in the contemplated New Gold Transaction may choose to sell or otherwise dispose of such shares, or Coeur’s historic stockholders may decide to reduce their investment in Coeur as a result of the SilverCrest Transaction’sand New Gold Transactions’ impact to Coeur’s overall investment profile. These sales of our common stock (or the perception that these sales may occur) could have the effect of depressing the market price for our common stock. In addition, Coeur’s financial position with the completion of the SilverCrestNew Gold Transaction may differ from its financial position before the completion of the SilverCrestNew Gold Transaction, and the results of Coeur’s operations and cash flows following the completion of the SilverCrestNew Gold Transaction may be affected by factors different from those affecting its financial position or results of operations and cash flows prior to the SilverCrestNew Gold Transaction, all of which could adversely affect the market price of Coeur common stock. Accordingly, the market price and performance of Coeur common stock subsequent to the acquisition is likely to be different from the performance of Coeur common stock prior to the SilverCrestNew Gold Transaction.

We have not historically declared cash dividends on our common stock. Holders of our common stock are entitled to receive only such dividends as our Board of Directors may declare out of funds legally available for such payments. We are incorporated in Delaware and governed by the Delaware General Corporation Law. Delaware law allows a corporation to pay dividends only out of surplus, as determined under Delaware law or, if there is no surplus, out of net profits for the fiscal year in which the dividend was declared and for the preceding fiscal year. Under Delaware law, however, we cannot pay dividends out of net profits if, after we pay the dividend, our capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets. Our ability to pay dividends will be subject to our future earnings, capital requirements and financial condition, as well as our compliance with covenants related to existing or future indebtedness and would only be declared in the discretion of our Board of Directors.

RISKS RELATED TO THE RECENT ACQUISITION OF SILVERCREST METALS INC.

As disclosed in this Form 10-K, including in Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Company recently completed the SilverCrest Transaction.Transaction in February 2025. As described in this Section and below, the SilverCrest Transaction could subject us to significant risks.

Coeur and SilverCrest may be the target of lawsuits that could result in significant additional costs related to the SilverCrest Transaction. Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into an agreement to acquire a public company or to be acquired and may seek additional monetary compensation. Even if the lawsuits are unsuccessful or meritless, significant financial resources and attention from management can be required to defend against these claims, and proceedings may result in significant additional costs or challenges. Such proceedings, among other events, could also subject the Company to negative press coverage or public scrutiny that could impact the Company’s existing business performance and operationsoperations, andincluding its integration of the Las Chispas operation.

For the full year 2024,2025, Coeur reported revenue of $1.1$2,070.1 billionmillion and cash provided by operating activities of $174.2$886.9 million. We reported GAAP net income of $58.9$585.9 million, or $0.15$0.95 per diluted share. On a non-GAAP adjusted basis1,basis, the Company reported EBITDA of $339.2$1,025.8 million and net income of $70.1$493.4 million,million or $0.18$0.80 per diluted share.

•StrongRecord full-year 2024gold and silver production and cost results – 2024Balanced contributions across Coeur’s portfolio led to 2025 full-year production of 341,582419,046 ounces of gold and 11.417.9 million ounces of silversilver, representedrepresenting year-over-year increases of 8%23% and 11%,57%, respectively, and fell solidly within the 2024Company’s 2025 consolidated guidance ranges. Full-year 2024 costs applicable to sales per ounce1 declined year-over-year by 13% for gold and 12% for silverranges

We sold 422,032 gold ounces and 18.2 million silver ounces, compared to 340,816 gold ounces and 11.4 million silver ounces, compared to 315,511 gold ounces and 10.1 million silver ounces. Revenue increased by $232.8$1,016.1 million, or 28%,96%, as a result of ana 18%24% and 15%59% increase in gold and silver ounces sold (includes $421.4 million of post-acquisition sales at Las Chispas), and a 45% and 43% increase in average realized gold and silver prices, respectively, and an 8% and 13% increase in gold and silver ounces sold, respectively. The increase in gold ounces sold was duethe toresult of post-acquisition sales at Las Chispas, higher goldplacement productionrates and grades at all sites, specifically higher gradeRochester, and recovery rates at Palmarejo, the successful completion of the Rochester expansion, higher mill throughput and grade at Kensington, andpartially higheroffset tonsby andlower gradegrades at Wharf.Palmarejo. The increase in silver ounces sold was the result of higherpost-acquisition gradesales at Las Chispas, and recoveryhigher ratessilver ounces recovered at Palmarejo,Rochester andas thea successful completionresult of thehigher Rochesterplacement expansion.rates, partially offset by lower silver grades at Palmarejo. Gold and silver represented 65% and 35% of 2025 sales revenue, respectively, compared to 70% and 30%, respectively,30% of both 2024 and 2023 sales revenue.revenue, respectively.

20252026 Adjusted Costs Applicable to Sales Guidance

20252026 Capital, ExplorationDD&A, andExploration, G&A and Income and Mining Tax Guidance

Item 1A – Risk factors of the 2025 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial conditions or operating results. Those risk factors have been supplemented and updated in thisthe Company’s Form 10-Q.10-Q for the quarter ended March 31, 2026 (the “Q1 2026 10-Q”). Except as supplemented and updated below,in the Q1 2026 10-Q, the risk factors set forth in the most recent Form 10-K remain current. Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.

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

FirstSecond Quarter Highlights

For the quarter, Coeur reported revenue of $856$1 millionbillion and cash provided by operating activities of $341$513 million, driven by the first full quarter of contributions from New Afton and Rainy River. We reported GAAP net income of $122 million, or $0.12 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $478 million and net income of $123 million or $0.12 per diluted share. For the six months ended June 30, 2026, Coeur reported revenue of $2 billion and cash provided by operating activities of $854 million. We reported GAAP net income of $247$369 million, or $0.35$0.42 per diluted share. On a non-GAAP adjusted basis1,basis, the Company reported EBITDA of $475$953 million and net income of $254$376 million or $0.36$0.43 per diluted share.

(1)See “Non-GAAP Financial Performance Measures”. Includes costs of $85$140 million, $3 million,million and $27$85 million for the three months ended June 30, 2026 and March 31, 2026, December 31, 2025respectively, and March$225 31,million and $57 million for the six months ended June 30, 2026 and 2025, respectively, related to the purchase price allocation (“PPA”) ascribed to Inventory at New Afton, Rainy River and Las Chispas.

Costs applicable to sales increased $114$220 million, or 53%,67%, primarily driven by post-acquisitionfull-quarter sales at Rainy River and New Afton as well as the impact of the purchase price allocation (“PPA”) ascribed to Inventory of $85$140 million compared to $3$85 million in the fourthfirst quarter of 2025, partially offset by lower gold ounces sold at Wharf.2026. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization increased $26$156 million, or 36%,156%, as a result of post-acquisitionfull-quarter sales at Rainy River and New Afton, and higher gold and silver ounces sold at Las Chispas,Chispas and Wharf, partially offset by lower gold and silver ounces sold at Palmarejo, Rochester, Kensington and Wharf.Kensington.

General and administrative expenses increased $6$1 million, or 42%,5%, primarily due to higher outside service and travel costs, partially offset by lower stock-based compensation and annual incentive costs.

Exploration expense increased $7$8 million, or 39%,33%, primarily due to plannedfull-quarter of exploration activity at Rainy River and New Afton, and increased drilling activity at LasWharf, Chispas, KensingtonKensington, and Wharf.Rochester.

Pre-development, reclamation, and other expenses increaseddecreased $6$23 million, or 25%,78%, as a result of higherlower transaction and integration costs associated with the acquisition of New Gold.Gold in the first quarter and the receipt of property damage insurance proceeds related to the fire incident at Wharf.

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

The Company incurred $2$0.3 million of debt extinguishment costs following the terminationprepayment of the $400$39 million revolvingof creditRochester facilityfinance and its replacement with a new $1.0 billion revolving credit facility.leases.

Interest expense (net of capitalized interest) wasincreased unchangedto at $6$11 million asattributable to the higher interest onpaid under the $400New millionGold of2032 debtSenior Notes assumed fromin the New Gold Transaction wasand 2032 Senior Notes, partially offset by lower interest paid on finance leases. The new $1.0 billion RCF had no outstanding amount drawn as of MarchJune 31,30, 2026.

Other, net increased to a gain of $8$10 million compared to $6$8 million as a result of higher interest income, partially offset by lower foreign exchange rate gains.

Income and mining tax expense of approximately $102$93 million resulted in an effective tax rate of 29.2%43.3% for the three months ended MarchJune 31,30, 2026. This compares to income tax expense of $113$102 million for an effective tax rate of 34.4%29.2% for the three months ended DecemberMarch 31, 2025.2026. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) U.S. valuation allowance release; (ii) foreign exchange rates; (iii) variations in our income before income taxes; (ivii) geographic distribution of that income; (viii) theforeign impactexchange of uncertain tax positionsrates; (vi) mining taxes; (viiiv) excess of tax benefits from share-based compensation; (v) mining taxes; (vi) the impact of uncertain tax positions; (vii) percentage depletion and (viii) percentageU.S. depletion.valuation allowance release. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $10 million and decreased income and mining tax expense by $2 million and increased income and mining tax expense by $6 million for the three months ended MarchJune 31,30, 2026 and DecemberMarch 31, 2025,2026, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

The Company has historically provided a valuation allowance against a portion of its U.S. net deferred tax assets. InDuring the firstthree quarterand ofsix months ended June 30, 2026, the Company released $1nil millionand $1.0 million, respectively, of valuation allowance against its U.S. net deferred tax assets,assets resulting in a non-cash deferred tax benefit. The $1$1.0 million valuation allowance releasereleased is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

The Company continues to maintain a valuation allowance against approximately $56 million of U.S. federal and state deferred tax assets as of MarchJune 31,30, 2026,2026 because the Company has concluded it is not more likely than not to be realized.

Net income was $122 million, or $0.12 per diluted share, compared to $247 million, or $0.35 per diluted share, compared to $215 million, or $0.33 per diluted share. The increasedecrease in net income wasresulted driven byfrom a 15%1% decrease in silver sales from Coeur’s legacy mines and 53%a increase6% and 14% decrease in average realized gold and silver prices, respectively, and post-acquisition sales at Rainy River and New Afton. This was partially offset by a 3% and 5% decrease in gold and silver ounces sold, respectively, post-acquisition costs applicable to sales at Rainy River and New Afton, and higher generalexploration and administrativeinterest expense. This was partially offset by full-quarter sales from Rainy River and explorationNew costs,Afton and highera 2% increase in gold ounces sold from Coeur’s legacy mines, and lower income and mining taxes. Adjusted net income was $253$123 million, or $0.36$0.12 per diluted share, compared to $227$253 million, or $0.35$0.36 per diluted share (see “Non-GAAP Financial Performance Measures”).

The Company sold 276,297 gold ounces, 8.9 million silver ounces, and 14.7 million copper pounds compared to 196,264 gold ounces, 8.6 million silver ounces, and zero copper pounds. Revenue increased by $1,101 million, or 131%, as a result of post-acquisition sales at Rainy River and New Afton, a 1% increase in silver ounces sold from Coeur’s legacy mines, and a 49% and 133% increase in average realized gold and silver prices, respectively. This was partially offset by a 14% decrease in gold ounces sold from Coeur’s legacy mines. The increase in gold ounces sold was primarily due to full-quarterfull-year sales at Las Chispas and post-acquisition sales at Rainy River and New Afton, partially offset by lower mill throughput at KensingtonPalmarejo and temporarily-reducedKensington, lower grades at Palmarejo, Rochester, and Kensington, and temporarily reduced crushing capacity at Wharf. The increase in silver ounces sold resulted from full-quarter sales at Las Chispas, higher placement rates at Rochester, partially offset by lower mill throughput at Palmarejo, and grades at Palmarejo and Rochester. Gold, silver and copper represented 56%,60%, 42%35% and 2%5% of sales2026 revenue during the first quarter of 2026,sales, respectively, compared to 65%,66%, 35%34% and nil during the first quarter of 2025,2025 sales, respectively.

Costs applicable to sales increased $126$446 million, or 62%,103%, primarily due to the post-acquisition sales at Rainy River and New Afton, full-quarterfull-year sales at Las Chispas and higher operating costs at Palmarejo, Rochester and Kensington, partially offset by lower gold ounces sold Wharf. Cost applicable to sales includes the impact of the PPA ascribed to Inventory of $85$225 million compared to $27$57 million during the first quarter of 2025. For a complete discussion of costs applicable to sales, see Results of Operations below.

Amortization increased $57$251 million, or 132%,240%, as a result of post-acquisition sales at Rainy River and New Afton, full-quarterfull-year sales at Las Chispas, partially offset by lower gold ounces sold at PalmarejoPalmarejo, Kensington and Wharf.

General and administrative expenses increased $8$17 million, or 56%,63%, primarily due to higher stock-based compensation, annual incentive,incentive compensation, outside service,services, and audit fees.

Exploration expense increased $6$17 million, or 31%,39%, driven by planned higher resource expansion drilling activity at all locations, and full-quarterfull-year exploration expense at Las Chispas.Chispas, and post-acquisition exploration expense at Rainy River and New Afton.

Pre-development, reclamation, and other expenses increased $13$6 million, or 76%,21%, primarily due to higher transaction and integration costs related to the acquisitionNew Gold Transaction, partially offset by the receipt of Newproperty Gold.damage insurance proceeds related to the fire incident at Wharf.

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

The Company incurred $2 million of debt extinguishment costs following the termination of the $400 million revolving credit facility and its replacement with the new $1.0 billion revolvingRCF, creditand facility.prepayment of $39 million of Rochester finance leases.

Interest expense (net of capitalized interest) decreased to $6$17 million from $10$19 million due to lower interest paid under the RCF driven by lower average debt levels and lower interest rate,paid under finance leases, partially offset by higher interest paid under financethe leaseNew obligationsGold driven2032 bySenior newNotes finance leasesassumed in the secondNew halfGold ofTransaction 2025.and 2032 Senior Notes. The new $1.0 billion RCF had no outstanding amount drawn as of MarchJune 31,30, 2026.

Other, net increased to a gain of $8$17 million compared to $0.4$1.9 million as a result of higher interest income.income and foreign exchange rate gains.

Income and mining tax expense of approximately $102$195 million resulted in an effective tax rate of 29.2%34.6% for the firstsix quartermonths ofended June 30, 2026. This compares to income tax expense of $18$81 million for an effective tax rate of 35.6%43.8% for the firstsix quartermonths ofended June 30, 2025. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) percentage depletion; (v) foreign exchange rates; (vi) excess of tax benefits from share-based compensation; (vi) foreign exchange rates; (vii) U.S. valuation allowance release; and (viii) the impact of uncertain tax positions.positions and (viii) U.S. valuation allowance release. Fluctuations in foreign exchange rates on deferred tax balances decreasedincreased income and mining tax expense by $2$9 million and $0.2$28 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

The Company has historically provided a valuation allowance against a portion its U.S. net deferred tax assets. InDuring the firstthree quarterand ofsix months ended June 30, 2026, the Company released $1nil millionand $1.0 million, respectively, of valuation allowance against its U.S. net deferred tax assets,assets resulting in a non-cash deferred tax benefit. The $1 million valuation allowance releasereleased is related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.

The Company continues to maintain a valuation allowance against approximately $56 million of U.S. federal and state deferred tax assets as of MarchJune 31,30, 2026, because the Company has concluded it is not more likely than not to be realized.

Net income was $247$369 million, or $0.35$0.42 per diluted share, compared to $33$104 million, or $0.06$0.18 per diluted share. The increase in net income was driven by a 21% and 12%1% increase in gold and silver ounces sold,sold respectively,from whichCoeur’s includeslegacy mines, post-acquisition sales at Rainy River and New AftonAfton, a 49% and full-quarter sales at Las Chispas, a 66% and 159%133% increase in average realized gold and silver prices, respectively, and lowerfull-quarter interestsales expenseat Las Chispas. This was partially offset by post-acquisition costs applicable to sales at Rainy River and New Afton, higher general and administrative, exploration, transaction and Transactionintegration costs.costs, and mining and income tax expense. Adjusted net income was $253$376 million, or $0.36$0.43 per diluted share, compared to $40$143 million, or $0.08$0.25 per diluted share (see “Non-GAAP Financial Performance Measures”).

The Company has reaffirmed its full-year 2026guidance guidance,for including production, CAS, capital expenditures, depreciation, depletionexploration and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax..

2026 Capital, DD&A,Amortization, Exploration, G&A and Income and Mining Tax Guidance

Note: The Company’s previous guidance figures assumeassumed estimated prices of $4,550/oz gold, $77.50/oz silver, and $5.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. The Company’s updated guidance figures assume estimated prices of $4,000/oz gold, $60.00/oz silver, and $6.00/lb copper, as well as CAD of 1.38 and MXN of 18.00. Guidance figures exclude the impact of any metal sales or foreign exchange hedges.

(1)See Non-GAAP Financial Performance Measures. Includes the impact of $2,560 and $3.10 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the first quarter of 2026, and $531 and $0.73 on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA ascribed to Inventory of $20 million in the six months ended June 30, 2026. The impact on costs applicable to sales per gold ounce and copper pound sold, respectively, attributable to PPA in the second quarter of 2026 was not significant.

NewGold Aftonand resultscopper representproduction elevenincreased 776% and 761%, respectively, reflecting the first full quarter of operations under Coeur’s ownership, as the prior quarter represented only 11 days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026.2026, and higher gold and copper grades. Metal sales were $133 million, or 12% of Coeur’s metal sales, compared with $38 million, or 4% of Coeur’s metal sales. Revenue increased by $96 million, or 253%, of which $95 million was due to higher volume of gold and copper production and $1 million was due to higher average realized copper prices, partially offset by lower average realized gold prices. Costs applicable to sales per gold ounce and copper pound sold includesin the first quarter of 2026 included $2,560 and $3.10, respectively, of costs related to the expensing of $20 million of PPA that was ascribed to Inventory. The second quarter PPA impact was not significant. Amortization totaled $14$106 million. Capital expenditures were not$12 significant.million.

(1)See Non-GAAP Financial Performance Measures. Includes the impact of $3,026$2,036, $3,026, and $2,270 on costs applicable to sales per gold ounce sold, attributable to PPA ascribed to Inventory of $141 million, $65 million, and $205 million in the second quarter, first quarter ofand 2026.six months ended June 30, 2026, respectively.

RainyGold Riverand resultssilver representproduction elevenincreased 413% and 561%, respectively, reflecting the first full quarter of operations under Coeur’s ownership, as the prior quarter represented only 11 days of post-acquisition activity subsequent to the acquisition of New Gold on March 20, 2026.2026, and higher gold grades. Metal sales were $305 million, or 28% of Coeur’s metal sales, compared with $96 million, or 11% of Coeur’s metal sales. Revenue increased by $208 million, or 216%, of which $211 million was due to higher volume of gold and silver production, partially offset by $3 million due to lower average realized gold and silver prices. Costs applicable to sales per gold ounce sold includesfor $3,026second and first quarter of 2026 include $2,036 and $3,026, respectively, of costs related to the expensing of $141 million and $65 millionmillion, respectively, of PPA that was ascribed to Inventory. Amortization totaled $17$79 million. Capital expenditures were $6$57 million.

(1)See Non-GAAP Financial Performance Measures. Includes the impact of $1,351$1,106 and $15.22$11.80 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $27.0$57 million in the firstsix quartermonths ofended June 30, 2025. Includes the impact of $101 and $1.33 on costs applicable to sales per gold and silver ounce sold, respectively, attributable to PPA ascribed to Inventory of $3 million in the fourth quarter of 2025.