CDE · Coeur Mining, Inc.

This transaction represents a material restructuring of Coeur Mining’s debt profile through the assumption and reissuance of New Gold’s outstanding 6.875% Senior Notes due 2032. Rather than a traditional debt issuance, Coeur executed a private exchange offer — a non-cash, liability-swap transaction — whereby it retired $385.8 million of third-party debt by issuing its own economically identical notes. The absence of cash proceeds confirms this was not a liquidity event but a strategic balance sheet consolidation following Coeur’s broader engagement with New Gold’s capital structure. The newly issued Notes carry standard high-yield indenture covenants, including restrictions on leverage, dividends, and asset dispositions, which will constrain Coeur’s financial flexibility going forward. Critically, the Change of Control put provision — requiring repurchase at 101% — introduces a defined liquidity obligation should control shift, a feature investors will assess against Coeur’s cash position and near-term operating cash flow generation. The guarantees by wholly-owned subsidiaries and automatic future guarantor triggers based on $20 million debt thresholds signal an intent to maintain structural parity across the group, though the Notes remain structurally subordinated to liabilities of non-guarantor subsidiaries. Given the size ($385.8M), senior unsecured status, and embedded contractual protections, this is a HIGH materiality event that meaningfully expands Coeur’s direct debt obligations and covenant footprint without altering its near-term cash resources.