CDE · Coeur Mining, Inc.

Coeur Mining delivered record Q1 2026 results despite only 11 days of contribution from the New Gold acquisition, which closed on March 20. Revenue surged to $856 million from $675 million in Q4 2025 and $360 million in Q1 2025, driven by higher gold and silver sales at elevated realized prices of $4,383/oz (+15% QoQ) and $82.85/oz (+53% QoQ), plus initial copper sales. GAAP net income reached $247 million ($0.35/share), with adjusted net income at $254 million ($0.36/share). Adjusted EBITDA hit a quarterly record $475 million, up 12% QoQ and nearly quadrupled YoY, reflecting strong operating leverage across the portfolio. Production totaled 96,503 oz gold (+11% YoY) and 4.4M oz silver (+18% YoY), with New Afton and Rainy River adding 14,145 oz gold, 22,989 oz silver, and 1.4M lbs copper post-close. Costs applicable to sales rose to $330 million due to purchase price allocation impacts on inventory ($74.8M for gold, adding $689/oz), but core operations remained in line with guidance. Operating cash flow was $341 million, down slightly QoQ due to higher costs and one-time outflows over $200 million (taxes, interest, incentives), yet free cash flow stayed robust at $267 million. Balance sheet strengthened markedly with cash at $843 million (52% QoQ increase, 11x YoY) and new $1B revolving credit facility, supporting updated capital return policy: $750M share repurchase and $0.02/share semiannual dividend starting Q2. Management reaffirmed full-year guidance, highlighting portfolio strength as North America's only senior precious metals producer. Integration of New Afton (K-Zone resource: 715koz gold M&I) and Rainy River (mine life to 2035) advances on plan, positioning Coeur for accelerated growth.