Coeur Mining Inc. press release

Coeur Reports Third Quarter 2026 Results

2026-11-04

NYSE - New York Stock Exchange · Gold · Silver · Zinc · Lead · United States · Corporate Finance

Newly-acquired Canadian operations drive 77% year-over-year revenue growth; cash balance increases to $1.2 billion after returning nearly 50% of quarterly free cash flow to stockholders; Company remains on track for record full-year results

Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today reported third quarter 2026 financial results, including revenue of $1.0 billion and cash flow from operating activities of $386 million. The Company reported quarterly GAAP net income of $109 million, or $0.11 per share. On an adjusted basis 1 , Coeur reported quarterly adjusted EBITDA 1 of $448 million, cash flow from operating activities before changes in working capital of $409 million and net income of $98 million, or $0.10 per share. Adjusted EBITDA 1 and net income were reduced by $40 million, or $(0.03) per share, of non-cash expense due to purchase price allocation accounting for Rainy River’s stockpile inventory.

Key Highlights

Solid financial performance – On a year-over-year basis, revenue increased 77% to $1.0 billion, adjusted EBITDA 1 increased 69% to $448 million, and free cash flow 1 increased 27% to $240 million. Third quarter average realized gold and silver prices per ounce declined to $3,979 and $62.22, respectively, compared to $4,140 and $71.18 in the prior period. Silver contributed 27% of the Company’s revenue in the quarter Steady production and strong cost performance across balanced portfolio – Quarterly gold production totaled 161,400 ounces, with sequential quarterly production growth at Rochester and Wharf of 39% and 28%, respectively. Quarterly silver production of 4.2 million ounces decreased 12% year over year, primarily driven by lower silver grades at Palmarejo. Adjusted CAS 1 per gold and silver ounce declined 16% and 1% quarter over quarter, respectively Growing balance sheet strength and consistent capital returns – Coeur’s cash balance increased more than fourfold versus the prior year to $1.2 billion, driven by strong free cash flow at each of the Company’s seven North American operations. Since the commencement of the enhanced $750 million share repurchase program in mid-May, Coeur has repurchased $231 million of common stock 2 , or 12.6 million shares, including $111 million in the third quarter, representing approximately 46% of quarterly free cash flow. The Company today declared a second dividend of $0.02 per share, which is expected to be paid on December 16, 2026 to all stockholders of record as at the close of business on November 30, 2026 Company continuing to target full-year production at the low-end of guidance ranges – Coeur continues to target achieving record full-year production of approximately 630,000 ounces of gold, 18.7 million ounces of silver, and 40.0 million pounds of copper, which represent the low end of the Company’s guidance ranges

“The Company continued generating strong financial and operational results from its recently expanded portfolio of seven North American operations despite lower prices and several short-term operational challenges encountered during the quarter. However, we remain on-track to deliver strong fourth quarter results to cap off a transformative and record year for the Company,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer.

“Wharf delivered another strong quarter, Las Chispas achieved another steady quarter of performance, and Rochester’s crusher set new records for tonnes crushed in the period. Solid progress was achieved with the ongoing ramp-ups at both New Afton and Rainy River despite unexpected conveyor downtime at New Afton during the quarter and heavy rains that impacted open pit operations at Rainy River. Heavy seasonal rains at Palmarejo also contributed to lower than anticipated production.

“As we look ahead to year-end, we expect strong fourth quarter results to drive record full-year 2026 production and financial performance, including record adjusted EBITDA of over $2 billion and free cash flow exceeding $1.3 billion at current prices. With a bolstered liquidity position and a full year of contributions from our new Canadian operations next year, we are well-positioned to deliver even stronger operational and financial results in 2027.”

Financial and Operating Highlights (Unaudited)

| (Amounts in millions, except per share amounts, gold ounces produced and sold, and per-ounce/pound metrics) | 3Q 2026 | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | | | | | | | Gold Sales | $ | 653.8 | $ | 695.0 | $ | 475.2 | $ | 424.8 | $ | 360.5 | | Silver Sales | $ | 268.2 | $ | 321.6 | $ | 362.2 | $ | 250.1 | $ | 194.1 | | Copper Sales | $ | 61.7 | $ | 69.0 | $ | 18.8 | $ | — | $ | — | | Consolidated Revenue | $ | 983.6 | $ | 1,085.6 | $ | 856.2 | $ | 674.7 | $ | 554.6 | | Costs Applicable to Sales 3 | $ | 468.5 | $ | 549.7 | $ | 330.0 | $ | 215.9 | $ | 248.7 | | General and Administrative Expenses | $ | 21.6 | $ | 22.7 | $ | 21.7 | $ | 15.2 | $ | 14.8 | | Net Income | $ | 109.4 | $ | 121.9 | $ | 246.8 | $ | 215.0 | $ | 266.8 | | Net Income Per Share | $ | 0.11 | $ | 0.12 | $ | 0.35 | $ | 0.33 | $ | 0.41 | | Adjusted Net Income 1 | $ | 97.8 | $ | 122.6 | $ | 253.5 | $ | 227.3 | $ | 122.7 | | Adjusted Net Income 1 Per Share | $ | 0.10 | $ | 0.12 | $ | 0.36 | $ | 0.35 | $ | 0.19 | | Weighted Average Shares Outstanding | | 1,028.4 | | 1,034.4 | | 698.7 | | 645.9 | | 644.9 | | EBITDA 1 | $ | 446.3 | $ | 482.1 | $ | 455.0 | $ | 407.2 | $ | 249.1 | | Adjusted EBITDA 1 | $ | 448.0 | $ | 478.3 | $ | 474.9 | $ | 424.5 | $ | 265.6 | | Cash Flow from Operating Activities | $ | 385.6 | $ | 513.2 | $ | 340.8 | $ | 374.6 | $ | 237.7 | | Capital Expenditures | $ | 145.4 | $ | 125.7 | $ | 74.1 | $ | 61.4 | $ | 49.0 | | Free Cash Flow 1 | $ | 240.2 | $ | 387.5 | $ | 266.8 | $ | 313.2 | $ | 188.7 | | Cash Income and Mining Taxes | $ | 51.1 | $ | 106.2 | $ | 132.2 | $ | 41.2 | $ | 36.4 | | Cash, Equivalents & Short-Term Investments | $ | 1,172.7 | $ | 1,052.3 | $ | 843.2 | $ | 553.6 | $ | 266.3 | | Total Debt 4 | $ | 701.7 | $ | 705.3 | $ | 761.4 | $ | 340.5 | $ | 363.5 | | Average Realized Price Per Ounce – Gold | $ | 3,979 | $ | 4,140 | $ | 4,383 | $ | 3,818 | $ | 3,148 | | Average Realized Price Per Ounce – Silver | $ | 62.22 | $ | 71.18 | $ | 82.85 | $ | 54.30 | $ | 38.93 | | Average Realized Price Per Pound – Copper | $ | 6.65 | $ | 6.11 | $ | 5.55 | $ | — | $ | — | | Gold Ounces Produced | | 161,400 | | 163,490 | | 96,457 | | 112,429 | | 111,364 | | Silver Ounces Produced | | 4.2 | | 4.4 | | 4.4 | | 4.7 | | 4.8 | | Copper Pounds Produced | | 10.0 | | 11.4 | | 1.3 | | — | | — | | Gold Ounces Sold | | 164,311 | | 167,877 | | 108,420 | | 111,273 | | 114,495 | | Silver Ounces Sold | | 4.3 | | 4.5 | | 4.4 | | 4.6 | | 5.0 | | Copper Pounds Sold | | 9.3 | | 11.3 | | 3.4 | | — | | — | | Adjusted CAS per AuOz 1 | $ | 2,054 | $ | 2,442 | $ | 2,032 | $ | 1,207 | $ | 1,355 | | Adjusted CAS per AgOz 1 | $ | 22.73 | $ | 22.99 | $ | 20.01 | $ | 17.29 | $ | 18.45 | | Adjusted CAS per CuLb 1 | $ | 2.67 | $ | 2.33 | $ | 5.36 | $ | — | $ | — |

Financial Results

Third quarter 2026 revenue totaled $1.0 billion compared to $1.1 billion in the prior period and $555 million in the third quarter of 2025. The Company produced 161,400 ounces of gold, 4.2 million ounces of silver, and 10.0 million pounds of copper during the quarter. Metal sales for the quarter totaled 164,311 ounces of gold, 4.3 million ounces of silver and 9.3 million pounds of copper. Average realized prices for the quarter were $3,979 per ounce of gold, $62.22 per ounce of silver and $6.65 per pound of copper compared to $4,140 per ounce of gold, $71.18 per ounce of silver and $6.11 per pound of copper in the prior period and $3,148 and $38.93 per ounce of gold and silver, respectively, in the third quarter of 2025.

Gold, silver and copper sales represented 66%, 27% and 6% of quarterly revenue, respectively. The Company’s U.S., Canadian and Mexican operations accounted for approximately 34%, 36% and 30% of third-quarter revenue, respectively.

Adjusted costs applicable to sales per ounce 1 of gold and silver declined to $2,054 and $22.73, respectively, compared to $2,442 and $22.99, respectively, in the prior period. Adjusted CAS 1 per gold ounce in the third quarter includes $40 million of non-cash expense related to purchase price allocation ascribed to inventory, which added $245 per ounce to the gold CAS 1 . General and administrative expenses decreased 5% quarter over quarter to $22 million.

Coeur invested approximately $50 million ($43 million expensed and $7 million capitalized) in exploration during the quarter compared to approximately $44 million ($34 million expensed and $10 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 $65 million during the third quarter. Cash income and mining taxes paid during the period totaled approximately $51 million, primarily reflecting income and mining tax payments in Mexico.

Quarterly operating cash flow decreased to $386 million from $513 million in the prior period, primarily reflecting lower realized gold and silver prices and lower metal sales, particularly at New Afton, Rainy River, and Palmarejo. Operating cash flow was also affected by $50 million of working capital adjustment outflows related to timing of interest expense and annual insurance premiums.

Third quarter capital expenditures were $145 million compared to $126 million in the prior period. Sustaining and development capital expenditures accounted for approximately $122 million and $23 million, or 84% and 16%, respectively, of Coeur’s total capital investment during the quarter.

Operations

Third quarter 2026 highlights for each of the Company’s operations are provided below.

New Afton, Canada

| (Dollars in millions, except per ounce and per pound amounts) | 3Q 2026 | 2Q 2026 | 1Q 2026 5 | 4Q 2025 | 3Q 2025 | | | | | | | | | | | | Tonnes milled | | 928,052 | | | 1,101,408 | | | 134,385 | | | — | | | — | | | Average gold grade (grams/tonne) | | 0.49 | | | 0.48 | | | 0.44 | | | — | | | — | | | Average copper grade (%) | | 0.55 | | | 0.54 | | | 0.48 | | | — | | | — | | | Average recovery rate – Au | | 83.7 | % | | 82.6 | % | | 87.4 | % | | — | % | | — | % | | Average recovery rate – Cu | | 88.0 | % | | 86.7 | % | | 94.8 | % | | — | % | | — | % | | Gold ounces produced | | 12,189 | | | 14,059 | | | 1,605 | | | — | | | — | | | Silver ounces produced (000’s) | | 26 | | | 29 | | | 4 | | | — | | | — | | | Copper pounds produced (000’s) | | 9,975 | | | 11,377 | | | 1,322 | | | — | | | — | | | Gold ounces sold | | 11,526 | | | 13,832 | | | 3,906 | | | — | | | — | | | Silver ounces sold (000’s) | | 24 | | | 29 | | | 9 | | | — | | | — | | | Copper pounds sold (000’s) | | 9,269 | | | 11,287 | | | 3,385 | | | — | | | — | | | Average realized price per gold ounce | $ | 4,171 | | $ | 4,522 | | $ | 4,733 | | $ | — | | $ | — | | | Average realized price per copper pound | $ | 6.65 | | $ | 6.11 | | $ | 5.55 | | $ | — | | $ | — | | | Metal sales | $ | 111.3 | | $ | 133.3 | | $ | 37.8 | | $ | — | | $ | — | | | Costs applicable to sales 3 | $ | 46.0 | | $ | 52.7 | | $ | 36.2 | | $ | — | | $ | — | | | Adjusted CAS per AuOz 1,6 | $ | 1,673 | | $ | 1,766 | | $ | 4,488 | | $ | — | | $ | — | | | Adjusted CAS per CuLb 1,6 | $ | 2.67 | | $ | 2.33 | | $ | 5.36 | | $ | — | | $ | — | | | Exploration expense | $ | 7.3 | | $ | 5.1 | | $ | 0.3 | | $ | — | | $ | — | | | Cash flow from operating activities | $ | 61.7 | | $ | 62.4 | | $ | 24.6 | | $ | — | | $ | — | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 9.9 | | $ | 5.6 | | $ | — | | $ | — | | $ | — | | | Development capital expenditures | $ | 4.9 | | $ | 6.2 | | $ | — | | $ | — | | $ | — | | | Total capital expenditures | $ | 14.8 | | $ | 11.8 | | $ | — | | $ | — | | $ | — | | | Free cash flow 1 | $ | 46.9 | | $ | 50.6 | | $ | 24.6 | | $ | — | | $ | — | |

Operational

Gold and copper production in the third quarter totaled 12,189 ounces and 10.0 million pounds, respectively, compared to 14,059 gold ounces and 11.4 million pounds in the prior period Production was impacted by lower-than-planned mining and milling rates as a result of a conveyor belt failure which occurred in late August and was subsequently repaired by mid-September. Since then, underground mining rates of 16,000 tonnes per day have been achieved and sustained Lower tonnes milled in the quarter were partially offset by higher grades and improved recoveries in the period

Financial

Copper and gold accounted for approximately 56% and 44% of revenue during the quarter, respectively Third quarter adjusted CAS 1 for copper and gold on a by-product basis totaled $2.67 and $1,673 per pound and ounce, respectively Free cash flow 1 in the third quarter totaled $47 million compared to $51 million in the prior period

Exploration

Key exploration goals for 2026 include infill drilling of inferred resources in the K-Zone resource cave shape and expansion of the overall measured, indicated and inferred resources in the K-Zone Exploration investment in the third quarter totaled approximately $7 million (substantially all expensed), compared to $5 million (substantially all expensed) in the prior period, and primarily focused on expanding the K-Zone to the southeast and west Successful results have been received in both directions, with the footprint of the K-Zone extended by more than 300 meters this year. Additional underground development is underway to allow for drill testing of a further 450 meters of strike length to the east

Guidance

Prorated production reflecting nine months of contributions is expected to be 50,000 - 60,000 ounces of gold, 40 - 50 million pounds of copper, and 100,000 - 180,000 ounces of silver Prorated adjusted CAS 1 reflecting nine months of results are expected to be $1,300 - $1,600 per gold ounce and $2.00 - $2.30 per pound of copper, which includes non-cash expense of $175 per ounce of gold and $0.24 per pound of copper relating to purchase price allocation ascribed to short-term inventory Prorated capital expenditures reflecting nine months of ownership are expected to be $51 - $61 million, reflecting investments related to the ramp-up of C-Zone Prorated exploration investment reflecting nine months of activity is expected to be $19 - $23 million ($17 - $19 million expensed and $2 - $4 million capitalized)

Rainy River, Canada

| (Dollars in millions, except per ounce amounts) | 3Q 2026 | 2Q 2026 | 1Q 2026 5 | 4Q 2025 | 3Q 2025 | | | | | | | | | | | | Tonnes milled | | 2,362,558 | | | 2,396,866 | | | 225,632 | | | — | | | — | | | Average gold grade (grams/tonne) | | 0.77 | | | 0.90 | | | 0.87 | | | — | | | — | | | Average recovery rate – Au | | 92.0 | % | | 92.5 | % | | 90.1 | % | | — | % | | — | % | | Gold ounces produced | | 53,965 | | | 64,042 | | | 12,494 | | | — | | | — | | | Silver ounces produced (000’s) | | 116 | | | 127 | | | 19 | | | — | | | — | | | Gold ounces sold | | 57,701 | | | 69,050 | | | 21,407 | | | — | | | — | | | Silver ounces sold (000’s) | | 174 | | | 190 | | | 32 | | | — | | | — | | | Average realized price per gold ounce | $ | 4,076 | | $ | 4,266 | | $ | 4,401 | | $ | — | | $ | — | | | Metal sales | $ | 243.4 | | $ | 304.8 | | $ | 96.4 | | $ | — | | $ | — | | | Costs applicable to sales 3 | $ | 174.6 | | $ | 271.7 | | $ | 92.4 | | $ | — | | $ | — | | | Adjusted CAS per AuOz 1,7 | $ | 2,883 | | $ | 3,788 | | $ | 4,215 | | $ | — | | $ | — | | | Exploration expense | $ | 4.5 | | $ | 4.8 | | $ | 0.4 | | $ | — | | $ | — | | | Cash flow from operating activities | $ | 97.6 | | $ | 180.2 | | $ | 90.0 | | $ | — | | $ | — | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 48.1 | | $ | 42.6 | | $ | 6.4 | | $ | — | | $ | — | | | Development capital expenditures | $ | 13.4 | | $ | 14.5 | | $ | — | | $ | — | | $ | — | | | Total capital expenditures | $ | 61.5 | | $ | 57.1 | | $ | 6.4 | | $ | — | | $ | — | | | Free cash flow 1 | $ | 36.1 | | $ | 123.1 | | $ | 83.6 | | $ | — | | $ | — | |

Operational

Gold production in the third quarter totaled 53,965 ounces compared to 64,042 gold ounces in the prior period, due primarily to lower grades and additional planned maintenance days in the period Phase 4 open pit production was impacted by unusually heavy rainfall in the quarter, which resulted in the increased processing of lower-grade stockpile ore, partially offset by stronger than planned performance from the Phase 5 open pit Underground mining continues to ramp-up, with rates averaging approximately 3,400 tonnes per day in the quarter compared to 2,300 tonnes per day in the previous period. Target of 5,000 tonnes per day achieved in quarter with additional mining horizons being developed in the first half of 2027 to help sustain those levels

Financial

Third quarter adjusted CAS 1 for gold on a by-product basis totaled $2,883 per ounce. CAS 1 per gold ounce includes non-cash expense of $40 million of purchase price allocation ascribed to inventory, which added $694 per ounce to the gold CAS 1 Free cash flow 1 in the third quarter totaled $36 million compared to $123 million in the prior period

Exploration

Exploration in 2026 is focused on the extension of known shoots down-plunge and laterally, assessment of near-mine opportunities for additional open pit resources and early-stage exploration of new targets to further build the resource pipeline Exploration investment in the third quarter totaled approximately $5 million (substantially all expensed), consistent with the prior period Underground drilling was focused on extending and infill drilling higher-grade shoots and testing gaps between existing shoots, while regional exploration programs ended during the quarter

Guidance

Prorated production reflecting nine months of contributions is expected to be 190,000 - 230,000 ounces of gold and 380,000 - 450,000 ounces of silver Prorated adjusted CAS 1 reflecting nine months of results are expected to be $2,700 - $3,000 per gold ounce, and includes $1,020 per ounce of non-cash expense relating to the purchase price allocation ascribed to short-term inventory and $155 per ounce attributable to the Royal Gold stream Prorated capital expenditures reflecting nine months of ownership are expected to be $150 - $170 million, reflecting investments in underground mine development and infrastructure, as well as the tailings management area perimeter dam raise Prorated exploration investment reflecting nine months of activity is expected to be $8 - $10 million (substantially all expensed)

Las Chispas, Mexico

| (Dollars in millions, except per ounce amounts) | 3Q 2026 | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | | | | | | | | | | | | Tonnes milled | | 135,811 | | | 129,334 | | | 119,197 | | | 114,814 | | | 126,930 | | | Average gold grade (grams/tonne) | | 3.78 | | | 3.73 | | | 3.96 | | | 4.44 | | | 3.69 | | | Average silver grade (grams/tonne) | | 354 | | | 370 | | | 389 | | | 411 | | | 354 | | | Average recovery rate – Au | | 96.5 | % | | 100.2 | % | | 99.1 | % | | 89.9 | % | | 97.9 | % | | Average recovery rate – Ag | | 97.9 | % | | 97.6 | % | | 99.4 | % | | 90.3 | % | | 97.8 | % | | Gold ounces produced | | 15,942 | | | 15,518 | | | 15,031 | | | 14,719 | | | 16,540 | | | Silver ounces produced (000’s) | | 1,513 | | | 1,503 | | | 1,481 | | | 1,371 | | | 1,572 | | | Gold ounces sold | | 15,839 | | | 16,459 | | | 14,898 | | | 14,819 | | | 17,800 | | | Silver ounces sold (000’s) | | 1,499 | | | 1,565 | | | 1,461 | | | 1,367 | | | 1,675 | | | Average realized price per gold ounce | $ | 4,250 | | $ | 4,496 | | $ | 4,857 | | $ | 4,131 | | $ | 3,427 | | | Average realized price per silver ounce | $ | 62.89 | | $ | 72.14 | | $ | 83.03 | | $ | 53.68 | | $ | 38.89 | | | Metal sales | $ | 161.6 | | $ | 186.9 | | $ | 193.6 | | $ | 134.6 | | $ | 126.1 | | | Costs applicable to sales 3 | $ | 36.9 | | $ | 35.1 | | $ | 31.5 | | $ | 33.1 | | $ | 68.1 | | | Adjusted CAS per AuOz 1,8 | $ | 977 | | $ | 841 | | $ | 775 | | $ | 1,010 | | $ | 1,836 | | | Adjusted CAS per AgOz 1,8 | $ | 14.26 | | $ | 13.27 | | $ | 13.46 | | $ | 13.37 | | $ | 21.13 | | | Exploration expense | $ | 2.6 | | $ | 3.3 | | $ | 3.5 | | $ | 2.7 | | $ | 2.5 | | | Cash flow from operating activities 9 | $ | 89.6 | | $ | 123.5 | | $ | 88.7 | | $ | 92.3 | | $ | 75.9 | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 17.0 | | $ | 16.3 | | $ | 12.5 | | $ | 13.8 | | $ | 9.8 | | | Development capital expenditures | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | | Total capital expenditures | $ | 17.0 | | $ | 16.3 | | $ | 12.5 | | $ | 13.8 | | $ | 9.8 | | | Free cash flow 1,9 | $ | 72.6 | | $ | 107.2 | | $ | 76.2 | | $ | 78.5 | | $ | 66.1 | |