NioCorp Developments Ltd. press release

Coeur Reports Third Quarter 2025 Results

2025-10-29

NASDAQ - Nasdaq Stock Market · Niobium · Scandium · Titanium · Rare Earth Elements · United States · Corporate Finance

_Record quarterly production, solid cost performance drive margin expansion; cash balance more than doubles to $266 million; full-year production and CAS _1 guidance ranges narrowed and refined

Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported record third quarter 2025 financial results, including revenue of $555 million and cash flow from operating activities of $238 million. The Company reported record quarterly GAAP net income from continuing operations of $267 million, or $0.41 per share. On an adjusted basis 1 , Coeur reported record quarterly EBITDA of $299 million, record cash flow from operating activities before changes in working capital of $239 million and record net income from continuing operations of $147 million, or $0.23 per share.

Key Highlights

Record quarterly production and solid cost performance – Operating strength across the portfolio together with higher gold and silver prices drove a second consecutive quarter of record results. Quarterly silver production of 4.8 million ounces was 1% higher quarter-over-quarter and 57% higher year-over-year. Gold production increased 3% quarter-over-quarter and 17% year-over-year to 111,364 ounces. Average realized prices for gold and silver increased 4% and 15%, respectively, compared to the second quarter, leading to further margin expansion Record quarterly financial results – Fifth consecutive quarter of positive free cash flow, which increased 29% versus the prior quarter to a record $189 million. Adjusted EBITDA 1 increased 23% versus the prior quarter to a record $299 million, bringing the last twelve-month (“LTM”) total to $808 million. Sixth consecutive quarter of GAAP net income, which totaled a record $267 million, or $0.41 per share Significantly bolstered liquidity position – Quarter-end cash and equivalents more than doubled to $266 million compared to the prior quarter-end. Year-to-date, the Company has repaid over $228 million of total debt and its net leverage ratio decreased to 0.1x at quarter-end with a strong net cash position expected at year-end. Nearly 10% of the Company’s share repurchase program has been completed at an average price of $11.79 per share Full-year production and cost guidance refined – Coeur refined its full year 2025 production guidance ranges, resulting in a 1% increase in the midpoint of expected full year gold production to 415,250 ounces and a 2% decrease in the midpoint of expected full year silver production to 18.1 million ounces. Coeur also adjusted its full-year 2025 cost guidance lower at three of its five operations

“Coeur delivered another quarter of record financial results, driven by higher prices, balanced contributions from all five of our North American gold and silver operations along with overall strong cost control,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Las Chispas experienced a particularly strong quarter, with the team continuing to exceed expectations in just its second full quarter of operations with the Company.

“We look forward to delivering another record quarter in the final three months of the year based on anticipated higher average realized prices and increasing margins which is expected to push full-year 2025 adjusted EBITDA to over $1 billion, full-year 2025 free cash flow to over $550 million and place the Company in an extremely strong position to achieve record-setting operating and financial results in 2026.”

Financial and Operating Highlights (Unaudited)

| (Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) | | 3Q 2025 | | 2Q 2025 | | 1Q 2025 | | 4Q 2024 | | 3Q 2024 | | Gold Sales | $ | 360.5 | $ | 323.1 | $ | 235.3 | $ | 205.2 | $ | 223.8 | | Silver Sales | $ | 194.1 | $ | 157.5 | $ | 124.7 | $ | 100.2 | $ | 89.7 | | Consolidated Revenue | $ | 554.6 | $ | 480.7 | $ | 360.1 | $ | 305.4 | $ | 313.5 | | Costs Applicable to Sales 2 | $ | 248.7 | $ | 229.5 | $ | 204.3 | $ | 158.8 | $ | 156.7 | | General and Administrative Expenses | $ | 14.8 | $ | 13.3 | $ | 13.9 | $ | 11.1 | $ | 11.0 | | Net Income | $ | 266.8 | $ | 70.7 | $ | 33.4 | $ | 37.9 | $ | 48.7 | | Net Income Per Share | $ | 0.41 | $ | 0.11 | $ | 0.06 | $ | 0.08 | $ | 0.12 | | Adjusted Net Income 1 | $ | 147.3 | $ | 127.4 | $ | 59.9 | $ | 45.3 | $ | 47.2 | | Adjusted Net Income 1 Per Share | $ | 0.23 | $ | 0.20 | $ | 0.11 | $ | 0.11 | $ | 0.12 | | Weighted Average Shares Outstanding | | 644.9 | | 643.1 | | 521.2 | | 401.0 | | 400.8 | | EBITDA 1 | $ | 249.1 | $ | 203.0 | $ | 105.3 | $ | 104.6 | $ | 121.1 | | Adjusted EBITDA 1 | $ | 299.1 | $ | 243.5 | $ | 148.9 | $ | 116.4 | $ | 126.0 | | Cash Flow from Operating Activities | $ | 237.7 | $ | 207.0 | $ | 67.6 | $ | 63.8 | $ | 111.1 | | Capital Expenditures | $ | 49.0 | $ | 60.8 | $ | 50.0 | $ | 47.7 | $ | 42.0 | | Free Cash Flow 1 | $ | 188.7 | $ | 146.2 | $ | 17.6 | $ | 16.1 | $ | 69.1 | | Cash, Equivalents & Short-Term Investments | $ | 266.3 | $ | 111.6 | $ | 77.6 | $ | 55.1 | $ | 76.9 | | Total Debt 3 | $ | 363.5 | $ | 380.7 | $ | 498.3 | $ | 590.1 | $ | 605.2 | | Average Realized Price Per Ounce – Gold | $ | 3,148 | $ | 3,021 | $ | 2,635 | $ | 2,399 | $ | 2,309 | | Average Realized Price Per Ounce – Silver | $ | 38.93 | $ | 33.72 | $ | 32.05 | $ | 31.11 | $ | 29.86 | | Gold Ounces Produced | | 111,364 | | 108,487 | | 86,766 | | 87,149 | | 94,993 | | Silver Ounces Produced | | 4.8 | | 4.7 | | 3.7 | | 3.2 | | 3.0 | | Gold Ounces Sold | | 114,495 | | 106,948 | | 89,316 | | 85,555 | | 96,913 | | Silver Ounces Sold | | 5.0 | | 4.7 | | 3.9 | | 3.2 | | 3.0 | | Adjusted CAS per AuOz 1 | $ | 1,215 | $ | 1,260 | $ | 1,330 | $ | 1,192 | $ | 1,113 | | Adjusted CAS per AgOz 1 | $ | 14.95 | $ | 13.41 | $ | 14.28 | $ | 16.93 | $ | 15.67 |

Financial Results

Third quarter 2025 revenue totaled $555 million compared to $481 million in the prior period and $314 million in the third quarter of 2024. The Company produced 111,364 and 4.8 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 114,495 ounces of gold and 5.0 million ounces of silver. Average realized gold and silver prices for the quarter were $3,148 and $38.93 per ounce, respectively, compared to $3,021 and $33.72 per ounce in the prior period and $2,309 and $29.86 per ounce in the third quarter of 2024.

Gold and silver sales represented 65% and 35% of quarterly revenue, respectively, compared to 67% and 33% in the prior period. The Company’s U.S. operations accounted for approximately 55% of both third and second quarter revenue.

Adjusted costs applicable to sales per ounce 1 of gold and silver totaled $1,215 and $14.95 respectively. General and administrative expenses increased $2 million, or 11%, quarter-over-quarter to $15 million, due primarily to increased stock-based compensation.

Coeur invested approximately $30 million ($25 million expensed and $5 million capitalized) in exploration during the quarter, compared to approximately $30 million ($23 million expensed and $7 million capitalized) in the prior period. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.

The Company recorded a significant income and mining tax benefit during the third quarter driven primarily by recording a $216 million tax benefit related to recognition of a significant portion of its U.S. deferred tax assets, including Federal Net Operating Losses on the balance sheet at September 30, 2025. The $216 million valuation allowance release is comprised of $54 million related to current year income and $162 million related to forecasted future year income. The recognition of the deferred tax asset was triggered as the three year cumulative net income position from the Company’s U.S. operations turned positive during the quarter. Cash income and mining taxes paid during the period totaled approximately $36 million and have totaled $137 million year to date, including $63 million and $38 million in the first and second quarters, respectively.

Quarterly operating cash flow increased to $238 million compared to $207 million in the prior period, driven by strong operational performance, increased metal sales and higher average metals prices. Changes in working capital during the quarter were $(1) million.

Third quarter capital expenditures were $49 million compared to $61 million in the prior period. Sustaining and development capital expenditures accounted for approximately $34 million and $15 million, or 70% and 30%, respectively, of Coeur’s total capital investment during the quarter.

Operations

Third quarter 2025 highlights for each of the Company’s operations are provided below.

Las Chispas, Mexico

| (Dollars in millions, except per ounce amounts) | | 3Q 2025 | | | 2Q 2025 | | | 1Q 2025 | | | 4Q 2024 | | | 3Q 2024 | | | Tons milled | | 139,916 | | | 118,399 | | | 59,368 | | | — | | | — | | | Average gold grade (oz/t) | | 0.110 | | | 0.150 | | | 0.130 | | | — | | | — | | | Average silver grade (oz/t) | | 10.32 | | | 13.32 | | | 12.71 | | | — | | | — | | | Average recovery rate – Au | | 97.9 | % | | 98.6 | % | | 98.6 | % | | — | % | | — | % | | Average recovery rate – Ag | | 97.8 | % | | 98.5 | % | | 98.1 | % | | — | % | | — | % | | Gold ounces produced | | 16,540 | | | 16,271 | | | 7,175 | | | — | | | — | | | Silver ounces produced (000’s) | | 1,572 | | | 1,489 | | | 714 | | | — | | | — | | | Gold ounces sold | | 17,800 | | | 16,025 | | | 9,607 | | | — | | | — | | | Silver ounces sold (000’s) | | 1,675 | | | 1,479 | | | 924 | | | — | | | — | | | Average realized price per gold ounce | $ | 3,427 | | $ | 3,315 | | $ | 2,902 | | $ | — | | $ | — | | | Average realized price per silver ounce | $ | 38.89 | | $ | 33.48 | | $ | 32.63 | | $ | — | | $ | — | | | Metal sales | $ | 126.1 | | $ | 102.7 | | $ | 58.0 | | $ | — | | $ | — | | | Costs applicable to sales 2 | $ | 68.1 | | $ | 57.7 | | $ | 42.8 | | $ | — | | $ | — | | | Adjusted CAS per AuOz 1 | $ | 934 | | $ | 894 | | $ | 744 | | $ | — | | $ | — | | | Adjusted CAS per AgOz 1 | $ | 10.75 | | $ | 8.94 | | $ | 8.38 | | $ | — | | $ | — | | | Exploration expense | $ | 2.5 | | $ | 3.3 | | $ | 1.9 | | $ | — | | $ | — | | | Cash flow from operating activities | $ | 75.9 | | $ | 58.6 | | $ | 97.1 | | $ | — | | $ | — | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 9.8 | | $ | 9.2 | | $ | 5.3 | | $ | — | | $ | — | | | Development capital expenditures | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | | Total capital expenditures | $ | 9.8 | | $ | 9.2 | | $ | 5.3 | | $ | — | | $ | — | | | Free cash flow 1 | $ | 66.1 | | $ | 49.4 | | $ | 91.8 | | $ | — | | $ | — | |

Operational

Third quarter gold and silver production increased to 16,540 ounces and 1.6 million ounces, respectively, compared to 16,271 gold ounces and 1.5 million silver ounces in the prior period Production during the quarter benefited from higher mill throughput driven by the consumption of the remaining acquired stockpile and recovery of in-circuit inventory

Financial

Adjusted CAS 1 for gold and silver on a co-product basis totaled $934 for gold and $10.75 for silver, which were higher quarter-over-quarter due to the planned processing of lower grade acquired stockpile material Gold and silver accounted for approximately 48% and 52%, respectively, of revenue during the quarter Free cash flow 1 totaled $66 million compared to $49 million in the prior period

Exploration

Exploration investment in the third quarter totaled approximately $4 million (substantially all expensed) compared to $3 million (substantially all expensed) in the prior period In the Las Chispas Block and the Gap Zone, up to six rigs were active during the quarter: three on surface and three underground, while in the Babicanora Block up to 7 additional rigs were active underground Infill and expansion drilling of the Augusta vein (in the Gap Zone) commenced from the new underground ramp with excellent results received, including the discovery of the Promesa vein located between Augusta and William Tell. The high-grade Augusta discovery made earlier this year has now been traced over 450 meters along strike and 150 meters down dip, consistently yielding multi-kilo grade intercepts on a silver equivalent basis The William Tell, William Tell Mini, North Las Chispas and La Sopresa veins continued to expand, supporting the potential for expansion of these resource zones In the Babicanora Block, infill drilling delivered excellent results In the fourth quarter, drilling is expected to continue on all veins detailed above and scout drilling is expected to commence on a number of targets across the district

Guidance

The Company has increased Las Chispas’ 2025 gold and silver production guidance ranges to reflect strong performance since the acquisition closed on February 14 and strong expected mining and milling rates in the fourth quarter Prorated production reflecting 10.5 months of contributions in 2025 is expected to be 50,000 - 58,000 ounces of gold (previously 42,500 - 52,500 ounces) and 5.0 - 5.5 million ounces of silver (previously 4.25 - 5.25 million ounces) Prorated adjusted CAS 1 reflecting 10.5 months of contributions in 2025 are expected to be $850 - $950 per gold ounce and $9.25 - $10.25 per silver ounce, which are unchanged from previous guidance ranges Prorated capital expenditures reflecting 10.5 months of contributions in 2025 are expected to be $30 - $34 million, consisting primarily of sustaining capital, which is unchanged from the previous guidance range Prorated exploration investment reflecting 10.5 months of contributions in 2025 is expected to be $16 - $18 million (substantially all expensed), which is unchanged from the previous guidance range

Palmarejo, Mexico

| (Dollars in millions, except per ounce amounts) | | 3Q 2025 | | | 2Q 2025 | | | 1Q 2025 | | | 4Q 2024 | | | 3Q 2024 | | | Tons milled | | 485,267 | | | 483,880 | | | 440,920 | | | 419,008 | | | 413,463 | | | Average gold grade (oz/t) | | 0.050 | | | 0.060 | | | 0.050 | | | 0.059 | | | 0.070 | | | Average silver grade (oz/t) | | 3.47 | | | 4.06 | | | 4.36 | | | 4.17 | | | 5.15 | | | Average recovery rate – Au | | 95.0 | % | | 92.9 | % | | 95.2 | % | | 91.2 | % | | 94.8 | % | | Average recovery rate – Ag | | 89.9 | % | | 88.6 | % | | 87.4 | % | | 88.3 | % | | 85.6 | % | | Gold ounces produced | | 24,802 | | | 27,272 | | | 23,032 | | | 22,490 | | | 27,549 | | | Silver ounces produced (000’s) | | 1,514 | | | 1,741 | | | 1,680 | | | 1,543 | | | 1,823 | | | Gold ounces sold | | 26,850 | | | 26,782 | | | 22,713 | | | 22,353 | | | 28,655 | | | Silver ounces sold (000’s) | | 1,633 | | | 1,720 | | | 1,636 | | | 1,598 | | | 1,861 | | | Average realized price per gold ounce | $ | 2,144 | | $ | 2,093 | | $ | 1,924 | | $ | 1,750 | | $ | 1,922 | | | Average realized price per silver ounce | $ | 38.97 | | $ | 33.76 | | $ | 31.85 | | $ | 31.27 | | $ | 29.71 | | | Metal sales | $ | 121.2 | | $ | 114.1 | | $ | 95.8 | | $ | 89.1 | | $ | 110.4 | | | Costs applicable to sales 2 | $ | 51.0 | | $ | 48.7 | | $ | 43.7 | | $ | 45.5 | | $ | 47.5 | | | Adjusted CAS per AuOz 1 | $ | 887 | | $ | 888 | | $ | 882 | | $ | 894 | | $ | 818 | | | Adjusted CAS per AgOz 1 | $ | 16.44 | | $ | 14.39 | | $ | 14.37 | | $ | 15.92 | | $ | 12.60 | | | Exploration expense | $ | 5.7 | | $ | 4.0 | | $ | 3.9 | | $ | 3.8 | | $ | 4.3 | | | Cash flow from operating activities | $ | 52.6 | | $ | 47.9 | | $ | 8.7 | | $ | 33.2 | | $ | 55.6 | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 4.3 | | $ | 3.6 | | $ | 2.5 | | $ | 6.5 | | $ | 4.0 | | | Development capital expenditures | $ | 1.4 | | $ | 2.0 | | $ | 3.4 | | $ | 3.4 | | $ | 4.0 | | | Total capital expenditures | $ | 5.7 | | $ | 5.6 | | $ | 5.9 | | $ | 9.9 | | $ | 8.0 | | | Free cash flow 1 | $ | 46.9 | | $ | 42.3 | | $ | 2.8 | | $ | 23.3 | | $ | 47.6 | |

Operational

Third quarter gold and silver production totaled 24,802 and 1.5 million ounces, respectively, compared to 27,272 and 1.7 million ounces in the prior period and 27,549 and 1.8 million ounces in the third quarter of 2024 Production during the quarter was affected by lower gold and silver grades, partially offset by higher recoveries

Financial

Adjusted CAS 1 for gold and silver on a co-product basis totaled $887 and $16.44 per ounce, respectively Capital expenditures totaled $6 million, which were flat compared to the prior period Free cash flow 1 in the third quarter increased to $47 million compared to $42 million in the prior period, driven by stronger metals sales due to higher realized prices

Exploration

Exploration investment totaled approximately $6 million (substantially all expensed) The exploration program ramped up to 11 rigs across the property during the third quarter A key area of focus during the quarter was the San Miguel deposit in the Guazapares block (in the Eastern District), including validation drilling of the historic Paramount resource. Most results are pending but visual inspection of the core is encouraging On the Hidalgo Corridor, drilling continues to deliver excellent results, outlining an additional 500 meters of strike length year to date. Since its discovery in 2019, Hidalgo has become Palmarejo’s second largest reserve after Guadalupe and is expected to expand further. Three rigs are expected to remain active in the Hidalgo Corridor through year-end At the Independencia Sur block, validation drilling of the historic Fresnillo resource is progressing with additional rigs added to enable completion by year-end resource calculations. This block is immediately adjacent to existing infrastructure and outside the area of interest of the Franco-Nevada gold stream agreement. Multiple veins, including Bruno and Independencia Sur, as well as potential new zones, have been intersected. Assay results are as expected and the program exhibits potential to confirm the historic resources in this area At the Camuchin target located to the East, scout drilling has confirmed multiple veins spanning several kilometers, and assay results indicate veins are gold-rich, with good grades and narrow widths. Planning for a subsequent phase of the program in 2026 is underway

Other

Approximately 49% of Palmarejo’s gold sales in the third quarter were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce, totaling 13,228 ounces. The Company anticipates approximately 40% - 50% of Palmarejo’s 2025 gold sales will be sold under the gold stream agreement

Guidance

The Company has increased Palmarejo’s 2025 gold and silver production guidance ranges and lowered the 2025 cost guidance ranges to reflect strong year-to-date performance and higher expected grades in the fourth quarter Full-year 2025 production is expected to be 96,000 - 106,000 ounces of gold (previously 95,000 - 105,000 ounces) and 6.0 - 6.8 million ounces of silver (previously 5.4 - 6.5 million ounces) Adjusted CAS 1 in 2025 are expected to be $890 - $960 per gold ounce (previously $950 - $1,150 per gold ounce) and $15.00 - $16.00 per silver ounce (previously $17.00 - $18.00 per silver ounce) Capital expenditures are expected to be $26 - $32 million, consisting primarily of sustaining capital and underground development, which is unchanged from the previous guidance range Exploration investment in 2025 is expected to be $16 - $18 million (substantially all expensed), which is unchanged from the previous guidance range

Rochester, Nevada

| (Dollars in millions, except per ounce amounts) | | 3Q 2025 | | 2Q 2025 | | 1Q 2025 | | | 4Q 2024 | | 3Q 2024 | | | Ore tons placed | | 8,306,272 | | 7,851,665 | | 6,987,324 | | | 8,226,820 | | 7,064,623 | | | Average silver grade (oz/t) | | 0.57 | | 0.60 | | 0.59 | | | 0.44 | | 0.57 | | | Average gold grade (oz/t) | | 0.002 | | 0.003 | | 0.003 | | | 0.003 | | 0.002 | | | Silver ounces produced (000’s) | | 1,644 | | 1,456 | | 1,284 | | | 1,551 | | 1,155 | | | Gold ounces produced | | 14,801 | | 14,302 | | 13,353 | | | 15,752 | | 9,690 | | | Silver ounces sold (000’s) | | 1,656 | | 1,438 | | 1,282 | | | 1,571 | | 1,098 | | | Gold ounces sold | | 13,975 | | 13,881 | | 14,713 | | | 14,824 | | 9,186 | | | Average realized price per silver ounce | $ | 38.95 | $ | 33.88 | $ | 31.86 | | $ | 30.97 | $ | 30.13 | | | Average realized price per gold ounce | $ | 3,431 | $ | 3,333 | $ | 2,840 | | $ | 2,604 | $ | 2,492 | | | Metal sales | $ | 112.5 | $ | 95.0 | $ | 82.6 | | $ | 87.2 | $ | 56.0 | | | Costs applicable to sales 2 | $ | 52.0 | $ | 47.9 | $ | 48.5 | | $ | 51.5 | $ | 39.4 | | | Adjusted CAS per AgOz 1 | $ | 17.73 | $ | 16.83 | $ | 18.41 | | $ | 17.96 | $ | 20.88 | | | Adjusted CAS per AuOz 1 | $ | 1,585 | $ | 1,675 | $ | 1,670 | | $ | 1,495 | $ | 1,735 | | | Prepayment, working capital cash flow | $ | — | $ | — | $ | (17.5 | ) | $ | — | $ | — | | | Exploration expense | $ | 3.2 | $ | 1.2 | $ | 1.5 | | $ | 2.7 | $ | 1.0 | | | Cash flow from operating activities | $ | 41.2 | $ | 39.6 | $ | (7.0 | ) | $ | 26.0 | $ | 3.2 | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 4.8 | $ | 20.7 | $ | 8.5 | | $ | 10.4 | $ | 7.0 | | | Development capital expenditures | $ | 6.8 | $ | 3.8 | $ | 6.4 | | $ | 3.5 | $ | 3.1 | | | Total capital expenditures | $ | 11.6 | $ | 24.5 | $ | 14.9 | | $ | 13.9 | $ | 10.1 | | | Free cash flow 1 | $ | 29.6 | $ | 15.1 | $ | (21.9 | ) | $ | 12.1 | $ | (6.9 | ) |