Nouveau Monde Graphite Inc. press release

Coeur Reports Fourth Quarter and Full-Year 2025 Results

2026-02-18

TSX - Toronto Stock Exchange · Graphite · Canada · Corporate Finance

2025 revenue nearly doubles to $2.1 billion on record production and prices; net income increases more than tenfold to $586 million and adjusted EBITDA more than triples to $1 billion; provides 2026 guidance reflecting expected record results

Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported record fourth quarter 2025 financial results, including revenue of $675 million and cash flow from operating activities of $375 million. The Company reported record quarterly GAAP net income from continuing operations of $215 million, or $0.29 per share. On an adjusted basis 1 , Coeur reported record quarterly EBITDA of $425 million, record cash flow from operating activities before changes in working capital of $318 million and record net income from continuing operations of $227 million, or $0.35 per share.

For the full year, Coeur reported revenue of $2.1 billion, cash flow from operating activities of $887 million and GAAP net income from continuing operations of $586 million, or $0.95 per share. On an adjusted basis 1 , the Company reported EBITDA of $1.0 billion, cash flow from operating activities before changes in working capital of $772 million and net income from continuing operations of $493 million, or $0.80 per share.

Key Highlights

Record full-year gold and silver production – Balanced contributions across Coeur’s portfolio led to 2025 full-year production of 419,046 ounces of gold and 17.9 million ounces of silver, representing year-over-year increases of 23% and 57%, respectively, within the Company’s 2025 consolidated guidance ranges Record financial results – Fourth quarter free cash flow increased 66% versus the prior quarter to a record $313 million, bringing the full-year total to $666 million. Adjusted EBITDA 1 increased 60% versus the prior quarter to a record $425 million, driving the last twelve-month total to over $1.0 billion. Average realized prices for gold and silver increased 21% and 39%, respectively, compared to the third quarter Long-term objective of net cash achieved – Cash and equivalents more than doubled compared to the prior quarter-end and increased tenfold compared to the prior year-end to $554 million; total debt decreased 42% to $341 million at December 31, 2025 compared to year-end 2024 Strong quarter at Rochester – Silver and gold production at Rochester increased 6% and 20% quarter-over-quarter, respectively, and 40% and 54% year-over-year, respectively. During the fourth quarter, both tonnes 2 crushed and tonnes placed reached record levels, with tonnes crushed increasing 12% to 6.4 million tonnes (7.0 million imperial tons) and tonnes placed increasing 23% to 9.3 million tonnes (10.2 million imperial tons). Fourth quarter free cash flow increased to $78 million compared to $30 million in the third quarter and $12 million in the fourth quarter for the prior year New Gold transaction approved by stockholders – On January 27, 2026, stockholders of both Coeur and New Gold voted overwhelmingly in favor of Coeur’s proposed acquisition of New Gold Inc. (“New Gold”). The transaction, which remains on track to close in the first half of 2026, is expected to create a new, sector-leading, all-North American senior precious metals mining company 2026 guidance highlights portfolio strength – The Company expects 2026 gold and silver production from Coeur’s current portfolio of assets of 390,000 - 460,000 ounces and 18.2 - 21.3 million ounces, respectively, driven by strong contributions across the portfolio, including expected continued growth at Rochester and a full year of production at Las Chispas. The Company plans to issue guidance including New Gold’s two assets, the New Afton and Rainy River mines, upon closing of the transaction

“Coeur finished 2025 on a high note, achieving a third consecutive quarter of record-setting financial results, driven by higher realized prices, strong production and disciplined cost management,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Each of the Company’s five operations delivered solid results and record free cash flow. Rochester’s fourth quarter results were especially noteworthy, with ore crushing and placement rates reaching record levels. Since closing the SilverCrest acquisition in mid-February, Las Chispas contributed $286 million of free cash flow to the Company, while Kensington delivered one of its strongest quarters ever on the back of its recently completed multi-year underground development and drilling program.

“Coeur’s 2026 production guidance reflects our continued confidence in delivering record-setting operating and financial results this year. Following the expected close of our acquisition of New Gold in the first half of 2026, the addition of the New Afton and Rainy River operations in Canada will further enhance our emergence as a new precious metals mining leader at just the right time. On a combined basis, we expect to generate approximately $3 billion of EBITDA and $2 billion of free cash flow from our seven North American operations while remaining a top five global silver producer. We look forward to sharing updated guidance following the transaction close that highlights the scale and quality of this exciting new North American-only precious metals platform.

“Coeur’s successful reserve and resource update issued yesterday further underscores the Company’s long-term growth potential through our sustained commitment to exploration. In addition to more than replacing Company-wide depletion, the near-doubling of mine life at Wharf to twelve years and strong reserve increases at Kensington and Palmarejo highlight the success of our organic growth strategy and long track record of generating value through investing in brownfield exploration.”

Financial and Operating Highlights (Unaudited)

| (Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) | 2025 | | 4Q 2025 | | 3Q 2025 | | 2Q 2025 | | 1Q 2025 | | 2024 | | 4Q 2024 | | | Gold Sales | $ | 1,343.7 | $ | 424.8 | $ | 360.5 | $ | 323.1 | $ | 235.3 | $ | 734.9 | $ | 205.2 | | Silver Sales | $ | 726.4 | $ | 250.1 | $ | 194.1 | $ | 157.5 | $ | 124.7 | $ | 319.1 | $ | 100.2 | | Consolidated Revenue | $ | 2,070.1 | $ | 674.7 | $ | 554.6 | $ | 480.7 | $ | 360.1 | $ | 1,054.0 | $ | 305.4 | | Costs Applicable to Sales 3 | $ | 898.4 | $ | 215.9 | $ | 248.7 | $ | 229.5 | $ | 204.3 | $ | 606.2 | $ | 158.8 | | General and Administrative Expenses | $ | 57.2 | $ | 15.2 | $ | 14.8 | $ | 13.3 | $ | 13.9 | $ | 47.7 | $ | 11.1 | | Net Income | $ | 585.9 | $ | 215.0 | $ | 266.8 | $ | 70.7 | $ | 33.4 | $ | 58.9 | $ | 37.9 | | Net Income Per Share | $ | 0.95 | $ | 0.29 | $ | 0.41 | $ | 0.11 | $ | 0.06 | $ | 0.15 | $ | 0.08 | | Adjusted Net Income 1 | $ | 493.4 | $ | 227.3 | $ | 122.7 | $ | 102.9 | $ | 40.5 | $ | 70.1 | $ | 45.3 | | Adjusted Net Income 1 Per Share | $ | 0.80 | $ | 0.35 | $ | 0.19 | $ | 0.16 | $ | 0.08 | $ | 0.18 | $ | 0.11 | | Weighted Average Shares Outstanding | | 614.7 | | 645.9 | | 644.9 | | 643.1 | | 521.2 | | 397.4 | | 401.0 | | EBITDA 1 | $ | 964.6 | $ | 407.2 | $ | 249.1 | $ | 203.0 | $ | 105.3 | $ | 302.6 | $ | 104.6 | | Adjusted EBITDA 1 | $ | 1,025.8 | $ | 424.5 | $ | 265.6 | $ | 213.8 | $ | 121.9 | $ | 339.2 | $ | 116.4 | | Cash Flow from Operating Activities | $ | 886.9 | $ | 374.6 | $ | 237.7 | $ | 207.0 | $ | 67.6 | $ | 174.2 | $ | 63.8 | | Capital Expenditures | $ | 221.2 | $ | 61.4 | $ | 49.0 | $ | 60.8 | $ | 50.0 | $ | 183.2 | $ | 47.7 | | Free Cash Flow 1 | $ | 665.7 | $ | 313.2 | $ | 188.7 | $ | 146.2 | $ | 17.6 | $ | (9.0) | $ | 16.1 | | Cash Income and Mining Taxes | $ | 178.5 | $ | 41.2 | $ | 36.4 | $ | 38.2 | $ | 62.6 | $ | 45.1 | $ | 11.7 | | Cash, Equivalents & Short-Term Investments | $ | 553.6 | $ | 553.6 | $ | 266.3 | $ | 111.6 | $ | 77.6 | $ | 55.1 | $ | 55.1 | | Total Debt 4 | $ | 340.5 | $ | 340.5 | $ | 363.5 | $ | 380.7 | $ | 498.3 | $ | 590.1 | $ | 590.1 | | Average Realized Price Per Ounce – Gold | $ | 3,184 | $ | 3,818 | $ | 3,148 | $ | 3,021 | $ | 2,635 | $ | 2,156 | $ | 2,399 | | Average Realized Price Per Ounce – Silver | $ | 40.01 | $ | 54.30 | $ | 38.93 | $ | 33.72 | $ | 32.05 | $ | 27.95 | $ | 31.11 | | Gold Ounces Produced | | 419,046 | | 112,429 | | 111,364 | | 108,487 | | 86,766 | | 341,582 | | 87,149 | | Silver Ounces Produced | | 17.9 | | 4.7 | | 4.8 | | 4.7 | | 3.7 | | 11.4 | | 3.2 | | Gold Ounces Sold | | 422,032 | | 111,273 | | 114,495 | | 106,948 | | 89,316 | | 340,816 | | 85,555 | | Silver Ounces Sold | | 18.2 | | 4.6 | | 5.0 | | 4.7 | | 3.9 | | 11.4 | | 3.2 | | Adjusted CAS per AuOz 1 | $ | 1,347 | $ | 1,207 | $ | 1,355 | $ | 1,405 | $ | 1,476 | $ | 1,203 | $ | 1,192 | | Adjusted CAS per AgOz 1 | $ | 17.69 | $ | 17.29 | $ | 18.45 | $ | 16.48 | $ | 17.94 | $ | 16.55 | $ | 16.93 |

Financial Results

Fourth quarter 2025 revenue totaled $675 million compared to $555 million in the prior period and $305 million in the fourth quarter of 2024. The Company produced 112,429 and 4.7 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 111,273 ounces of gold and 4.6 million ounces of silver. Average realized gold and silver prices for the quarter were $3,818 and $54.30 per ounce, respectively, compared to $3,148 and $38.93 per ounce in the prior period and $2,399 and $31.11 per ounce in the fourth quarter of 2024.

Coeur generated $2.1 billion in revenue in 2025, compared to $1.1 billion in 2024. Full-year gold and silver production totaled 419,046 and 17.9 million ounces, respectively, compared to 341,582 ounces of gold and 11.4 million ounces of silver in 2024. Metal sales in 2025 included 422,032 and 18.2 million ounces of gold and silver, respectively. Average realized gold and silver prices for the year were $3,184 and $40.01 per ounce, respectively, compared to $2,156 and $27.95 per ounce in 2024.

Gold and silver sales represented 63% and 37% of quarterly revenue, respectively. For the full year, gold and silver sales accounted for 65% and 35% of revenue, respectively. The Company’s U.S. operations accounted for approximately 59% and 57% of fourth quarter and full-year revenue, respectively.

Adjusted costs applicable to sales per ounce 1 of gold and silver totaled $1,207 and $17.29, respectively. General and administrative expenses increased 3% quarter-over-quarter to $15 million, due primarily to increased stock-based compensation.

Coeur invested approximately $25 million ($19 million expensed and $7 million capitalized) in exploration during the quarter, compared to approximately $30 million ($25 million expensed and $5 million capitalized) in the prior period. For the full year, the Company invested approximately $108 million ($87 million expensed and $21 million capitalized) compared to roughly $77 million ($60 million expensed and $17 million capitalized) in 2024. See the “Operations” and “Exploration” sections for additional detail on the Company’s exploration activities.

The Company recorded income tax expense of approximately $113 million and $97 million during the fourth quarter and for the full year, respectively. Cash income and mining taxes paid during the period totaled approximately $41 million, bringing the full-year total to $178 million, including $63 million, $38 million, and $36 million in the first, second, and third quarters, respectively. Cash taxes paid in 2025 primarily reflect income and mining tax payments in Mexico. Coeur expects to pay approximately $150 - $160 million in cash taxes during the first quarter of 2026, primarily as a result of strong operational performance at Palmarejo and Las Chispas.

Quarterly operating cash flow increased to $375 million compared to $238 million in the prior period, driven by strong operational performance, increased metal sales and higher average metals prices. For the full year, operating cash flow totaled $887 million compared to $174 million in the prior period.

Fourth quarter capital expenditures were $61 million compared to $49 million in the prior period, bringing the full-year total to $221 million and within Coeur’s 2025 guidance range of $187 - $225 million. Sustaining and development capital expenditures accounted for approximately $48 million and $14 million, or 78% and 22%, respectively, of Coeur’s total capital investment during the quarter.

Coeur repurchased $2.3 million of shares in the fourth quarter, bringing the full-year total to $9.6 million. Repurchase activity was limited in the quarter due to a blackout period leading up to the announcement of the New Gold acquisition and trading restrictions post-announcement that limited repurchase volume and timing.

Operations

Fourth quarter and full-year 2025 highlights for each of the Company’s operations are provided below.

Las Chispas, Mexico

| (Dollars in millions, except per ounce amounts) | | 2025 | | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | | 2024 | | 4Q 2024 | | | | | | | | | | | | Tonnes milled | | 403,011 | | | 114,814 | | | 126,930 | | | 107,410 | | | 53,857 | | | — | | | — | | | Average gold grade (grams/tonne) | | 4.4 | | | 4.4 | | | 3.7 | | | 5.0 | | | 4.4 | | | — | | | — | | | Average silver grade (grams/tonne) | | 409 | | | 411 | | | 354 | | | 457 | | | 436 | | | — | | | — | | | Average recovery rate – Au | | 97.1 | % | | 89.9 | % | | 97.9 | % | | 98.6 | % | | 98.6 | % | | — | % | | — | % | | Average recovery rate – Ag | | 97.2 | % | | 90.3 | % | | 97.8 | % | | 98.5 | % | | 98.1 | % | | — | % | | — | % | | Gold ounces produced | | 54,705 | | | 14,719 | | | 16,540 | | | 16,271 | | | 7,175 | | | — | | | — | | | Silver ounces produced (000’s) | | 5,146 | | | 1,371 | | | 1,572 | | | 1,489 | | | 714 | | | — | | | — | | | Gold ounces sold | | 58,251 | | | 14,819 | | | 17,800 | | | 16,025 | | | 9,607 | | | — | | | — | | | Silver ounces sold (000’s) | | 5,445 | | | 1,367 | | | 1,675 | | | 1,479 | | | 924 | | | — | | | — | | | Average realized price per gold ounce | $ | 3,489 | | $ | 4,131 | | $ | 3,427 | | $ | 3,315 | | $ | 2,902 | | $ | — | | $ | — | | | Average realized price per silver ounce | $ | 40.07 | | $ | 53.68 | | $ | 38.89 | | $ | 33.48 | | $ | 32.63 | | $ | — | | $ | — | | | Metal sales | $ | 421.4 | | $ | 134.6 | | $ | 126.1 | | $ | 102.7 | | $ | 58.0 | | $ | — | | $ | — | | | Costs applicable to sales 3 | $ | 201.7 | | $ | 33.1 | | $ | 68.1 | | $ | 57.7 | | $ | 42.8 | | $ | — | | $ | — | | | Adjusted CAS per AuOz 1 | $ | 1,649 | | $ | 1,010 | | $ | 1,836 | | $ | 1,857 | | $ | 2,095 | | $ | — | | $ | — | | | Adjusted CAS per AgOz 1 | $ | 19.11 | | $ | 13.37 | | $ | 21.13 | | $ | 18.57 | | $ | 23.61 | | $ | — | | $ | — | | | Exploration expense | $ | 10.4 | | $ | 2.7 | | $ | 2.5 | | $ | 3.3 | | $ | 1.9 | | $ | — | | $ | — | | | Cash flow from operating activities 5 | $ | 323.9 | | $ | 92.3 | | $ | 75.9 | | $ | 58.6 | | $ | 97.1 | | $ | — | | $ | — | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 38.1 | | $ | 13.8 | | $ | 9.8 | | $ | 9.2 | | $ | 5.3 | | $ | — | | $ | — | | | Development capital expenditures | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | | Total capital expenditures | $ | 38.1 | | $ | 13.8 | | $ | 9.8 | | $ | 9.2 | | $ | 5.3 | | $ | — | | $ | — | | | Free cash flow 1,5 | $ | 285.8 | | $ | 78.5 | | $ | 66.1 | | $ | 49.4 | | $ | 91.8 | | $ | — | | $ | — | |

Operational

Fourth quarter gold and silver production totaled 14,719 and 1.4 million ounces, respectively, compared to 16,540 and 1.6 million ounces in the prior period. For the full year, gold and silver production totaled 54,705 and 5.1 million ounces, respectively, which fell within the Company’s 2025 guidance ranges of 50,000 - 58,000 ounces of gold and 5.0 - 5.5 million ounces of silver Production during the quarter was affected by higher gold and silver grades, offset by lower throughput rates and recoveries

Financial

Silver and gold accounted for approximately 55% and 45%, respectively, of revenue during the quarter Fourth quarter adjusted CAS 1 for gold and silver on a co-product basis totaled $1,010 and $13.37 per ounce, respectively. CAS 1 per gold and silver ounce includes the impact of the $3.3 million of purchase price allocation ascribed to inventory, which contributed $101 per gold ounce and $1.33 per silver ounce to costs applicable to sales For the full year, adjusted CAS 1 for gold and silver on a co-product basis totaled $1,649 and $19.11 per ounce, respectively. CAS 1 per gold and silver ounce includes the impact of the $93.5 million of purchase price allocation ascribed to inventory, which contributed $770 per gold ounce and $8.93 per silver ounce to costs applicable to sales. Excluding this non-cash adjustment, both gold and silver ended the year within their 2025 guidance ranges of $850 - $950 and $9.25 - $10.25 per ounce, respectively. The non-cash PPA adjustment will not be required on a go-forward basis as the original four-month stockpile has been fully processed and replaced with newly mined material in front of the mill, totaling approximately 1.8 million ounces of silver and approximately 18,800 ounces of gold Free cash flow 1 in the fourth quarter and full year totaled $79 million and $286 million, respectively

Exploration

Exploration investment in the fourth quarter totaled approximately $7 million ($3 million expensed and $4 million capitalized) compared to $4 million ($3 million expensed and $2 million capitalized) in the prior period Up to six rigs were operational in the Las Chispas Block and the Gap Zone (three on surface and three underground), and up to seven rigs active at Babicanora Drilling in 2025 was mainly focused on expansion and infill drilling of known veins, with scout drilling undertaken at the El Cumaru and Espiritu Santo targets Several new veins and associated splays were discovered this year, including the Augusta and Promesa systems in the Gap/Las Chispas Blocks, and the Lupita vein discovered during the quarter in the Babicanora Block All three veins are delivering multi‑kilo silver‑equivalent intercepts, highlighting the strong mineralization and continued discovery potential of the land package not only through scout drilling, but also through focused expansion and infill drilling between the known vein systems In 2026, the Company expects to continue systematic expansion and infill drilling, with greater emphasis on scout drilling

Guidance

Full-year 2026 production is expected to be 55,000 - 65,000 ounces of gold and 5.5 - 6.3 million ounces of silver Adjusted CAS 1 in 2026 are expected to be $750 - $950 per gold ounce and $12.50 - $14.50 per silver ounce Capital expenditures in 2026 are expected to be $71 - $84 million, consisting primarily of sustaining capital and underground development Exploration investment in 2026 is expected to be $21 - $26 million ($11 - $14 million expensed and $10 - $12 million capitalized)

Palmarejo, Mexico

| (Dollars in millions, except per ounce amounts) | | 2025 | | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | | 2024 | | 4Q 2024 | | | | | | | | | | | | Tonnes milled | | 1,749,318 | | | 470,127 | | | 440,227 | | | 438,968 | | | 399,996 | | | 1,599,167 | | | 380,118 | | | Average gold grade (grams/tonne) | | 1.9 | | | 1.8 | | | 1.8 | | | 2.1 | | | 1.9 | | | 2.3 | | | 2.0 | | | Average silver grade (grams/tonne) | | 130 | | | 117 | | | 119 | | | 139 | | | 149 | | | 155 | | | 143 | | | Average recovery rate – Au | | 94.2 | % | | 93.9 | % | | 95.0 | % | | 92.9 | % | | 95.2 | % | | 93.0 | % | | 91.2 | % | | Average recovery rate – Ag | | 88.7 | % | | 88.8 | % | | 89.9 | % | | 88.6 | % | | 87.4 | % | | 85.0 | % | | 88.3 | % | | Gold ounces produced | | 100,768 | | | 25,662 | | | 24,802 | | | 27,272 | | | 23,032 | | | 108,666 | | | 22,490 | | | Silver ounces produced (000’s) | | 6,501 | | | 1,566 | | | 1,514 | | | 1,741 | | | 1,680 | | | 6,780 | | | 1,543 | | | Gold ounces sold | | 100,723 | | | 24,378 | | | 26,850 | | | 26,782 | | | 22,713 | | | 108,783 | | | 22,353 | | | Silver ounces sold (000’s) | | 6,499 | | | 1,510 | | | 1,633 | | | 1,720 | | | 1,636 | | | 6,797 | | | 1,598 | | | Average realized price per gold ounce | $ | 2,165 | | $ | 2,492 | | $ | 2,144 | | $ | 2,093 | | $ | 1,924 | | $ | 1,751 | | $ | 1,750 | | | Average realized price per silver ounce | $ | 39.35 | | $ | 54.26 | | $ | 38.97 | | $ | 33.76 | | $ | 31.85 | | $ | 27.74 | | $ | 31.27 | | | Metal sales | $ | 473.8 | | $ | 142.7 | | $ | 121.2 | | $ | 114.1 | | $ | 95.8 | | $ | 379.1 | | $ | 89.1 | | | Costs applicable to sales 3 | $ | 191.7 | | $ | 48.3 | | $ | 51.0 | | $ | 48.7 | | $ | 43.7 | | $ | 195.5 | | $ | 45.5 | | | Adjusted CAS per AuOz 1 | $ | 871 | | $ | 847 | | $ | 887 | | $ | 888 | | $ | 882 | | $ | 892 | | $ | 894 | | | Adjusted CAS per AgOz 1 | $ | 15.85 | | $ | 18.13 | | $ | 16.44 | | $ | 14.39 | | $ | 14.37 | | $ | 14.28 | | $ | 15.92 | | | Exploration expense | $ | 18.5 | | $ | 4.9 | | $ | 5.7 | | $ | 4.0 | | $ | 3.9 | | $ | 13.2 | | $ | 3.8 | | | Cash flow from operating activities | $ | 180.0 | | $ | 70.8 | | $ | 52.6 | | $ | 47.9 | | $ | 8.7 | | $ | 138.1 | | $ | 33.2 | | | Sustaining capital expenditures (excludes capital lease payments) | $ | 15.6 | | $ | 5.2 | | $ | 4.3 | | $ | 3.6 | | $ | 2.5 | | $ | 18.3 | | $ | 6.5 | | | Development capital expenditures | $ | 9.9 | | $ | 3.1 | | $ | 1.4 | | $ | 2.0 | | $ | 3.4 | | $ | 12.3 | | $ | 3.4 | | | Total capital expenditures | $ | 25.5 | | $ | 8.3 | | $ | 5.7 | | $ | 5.6 | | $ | 5.9 | | $ | 30.6 | | $ | 9.9 | | | Free cash flow 1 | $ | 154.5 | | $ | 62.5 | | $ | 46.9 | | $ | 42.3 | | $ | 2.8 | | $ | 107.5 | | $ | 23.3 | |