Coeur Mining, Inc. Q4 FY2025 earnings call

• Record fourth quarter results capped off an incredible year with all-time bests and record achievements. • 2025 full year silver and gold production increased significantly, EBITDA and free cash flow improved greatly. • Rochester made consistent progress toward steady state levels, Las Chispas was top cash flow generator, Palmarejo had strong results. • Exploration led to reserves and resources increases, extending mine lives. • 2026 guidance reflects solid year-over-year growth, expected contribution from New Gold transaction. • Fourth quarter all 5 mines hit the straps safely, adjusted cost per ounce well managed. • Exploration in 2025 was successful with reserve and inferred resource growth across portfolio. • Key priorities for 2026 include safety, closing New Gold transaction, building on operations, exploration investments, advancing Silvertip project

Full year 2025: Record full year silver production increased 57% year-over-year, gold production increased 23% year-over-year. Full year record EBITDA increased 200% to over $1 billion, full year free cash flow increased to $666 million. Year-end cash increased more than 10x to $554 million, net income increased tenfold to a record $586 million. 3 U.S. operations accounted for nearly 60% of 2025 revenue, silver represented about 35% of total revenue. Rochester: 2025 full year silver and gold production increased 40% and 54% year-over-year, fourth quarter delivered record quarterly crush tons and placed tons, $78 million of free cash flow. Las Chispas: Finished 2025 as top cash flow generator with $286 million of free cash flow in 10.5 months. Palmarejo: Fourth quarter over 470,000 tonnes milled averaging over 6,000 tonnes per day, free cash flow totaled $63 million. Kensington: Fourth quarter highest tonnes milled and gold grade of the year, gold production 30,000 ounces, lowest quarterly cost of the year at $1,533 per ounce, quarterly free cash flow $51 million. Wharf: Fourth quarter gold production 25,000 ounces, free cash flow $62.3 million, tertiary crusher damage in fourth quarter, repairs expected in second quarter

• 2026 stand-alone production guidance reflects solid year-over-year growth, especially in silver with 10% expected increase. • Silver expected to contribute approximately 42% of total 2026 revenue based on current prices and midpoint of guidance. • Combined company expected to generate approximately $3 billion of EBITDA and $2 billion of free cash flow on full year run rate basis, but current guidance does not include New Gold assets. • Q1 operating cash flow seasonally low due to year-end payments. • 2026 exploration investment expected to increase to between $120 million and $136 million. • Will provide updated guidance for combined company and share capital return priorities upon New Gold transaction close

• Wharf had a fire in the tertiary crusher in fourth quarter causing damage to parts, impacting operations temporarily. • Seasonally low operating cash flow in Q1 due to year-end payments. • Trading restrictions related to New Gold transaction limited buyback program execution in second half of 2025. • Uncertainty in future silver and gold prices affecting financial performance. • Uncertainty in exploration results and their impact on mine lives and production

Q: Good quarter, question on reserve grades at Las Chispas, when will we see normalization of grade profile?

A: Reflects conservative modeling after taking reins, expected to normalize to planned levels.

Q: On exploration results, maiden resources at East Palmarejo outside Franco stream, when to come into production?

A: Nearer-term opportunities exist, 70% of exploration budget at Palmarejo in 2026 outside area of interest.

Q: Cash tax guidance breakdown, Mexico vs other operations?

A: 80% of taxes in Mexico, some cash tax in U.S. due to tax pool limitations.

Q: Preference in capital returns, dividends vs buybacks?

A: Slight preference for buyback, will roll out clearer path forward upon New Gold transaction close.

Q: Exploration for New Gold assets, any acceleration in 2026?

A: Will look to allocate additional capital, focus on Rainy River, take time for integration.

Q: Rochester recoveries, when to expect improvement?

A: As crush size gets closer to 5/8, recoveries will track model and improve.

Q: Hedging, will company consider purchasing puts?

A: Remain unhedged, focus on cost control.

Q: Palmarejo new ore, impact on percentage inside Franco stream?

A: Virtually all production near term subject to stream, but exploration off AOI for future