Positive quarterly net income and free cash flow; significant debt reduction; reaffirms full-year guidance; positioned for record year

CHICAGO--(BUSINESS WIRE)--Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported first quarter 2025 financial results, including revenue of $360 million and cash flow from operating activities of $68 million. The Company reported GAAP net income from continuing operations of $33 million, or $0.06 per share. On an adjusted basis¹, Coeur reported EBITDA of $149 million, cash flow from operating activities before changes in working capital of $54 million and net income from continuing operations of $60 million, or $0.11 per share.

Key Highlights

• Solid quarterly production and cost performance in-line with 2025 guidance – Contributions from Coeur’s portfolio of five North American operations led to a strong start to the year and position the Company to deliver guided 2025 production of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver. Quarterly silver production of 3.7 million ounces was 17% higher quarter-over-quarter and 44% higher year-over-year, driven by the newly expanded Rochester operation and a partial quarter of contribution from the newly acquired Las Chispas mine. Quarterly gold production of 86,766 ounces was flat quarter-over-quarter and 7% higher year-over-year
• Strong free cash flow and adjusted EBITDA¹ – Strong silver production growth combined with higher average realized prices helped generate positive quarterly free cash flow of $18 million, which included several one-time and quarter-specific outlays totaling approximately $130 million. Quarterly adjusted EBITDA totaled $149 million, which was 28% higher quarter-over-quarter and more than triple the first quarter of 2024. Adjusted EBITDA over the last twelve months totaled $444 million
• Significant debt reduction and strengthening liquidity – The Company’s quarter-end cash balance increased to $78 million and the revolving credit facility (“RCF”)² balance was reduced by 44%, or $85 million, to $110 million. $42 million of metals sales prepayments were also closed out during the quarter. Coeur’s net leverage ratio was 0.9x at quarter-end
• Las Chispas integration proceeding smoothly – During the six weeks of the first quarter after the SilverCrest transaction was completed, Las Chispas contributed production of 714,239 ounces of silver and 7,175 ounces of gold at adjusted CAS¹ per ounce of $8.38 and $744 for silver and gold, respectively. Additionally, the Company monetized the acquired gold and silver bullion portfolio and finished goods for proceeds of approximately $72 million during the quarter. New high-grade discoveries were made in the first quarter in the Las Chispas block and in the area between the Babicanora and Las Chispas blocks
• Rochester continues to advance toward steady-state and remains on-track to achieve 2025 guidance ranges – The Rochester silver-gold operation in Nevada produced 1.3 million ounces of silver and 13,353 ounces of gold during the quarter, which were in-line with expectations and down slightly from the prior quarter. Full-year 2025 production is expected to be 7.0 - 8.3 million ounces of silver and 60,000 - 75,000 ounces of gold

“Coeur’s balanced portfolio of five North American operations had a solid first three months of the year, which puts us in a strong position to deliver record operational and financial results in 2025,” said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. “Despite the first quarter being our softest quarter of the year, we achieved our fourth consecutive quarter of positive earnings per share and delivered $18 million of free cash flow even after approximately $130 million of one-time and first-quarter specific outflows. The Company’s quarterly adjusted EBITDA jumped sharply to $149 million, bringing our last twelve-month total to $444 million and keeping us on-track to generate over $700 million of adjusted EBITDA at much higher overall margins this year. It was less than twenty-four months ago that our last twelve-month adjusted EBITDA was just $102 million, which highlights the magnitude of the Company’s transformation after several years of heavy investment, the impact of the recent SilverCrest acquisition, and the added benefit of higher gold and silver prices.

“Aided by the addition of SilverCrest’s pristine balance sheet, we reduced our RCF by another $85 million, leaving a remaining balance of $110 million. In addition, we used proceeds from the sale of SilverCrest’s bullion and finished goods inventory to close out $42 million of outstanding metal prepayments and add to our cash balance during the quarter. With the high-margin contribution from the newly-acquired Las Chispas silver and gold mine, Rochester’s continued momentum during its first year post-expansion, and consistent performance from our other three operations, we expect to generate average quarterly free cash flow of $75 to $100 million during the remainder of the year, allowing us to rapidly pay down debt while continuing to reinvest in high-return organic growth opportunities and focusing on ways to further generate per share value for our shareholders.”

Financial and Operating Highlights (Unaudited)

Financial Results

First quarter 2025 revenue totaled $360 million compared to $305 million in the prior period and $213 million in the first quarter of 2024. The Company produced 86,766 and 3.7 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 89,316 ounces of gold and 3.9 million ounces of silver. Average realized gold and silver prices for the quarter were $2,635 and $32.05 per ounce, respectively, compared to $2,399 and $31.11 per ounce in the prior period and $1,864 and $23.57 per ounce in the first 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 57% of first quarter revenue compared to 71% in the fourth quarter of 2024, reflecting the mid-quarter addition of Las Chispas.

Adjusted costs applicable to sales per ounce¹ of gold and silver increased 12% and decreased 16% quarter-over-quarter, respectively, largely due to higher silver metal sales. General and administrative expenses increased $3 million, or 25%, quarter-over-quarter to $14 million driven by annual incentive payouts paid in the first quarter.

Coeur invested approximately $22 million ($20 million expensed and $2 million capitalized) in exploration during the quarter, compared to approximately $20 million ($17 million expensed and $4 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 $18 million during the first quarter. Cash income and mining taxes paid during the period totaled approximately $63 million, including $25 million for payment of the annual Mexican mining EBITDA tax at both Las Chispas and Palmarejo.

Quarterly operating cash flow totaled $68 million compared to $64 million in the prior period, mainly driven by increased metal sales and higher average metals prices. Changes in working capital during the quarter were $14 million, reflecting final repayments of prepayment programs, tax payments in Mexico and semi-annual interest payments on the Company’s 2029 5.125% Senior Notes.

First quarter capital expenditures were $50 million compared to $48 million in the prior period. Sustaining and development capital expenditures accounted for approximately $38 million and $12 million, or 77% and 23%, respectively, of Coeur’s total capital investment during the quarter.

First quarter one-time outflows included $42 million of prepay repayments, $50 million of Mexican fourth quarter taxes, the mining EBITDA tax and the annual Mexican mining royalty, $15 million of transaction costs, $15 million of annual incentive payments and $8 million for Rochester property taxes.

Operations

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

Las Chispas, Mexico

Operational

• Quarterly production and costs reflect approximately 1.5 months with the SilverCrest transaction closing February 14, 2025
• Daily average throughput of approximately 1,320 tons per day at average gold and silver grades of 0.130 ounce per ton and 12.71 ounce per ton, respectively, were slightly better than plan and led to the production of 7,175 gold ounces and 714,239 silver ounces at average adjusted CAS¹ per ounce of $744 for gold and $8.38 for silver

Financial

• Gold and silver accounted for approximately 48% and 52%, respectively, of revenue during the quarter
• Free cash flow¹ in the first quarter totaled $92 million which includes the sale of held bullion and finished goods totaling $72 million

Exploration

• Exploration investment for the first quarter totaled approximately $2 million (substantially all expensed)
• Scout and expansion drilling totaling approximately 9,900 meters was carried out with three surface and two underground rigs in the Babicanora Gap and Las Chispas blocks, focusing on the Los Sheiks, Luigi, Giovani and William Tell veins. Of particular note was the discovery of the Augusta vein located in the Gap zone between the Babi and Las Chispas blocks. To date, the vein has been defined over 200 meters along strike and 150 meters down dip and several multi-kilo intercepts have been encountered. Encouraging results have also been seen from expansion drilling on the Los Sheiks vein in this area. Historic drilling in the Gap zone has been limited but with these recent drill results is considered increasingly prospective
• In addition to the discovery in the Gap zone, positive results are being obtained from ongoing expansion drilling of the Giovani Mini, William Tell Mini and the Luigi veins on the Las Chispas block (and located close to the Las Chispas underground ramp). High-grade intercepts have been seen at all three veins with William Tell Mini vein demonstrating at least 250 meters of potential continuity to the south and the Luigi vein showing expansion of roughly 200 meters to the south. Additionally, the North Las Chispas veins (also located close to the Las Chispas underground infrastructure) showed new high-grade intercepts over 150 meters to the southeast, with infill drilling scheduled for the second quarter
• Following the acquisition, the focus of the 2025 exploration program shifted from regional targets, such as Picacho, and back to the main asset. The program there has been expanded by nearly 40,000 meters of additional infill and expansion drilling. The primary focus is to support current mine life through conversion of existing inferred resources and addition of new inferred and indicated resources around the main Babicanora veins. Several additional rigs are being added and are expected to drill for the remainder of the year

Guidance

• Prorated production reflecting 10.5 months is expected to be 42,500 - 52,500 ounces of gold and 4.25 - 5.25 million ounces of silver
• Prorated adjusted CAS¹ reflecting 10.5 months are expected to be $850 - $950 per gold ounce and $9.25 - $10.25 per silver ounce
• Prorated capital expenditures reflecting 10.5 months are expected to be $30 - $34 million, consisting primarily of sustaining capital
• Prorated exploration investment reflecting 10.5 months is expected to be $16 - $18 million (substantially all expensed)

Palmarejo, Mexico

Operational

• First quarter gold and silver production totaled 23,032 and 1.7 million ounces, respectively, compared to 22,490 and 1.5 million ounces in the prior period and 33,160 and 1.8 million ounces in the first quarter of 2024
• Production during the quarter benefited from higher tons milled, higher average gold recoveries, and higher average silver grade, partially offset by lower average gold grade and slightly lower average silver recoveries

Financial

• Adjusted CAS¹ for gold and silver on a co-product basis decreased 1% and 10% quarter-over-quarter to $882 and $14.37 per ounce, respectively, driven by higher metal sales
• Capital expenditures decreased 40% quarter-over-quarter to $6 million compared to $10 million in the prior period
• Free cash flow¹ in the first quarter totaled $3 million compared to $23 million in the prior period

Exploration

• Exploration investment for the first quarter totaled approximately $4 million (substantially all expensed) compared to roughly $4 million (substantially all expensed) in the prior period
• Exploration ramped up quickly in the first quarter with six rigs drilling across the property. Expansion drill programs at the Link zone and the Hidalgo-Libertad corridor continued. Scout drilling at the Camuchin zone and underground validation drilling on the Independencia Sur claims also commenced during the quarter
• Validation drilling on the recently acquired Fresnillo claims is underway with several veins intersected to date, including within the 300 meter gap area bridging the Independencia resource to the northwest and the historic Fresnillo drilling on the Independencia Sur claims immediately southeast. Drilling is expected to primarily test the Bruno, Nacion and Portales veins on the Independencia Sur claim, in addition to the exploration for new veins at deeper elevations than the historic drilling
• Drilling at the Hidalgo-Libertad corridor continues to successfully extend mineralization further to the northwest nearer to the Palmarejo processing plant. At the Link zone, which is adjacent to mining infrastructure, several potential veins have been identified. Both of these targets are expected to be a focus for continued definition through 2025
• Visual results from scout drilling at the Camuchin zone indicate multiple veins present, which is encouraging for continued exploration in a new trend that is several kilometers long
• A pilot program of high-resolution geophysics was undertaken in 2024 with phase one results now available that are expected to improve the ability to predict sub-surface locations of prospective geology and structures. Drill results on the Hidalgo corridor along with this new data have highlighted a new, prospective zone called the Libertad Quadrant with exploration in this area now underway
• During the quarter a significant milestone was achieved through the signing of an amendment to an agreement with the Guazapares Ejido that provides exploration and exploitation rights for a 20-year period, giving Coeur expanded coverage and access to several key exploration priorities including Independencia Sur and the historic La Union resource, along with many other targets in the Guazapares trend in the northeast of the claim block

Other

• Approximately 45% of Palmarejo’s gold sales in the first quarter were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce, totaling 10,232 ounces. The Company anticipates approximately 40% - 50% of Palmarejo’s 2025 gold sales will be sold under the gold stream agreement

Guidance

• Full-year 2025 production is expected to be 95,000 - 105,000 ounces of gold and 5.4 - 6.5 million ounces of silver
• Adjusted CAS¹ in 2025 are expected to be $950 - $1,150 per gold ounce and $17.00 - $18.00 per silver ounce
• Capital expenditures are expected to be $26 - $32 million, consisting primarily of sustaining capital and underground development
• Exploration investment in 2025 is expected to be $16 - $18 million (substantially all expensed)

Rochester, Nevada

Operational

• Silver and gold production in the first quarter totaled 1.3 million and 13,353 ounces, respectively, compared to 1.6 million and 15,752 ounces in the prior period and 0.7 million and 5,755 ounces in the first quarter of 2024. As expected, gold and silver production levels decreased compared to the prior quarter, mainly driven by higher placement rates of direct-to-pad (“DTP”) material in the prior period
• Ore tons placed during the quarter totaled 7.0 million tons, consisting of approximately 5.5 million tons through the crushing circuit up from 5.1 million tons in the prior quarter. Additionally, the Company placed approximately 1.5 million tons of DTP material, down from 3.1 million tons of DTP material placed in the prior quarter. The Company began the partial removal of approximately eight million tons from legacy leach pads to facilitate exploration drilling and future planned mining activities

Financial

• First quarter adjusted CAS¹ for silver and gold on a co-product basis totaled $18.41 and $1,670 per ounce, respectively, mainly driven by higher maintenance costs, deferred capitalized stripping and royalty payments due to higher silver prices
• Capital expenditures increased modestly quarter-over-quarter to $15 million compared to $14 million in the prior period driven mainly by capitalized stripping to offload material from the Stage one and two leach pads
• Free cash flow¹ in the first quarter totaled $(22) million compared to $12 million in the prior period

Exploration

• Exploration investment in the first quarter totaled approximately $2 million ($1 million expensed and $1 million capitalized) compared to roughly $4 million ($3 million expensed and $1 million capitalized) in the prior quarter
• The primary 2025 exploration objective at Rochester is to augment the grade profile of the current 16-year reserve mine life to bolster cash flow. Additional aims are to delineate the outer limits of the East Rochester mineralization, to conduct validation and scout/condemnation drilling at Lincoln Hill, to commence the drill out of the Wedge target in East Rochester late in the year and to conduct scout drilling in the corridor between the Rochester and Nevada Packard pits
• Reverse circulation drilling at Nevada Packard during the first quarter focused on testing for higher grades inside current pit design.

For Additional Information
Coeur Mining, Inc.
200 S. Wacker Drive, Suite 2100
Chicago, IL 60606

Attention: Jeff Wilhoit, Senior Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com