CDE — Coeur Mining, Inc.

Summary of Coeur Mining (CDE) Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Record Production: Silver production increased by 57% year-over-year, while gold production rose by 23%.
• EBITDA: Full-year EBITDA reached over $1 billion, a 200% increase from the previous year.
• Free Cash Flow: Full-year free cash flow improved to $666 million from a negative $9 million in 2024.
• Net Income: Increased tenfold to a record $586 million.
• Cash Position: Year-end cash balance rose to $554 million, up more than 10x.
• Production Costs: Adjusted costs per ounce for gold and silver were $1,207 and $17.29, respectively.
• Debt Reduction: Total debt decreased by 42% year-over-year to $250 million.

2. Strategic Updates and Business Highlights

• Acquisitions: The acquisition of SilverCrest and the upcoming New Gold transaction are pivotal for growth, enhancing Coeur's operational scale and cost profile.
• Operational Performance: All five mines delivered strong results, with Las Chispas generating $286 million in free cash flow in just 10.5 months.
• Exploration Success: Reserves increased by 10% across the portfolio, with notable growth at Wharf (500,000 ounces added) and Palmarejo (40% increase).
• Rochester Mine: Achieved record quarterly production metrics and is positioned for further improvements in 2026.

3. Forward Guidance and Outlook

• 2026 Production Guidance: Anticipates a 10% increase in silver production, with silver expected to contribute approximately 42% of total revenue.
• New Gold Integration: The transaction is expected to close in Q1 2026, with updated guidance to follow, including contributions from New Afton and Rainy River.
• Exploration Investment: Planned increase in exploration budget to between $120 million and $136 million for 2026.

4. Bad News, Challenges, or Points of Concern

• Wharf Mine Incident: A fire in the tertiary crusher area caused damage, necessitating repairs expected to be completed by Q2 2026.
• Seasonal Cash Flow: Q1 is typically a low cash flow period due to significant year-end payments.
• Tax Guidance: Anticipated cash taxes of $400 million to $500 million, primarily in Mexico, with implications for future cash flow management.

5. Notable Q&A Insights

• Las Chispas Grade Profile: Adjustments were made to the grade modeling, reflecting a more conservative approach. Future grades are expected to normalize.
• Exploration Strategy: Significant focus on areas outside the Franco-Nevada stream at Palmarejo, with plans for increased exploration investment.
• Hedging Strategy: Currently, Coeur plans to remain unhedged, focusing on operational efficiencies rather than hedging against commodity price fluctuations.
• Tax Pool Utilization: The company expects to deplete its U.S. tax pools within the next two years, impacting future tax liabilities.

This summary encapsulates the key elements from Coeur Mining's Q4 2025 earnings call, highlighting both achievements and challenges as the company positions itself for continued growth in 2026 and beyond.