Summary of CDE Q2 2026 Earnings Call

1Key Financial Results and Metrics

Record Revenue: Coeur Mining (CDE) reported quarterly revenue exceeding $1 billion for the first time, reaching $1.1 billion, a 27% increase quarter-over-quarter.

Adjusted EBITDA: Achieved a record EBITDA of $478 million, despite a $141 million non-cash expense related to acquisition accounting for Rainy River.

Free Cash Flow: Generated record free cash flow of $388 million, up 45% from the previous quarter.

Cash Position: Ending cash balance surpassed $1 billion, doubling from year-end 2025, with total liquidity exceeding $2 billion.

Shareholder Returns: Initiated a $750 million share buyback program and paid the first dividend in 30 years, amounting to $0.02 per share.

2Strategic Updates and Business Highlights

Acquisition Contributions: The results were bolstered by the first full quarter of contributions from the New Afton and Rainy River operations.

Operational Milestones: Rochester achieved a record of 6.8 million metric tons crushed, a 15% increase from the prior quarter. Wharf operations recovered well post-damages.

Exploration Success: Ongoing exploration at Mexican operations (Palmarejo and Las Chispas) showed positive results, with significant resource expansion potential.

Integration Progress: Post-acquisition integration of New Afton and Rainy River is on schedule, with a focus on optimizing mine plans.

3Forward Guidance and Outlook

Production Expectations: Anticipated strong production and cash flow in the second half of 2026, with guidance adjustments reflecting more gradual ramp-ups at New Afton and Rainy River.

Revised Guidance: New Afton expected to reach 16,000 tonnes per day by early Q4, three months later than initially planned. Rainy River's underground production ramp-up to 5,000 tonnes per day is also slightly delayed.

2026 Forecast: Projected EBITDA of approximately $2.3 billion and free cash flow of around $1.5 billion, despite lower expected metals prices.

4Bad News, Challenges, or Points of Concern

Headwinds: Lower-than-expected grades at Kensington, Rochester, and Palmarejo impacted production, although improvements are expected in the second half.

Cost Inflation: Signs of cost inflation, particularly in diesel prices, were noted.

Acquisition Accounting Impact: Non-cash impacts from acquisition accounting related to Rainy River's inventory significantly affected reported EPS and EBITDA.

Operational Challenges: Execution issues with underground mining contractors at Rainy River led to lower-than-planned production rates, though improvements were observed in July.

5Notable Q&A Insights

New Afton Production Timeline: The ramp-up to 16,000 tonnes per day is now expected by early Q4, primarily due to cave management challenges and grade differentials.

Rainy River Contractor Issues: Short-term execution challenges were identified with underground mining contractors, but improvements are being made, with production rates increasing in July.

Stockpile Management: The company is managing stockpiles effectively, which has helped maintain mill operations at Rainy River.

Future Growth Investments: Plans for exploration and potential growth investments were discussed, including the K Zone at New Afton and Silvertip, with a pre-feasibility study expected early next year. Overall, CDE's Q2 2026 results reflect strong financial performance and strategic positioning, despite facing operational challenges and external pressures. The company remains optimistic about future production and cash flow growth.