Coeur Mining, Inc. · NYSE:CDE
Coeur Mining — Merger or Acquisition (November 2025)
64 slides from Coeur Mining's merger presentation, Nov 3, 2025
Slide 1: Coeur Announces Acquisition of New Gold
November 3, 2025 Coeur Announces Acquisition of New Gold
Slide 2: Forward-looking statements
This presentation contains forward‐looking statements within the meaning of securities legislation in the United States and Canada, including statements involving the proposed transaction, including any statements regarding the expected timetable, the results, effects, and benefits of the Transactio
Slide 3: Today's Presenters
Today’s Presenters Mitchell J. Krebs Coeur – Chairman, President & Chief Executive Officer Creating a New, All North American Senior Precious Metals Producer Patrick Godin New Gold – President & Chief Executive Officer
Slide 4: An Unrivaled All North American Mining Powerhouse Creates U.S. Precious Metals Leader
An Unrivaled All North American Mining Powerhouse Creates U.S. Precious Metals Leader Approximately $20 billion combined market capitalization company with seven high quality North American operations, sector-leading free cash flow, significantly enhanced trading liquidity and potential U.S. index i
Slide 5: Portfolio Overview of Combined Company
Portfolio Overview of Combined Company Source: FactSet, S&P Capital IQ, street research. Combined 2026E Revenue Split by Metal Split by Geography With the completion of the Rochester expansion and the recent acquisition of SilverCrest and its Las Chispas mine, adding New Gold’s two Canadian mines re
Slide 6: Compelling transaction rationale for New Gold shareholders
Immediate and significant 16% premium to New Gold’s closing share price on October 31, 2025 Substantial equity participation in Coeur’s well-balanced portfolio of mines in North America, while retaining meaningful exposure to future upside at New Afton and Rainy River with New Gold shareholders owni
Slide 7: Transaction Overview
Transaction Overview The Transaction requires minority shareholder approval by the New Gold shareholders pursuant to MI 61-101. Transaction Coeur to acquire all outstanding common shares of New Gold via Plan of Arrangement (the “Transaction”) Transaction equity value of approximately $7 billion base
Slide 8: New Afton Overview
New Afton Overview Source: New Gold disclosure. Figures are in U.S. dollars as reported under IFRS. Free cash flow calculated as operating cash flow less capital expenditures. The New Afton Mine in British Columbia is a low-cost gold and copper operation, with strong near-term expected production an
Slide 9: Rainy River Overview
Rainy River Overview Source: New Gold disclosure. Figures are in U.S. dollars as reported under IFRS. Free cash flow calculated as operating cash flow less capital expenditures. The Rainy River Mine in Ontario is a large-scale gold operation that generates strong cash flow as it ramps up underground
Slide 10: A Leading, Low-cost Canadian Precious Metal Producer
2026E Canadian Gold Equivalent Production (Koz Au Eq) Source: S&P Capital IQ. Note: All figures in U.S. dollars unless denoted otherwise. Gold equivalent production based on Street consensus pricing of US$3,438/oz Au, US$38.50/oz Ag and US$4.50 Cu. 2026E Canadian Co-Product AISC ($/oz Au Eq) A Leadi
Slide 11: Enhanced Quality, Scale and Financial Capacity
Enhanced Quality, Scale and Financial Capacity Source: Coeur disclosure, FactSet, New Gold disclosure, street research. Note: As of September 30, 2025; free cash flow calculated as operating cash flow less capital expenditures. Aggregated across exchanges. Based on analyst consensus for 2026; Free C
Slide 12: Significant Additions to Coeur's EBITDA and FCF
Significant Additions to Coeur’s EBITDA and FCF Source: FactSet, Public disclosures. Note: Excludes transaction costs. Adjusted EBITDA ($M) Free Cash Flow ($M) New Gold to add significant EBITDA and cash flow, Coeur free cash flow per share expected to increase by approximately 40 – 50% based on Str
Slide 13: Creating a New All North American Senior PM Producer
2026E Gold Equivalent Production1 (k oz AuEq) Creating a New All North American Senior PM Producer Source: Coeur disclosure, FactSet, Public disclosures. Gold equivalent production based on Street consensus pricing of US$3,438/oz Au, US$38.50/oz Ag and US$4.50/lb Cu. Based on market data as of Octob
Slide 14: Peer Leading Quality Cash Flow Profile
2026E EBITDA ($M) Peer Leading Quality Cash Flow Profile Source: FactSet, Street research. Note: Free cash flow calculated as operating cash flow less capital expenditures. Based on analyst consensus for 2026. Free Cash Flow is a non-GAAP measure. 2026E Free Cash Flow1($M) …Driving A More than Doubl
Slide 15: Continuing to be a Top 5 Global Silver Producer
Combined silver exposure of ~20% and ~30% based on 2026E revenue and total reserves, respectively Over 80% of combined revenue will be derived from Canada and U.S. based assets Adding two high-quality Canadian assets further reduces Coeur’s jurisdictional risk relative to peers Coeur’s Silvertip pro
Slide 16: Significantly Enhanced Cost Profile for Coeur
Significantly Enhanced Cost Profile for Coeur Source: S&P Capital IQ, FactSet, Street research. Additions of New Gold’s low cost, Canadian mines to improve the combined company’s resilience and optionality throughout the cycle New Gold Combined Company Standalone Coeur
Slide 17: Significant Re-Valuation Opportunity
Significant Re-Valuation Opportunity 2026E Gold Equivalent Production1 (koz AuEq) Basic Market Capitalization4 ($M) 2026E FCF Yield2 (%) 2026E Free Cash Flow3 ($M) Source: FactSet, Street research. Gold equivalent production based on Street consensus pricing of US$3,438/oz Au, US$38.50/oz Ag and US$
Slide 18: Enhanced Trading Liquidity for Investors
Enhanced Trading Liquidity for Investors L3M Average Daily Traded Value ($M) Source: FactSet. Note: Daily traded value across all exchanges. The combined company will be among the most liquid names in the sector, with an average daily traded value of more than $380M
Slide 19: Unlocking the Full Potential of New Afton & Rainy River
Unlocking the Full Potential of New Afton & Rainy River Note: See slides in appendix for additional information related to mineral reserves and resources. As of December 31, 2024. Gold equivalence assumes gold-to-silver, -lead, -zinc ratios of 1:60, 1:1,200 and 1:1,000, respectively. Coeur has a dem
Slide 20: Substantial Exploration Potential Across Entire Portfolio
High-grade silver and critical mineral potential in British Columbia Substantial Exploration Potential Across Entire Portfolio The combined, highly prospective portfolio will support a sustained level of investment in exploration to unlock significant and long-term value NW Independencia growth and
Slide 21: Shared Commitment to Responsible Mining
Coeur’s and New Golds’s disciplined approach to sustainability, spanning governance, safety, Indigenous and community engagement, and environmental stewardship, reinforces their proven ability to deliver responsibly sourced metals and long-term value Shared Commitment to Responsible Mining
Slide 22: An Unrivaled All North American Mining Powerhouse Creates U.S. Precious Metals Leader
An Unrivaled All North American Mining Powerhouse Creates U.S. Precious Metals Leader Approximately $20 billion combined market capitalization company with seven high quality North American operations, sector-leading free cash flow, significantly enhanced trading liquidity and potential U.S. index i
Slide 23: Appendix
Appendix
Slide 24: Las Chispas
Las Chispas As of December 31, 2024. Guidance (or with respect to percentages, midpoint of guidance) as published by Coeur on October 29, 2025. See slides in appendix for additional information related to mineral reserves and resources. The Las Chispas silver-gold operation is located in the state o
Slide 25: Las Chispas (cont.)
Operating cash flow Capital expenditures Gold production (K oz) Silver production (K oz) Adj. CAS per AuOz3 Adj. CAS per AgOz3 1Q 2025 2Q 2025 3Q 2025 UG tons mined 76,855 125,398 137,447 UG mining costs per UG ton mined $115 $129 $135 Processing costs per ton processed4 $42 $41 $37 G&A per ton proc
Slide 26: Palmarejo
Palmarejo As of December 31, 2024. Guidance (or with respect to percentages, midpoint of guidance) as published by Coeur on October 29, 2025. See slides in appendix for additional information related to mineral reserves and resources. The Palmarejo gold-silver complex is located in the state of Chih
Slide 27: Palmarejo (cont.)
Operating cash flow Capital expenditures Gold production (K oz) Silver production (K oz) Adj. CAS per AuOz1 Adj. CAS per AgOz1 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 UG tons mined 412,201 416,977 444,025 504,673 484,417 UG mining costs per UG ton mined $64 $61 $54 $54 $55 Processing costs per ton p
Slide 28: Rochester
Rochester As of December 31, 2024. Guidance (or with respect to percentages, midpoint of guidance) as published by Coeur on October 29, 2025. See slides in appendix for additional information related to mineral reserves and resources. The Rochester mine is an open pit, heap leach silver-gold operati
Slide 29: Rochester (cont.)
Rochester (cont.) See applicable non-GAAP reconciliation tables in the appendix to this presentation. Excludes third-party refining charges. Excludes management fee allocated from corporate. Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Costs Per Ton ($) Operating
Slide 30: Kensington
Kensington As of December 31, 2024. Guidance (or with respect to percentages, midpoint of guidance) as published by Coeur on October 29, 2025. See slides in appendix for additional information related to mineral reserves and resources. The Kensington mine is an underground gold operation located in
Slide 31: Kensington (cont.)
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Ore tons mined 168,403 210,692 173,370 197,710 168,544 Mining costs per ton mined $109 $100 $133 $124 $138 Processing costs per ton processed3 $54 $49 $50 $48 $53 G&A per ton processed4 $49 $51 $50 $48 $53 Kensington (cont.) See applicable non-GAAP reconciliat
Slide 32: Wharf
Wharf As of December 31, 2024. Guidance (or with respect to percentages, midpoint of guidance) as published by Coeur on October 29, 2025. See slides in appendix for additional information related to mineral reserves and resources. The Wharf mine is an open pit, heap leach gold operation located in w
Slide 33: Wharf (cont.)
Wharf (cont.) See applicable non-GAAP reconciliation tables in the appendix to this presentation. Excludes third-party refining charges. Excludes management fee allocated from corporate. Production and Cost Performance Operating Cash Flow and Capital Expenditures ($M) Costs Per Ton ($) 3Q 2024 4Q 20
Slide 34: Silvertip
Silvertip As of December 31, 2024. See slides in appendix for additional information related to mineral reserves and resources. The Silvertip critical minerals exploration project is one of the highest-grade polymetallic projects in the world. The site is located in northern British Columbia, Canada
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 36: Non-IFRS to IFRS Reconciliation: New Gold Free Cash Flow
Non-IFRS to IFRS Reconciliation ($ millions) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Cash generated from operations $300.7 $162.9 $107.5 $109.5 $127.9 Mining interest capital expenditures (75.5) (92.1) (75.2) (75.4) (62.6) Lease payments (1.1) (1.1) (1.1) (0.7) (0.1) Cash settlement of non-current d
Slide 37: 2024 Proven and Probable Mineral Reserves
Reserves and Resources 2024 Proven and Probable Mineral Reserves Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) PROVEN RESERVES Las Chispas Sonora, Mexico 787,000 0.150 15.99 118,000 12,586,000 Palmarejo Chihuahua, Mexico 3,473,000 0.059 3.94 205,000 13,667,000 R
Slide 38: 2024 Measured and Indicated Mineral Resources
Reserves and Resources (cont.) 2024 Measured and Indicated Mineral Resources (excluding Reserves) Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Las Chispas Sonora, Mexico 116,000 0.302 31.23 35,000 3,623
Slide 39: 2024 Inferred Mineral Resources
Reserves and Resources (cont.) 2024 Inferred Mineral Resources Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) INFERRED RESOURCES Las Chispas Sonora, Mexico 1,276,000 0.113 7.91 144,000 10,088,000 Palmarejo Chihuahua, Mexico
Slide 40: Notes to 2024 Mineral Reserves
Reserves and Resources (cont.) Notes to 2024 Mineral Reserves: The Mineral Reserve estimates are current as of December 31, 2024 and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) and were prepared by the Company’s technical staff. Assumed metal prices f
Slide 41: Notes to 2024 Mineral Resources
Reserves and Resources (cont.) Notes to 2024 Mineral Resources: Mineral Resource estimates are reported exclusive of Mineral Reserves, are current as of December 31, 2024, and are reported using definitions in SK1300 on a 100% ownership basis. Mineral Resource estimates were prepared by the Company’
Slide 42: Notes to 2024 Mineral Resources (cont.)
Reserves and Resources (cont.) Notes to 2024 Mineral Resources (cont.): Las Chispas Mineral Resource estimates uses the following key input parameters: assumption of conventional underground mining; reported above a silver cut-off grade of 205 g / tonne silver equivalent and an incremental developme
Slide 43: 2023 Proven and Probable Mineral Reserves
Reserves and Resources (cont.) 2023 Proven and Probable Mineral Reserves Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) PROVEN RESERVES Palmarejo Chihuahua, Mexico 4,203,000 0.060 4.21 252,000 17,698,000 Rochester Nevada, USA 465,919,000 0.002 0.38 1,135,000 177,
Slide 44: 2023 Measured and Indicated Mineral Resources
Reserves and Resources (cont.) 2023 Measured and Indicated Mineral Resources (excluding Reserves) Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Palmarejo Chihuahua, Mexico 5,674,000 0.070 4.56 396,000 25
Slide 45: 2023 Inferred Mineral Resources
Reserves and Resources (cont.) 2023 Inferred Mineral Resources Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) INFERRED RESOURCES Palmarejo Chihuahua, Mexico 4,207,000 0.091 4.50 381,000 18,933,000 Rochester Nevada, USA 135,
Slide 46: Notes to 2023 Mineral Reserves
Reserves and Resources (cont.) Notes to 2023 Mineral Reserves: The Mineral Reserve estimates are current as of December 31, 2023 and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) and were prepared by the Company’s technical staff. Assumed metal prices f
Slide 47: Notes to 2023 Mineral Resources
Reserves and Resources (cont.) Notes to 2023 Mineral Resources: Mineral Resource estimates are reported exclusive of Mineral Reserves, are current as of December 31, 2023, and are reported using definitions in SK1300 on a 100% ownership basis. Mineral Resource estimates were prepared by the Company’
Slide 48: Notes to 2023 Mineral Resources (cont.)
Reserves and Resources (cont.) Notes to 2023 Mineral Resources (cont.): Wilco Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained within a conceptual measured, in
Slide 49: 2022 Proven and Probable Mineral Reserves
Reserves and Resources (cont.) 2022 Proven and Probable Mineral Reserves Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Gold (oz) Silver (oz) PROVEN RESERVES Palmarejo Chihuahua, Mexico 4,081,000 0.059 4.21 241,000 17,172,000 Rochester Nevada, USA 425,748,000 0.003 0.39 1,079,000 166,
Slide 50: 2022 Measured and Indicated Mineral Resources
Reserves and Resources (cont.) 2022 Measured and Indicated Mineral Resources (excluding Reserves) Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Palmarejo Chihuahua, Mexico 4,030,000 0.066 4.39 267,000 17
Slide 51: 2022 Inferred Mineral Resources
Reserves and Resources (cont.) 2022 Inferred Mineral Resources Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) INFERRED RESOURCES Palmarejo Chihuahua, Mexico 5,633,000 0.067 3.19 380,000 17,948,000 Rochester Nevada, USA 77,0
Slide 52: Notes to 2022 Mineral Reserves
Reserves and Resources (cont.) Notes to 2022 Mineral Reserves: The Mineral Reserve estimates are current as of December 31, 2022 and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) and were prepared by the company’s technical staff. 3Assumed metal prices
Slide 53: Notes to 2022 Mineral Resources
Reserves and Resources (cont.) Notes to 2022 Mineral Resources: Mineral Resource estimates are reported exclusive of Mineral Reserves, are current as of December 31, 2022, and are reported using definitions in SK1300 on a 100% ownership basis. Mineral Resource estimates were prepared by the Company’
Slide 54: Notes to 2022 Mineral Resources (cont.)
Reserves and Resources (cont.) Notes to 2022 Mineral Resources (cont.): Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained withed a conceptual measured, indicate
Slide 55: 2021 Proven and Probable Mineral Reserves
Reserves and Resources (cont.) 2021 Proven and Probable Mineral Reserves Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) PROVEN RESERVES Palmarejo Chihuahua, Mexico 3,754,000 0.066 4.39 247,000 16,480,000 Rochester Nevada, U
Slide 56: 2021 Measured and Indicated Mineral Resources
Reserves and Resources (cont.) 2021 Measured and Indicated Mineral Resources (excluding Reserves) Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Palmarejo Chihuahua, Mexico 3,696,000 0.053 3.89 195,000 14
Slide 57: 2021 Inferred Mineral Resources
Reserves and Resources (cont.) 2021 Inferred Mineral Resources Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) INFERRED RESOURCES Palmarejo Chihuahua, Mexico 4,713,000 0.052 3.70 246,000 17,453,000 Rochester Nevada, USA 128,
Slide 58: Notes to 2021 Mineral Reserves
Reserves and Resources (cont.) Notes to 2021 Mineral Reserves: The Mineral Reserve estimates are current as of December 31, 2021 and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) and were prepared by the company’s technical staff. Assumed metal prices f
Slide 59: Notes to 2021 Mineral Resources
Reserves and Resources (cont.) Notes to 2021 Mineral Resources: Mineral Resource estimates are reported exclusive of Mineral Reserves, are current as of December 31, 2021, and are reported using definitions in SK1300 on a 100% ownership basis. Mineral Resource estimates were prepared by the Company’
Slide 60: Notes to 2021 Mineral Resources (cont.)
Reserves and Resources (cont.) Notes to 2021 Mineral Resources (cont.): Wilco Open Pit Mineral Resource estimates are reported using an equivalent gold cutoff of 0.20 ounces per ton assuming a silver to gold ratio of 60:1. Resources are reported in-situ and contained withed a conceptual measured, in
Slide 61: 2019 Proven and Probable Mineral Reserves
Reserves and Resources (cont.) 2019 Proven and Probable Mineral Reserves Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) PROVEN RESERVES Palmarejo Chihuahua, Mexico 1,093,000 0.093 5.17 102,000 5,649,000 Rochester Nevada, US
Slide 62: 2019 Measured and Indicated Mineral Resources
Reserves and Resources (cont.) 2019 Measured and Indicated Mineral Resources (excluding Reserves) Location Short tons Grade Contained Gold (oz/t) Silver (oz/t) Zinc (%) Lead (%) Gold (oz) Silver (oz) Zinc (lbs) Lead (lbs) MEASURED RESOURCES Palmarejo Chihuahua, Mexico 870,000 0.055 3.69 48,000 3,210
Slide 63: 2019 Inferred Mineral Resources and Notes
Reserves and Resources (cont.) 2019 Inferred Mineral Resources Notes to 2019 mineral reserves and resources: Effective December 31, 2019. Assumed metal prices for Mineral Reserves were $17.00 per ounce of silver, $1,350 per ounce of gold, $1.15 per pound zinc, $0.95 per pound lead. Assumed metal pri
Slide 64: Contact Information
Contact Information Corporate Office Coeur Mining, Inc. 200 S. Wacker Dr., Suite 2100 Chicago, IL 60606 Main Telephone +1 (312) 489-5800 Stock Ticker NYSE: CDE Website www.coeur.com Contact Jeff Wilhoit Senior Director, Investor Relations investors@coeur.com Corporate Office New Gold, Inc. Brookfiel