TD Cowen 2nd Annual Silver Corporate Access Day
April 13, 2026
NYSE, TSX: CDE
Cautionary Statements (cont.)
Cautionary Statements Regarding Company Outlook
In connection with Coeur's regular planning process, Coeur's management prepared certain unaudited financial and operating projections, some portions of which are included in this presentation. These projections were not prepared with a view toward complying with published guidelines of the SEC, the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information or GAAP, but, in the view of Coeur's management, were prepared on a reasonable basis, reflect the best then-available estimates and judgments, and present, to the best of management's knowledge and belief at the time, the expected course of action and the expected future financial and operating performance of Coeur. However, this information is not fact and should not be relied upon as necessarily indicative of actual future results, and readers of this presentation are cautioned not to place undue reliance on these projections.
These projections have been prepared by, and are the responsibility of, Coeur's management. Neither Coeur's independent auditors, nor any other independent accountants, have compiled, examined, or performed any procedures with respect to these projections, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, such projections.
The assumptions and estimates underlying these projections are inherently uncertain and, although considered reasonable by the management of Coeur as of the date of their preparation, are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in these projections, including, among others, risks and uncertainties relating to Coeur's businesses (including its ability to achieve strategic goals, objectives and targets over applicable periods), industry performance, the regulatory environment, general business and economic conditions and other factors described in the "Risk Factors" section of Coeur's most recent report on Form 10-K, and its other reports filed with the SEC. Accordingly, there can be no assurance that these projections are indicative of the future performance of Coeur or that actual results will not differ materially from those presented. Inclusion of these projections in this presentation should not be regarded as a representation by any person that the results contained in these projections will be achieved.
Coeur does not intend to update or otherwise revise these projections to reflect circumstances existing since their preparation or to reflect the occurrence of unanticipated events, even in the event that any or all of the underlying assumptions are shown to be in error. Furthermore, Coeur does not intend to update or revise these projections to reflect changes in general economic or industry conditions.
NYSE: CDE
NYSE, TSX: CDE 3
A Well-Balanced Precious Metals Mining Company
With the completion of the Rochester mine expansion, the acquisition of SilverCrest and its Las Chispas mine, and the addition of New Gold's two Canadian mines, Coeur's combined operations reflect a more balanced North American portfolio
Co
Sp
Silvertip
Kensington
New Afton
Vancouver Office
Rainy River
Wharf
Rochester
Toronto Office
Corporate Headquarters
Sp
Las Chispas
Palmarejo
Coeur Operating Mine
Coeur Exploration Project
mbined 2026E Revenue1
etal
lit by M
Gold Silver Copper
NYSE: CDE
lit by Geography
U.S.
Canada
Mexico
(1) Based on guidance as published by Coeur on March 23, 2026 reflecting nine months of contribution from New Afton and Rainy River.
NYSE, TSX: CDE 4
Overview and Market Profile
Company Overview
Asset Portfolio
Headquarters Stock Ticker
Common Shares Outstanding1
Market Capitalization2
NYSE: CDE
Equity Research Coverage
Chicago, IL NYSE, TSX: CDERainy River
New Afton
1.0 Billion
Ownership Overview1
Institutional
Retail
Wharf
Rochester
Las Chispas
Palmarejo
$20.4 Billion
Firm | Analyst |
BMO Capital Markets | Kevin O'Halloran |
Canaccord Genuity | Dalton Baretto |
Cantor Fitzgerald | Mike Kozak |
CIBC Capital Markets | Cosmos Chiu |
Cormark Securities | Richard Gray |
National Bank Financial | Alex Terentiew |
Raymond James | Brian MacArthur |
RBC Capital Markets | Josh Wolfson |
Roth MKM | Joe Reagor |
TD Securities | Wayne Lam |
Kensington | ||
Silvertip Project
Data as of March 20, 2026.
Market capitalization calculated using closing share price of $19.72 on April 8, 2026, based on approximately 1.0 billion common shares outstanding.
NYSE, TSX: CDE 5
An Unrivaled All North American Mining Powerhouse
U.S. Precious Metals Leader
Approximately $20 billion market capitalization company with seven North American operations, sector-leading free cash flow yield, and best-in-class trading liquidity
Enhanced Resiliency with Compelling Transaction Metrics
Double-digit reduction in CAS per ounce; >35% of combined revenue from Canada; larger, balanced platform reduces risk and increases financial and operational flexibility
Significant & Immediate Addition to EBITDA
& Free Cash Flow
Expect to generate over $3 billion of EBITDA and $2 billion of free cash flow in 20261 at lower overall costs and higher overall margins
Robust Financial Position with Growing
Cash Balance
Strong free cash flow and commitment to maintaining a net cash position create a path to an investment-grade credit rating and stockholder returns
NYSE: CDE
Highly Attractive & Unique Metals Mix
Metals mix of approximately 65% gold, 30% silver, and 5% copper, remaining one of the world's largest silver producers
Based on guidance as published by Coeur on March 23, 2026 reflecting nine months of contribution from New Afton and Rainy River.
NYSE, TSX: CDE 6
Company Update Highlights
New Assets Drive Strong Consolidated Guidance
Reflecting nine months of contributions from New Afton and Rainy River, Coeur expects 2026 combined gold, silver and copper production of 680 -815K ounces, 18.7 - 21.9M ounces, and 50 - 65M pounds, respectively1
Coeur 2025A production: 419K gold ounces and 17.9M silver ounces
New Afton and Rainy River Year-End
2025 R&R Update
With the addition of New Afton and Rainy River, Coeur's proven and probable reserves increased 46% on a gold equivalent basis2
Updated technical reports highlight mine life expansion opportunities and strong free cash flow including a two-year mine life extension at Rainy River
Initial K-Zone resource of 48M tonnes of M&I plus 6M tonnes of inferred resources positions New Afton for substantial mine life extension
Updated Financial Policy
Continue investment in exploration and organic growth opportunities
Build and maintain a liquid and resilient balance sheet
Commence expanded $750M share repurchase program
NYSE: CDE
Initiate inaugural semiannual cash dividend policy of $0.02 per share
Guidance as published by Coeur on March 23, 2026.
Gold equivalence assumes gold-to-silver, -copper, -lead, -zinc ratios of 1:60, 1:629, 1:1,200 and 1:1,000, respectively.
NYSE, TSX: CDE 7
New Afton Technical Report Update
Highlights
•✓ Gold and copper production expected to average 105,000 ounces and 88 million pounds, respectively, over the next five years from C-Zone
•✓ Throughput expected to ramp up to 15,000 tonnes per day from C-Zone during the first half of 2026
•✓ Life of mine EBITDA of $3.4 billion and free cash flow of $2.8 billion1
•✓ K-Zone initial resource includes 48 million M&I tonnes plus additional 6 million inferred tonnes
Year-End 2025 Reserves and Resources2 | |||||||
Tonnes (000s) | Au (g/t) | Grade Ag (g/t) | Cu (%) | Contained | |||
Au (K oz) | Ag (K oz) | Cu (M lbs) | |||||
PROVEN AND PROBABLE RESERVES | 36,174 | 0.67 | 1.79 | 0.74 | 780 | 2,101 | 591 |
MEASURED AND INDICATED | 104,654 | 0.46 | 1.67 | 0.52 | 1,545 | 5,606 | 1,208 |
INFERRED | 7,166 | 0.44 | 1.47 | 0.53 | 100 | 338 | 83 |
Year-End 2024 Reserves and Resources2,3 | |||||||
Tonnes (000s) | Au (g/t) | Grade Ag (g/t) | Cu (%) | Contained | |||
Au (K oz) | Ag (K oz) | Cu (M lbs) | |||||
PROVEN AND PROBABLE RESERVES | 39,567 | 0.65 | 1.8 | 0.72 | 828 | 2,253 | 631 |
MEASURED AND INDICATED | 81,643 | 0.51 | 1.69 | 0.61 | 1,352 | 4,431 | 1,100 |
INFERRED | 132 | 0.19 | 0.54 | 0.19 | 1 | 2 | 1 |
NYSE: CDE
See New Afton mine technical report dated December 31, 2025.
See slides in the appendix to this presentation for additional information related to mineral reserves and resources.
2024 year-end reserves and resources were calculated under NI 43-101, while 2025 year-end reserves and resources were calculated under S-K 1300.
NYSE, TSX: CDE 8
Rainy River Technical Report Update
Highlights
•✓ Replaced depletion in 2025 and extended reserves-only mine life by two years to 2035
•✓ Annual gold and silver production expected to average 287,000 ounces and 527,000, respectively,
through 2028
•✓ Life of mine EBITDA of $3.0 billion and free cash flow of $2.2 billion1
•✓ Addition of Northwest extension to the mine plan expands open pit mining
Year-End 2025 Reserves and Resources2 | |||||
Tonnes (000s) | Au (g/t) | Grade | Ag (g/t) | Contained | |
Au (K oz) | |||||
PROVEN AND PROBABLE RESERVES | 54,508 | 1.27 | 3.18 | 2,226 | |
MEASURED AND INDICATED | 56,701 | 0.89 | 3.54 | 1,630 | |
INFERRED | 7,529 | 1.73 | 4.14 | 418 | |
Year-End 2024 Reserves and Resources2,3 | |||||
Tonnes (000s) | Au (g/t) | Grade | Ag (g/t) | Contained | |
Au (K oz) | |||||
PROVEN AND PROBABLE RESERVES | 52,926 | 1.25 | 3.25 | 2,126 | |
MEASURED AND INDICATED | 35,083 | 1.15 | 4.05 | 1,294 | |
INFERRED | 7,663 | 1.62 | 3.68 | 398 | |
NYSE: CDE
See Rainy River mine technical report dated December 31, 2025.
See slides in the appendix to this presentation for additional information related to mineral reserves and resources.
2024 year-end reserves and resources were calculated under NI 43-101, while 2025 year-end reserves and resources were calculated under S-K 1300.
NYSE, TSX: CDE 9
Updated Financial Policy
Updated financial policy grounded on a disciplined capital allocation framework that focuses on maximizing long-term value for stockholders
Sustaining and Growth Investment
Invest in high-return, organic growth opportunities
Balance
Sheet Strength
Maintain a strong and flexible balance sheet
Enhanced Stockholder Returns
Return excess capital to stockholders
Brownfields exploration
Sustaining capital projects
Growth projects such as K-Zone, Silvertip, East Palmarejo
"Through-the-cycle" flexibility
Consistent net cash position
New upsized $1B RCF
Expanded $750M share repurchase program
Inaugural $0.02 semiannual dividend policy
NYSE: CDE
NYSE, TSX: CDE 10
Financial Results Reflect Step Change Now Underway
With the addition of Las Chispas, the expansion of Rochester, and the power of a well-balanced portfolio, coupled with higher metals prices, Coeur is seeing a step-change in its cash flow and margin profile
623%
Adjusted EBITDA/Margin1,2,3
($M)
265%
Free Cash Flow1,2,3
NYSE: CDE
($M)
1,850%
See non-GAAP reconciliation tables in the appendix to this presentation.
Free cash flow is defined as cash flow from operating activities less capital expenditures. See reconciliation tables in the appendix to this presentation.
2025 figures include the impact of the $93.5 million of PPA ascribed to inventory at Las Chispas.
NYSE, TSX: CDE 11
Net Cash Balance Sheet Target Achieved
($M)
Peak net leverage ratio in 2Q 2023
LTM Adjusted EBITDA / Net Leverage Ratio1,2,3
Debt and Leverage Summary1,2,3
Dec. 31, 2024 | Sep. 30, 2025 | Dec. 31, 2025 | |
5.125% senior notes due 2029 | $290.1 | $290.6 | $290.8 |
Revolving credit facility | 195.0 | 0.0 | 0.0 |
Capital lease obligations | 105.0 | 72.9 | 49.7 |
TOTAL DEBT | $590.1 | $363.5 | $340.5 |
Cash and cash equivalents | $55.1 | $266.3 | $553.6 |
LEVERAGE RATIOS LTM adjusted EBITDA | $339.2 | $717.7 | $1,025.8 |
Total debt / LTM adjusted EBITDA | 1.7x | 0.5x | 0.3x |
Net debt / LTM adjusted EBITDA | 1.6x | 0.1x | (0.2x) |
($M)
4Q 2025 Balance Sheet Highlights
✓•
✓•
~13% of $75 million share repurchase program completed Cash balance more than doubled to $554 million
✓•
✓•
✓•
Capital leases declined by 32% to $50 million Net leverage ratio decreased to (0.2x)
See non-GAAP reconciliation tables in the appendix to this presentation.
Net debt equals total debt less cash and cash equivalents.
2025 figures include the impact of the $93.5 million of PPA ascribed to inventory at Las Chispas.
No hedges in place
NYSE: CDE
NYSE, TSX: CDE 12
Peer Leading Return on Invested Capital
After multiple years of heavy investment, the Company is poised to deliver peer-leading ROIC driven by strong production growth from Rochester and Las Chispas, and consistent performance from our other operations amid a favorable metals price environment
Coeur ROIC1 Coeur vs. Peers 2026E ROIC2
+46.8% | |
NYSE: CDE
Coeur 2025 ROIC is based on actual reported 2025 data. Coeur 2026 ROIC is based on 2026 budget data.
Peer 2025 ROIC based on Bloomberg methodology using actual reported FactSet data. If the peer has yet to report, it is based on FactSet data estimates. 2026E is based on FactSet data estimates.
NYSE, TSX: CDE 13
Increasing Exploration Investment in 2026
Exploration priorities include resource expansion at Palmarejo, Las Chispas and Silvertip, reserve replacement at Kensington and Wharf, drilling to support permit advancement and access to higher grades at Rochester, infill drilling of the K-Zone at New Afton, and expansion of open pit and underground ore zones at Rainy River
Total Exploration Investment
+
Las Chispas
Palmarejo
New Afton
Rochester
Rainy River
Kensington
Wharf
Silvertip
Other
3,4
Capitalized
2
2
Expensed
Capitalized
($M)
2026E Exploration Investment by Site1,2,3,4
NYSE: CDE
$118M-$132M
$29M-$37M
Expensed
$147M-$169M
Guidance as published by Coeur on March 23, 2026.
Actual figures exclude approximately $20.3 million and $16.0 million associated with underground mine development and support costs at Silvertip for 2025 and 2024, respectively.
Figures and percentages reflect midpoint of guidance as published by Coeur on March 23, 2026.
Figures exclude $15 - $16 million associated with underground mine development and support costs at Silvertip.
NYSE, TSX: CDE 14
Expanded Reserve and Resource Base
The addition of New Afton and Rainy River increases Coeur's gold equivalent proven and probable reserves by 46% and gold equivalent measured and indicated resources by 68%1
Silver (oz)
Gold (oz)
Proven & Probable Reserves Measured & Indicated Resources Inferred Resources
46 %
68 %
10 %
NYSE: CDE
Gold Eq. (oz)1
Note: See slides in the appendix to this presentation for additional information related to mineral reserves and resources.
Gold equivalence assumes gold-to-silver, -copper, -lead, -zinc ratios of 1:60, 1:629, 1:1,200 and 1:1,000, respectively.
NYSE, TSX: CDE 15
Wharf: Increased Investment to Extend Mine Life
In 2025, expansion and infill programs were successfully completed at the Juno, Wedge and North Foley deposits which extended mine life. Gold reserves at Wharf increased by 500,000 ounces, and 1.0 million ounces were added to inferred resources
•✓
Inferred additions can set the mine up for ongoing future conversion to reserves
•✓
Drill programs in 2026 are expected to expand and convert resources at Juno and Summit Flat
NYSE: CDE
•✓
Early-stage scout work is planned to restart this year to help build an even-longer term future at the operation
Note: See slides in appendix for additional information related to mineral reserves and resources.
NYSE, TSX: CDE 16
Wharf: A Case Study for Successful M&A
Wharf achieved an all-time free cash flow1 record in 2025 driven by increased production year-over-year and strong cost controls
Acquired in early 2015 for $99.5 million, Wharf has generated cumulative FCF1 of more than 6x its original investment, driven by operational improvements, targeted investments in exploration, and several technical and modeling enhancements
Free Cash Flow1
($M)
$665MCumulative FCF1
since acquisition
Gold Reserves and Mine Life
NYSE: CDE
(K oz)
Wharf's mine l ife stood at ~5 years2
Wharf's current mine life is ~12 yearsNote: See slides in appendix for additional information related to mineral reserves and resources.
Free cash flow is defined as cash flow from operating activities less capital expenditures. See applicable reconciliation tables in the appendix to this presentation.
Mineral reserves estimate for the year ended December 31, 2013 as reported by Goldcorp, Inc. Goldcorp, Inc. did not report year-end 2014 mineral reserve estimates for Wharf.
NYSE, TSX: CDE 17
Palmarejo Exploration Update
Bolstering of the inferred pipeline was very successful, with over 1.0 million gold equivalent ounces added, in addition to 400,000 new ounces in the measured and indicated categories
✓•
km2
UG Mines
EXPLORATION-3YR PLAN
STAGE 1
NEAR MINE-SHORT TERM NEAR MINE-SHORT TERM AOI
STAGE 2
RESERVES NEW DISTRICT
STAGE 3
EXPLORE NEAR MINE AOI
STAGE 4
EXTEND NEW DISTRICT EXTEND NEW DISTRICT AOI
STAGE 5
CONSOLIDATION LA PATRIA TREND
CLAIMS WITHIN FNV AOI 122.67 km2 CLAIMS OUTSIDE FNV AOI 177.99
LEGEND
Palmarejo Main District
PALMAREJO NORTH
SAN MIGUEL
EL CAMUCHÍN LA ESCONDIDA
LIBERTAD NORTE ǪUADRANT
SAN MIGUEL SUR
SAN ANTONIO
ESPINAZO DEL DIABLO
LIBER BA HIDALGO
BAVISA NORTE
BAVISA SUR
SAN ISIDRO A UNIÓN
LINK
EL TASTE
PALMAREJO EAST GENERATIVE
SANTUARIO
ICA SUR
LOS LLANOS
SOTA DE
Eastern ORO
District
LA PATRIA
Large, highly prospective district
~74,000-acre land package (more than double versus a decade ago)
Recent acquisition of Fresnillo ground consolidates areas located to the East
L
TAD
RRERA
✓•
$24 - $28 million exploration investment in 20262 (substantially all expensed; 70% outside the Franco-Nevada gold stream area) with the following objectives:
Continue building the inferred resource base for future conversion and reserve growth
NYSE: CDE
Validation and expansion of historic resources at Independencia Sur and in the Guazapares trend (San Miguel)
Note: See slides in appendix for additional information related to mineral reserves and resources.
Gold equivalence assumes gold-to-silver, -lead, -zinc ratios of 1:60, 1:1,200 and 1:1,000, respectively.
Guidance as published by Coeur on February 18, 2026.
NYSE, TSX: CDE 18
Las Chispas Exploration Success
Three new veins and associated splays were discovered this year, including the Augusta and Promesa systems in the Las Chispas Blocks, and the Lupita vein in the Babicanora block; discovered in the fourth quarter of 2025
La Promesa
Augusta
Lupita
✓•
All veins are delivering multi-kilo silver-equivalent intercepts, highlighting the strong mineralization and continued discovery potential of the land package
NYSE: CDE
✓•
In 2026, the Company expects to continue systematic expansion and infill drilling, with greater emphasis on scout drilling
Silver equivalent calculated based on longer term analyst consensus pricing of $2,022/oz Au and $25.98/oz Ag.
NYSE, TSX: CDE 19
Rochester Update
Rochester is one of the largest operations of its kind in the world and is America's largest source of domestically produced and refined silver. In 2026, silver and gold production is expected to increase by 16% and 8%, respectively
1
Silver production (K oz)
Adj. CAS per AgOz2
Production and Cost Profile Proven and Probable Reserves3
Gold production (K oz)
NYSE: CDE
perating and Cash Flow Trends 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 | |||||
Ore tonnes placed | 7.4M | 6.3M | 7.2M | 7.5M | 9.3M |
Crushed ore tonnes placed | 4.6M | 5.0M | 6.1M | 5.7M | 6.4M |
Operating cash flow ($M) | $26.0 | ($7.0) | $39.6 | $41.2 | $92.6 |
Free cash flow ($M) | $12.2 | ($21.8) | $15.1 | $29.6 | $77.8 |
O
Adj. CAS per AuOz2
Gold (M oz)
Silver (M oz)
Guidance as published by Coeur on March 23, 2026.
See applicable non-GAAP reconciliation tables in the appendix to this presentation.
See slides in appendix for additional information related to mineral reserves and resources.
NYSE, TSX: CDE 20
JC 2016
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