Coeur Mining (CDE) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic vision, initiatives, and portfolio evolution

• Acquisition of New Gold Inc. and SilverCrest Metals expands the portfolio to seven North American operations, creating a leading precious metals company with a $20 billion market cap and a balanced presence across the U.S., Canada, and Mexico.

• The New Gold deal adds two low-cost Canadian mines, shifting revenue mix to 82% from the U.S. and Canada and reducing reliance on Mexico.

• Integration of New Gold's New Afton and Rainy River mines is expected to enhance capital allocation, liquidity, and free cash flow, positioning the company for investment-grade credit rating and potential U.S. index inclusion.

• Emphasis on ROIC, free cash flow per share, and margins over production growth, with a highly accretive transaction supporting a potential share price re-rating.

• Integration of New Gold expected to close in Q1, with consolidated guidance and resource updates to follow.

Operational and financial performance

• Achieved record gold and silver production in 2025, with gold up 23% and silver up 57% year-over-year, and record annual and quarterly free cash flow, adjusted EBITDA, and earnings.

• Net income rose tenfold to $586 million, cash increased more than tenfold to $554 million, and the company moved from high leverage to a robust net cash position.

• 2025 adjusted EBITDA reached $1.03 billion with a 50% margin; combined EBITDA post-New Gold expected to surpass $3 billion, with free cash flow projected above $2 billion in 2026.

• Net leverage ratio decreased to (0.2x) by year-end 2025, with capital leases down 32% and no hedges in place.

• Return on invested capital reached 26% in 2025, with expectations for mid-40s in 2026, driven by strong production growth and favorable metals prices.

Exploration, reserves, mine life, and asset highlights

• Over $340 million invested in exploration over five years, resulting in significant reserve and resource growth, with 2025 programs adding new discoveries and expanding the resource base.

• Exploration investment to increase by nearly 50% in 2026, with priorities including resource expansion at Palmarejo, Las Chispas, and Silvertip, and reserve replacement at Kensington and Wharf.

• Wharf mine's reserve life doubled to 12 years after $9 million exploration spend, with 500,000 ounces added to reserves and 1 million ounces to inferred resources in 2025.

• Las Chispas mine generated $285 million free cash flow in its first year post-acquisition, fully replacing mined reserves, and delivered new high-grade veins and significant resource additions.

• Rochester mine in Nevada delivered strong Q4 performance and is projected to produce 7 million oz silver and 70,000 oz gold in 2026, with drilling to support permitting and higher grades.