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

Strategic vision, initiatives, and portfolio evolution

• Acquisition of New Gold Inc. creates a leading North American precious metals company with seven operations and a combined market capitalization of approximately $20 billion, aiming for $3.0 billion EBITDA and $2.0 billion free cash flow in 2026 at lower costs and higher margins.

• Focus on balanced North American operations, avoiding concentration in any one asset, metal, or jurisdiction, and emphasizing ROIC, free cash flow per share, and margins over production growth.

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

• Transaction is highly accretive to net asset value, operating cash flow, and free cash flow per share, supporting a potential share price re-rating.

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

Financial performance and operational highlights

• Achieved record 2025 results: 420,000 oz gold and 18 million oz silver produced, up 23% and 57% year-over-year, respectively, with adjusted EBITDA reaching $1.03 billion and a 50% margin.

• Net income rose tenfold to $586 million, cash position increased more than tenfold to $554 million, and EBITDA surpassed $1 billion.

• Free cash flow reached $666 million, with projections of over $2 billion on a combined basis post-New Gold.

• Return on invested capital hit 26% in 2025, with expectations for mid-40s in 2026, and net leverage ratio decreased to (0.2x) by year-end 2025.

• Balance sheet transitioned from 4.5x leverage to a strong net cash position, with capital leases down 32% and no hedges in place.

Exploration, reserves, mine life, and asset development

• Over $340 million invested in exploration over five years, resulting in significant reserve and resource growth, with 2025 program 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 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 generated $285 million free cash flow in its first year, fully replaced mined reserves, and delivered new high-grade veins and significant additions to inferred and measured resources.

• Silvertip project in British Columbia positioned as the next growth leg, benefiting from favorable silver prices and Canadian critical minerals support.