Coeur Mining (CDE) Raymond James London Silver Conference Presentation summary

Strategic growth and portfolio expansion

• Completed Rochester mine expansion and acquired SilverCrest (Las Chispas) and New Gold's Canadian mines, creating a balanced North American portfolio with seven operations and a $20B market cap.

• Revenue mix for 2026E is projected at 65% gold, 30% silver, and 5% copper, with 70%+ of revenue from the U.S. and Canada.

• Significant additions to reserves and resources: gold equivalent proven and probable reserves up 46%, measured and indicated resources up 68% after acquisitions.

• Enhanced operational flexibility and risk reduction through a larger, more diversified asset base.

• Focused on organic growth, with increased exploration investment targeting resource expansion and reserve replacement across key sites.

Financial performance and outlook

• Expectation to generate over $3B EBITDA and $2B free cash flow in 2026 at lower costs and higher margins.

• Adjusted EBITDA margin projected at 63% for 2026E, with free cash flow exceeding $2B.

• Net leverage ratio improved to (0.1)x by Q1 2026, with cash balance rising 52% to $843M.

• Announced a $750M share repurchase program and declared the first semi-annual dividend.

• S&P and Moody’s upgraded credit ratings post-acquisition, reflecting a robust financial position.

Operational highlights and guidance

• 2026 consolidated production guidance: 680,000–815,000 oz gold, 18.7–21.9M oz silver, 50–65M lbs copper.

• Cost control initiatives mitigated inflation, supporting margin expansion; labor, diesel, and maintenance costs managed effectively.

• Capital expenditures for 2026E guided at $437M–$526M, with major investments in New Afton, Rainy River, and Rochester.

• Exploration investment for 2026E set at $147M–$169M, focusing on Palmarejo, Las Chispas, Silvertip, and other key assets.

• Updated financial policy emphasizes disciplined capital allocation, balance sheet strength, and enhanced shareholder returns.