cde-20241231

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K/A

(Amendment No. 1)


(Mark One)
☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended	December 31, 2024
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

Commission File Number 1-8641

COEUR MINING, INC.

(Exact name of registrant as specified in its charter)


Delaware		82-0109423
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
200 South Wacker Drive	Suite 2100	60606
Chicago	IL	(Zip Code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (312) 489-5800

Securities Registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (par value $.01 per share)	CDE	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes x No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

$2,209,241,490

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

As of February 17, 2025, 638,557,875 shares of Common Stock, par value $0.01 per share


Auditor’s Name	Auditor’s Location	Auditor’s Firm ID
Grant Thornton LLP	Chicago, Illinois	248

Explanatory Note

This Amendment No. 1 on Form 10-K/A (the “Amendment”) amends Coeur Mining, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”), as filed with the Securities and Exchange Commission on February 19, 2025, and is being filed solely to amend the report prepared by Grant Thornton LLP contained in Item 8 of the Form 10-K (the “Financial Statement Audit Report”) to correct a clerical error. The Financial Statement Audit Report did not include reference to their report on the Company’s internal controls over financial reporting. Pursuant to Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended, we have repeated the entire text of Item 8 of the Form 10-K in this Amendment. However, there have been no changes to the text of such item other than the change stated in the immediately preceding sentence. This Amendment includes the updated Financial Statement Audit Report, new consent of Grant Thornton LLP as Exhibit 23.1 hereto, and new certifications by our Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as Exhibits 31.1, 31.2, 32.1 and 32.2 hereto. Except as expressly set forth above, this Amendment does not, and does not purport to, amend, update or restate the information in any other item of the Form 10-K or reflect any events that have occurred after the filing of the original Form 10-K.

COEUR MINING, INC.

FORM 10-K/A

INDEX










PART II



Item 8.	Financial Statements and Supplementary Data	5









PART IV
Item 15.	Exhibits, Financial Statement Schedules	42

SIGNATURES		43

PART II

Item 8. Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

Coeur Mining, Inc.

Opinion on the financial statements

We have audited the accompanying consolidated balance sheets of Coeur Mining, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 19, 2025 expressed an unqualified opinion.

Change in accounting principle

As discussed in Note 2 to the consolidated financial statements, the Company has adopted new accounting guidance in 2024 related to the disclosure of segment information in accordance with ASU 2023-07, Segment Reporting (Topic 280). The adoption was retrospectively applied to 2023 and 2022.

Basis for opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Ore on Leach Pads and Long-Term Stockpile

As described further in Notes 2 and 5 to the consolidated financial statements, the Company’s ore on leach pads balance was $199 million, which includes $168 million at the Company’s Rochester mine, as of December 31, 2024. The balance is comprised of a current balance of $61 million and a non-current balance of $107 million. The Rochester mine long-term stockpile balance is $42 million as of December 31, 2024. The measurement and valuation of the ore on leach pads and long-

term stockpile balances involve significant management estimates and assumptions related to the measurement of metal content of ore placed on the leach pads and long-term stockpile, including estimates pertaining to recovery rates and ore grades. The balances are determined based on actual production costs incurred to produce and place ore on the leach pads and long-term stockpile, less costs allocated to minerals recovered through the leach process. The historical cost of metal expected to be extracted within twelve months is classified as current on the balance sheet. We identified the measurement and valuation for the ore on leach pads and long-term stockpile for the Rochester mine as a critical audit matter.

The principal considerations for our determination that Rochester’s ore on leach pads and long-term stockpile is a critical audit matter are that certain management assumptions are complex and have a higher degree of estimation uncertainty and changes in these assumptions could have a significant impact on the balance. In turn, auditing these amounts required significant auditor judgement.

Our audit procedures related to Rochester’s ore on leach pads and long-term stockpile included the following, among others.

•We obtained and tested Rochester’s 2024 roll forward of the estimated ounces and costs added to, and recovered from the Company’s leach pads and stockpile and reconciled the ending amounts of ounces and costs to the Company’s inventory and production records and tested certain assumptions, such as estimated recovery rates, and ore grades.

•We assessed the Company’s lower of cost or market analysis and related adjustments.

•For the roll forward of estimated ounces, we assessed the completeness and accuracy of mining production information, including tests of daily tonnage processed.

•We evaluated management’s laboratory procedures related to assay testing used to estimate ore grade.

•We evaluated the Company’s use of specialists and their qualifications and experience related to their input on the recovery rates and ore grades estimates used by management in its calculation of ore on leach pads and long-term stockpile balances.

•We assessed the estimated timing of recoveries, which management uses in classifying current and non-current portions of the ore on leach pads balance.

•We tested the effectiveness of management’s controls over mining production information, estimating the recovery rates, ore grades, lower of cost or market calculations, and inventory roll forward related to recording Rochester’s balance of ore on leach pads and long-term stockpile.

/s/ Grant Thornton LLP

We have served as the Company’s auditor since 2016.

Chicago, Illinois

February 19, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

Coeur Mining, Inc.

Opinion on internal control over financial reporting

We have audited the internal control over financial reporting of Coeur Mining, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2024, and our report dated February 19, 2025 expressed an unqualified opinion on those financial statements.

Basis for opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Grant Thornton LLP

Chicago, Illinois

February 19, 2025

COEUR MINING, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


		December 31, 2024		December 31, 2023
ASSETS	Notes	In thousands, except share data
CURRENT ASSETS
Cash and cash equivalents		$	55,087	$	61,633
Receivables	4	29,930		31,035
Inventory	5	78,617		76,661
Ore on leach pads	5	92,724		79,400

Prepaid expenses and other		16,741		18,526

		273,099		267,255
NON-CURRENT ASSETS
Property, plant and equipment and mining properties, net	6	1,817,616		1,688,288

Ore on leach pads	5	106,670		25,987
Restricted assets		8,512		9,115

Receivables	4, 12	19,583		23,140
Other		76,267		67,063
TOTAL ASSETS		$	2,301,747	$	2,080,848
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	125,877	$	115,110
Accrued liabilities and other	18	156,609		140,913
Debt	8	31,380		22,636
Reclamation	9	16,954		10,954

		330,820		289,613
NON-CURRENT LIABILITIES
Debt	8	558,678		522,674
Reclamation	9	243,538		203,059
Deferred tax liabilities		7,258		12,360
Other long-term liabilities		38,201		29,239
		847,675		767,332
COMMITMENTS AND CONTINGENCIES	17
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 399,235,632 issued and outstanding at December 31, 2024 and 386,282,957 at December 31, 2023		3,992		3,863
Additional paid-in capital		4,181,521		4,139,870
Accumulated other comprehensive income (loss)		—		1,331
Accumulated deficit		(3,062,261)		(3,121,161)
		1,123,252		1,023,903
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	2,301,747	$	2,080,848

The accompanying notes are an integral part of these Consolidated Financial Statements.

COEUR MINING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


		Year Ended December 31,
			2024		2023		2022
	Notes		In thousands, except share data
Revenue	3		$	1,054,006	$	821,206	$	785,636
COSTS AND EXPENSES
Costs applicable to sales(1)	3		606,192		632,896		606,530
Amortization			124,974		99,822		111,626
General and administrative			47,727		41,605		39,460
Exploration			59,658		30,962		26,624

Pre-development, reclamation, and other	14		51,273		54,636		40,647
Total costs and expenses			889,824		859,921		824,887
Income (loss) from operations			164,182		(38,715)		(39,251)
OTHER INCOME (EXPENSE), NET
Gain (loss) on debt extinguishment			417		3,437		—
Fair value adjustments, net	12		—		3,384		(66,668)
Interest expense, net of capitalized interest	8		(51,276)		(29,099)		(23,861)
Other, net	14		13,027		(7,463)		66,331
Total other income (expense), net			(37,832)		(29,741)		(24,198)
Income (loss) before income and mining taxes			126,350		(68,456)		(63,449)
Income and mining tax (expense) benefit	10		(67,450)		(35,156)		(14,658)


NET INCOME (LOSS)			$	58,900	$	(103,612)	$	(78,107)
OTHER COMPREHENSIVE INCOME (LOSS):
Change in fair value of derivative contracts designated as cash flow hedges			(18,507)		(318)		37,445
Reclassification adjustments for realized (gain) loss on cash flow hedges			17,176		(10,694)		(23,890)
Other comprehensive income (loss)			(1,331)		(11,012)		13,555
COMPREHENSIVE INCOME (LOSS)			$	57,569	$	(114,624)	$	(64,552)

NET INCOME (LOSS) PER SHARE	15
Basic income (loss) per share:


Basic			$	0.15	$	(0.30)	$	(0.28)




Diluted			$	0.15	$	(0.30)	$	(0.28)

(1) Excludes amortization.

The accompanying notes are an integral part of these Consolidated Financial Statements.

COEUR MINING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


		Year Ended December 31,
			2024		2023		2022
	Notes		In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$	58,900	$	(103,612)	$	(78,107)
Adjustments:
Amortization			124,974		99,822		111,626
Accretion			18,208		16,381		14,850
Deferred taxes			(8,734)		(1,495)		(18,450)
Gain on debt extinguishment	8		(417)		(3,437)		—
Fair value adjustments, net	12		—		(3,384)		63,529
Stock-based compensation	11		12,022		11,361		10,030

Gain on the sale of Sterling/Crown			—		—		(62,249)
Loss on the sale or disposition of assets	14		4,250		25,197		—
Write-downs	5		3,235		40,247		45,978
Deferred revenue recognition	17		(55,562)		(25,468)		(15,887)
Other			5,483		3,215		542
Changes in operating assets and liabilities:
Receivables			(504)		933		4,452
Prepaid expenses and other current assets			2,777		(461)		240
Inventory and ore on leach pads			(69,640)		(47,592)		(51,448)
Accounts payable and accrued liabilities			79,242		55,581		510
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			174,234		67,288		25,616
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(183,188)		(364,617)		(352,354)
Acquisitions, net			(10,000)		—		—
Proceeds from the sale of assets			37		8,546		165,829

Sale of investments			—		47,611		40,469
Proceeds from notes receivable			—		5,000		—
Other			(362)		(239)		(107)
CASH USED IN INVESTING ACTIVITIES			(193,513)		(303,699)		(146,163)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	15		22,823		168,964		147,408
Issuance of notes and bank borrowings, net of issuance costs	8		391,500		598,000		320,000
Payments on debt, finance leases, and associated costs	7,8		(398,348)		(528,541)		(338,721)

Other			(2,085)		(2,370)		(3,661)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			13,890		236,053		125,026
Effect of exchange rate changes on cash and cash equivalents			(1,115)		567		401
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(6,504)		209		4,880
Cash, cash equivalents and restricted cash at beginning of period			63,378		63,169		58,289
Cash, cash equivalents and restricted cash at end of period			$	56,874	$	63,378	$	63,169

The accompanying notes are an integral part of these Consolidated Financial Statements.

COEUR MINING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY


In thousands	Common Stock Shares	Common Stock Par Value		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total










Balances at December 31, 2021	256,919	$	2,569	$	3,738,347	$	(2,939,442)	$	(1,212)	$	800,262
Net income (loss)	—	—		—		(78,107)		—		(78,107)
Other comprehensive income (loss)	—	—		—		—		13,555		13,555
Common stock issued under "at the market" stock offering	36,820	368		146,547		—		—		146,915
Common stock issued/canceled under long-term incentive plans and director fees and options, net	1,959	20		6,371		—		—		6,391
Balances at December 31, 2022	295,698	$	2,957	$	3,891,265	$	(3,017,549)	$	12,343	$	889,016
Net income (loss)	—	—		—		(103,612)		—		(103,612)
Other comprehensive income (loss)	—	—		—		—		(11,012)		(11,012)
Common stock issued under "at the market" stock offering	54,562	546		147,020		—		—		147,566
Common stock issued for the extinguishment of Senior Notes	25,191	253		71,999		—		—		72,252
Common stock issued under Private Placement Offering	8,276	83		20,935		—		—		21,018
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	2,556	24		8,651		—		—		8,675
Balances at December 31, 2023	386,283	$	3,863	$	4,139,870	$	(3,121,161)	$	1,331	$	1,023,903
Net income (loss)	—	—		—		58,900		—		58,900
Other comprehensive income (loss)	—	—		—		—		(1,331)		(1,331)
Debt-for-Equity Exchange	1,772	18		5,350		—		—		5,368
Common stock issued under Private Placement Offering	7,705	77		22,992		—		—		23,069
Kensington royalty settlement	738	7		3,399		—		—		3,406
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net	2,738	27		9,910		—		—		9,937
Balances at December 31, 2024	399,236	$	3,992	$	4,181,521	$	(3,062,261)	$	—	$	1,123,252

The accompanying notes are an integral part of these Consolidated Financial Statements.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 1 - THE COMPANY

Coeur Mining, Inc. (“Coeur” or the “Company”) is primarily a gold and silver producer with assets in the United States, Mexico and Canada. Coeur was incorporated as an Idaho corporation in 1928 under the name Coeur d’Alene Mines Corporation and on May 16, 2013, changed its state of incorporation from the State of Idaho to the State of Delaware and changed its name to Coeur Mining, Inc. Coeur’s corporate headquarters are in Chicago, Illinois.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and uncertainties

As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. Further, the carrying value of the Company’s property, plant and equipment and mining properties, net, inventories and ore on leach pads are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.

In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and impacts of global events could result in material impairment charges related to these assets.

Use of Estimates

The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.

Principles of Consolidation

The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., and Coeur Silvertip Holdings Ltd. All intercompany balances and transactions have been eliminated.

Cash and Cash Equivalents

Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. At certain times, amounts on deposit may exceed federal deposit insurance limits.

Receivables

Trade receivables and other receivable balances are recognized net of an allowance for credit losses. The allowance represents the portion of the amortized cost basis that the Company does not expect to collect due to credit over the contractual life of the receivables, taking into consideration past events, current conditions and reasonable and supportable forecasts of future economic conditions. As of December 31, 2024, the amount of credit loss recognized is not significant.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Ore on Leach Pads

The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes.

The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue and are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.

The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.

The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In the first quarter of 2024, the Company completed a review of the estimated recoverable ounces of gold and silver on its leach pads and determined that as a result of longer expected leach time and favorable recoveries relative to previous estimates, that the estimated recoverable gold and silver on the Rochester legacy leach pads (Stages 2, 3 and 4) supported an upward revision. An additional 6,000 ounces of gold and 900,000 ounces of silver were added to the legacy leach pads in the first quarter of 2024. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. The updated recoverable ounce estimate is considered a change in estimate and was accounted for prospectively. As of December 31, 2024, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 49,575 and 6.9 million, respectively.

Metal and Other Inventory

Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities.

Property, Plant, and Equipment and Mining Properties, Net

Expenditures for new facilities, assets acquired pursuant to finance leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves.

Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production. Mine development costs are amortized using the units-of-production method over the estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.

Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into mineral reserve. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $16.8 million and $10.0 million in the years ended December 31, 2024 and 2023, respectively, were capitalized.

The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory.

Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value.

Impairment of Long-lived Assets

We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected gold, silver, lead and zinc prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans.

Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold, silver, lead and zinc that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineral resources could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling.

Gold, silver, zinc and lead prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors that may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Impairment of Long-lived Assets.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Restricted Assets

The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2024 and 2023, the Company held certificates of deposit and cash under these agreements of $8.5 million and $9.1 million, respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term.

Leases

We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, non-current with the related liabilities included in Accrued liabilities and other and Other long-term liabilities. Assets under finance leases, which primarily represent property and equipment, are included in Property, plant and equipment, net, with the related liabilities included in debt, current and debt, non-current on the Consolidated Balance Sheet.

Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We have elected to not recognize operating lease assets and liabilities for short-term leases that have a lease term of twelve months or less. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components which are accounted for as a single lease component. See Note 7 -- Leases for additional information related to the Company’s operating and finance leases.

Reclamation

The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. See Note 9 -- Reclamation for additional information.

Foreign Currency

The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are remeasured at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss.

Derivative Financial Instruments

The Company is exposed to various market risks, including the effect of changes in metal prices, foreign exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP.

The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices and foreign exchange rates. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. Assuming normal market conditions, the change in the market value of such derivative contracts has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. Deferred gains and losses associated

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

with cash flow hedges of foreign currency transactions are recognized as a component of Costs applicable to sales or Pre-development, reclamation and other in the same period the related expenses are incurred.

For derivatives not designated as hedging instruments, the Company recognizes derivatives as either assets or liabilities on the Consolidated Balance Sheets and measures those instruments at fair value. Changes in the value of derivative instruments not designated as hedging instruments are recorded each period in the Consolidated Statements of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue. Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 13 -- Derivative Financial Instruments and Hedging Activities for additional information.

Stock-based Compensation

The Company estimates the fair value of stock options using the Black-Scholes option pricing model using market comparison. Stock options granted are accounted for as equity-based awards. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock-based compensation are included in General and administrative expenses, Costs applicable to sales, and Property, plant, and equipment, net as deemed appropriate.

The fair value of restricted stock is based on the Company’s stock price on the date of grant. The fair value of performance leverage stock units with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company’s performance, and related tax impacts. See Note 11 -- Stock-Based Compensation for additional information.

Income and Mining Taxes

The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized.

Revenue Recognition

The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer.

In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs applicable to sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied.

Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months after the shipment date, based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when risk of loss is transferred to the customer. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when risk of loss is transferred to the customer.

The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer.

For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation.

Recently Adopted Accounting Standards

In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company adopted the new derivatives and hedging standards effective January 1, 2023, which did not have a material effect on our financial position, results of operations or cash flows.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We have adopted the new standard effective December 31, 2024 retrospectively for all periods presented. See Note 3 -- Segment Reporting for all periods presented with the new required disclosures. The new standard did not impact our Consolidated Financial Statements.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Although early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance, the Company believes that there is no material impact to the reader in early adoption. The Company plans to adopt this new guidance on our Consolidated Financial Statements and related disclosures on reporting year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Consolidated Financial Statements and related disclosures.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 3 – SEGMENT REPORTING

The Company’s operating segments at December 31, 2024 included the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Following consummation of the acquisition of SilverCrest Metals, Inc. on February 14, 2025, the Company will add the Las Chispas operating segment. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

The Company’s Chief Operating Decision Maker (“CODM”), comprised of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Chief Financial Officer, and Michael Routledge, Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations. The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes. The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies.

Financial information relating to the Company’s segments is as follows (in thousands):


Year Ended December 31, 2024	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	190,520	$	91,541	$	225,200	$	227,600	$	—	$	—	$	734,861
Silver sales	188,540		124,271		(71)		6,405		—		—		319,145


Metal sales	379,060		215,812		225,129		234,005		—		—		1,054,006
Costs and Expenses
Costs applicable to sales(1)	195,458		154,611		157,757		98,366		—		—		606,192
Amortization	44,979		41,293		28,201		6,487		3,235		779		124,974
Exploration	13,230		5,070		5,494		6,192		27,332		2,340		59,658

Other operating expenses(2)	8,665		12,963		9,753		4,519		9,923		53,177		99,000
Costs and expenses	262,332		213,937		201,205		115,564		40,490		56,296		889,824
Income (loss) from operations	116,728		1,875		23,924		118,441		(40,490)		(56,296)		164,182
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		417		417
Fair value adjustments, net	—		—		—		—		—		—		—
Interest expense, net	324		(5,081)		(1,681)		(544)		(11)		(44,283)		(51,276)
Other, net(3)	7,074		(363)		(312)		(509)		(43)		7,180		13,027
Income (loss) before income and mining taxes	124,126		(3,569)		21,931		117,388		(40,544)		(92,982)		126,350
Income and mining tax (expense) benefit	(45,765)		(1,778)		(576)		(10,679)		—		(8,652)		(67,450)
Net Income (loss)	$	78,361	$	(5,347)	$	21,355	$	106,709	$	(40,544)	$	(101,634)	$	58,900

Segment assets(4)	$	316,232	$	1,227,745	$	223,525	$	119,407	$	219,613	$	55,359	$	2,161,881
Capital expenditures	$	30,621	$	72,676	$	68,656	$	7,175	$	3,597	$	463	$	183,188

(1) Excludes amortization.

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


Year Ended December 31, 2023	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	155,036	$	75,571	$	162,010	$	183,060	$	—	$	—	$	575,677
Silver sales	158,171		80,451		468		6,439		—		—		245,529


Metal sales	313,207		156,022		162,478		189,499		—		—		821,206
Costs and Expenses
Costs applicable to sales(1)	194,309		171,271		152,659		114,657		—		—		632,896
Amortization	35,709		26,392		25,905		6,694		4,018		1,104		99,822
Exploration	7,840		1,221		7,900		—		12,251		1,750		30,962

Other operating expenses(2)	8,064		26,005		3,440		4,157		17,104		37,471		96,241
Costs and expenses	245,922		224,889		189,904		125,508		33,373		40,325		859,921
Income (loss) from operations	67,285		(68,867)		(27,426)		63,991		(33,373)		(40,325)		(38,715)
Other income (expense)
Gain on debt extinguishment	—		—		—		—		—		3,437		3,437
Fair value adjustments, net	—		—		—		—		—		3,384		3,384
Interest expense, net	844		(1,603)		(1,744)		(329)		(63)		(26,204)		(29,099)
Other, net(3)	4,590		(293)		(311)		(396)		(129)		(10,924)		(7,463)
Income (loss) before income and mining taxes	72,719		(70,763)		(29,481)		63,266		(33,565)		(70,632)		(68,456)
Income and mining tax (expense) benefit	(26,016)		(816)		—		(7,047)		—		(1,277)		(35,156)
Net Income (loss)	$	46,703	$	(71,579)	$	(29,481)	$	56,219	$	(33,565)	$	(71,909)	$	(103,612)

Segment assets(4)	$	312,879	$	1,081,442	$	171,602	$	102,245	$	215,545	$	59,324	$	1,943,037
Capital expenditures	$	41,766	$	263,401	$	53,316	$	2,472	$	2,867	$	795	$	364,617

(1) Excludes amortization.

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.


Year Ended December 31, 2022	Palmarejo		Rochester		Kensington		Wharf		Silvertip		Other		Total
Revenue
Gold sales	$	157,595	$	64,460	$	201,859	$	148,963	$	—	$	—	$	572,877
Silver sales	145,839		65,203		634		1,083		—		—		212,759


Metal sales	303,434		129,663		202,493		150,046		—		—		785,636
Costs and Expenses
Costs applicable to sales(1)	182,576		165,166		155,725		103,063		—		—		606,530
Amortization	35,432		22,626		39,032		8,247		4,912		1,377		111,626
Exploration	6,605		4,627		6,637		—		4,628		4,127		26,624

Other operating expenses(2)	4,372		7,540		1,685		1,379		22,322		42,809		80,107
Costs and expenses	228,985		199,959		203,079		112,689		31,862		48,313		824,887
Income (loss) from operations	74,449		(70,296)		(586)		37,357		(31,862)		(48,313)		(39,251)
Other income (expense)

Fair value adjustments, net	—		—		—		—		—		(66,668)		(66,668)
Interest expense, net	(12)		(810)		(1,446)		(66)		(176)		(21,351)		(23,861)
Other, net(3)	3,204		(306)		(206)		(62)		(354)		64,055		66,331

Income (loss) before income and mining taxes	77,641		(71,412)		(2,238)		37,229		(32,392)		(72,277)		(63,449)
Income and mining tax (expense) benefit	(28,771)		876		127		(2,868)		—		15,978		(14,658)
Net Income (loss)	$	48,870	$	(70,536)	$	(2,111)	$	34,361	$	(32,392)	$	(56,299)	$	(78,107)

Segment assets(4)	$	295,715	$	809,116	$	148,516	$	105,209	$	244,151	$	67,275	$	1,669,982
Capital expenditures	$	42,648	$	246,360	$	31,456	$	3,138	$	24,797	$	3,955	$	352,354

(1) Excludes amortization.

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements



Assets	December 31, 2024		December 31, 2023
Total assets for reportable segments	$	2,161,881	$	1,943,037
Cash and cash equivalents	55,087		61,633
Other assets	84,779		76,178
Total consolidated assets	$	2,301,747	$	2,080,848

Geographic Information


Long-Lived Assets	December 31, 2024		December 31, 2023
United States	$	1,312,976	$	1,201,988
Mexico	267,144		256,906
Canada	237,263		229,242
Other	233		152
Total	$	1,817,616	$	1,688,288


Revenue	Year ended December 31,
		2024		2023		2022
United States		$	674,946	$	507,999	$	482,202
Mexico		379,060		313,207		303,434

Total		$	1,054,006	$	821,206	$	785,636

The Company’s doré, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company had seven trading counterparties at December 31, 2024. The Company's sales of doré and electrolytic cathodic sludge product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 79%, 80%, and 74%, of total metal sales for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company’s gold concentrate product from the Kensington mine is sold under a long-term offtake agreement and is shipped to geographically diverse third-party smelters who are responsible for arranging the smelting of the concentrate. The Company’s sales of concentrate produced by the Kensington amounted to approximately 21%, 20%, and 26% of total metal sales for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company believes that the loss of any one smelter, refiner, trader or third-party customer would not have a material adverse effect on the Company due to the liquidity of the markets and current availability of alternative trading counterparties.

The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years ended December 31, 2024, 2023, and 2022 (in millions):


	Year ended December 31,
Customer	2024		2023		0	2022		Segments reporting revenue
Bank of Montreal	$	445.6	$	367.2		$	341.5	Palmarejo, Rochester, Wharf
Ocean Partners	$	484.5	$	346.2		$	168.9	Palmarejo, Rochester, Kensington, Wharf
Asahi	$	104.9	$	63.7		$	125.3	Palmarejo, Rochester, Kensington, Wharf

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 4 – RECEIVABLES

Receivables consist of the following:


In thousands	December 31, 2024		December 31, 2023
Current receivables:
Trade receivables	$	7,818	$	3,858
VAT receivable	12,684		15,634
Income tax receivable	8,509		10,207

Gold and silver forwards realized gains (1)	—		615
Other	919		721
	$	29,930	$	31,035
Non-current receivables:
Other tax receivable (2)	$	5,554	$	9,111
Deferred cash consideration (3)	834		834
Contingent consideration (4)	13,195		13,195
	$	19,583	$	23,140
Total receivables	$	49,513	$	54,175

(1) Represents realized gains on gold and silver forward hedges from December 2023 that contractually settled in subsequent months. See Note 13 -- Derivative Financial Instruments & Hedging Activities for additional details on the gold and silver forward hedges.

(2) Consists of exploration credit refunds at Silvertip.

(3) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

(4) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million should the buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

NOTE 5 – INVENTORY AND ORE ON LEACH PADS

Inventory consists of the following:


In thousands	December 31, 2024		December 31, 2023
Inventory:
Concentrate	$	5,795	$	3,606
Precious metals	19,675		20,395
Supplies	53,147		52,660
	$	78,617	$	76,661
Ore on Leach Pads:
Current	$	92,724	$	79,400
Non-current	106,670		25,987
	$	199,394	$	105,387

Long-term Stockpile (included in Other)	$	41,718	$	46,702

Total Inventory and Ore on Leach Pads	$	319,729	$	228,750

Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. In the year ended December 31, 2024, the cost associated with the stockpile at Rochester exceeded its net realizable value, which resulted in non-cash write down of $4.0 million ($3.2 million was recognized in Costs applicable to sales and $0.8 million in Amortization).

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET

Property, plant and equipment and mining properties, net consist of the following:


In thousands	December 31, 2024		December 31, 2023
Mine development	$	1,502,457	$	1,358,189
Mineral interests	833,564		809,912
Land	9,000		8,318
Facilities and equipment(1)	1,517,170		947,435
Construction in progress(2)	145,732		612,865
Total	$	4,007,923	$	3,736,719
Accumulated depreciation, depletion and amortization(3)	(2,190,307)		(2,048,431)
Property, plant and equipment and mining properties, net	$	1,817,616	$	1,688,288

(1) Includes $170.1 million and $127.6 million associated with facilities and equipment assets under finance leases at December 31, 2024 and December 31, 2023, respectively.

(2) Includes $471.7 million of construction costs related to the Rochester expansion project at December 31, 2023.

(3) Includes $63.3 million and $37.6 million of accumulated amortization related to assets under finance leases at December 31, 2024 and December 31, 2023, respectively.

On July 8, 2024, the Company closed on the purchase of mining concessions adjacent to the Palmarejo mine from a subsidiary of Fresnillo plc. Total consideration under the purchase agreement consisted of a cash payment of approximately $25 million, with $10 million paid at closing, an additional $10 million payable twelve months after closing (“Deferred Cash Due 2025”), and an additional $5 million payable 24 months after closing (“Deferred Cash Due 2026”). The concessions are also subject to an inflation-adjusted royalty payment of $25 per ounce for each new gold-equivalent ounce of resource discovered between 450,000 and two million gold equivalent ounces. This resulted in a $23.7 million increase to Mineral interest and the recognition of $9.3 million of Accrued liabilities and other and $4.4 million of Other long-term liabilities for amounts due after closing.

Commissioning of Rochester’s new three-stage crushing circuit and truck load-out facility was completed on March 7, 2024, leading to declaration of commercial production and $528 million of construction in process placed into service in the first quarter of 2024.

NOTE 7 – LEASES

Right of Use Assets and Liabilities

The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.


	Year ended December 31,
In thousands		2024		2023		2022
Lease Cost
Operating lease cost		$	12,924	$	12,536	$	11,939

Short-term operating lease cost		$	13,784	$	12,223	$	10,573

Finance lease cost:
Amortization of leased assets		$	34,424	$	27,985	$	21,571
Interest on lease liabilities		4,844		3,762		5,084



Total finance lease cost		$	39,268	$	31,747	$	26,655

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Supplemental cash flow information related to leases was as follows:


	Year ended December 31,
In thousands		2024		2023		2022
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	26,709	$	24,759	$	22,511
Operating cash flows from finance leases		$	4,844	$	3,762	$	5,084
Financing cash flows from finance leases		$	24,524	$	24,505	$	31,316

Supplemental balance sheet information related to leases was as follows:


In thousands	December 31, 2024			December 31, 2023
Operating Leases
Other assets, non-current	$	23,913		$	14,064

Accrued liabilities and other	11,598			9,975
Other long-term liabilities	14,797			6,340
Total operating lease liabilities	$	26,395		$	16,315

Finance Leases
Property and equipment, gross	$	170,144		$	127,591
Accumulated depreciation	(63,278)			(37,612)
Property and equipment, net	$	106,866		$	89,979

Debt, current	$	31,380		$	22,636
Debt, non-current	73,620			52,558
Total finance lease liabilities	$	105,000		$	75,194

Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases	2.12			2.03
Weighted-average remaining lease term - operating leases	3.97			5.19

Weighted Average Discount Rate
Weighted-average discount rate - finance leases	6.6		%	6.1		%
Weighted-average discount rate - operating leases	6.2		%	5.3		%

Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:


As of December 31, 2024 (In thousands)
	Operating leases		Finance leases
2025	$	11,841	$	37,227
2026	10,196		28,132
2027	1,261		21,225
2028	954		23,040
2029	952		10,684
Thereafter	4,625		—
Total	$	29,829	$	120,308
Less: imputed interest	(3,434)		(15,308)
Net lease obligation	$	26,395	$	105,000

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 8 – DEBT


	December 31, 2024				December 31, 2023
In thousands	Current		Non-Current		Current		Non-Current
2029 Senior Notes, net(1)	$	—	$	290,058	$	—	$	295,115
Revolving Credit Facility(2)	—		195,000		—		175,000
Finance lease obligations	31,380		73,620		22,636		52,559
	$	31,380	$	558,678	$	22,636	$	522,674

(1) Net of unamortized debt issuance costs of $3.1 million and $3.9 million at December 31, 2024 and December 31, 2023, respectively.

(2) Unamortized debt issuance costs of $3.4 million and $2.8 million at December 31, 2024 and December 31, 2023, respectively, included in Other Non-Current Assets.

2029 Senior Notes

In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and The Bank of New York Mellon, as trustee (the “Trustee”). The 2029 Senior Notes bear interest at a rate of 5.125% per year from the date of issuance. Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally guaranteed by the Guarantors. As of February 15, 2024, the Company may redeem some or all of the 2029 Senior Notes at redemption prices set forth in the Indenture, together with accrued and unpaid interest.

The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2029 Senior Notes to be due and payable.

During the year ended December 31, 2024, the Company exchanged $5.9 million in aggregate principal amount of 2029 Senior Notes plus accrued interest for 1.8 million shares of its common stock. Based on the closing price of the Company’s common stock on the dates of the exchange, the exchanges resulted in a gain of $0.4 million on debt extinguishment.

Revolving Credit Facility

In September 2017, the Company entered into a senior secured revolving credit facility (“RCF”) pursuant to a credit agreement, dated as of September 29, 2017 (as subsequently amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders with an original term of four years. Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. The RCF was subsequently amended in 2018, 2019, 2021, 2022, 2023 and 2024, including amendments to extend the term of the RCF, increase its capacity, add and remove lenders, modify restrictive covenants, and address other matters.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

On February 21, 2024, the Company entered into an agreement to extend and enhance the RCF (the “February 2024 Amendment”). The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF to $400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.

The RCF is secured by substantially all of the assets of the Company and its U.S. subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines as well as a pledge of the shares and other equity interests of certain of the Company’s subsidiaries. The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement requires the Company to meet certain financial covenants, including a senior secured leverage ratio, a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default.

At December 31, 2024, the Company had $195.0 million drawn at a weighted-average interest rate of 6.7%, $29.3 million in outstanding letters of credit and $175.7 million available under the RCF. Future borrowing may be subject to certain financial covenants.

Finance Lease Obligations

From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the year ended December 31, 2024, the Company entered into multiple new lease financing arrangements for mining equipment, primarily at Rochester for $54.3 million at a weighted average interest rate of 7.0%. Coeur secured a finance lease package for nearly $60.0 million in 2021, all of which has been funded as of December 31, 2024. This package was earmarked for planned equipment for the Rochester expansion project in 2022, 2023 and 2024 and has an interest rate of 5.2%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements.

Interest Expense


	Year Ended December 31,
In thousands		2024		2023		2022
2029 Senior Notes		$	15,086	$	17,288	19,219
Revolving Credit Facility		26,749		17,752		8,503
Finance lease obligations		4,844		3,762		5,084
Amortization of debt issuance costs		2,360		2,709		2,052
Other obligations		3,293		2,149		166
Capitalized interest		(1,056)		(14,561)		(11,163)
Total interest expense, net of capitalized interest		$	51,276	$	29,099	$	23,861

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 9 – RECLAMATION

Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. The estimated reclamation and mine closure costs were discounted using credit-adjusted, risk-free interest rates ranging from 6.7% to 9.6%. The asset retirement obligation increased in 2024 due to increased reclamation and mine closure costs associated with the continued build-out of the new leach pad at Rochester and the extended duration of water treatment as a result of new permitting requirements at Silvertip.

Changes to the Company’s asset retirement obligations for its operating sites are as follows:


	Year Ended December 31,
In thousands		2024		2023
Asset retirement obligation - Beginning		$	214,013	$	202,431
Accretion		16,778		16,405
Additions and changes to estimates		35,455		991

Settlements		(5,754)		(5,814)
Asset retirement obligation - Ending		$	260,492	$	214,013

NOTE 10 – INCOME AND MINING TAXES

The components of Income (loss) before income taxes are below:


	Year Ended December 31,
In thousands	2024		2023		2022
United States	$	50,194	$	(107,021)	$	(107,477)
Foreign	76,156		38,565		44,028
Total	$	126,350	$	(68,456)	$	(63,449)

The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below:


	Year Ended December 31,
In thousands	2024		2023		2022
Current:
United States	$	(145)	$	981	$	(21)
United States — State mining taxes	(11,256)		(7,047)		(2,936)
United States — Foreign withholding tax	(33)		(119)		(300)
Canada	(1,147)		(848)		(305)
Mexico	(63,604)		(30,222)		(29,546)
Other	—		—		—
Deferred:
United States	149		305		215
United States — State mining taxes	(1,778)		(1,076)		5,558
Canada	(376)		—		254
Mexico	10,740		2,870		12,423
Other	—		—		—
Income tax (expense) benefit	$	(67,450)	$	(35,156)	$	(14,658)

The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


	Year Ended December 31,
In thousands	2024		2023		2022
Income and mining tax (expense) benefit at statutory rate	$	(28,465)	$	14,376	$	13,249
State tax provision from continuing operations	(149)		4,859		2,871
Change in valuation allowance	727		(36,778)		(36,670)

Percentage depletion	6,974		5,649		3,538
Uncertain tax positions	2		6		655
U.S. and foreign permanent differences	(7,765)		(3,056)		365

Foreign exchange rates	2,405		1,179		(145)
Foreign inflation and indexing	2,322		3,077		2,897
Foreign tax rate differences	(8,923)		(3,911)		(4,994)
Foreign withholding and other taxes	(8,307)		(1,381)		169
Mining taxes	(26,901)		(16,884)		(11,239)
Sale of non-core assets	—		(1,322)		15,447
Enactment of 1% increase in Mexico special mining duty tax	(1,696)		—		—
Other, net	2,326		(970)		(801)
Income and mining tax (expense) benefit	$	(67,450)	$	(35,156)	$	(14,658)

At December 31, 2024 and 2023, the significant components of the Company’s deferred tax assets and liabilities are below:


	Year Ended December 31,
In thousands	2024		2023
Deferred tax liabilities:
Property, plant, and equipment	$	5,529	$	—
	$	5,529	$	—
Deferred tax assets:
Net operating loss carryforwards	$	304,244	$	302,114
Mineral properties	50,824		44,244
Property, plant, and equipment	—		12,068
Mining royalty tax	8,314		7,345
Capital loss carryforwards	16,910		5,167
Asset retirement obligation	49,306		45,155

Accrued expenses	18,117		25,321
Tax credit carryforwards	13,620		14,506
Other long-term assets	30,612		11,566
	$	491,947	$	467,486
Valuation allowance	(490,044)		(479,846)
	$	1,903	$	(12,360)
Net deferred tax liabilities	$	3,626	$	12,360

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. Based upon this analysis, the Company has recorded valuation allowances as follows:

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


	Year Ended December 31,
In thousands	2024		2023
U.S.	$	268,119	$	262,059
Canada	200,319		194,727
Mexico	408		723
New Zealand	21,013		22,229
Other	185		108
	$	490,044	$	479,846

The Company has the following tax attribute carryforwards at December 31, 2024, by jurisdiction:


In thousands	U.S.		Canada		Mexico		New Zealand		Other		Total
Regular net operating losses	$	614,873	$	457,894	$	1,913	$	76,041	$	814	$	1,151,535
Expiration years	2025-2037, Indefinite		2028-2044		2029-2035		Indefinite		2025-2029
Capital losses	53,483		26,363		—		—		—		79,846
Foreign tax credits	10,864		—		—		—		—		10,864

As of December 31, 2024, for U.S. income tax purposes, the Company has federal and state net operating loss carryforwards of $614.9 million and $471.4 million, respectively. U.S. net operating loss carryforwards of $313.8 million arising before December 31, 2017 have a 20-year expiration period, the earliest of which could expire in 2025. U.S. net operating loss carryforwards of $301.1 million arising in 2018 and future periods have an indefinite carryforward period. Foreign tax credits expire if unused beginning in 2026.

The utilization of U.S. net operating loss carryforwards, tax credit carryforwards, and recognized built-in losses may be subject to limitation under the rules regarding a change in stock ownership as determined by the Internal Revenue Code and state tax laws. Section 382 of the Internal Revenue Code of 1986, as amended, imposes annual limitations on the utilization of net operating loss carryforwards, tax credit carryforwards, and certain built-in losses upon an ownership change as defined under that Section. Generally, an ownership change may result from transactions that increase the aggregate ownership of certain shareholders in the Company’s stock by more than 50 percentage points over a three-year testing period. If the Company experiences an ownership change, an annual limitation would be imposed on certain of the Company’s tax attributes, including net operating losses and certain other losses, credits, deductions or tax basis. Management has determined that the Company experienced ownership changes during 2002, 2003, 2007, and 2015 for purposes of Section 382. Based on management’s calculations, the Company does not expect any of its U.S. tax attributes to expire unused as a result of the Section 382 annual limitations. However, the annual limitations may impact the timeframe over which the net operating loss carryforwards can be used, potentially impacting cash tax liabilities in a future period. The U.S. federal tax credits and state net operating losses may potentially be limited as well. We continue to maintain a full valuation allowance on our U.S. net deferred tax assets since it is more likely than not that the related tax benefits will not be realized.

The Company may also experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if the Company earns U.S. federal taxable income, it may be limited in the ability to (1) recognize current deductions on built-in loss assets and (2) offset this income with our pre-change net operating loss carryforwards and other tax credit carryforwards, which may be subject to limitations, potentially resulting in increased future tax liability to us. Under the Tax Cuts and Jobs Act of 2017 (“TCJA”), federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such federal net operating losses is limited to 80% of future taxable income.

The Company intends to continue repatriating certain earnings from its Mexican operations and has provided deferred income taxes on the planned distributions. Prior to 2023, the Company had asserted that earnings from its Mexican operations were indefinitely reinvested.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands):










Unrecognized tax benefits at December 31, 2022	$	4
Gross increase to current period tax positions	$	—
Gross increase to prior period tax positions	$	1
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations	$	(3)
Unrecognized tax benefits at December 31, 2023	$	2
Gross increase to current period tax positions	$	—
Gross increase to prior period tax positions	$	—
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations	$	(2)
Unrecognized tax benefits at December 31, 2024	$	—

At December 31, 2024, 2023, and 2022, nil, $2 thousand, and $4 thousand, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate.

The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved.

The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2021 for the U.S. federal jurisdiction, for 2016 and from 2019 for the Mexico federal jurisdiction, and from 2018 for certain other foreign jurisdictions. Our 2016 federal tax return is currently under audit in Mexico. As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that there will be no impact on its unrecognized income tax liability in the next 12 months.

The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of nil, nil, and nil at December 31, 2024, 2023, and 2022, respectively.

In 2021, the Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. The Company’s worldwide revenues did not exceed the thresholds necessary to be subject to the Pillar Two rules during its year ended December 31, 2024.

After considering 2025 business expansions, including the planned Q1 2025 closing of acquisition of SilverCrest Metals Inc., the Company may fall within the scope of the Pillar Two rules as of January 1, 2025. The Company will continue to monitor developments and evaluate the potential impact on future periods. At this time, because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material future impact to its Consolidated Financial Statements.

NOTE 11 – STOCK-BASED COMPENSATION

The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2024, 2023, and 2022 was $12.0 million, $11.4 million and $10.0 million, respectively. At December 31, 2024, there was $8.9 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Restricted Stock

Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vests in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote and to receive any dividends declared on the shares.

The following table summarizes restricted stock activity for the years ended December 31, 2024, 2023, and 2022:


	Restricted Stock
	Number of Shares	Weighted Average Grant Date Fair Value
























Outstanding at December 31, 2021	2,144,804	$	6.60
Granted	2,056,121	4.07
Vested	(1,114,513)	6.08
Canceled/Forfeited	(301,802)	5.74
Outstanding at December 31, 2022	2,784,610	$	5.05
Granted	3,251,765	2.94
Vested	(1,381,246)	5.09
Canceled/Forfeited	(680,710)	3.66
Outstanding at December 31, 2023	3,974,419	$	3.54
Granted	3,129,255	2.66
Vested	(1,576,652)	4.11
Canceled/Forfeited	(308,396)	2.82
Outstanding at December 31, 2024	5,218,626	$	2.89

At December 31, 2024, there was $4.5 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.3 years.

Performance Shares

Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model. Performance shares granted will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares; however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

The following table summarizes performance shares activity for the years ended December 31, 2024, 2023, and 2022:


	Performance Shares
	Number of Shares	Weighted Average Grant Date Fair Value























Outstanding at December 31, 2021	2,390,013	$	5.80
Granted (1)	1,325,418	4.53
Vested	(824,064)	5.54
Canceled/Forfeited (1)	(316,830)	6.11
Outstanding at December 31, 2022	2,574,537	$	5.26
Granted (2)	1,816,429	3.16
Vested	(566,891)	4.00
Canceled/Forfeited (2)	(664,165)	4.32
Outstanding at December 31, 2023	3,159,910	$	4.52
Granted (3)	2,076,818	2.85
Vested	(379,402)	8.30
Canceled/Forfeited (3)	(215,814)	8.55
Outstanding at December 31, 2024	4,641,512	$	3.24

(1) Includes 175,828 additional shares granted in connection with the vesting of the 2019 award in 2022 due to above-target in accordance with the terms of the award.

(2) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(3) Includes 22,351 additional shares granted and 187,809 shares cancelled in connection with the vesting of the 2021 award in 2024 due to above-target and below target performance, respectively, in accordance with the terms of the award.

At December 31, 2024, there was $4.4 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.8 years.

Stock Options

Stock options granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards.

The following table summarizes stock option activity for the years ended December 31, 2024, 2023, and 2022:


	Stock Options
	Shares	Weighted Average Exercise Price
























Outstanding at December 31, 2021	131,253	$	16.91

Canceled/forfeited	(5,598)	11.88
Expired	(31,667)	25.19
Outstanding at December 31, 2022	93,988	$	14.41
Canceled/forfeited	—	—
Expired	(39,658)	23.90
Outstanding at December 31, 2023	54,330	$	7.49
Canceled/forfeited	(10,908)	9.31
Exercised	(14,292)	5.57
Outstanding at December 31, 2024	29,130	$	7.75

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

The following table summarizes outstanding stock options as of December 31, 2024:



Range of Exercise Price	Number Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
$ 0.00-$10.00	29,130	$	7.75	2.8	—
Outstanding	29,130	$	7.75	2.8	$	—
Vested and expected to vest	29,130	$	7.75	2.8	$	—
Exercisable	29,130	$	7.75	2.8	$	—

The total intrinsic value of options exercised for the year ended December 31, 2024 was $6 thousand. Cash received from options exercised for the year ended December 31, 2024 was $0.1 million and there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2024, 2023, and 2022 was nil.

NOTE 12 – FAIR VALUE MEASUREMENTS


	Year Ended December 31,
In thousands		2024		2023		2022
Change in the value of equity securities(1)		$	—	$	3,384	$	(63,529)

Termination of gold zero cost collars		—		—		(3,139)
Fair value adjustments, net		$	—	$	3,384	$	(66,668)

(1) Includes unrealized losses on held equity securities of nil, nil and $47.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:


	Fair Value at December 31, 2024
In thousands	Total		Level 1		Level 2		Level 3
Assets:

Provisional metal sales contracts	$	222	$	—	$	222	$	—



Liabilities:
Provisional metal sales contracts	$	70	$	—	$	70	$	—


	Fair Value at December 31, 2023
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Provisional metal sales contracts	$	318	$	—	$	318	$	—
Silver forwards	3,312		—		3,312		—
	$	3,630	$	—	$	3,630	$	—
Liabilities:
Gold forwards	$	1,981	$	—	$	1,981	$	—

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, and credit spreads.

No assets or liabilities were transferred between fair value levels in the year ended December 31, 2024.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2024 and December 31, 2023 is presented in the following table:


	December 31, 2024
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3


Liabilities:
2029 Senior Notes(1)	$	290,058	$	278,014	$	—	$	278,014	$	—
Revolving Credit Facility(2)	$	195,000	$	195,000	$	—	$	195,000	$	—
Deferred Cash Due 2025	$	9,644	$	9,673	$	—	$	9,673	$	—
Deferred Cash Due 2026	$	4,505	$	4,533	$	—	$	4,533	$	—

(1) Net of unamortized debt issuance costs of $3.1 million.

(2) Unamortized debt issuance costs of $3.4 million included in Other Non-Current Assets.


	December 31, 2023
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	295,115	$	271,272	$	—	$	271,272	$	—
Revolving Credit Facility(2)	$	175,000	$	175,000	$	—	$	175,000	$	—

(1) Net of unamortized debt issuance costs of $3.9 million.

(2) Unamortized debt issuance costs of $2.8 million included in Other Non-Current Assets.

The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

In July 2024, the Company completed the purchase of the Fresnillo mining concessions. Total consideration includes a cash payment of $10 million paid at closing, the Deferred Cash Due 2025 of $10 million, and the Deferred Cash Due 2026 of $5 million. The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable and unobservable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

NOTE 13 – DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES

The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

Derivatives Designated as Cash Flow Hedging Strategies

To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, the Company has entered into forward contracts. The contracts were net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it resulted in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At December 31, 2024, the Company had no outstanding derivative cash flow hedge instruments.

The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue were recognized as a component of Revenue in the same period as the related sale is recognized.

At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There were no such changes in critical terms or adverse developments.

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

December 31, 2024

In thousands

Prepaid expenses and other

Other assets

Accrued liabilities and other

Gold forwards

—

Silver forwards

—


	December 31, 2023
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	—	$	—	$	1,981
Silver forwards	$	3,312	$	—	$	—

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2024 and 2023, respectively (in thousands):


	Year Ended December 31,
		2024		2023		2022
Amount of Gain (Loss) Recognized in AOCI
Gold forwards		$	(10,886)	$	(10,627)	$	42,043
Silver forwards		(7,621)		10,309		—
Gold zero cost collars		—		—		(4,598)

		$	(18,507)	$	(318)	$	37,445

Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards		$	12,867	$	(3,697)	$	(28,488)
Silver forwards		4,309		(6,997)		—
Gold zero cost collars		—		—		4,598

		$	17,176	$	(10,694)	$	(23,890)

Derivatives Not Designated as Hedging Instruments

Provisional Metal Sales

The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.

At December 31, 2024, the Company had the following derivative instruments that settle as follows:


In thousands except average prices and notional ounces	2025		2026 and Thereafter
Provisional gold sales contracts	$	37,451	$	—
Average gold price per ounce	$	2,642	$	—
Notional ounces	14,173		—

The following summarizes the classification of the fair value of the derivative instruments:


	December 31, 2024
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	222	$	70

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


	December 31, 2023
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	318	$	—

The following represent mark-to-market gains (losses) on derivative instruments in the years ended December 31, 2024 and 2023, respectively (in thousands):


		Year Ended December 31,
Financial statement line	Derivative		2024		2023		2022
Revenue	Provisional metal sales contracts		$	(166)	$	30	$	365

Fair value adjustments, net	Terminated zero cost collars		—		—		(3,139)
			$	(166)	$	30	$	(2,774)

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

NOTE 14 – ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL

Pre-development, reclamation, and other consists of the following:


	Year Ended December 31,
In thousands		2024		2023		2022
Silvertip ongoing carrying costs		$	8,513	$	15,616	20,963
Loss on sale of assets		4,250		12,879		(640)
Asset retirement accretion		16,778		16,405		14,232
Kensington royalty settlement(1)		7,156		—		—
Transaction costs		8,517		—		—
Other		6,059		9,736		6,092
Pre-development, reclamation and other		$	51,273	$	54,636	$	40,647

(1) See Note 17 -- Commitments and Contingencies for additional details on the Kensington royalty settlement.

Other, net consists of the following:


	Year Ended December 31,
In thousands		2024		2023		2022
Foreign exchange gain (loss)		$	4,753	$	(459)	$	(850)
Loss on dispositions		—		(12,318)		63,789
Flow-through shares		5,563		2,057		—
RMC bankruptcy distribution		1,294		1,516		1,651
Other		1,417		1,741		1,741
Other, net		$	13,027	$	(7,463)	$	66,331

NOTE 15 – NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the years ended December 31, 2024, 2023 and 2022, there were 61,467, 1,777,273 and 952,664 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

the shares would be antidilutive.


	Year ended December 31,
In thousands except per share amounts		2024		2023		2022




Net income (loss) available to common stockholders		$	58,900	$	(103,612)	$	(78,107)

Weighted average shares:
Basic		391,709		343,059		275,178
Effect of stock-based compensation plans		5,713		—		—
Diluted		397,422		343,059		275,178

Income (loss) per share:


Basic		$	0.15	$	(0.30)	$	(0.28)




Diluted		$	0.15	$	(0.30)	$	(0.28)

On February 26, 2024, the Company entered into subscription agreements (the “Subscription Agreements”) with certain Canadian accredited investors (the “Investors”) for a private placement offering (the “Private Placement Offering”) of an aggregate of 7,704,725 shares of common stock, par value $0.01 per share, to be issued as “flow-through shares,” as defined in subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”), which closed on March 8, 2024. The proceeds of the Private Placement Offering are used for certain qualifying “Canadian Exploration Expenditures” (as such term is defined in the Income Tax Act (Canada)) at the Company’s Silvertip exploration project. The initial Private Placement Offering raised net proceeds of $23.7 million, of which $0.9 million represents net proceeds received in excess of the Company’s trading price (“FT Premium Liability”). During the year ended December 31, 2024, the Company recognized the remaining FT Premium Liability associated with the prior year private placement offering of flow-through shares resulting in income of $5.6 million included in Other, net. The FT Premium Liability is included in Accrued liabilities and other on the Consolidated Balance Sheet and will decrease in subsequent periods as certain qualifying “Canadian Exploration Expenditures” are incurred.

The FT Shares were not registered under the Securities Act and were offered and sold outside the United States to accredited investors in reliance on Regulation S and/or Regulation D of the Securities Act.

NOTE 16 - SUPPLEMENTAL GUARANTOR INFORMATION

The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.

SUMMARIZED BALANCE SHEET


	Coeur Mining, Inc.				Subsidiary Guarantors
In thousands	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Current assets	$	13,782	$	19,850	$	164,627	$	143,170
Non-current assets(1)	$	516,209	$	393,773	$	1,483,632	$	1,286,135
Non-guarantor intercompany assets	$	3,144	$	—	$	—	$	—

Current liabilities	$	31,841	$	27,836	$	202,329	$	198,262
Non-current liabilities	$	496,976	$	478,488	$	260,210	$	203,405
Non-guarantor intercompany liabilities	$	2,642	$	6,033	$	1,570	$	1,591

(1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

SUMMARIZED STATEMENTS OF INCOME

YEAR ENDED DECEMBER 31, 2024


In thousands	Coeur Mining, Inc.		Subsidiary Guarantors
Revenue	$	—	$	674,946


Gross profit (loss)	$	(780)	$	188,232


















Net income (loss)	$	58,900	$	122,655

NOTE 17 – COMMITMENTS AND CONTINGENCIES

Mexico Litigation Matters

As of December 31, 2024, $26.0 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation of the matter continued at the Mexican administrative, appeals court and supreme court levels for several years, most of which was determined unfavorably to Coeur based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur has initiated an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable.

Palmarejo Gold Stream

Coeur Mexicana currently sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50% of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $78.0 million, consisting of $75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $3.0 million (the “Prior Gold Stream Agreement”). The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $22.0 million deposit toward future deliveries. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The stream agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.

The following table presents a roll forward of the Franco-Nevada contract liability balance:

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


	Year Ended December 31,
In thousands		2024		2023		2022
Opening Balance		$	6,942	$	7,411	$	8,150
Revenue Recognized		(560)		(469)		(739)
Closing Balance		$	6,382	$	6,942	$	7,411

Metal Sales Prepayments

In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. In September 2024, the Company received an additional prepayment of $25.0 million, following the fulfillment of the previous received prepayments.

Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine, both of which were amended in September 2023 to increase the maximum amount available in prepayments to $12.5 million and $17.5 million, respectively. In December 2024, Wharf and Rochester received additional prepayments of $12.5 million and $17.5 million, respectively, following the fulfillment of the previous received prepayments received at Wharf and Rochester.

The metal sales prepayments represent a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and silver and expects to recognize the remaining value of the accrued liability by December 2025.

The following table presents a roll forward of the prepayment contract liability balance:


	Year Ended December 31,
In thousands		2024		2023		2022
Opening Balance		$	55,082	$	25,016	$	15,016
Additions		170,000		130,066		36,020
Revenue Recognized		(182,918)		(100,000)		(26,020)
Closing Balance		$	42,164	$	55,082	$	25,016

Kensington Royalty Matter

On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc. (“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc. and Maverix Metals (Nevada) Inc. (collectively “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”). While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters. In consideration for the dismissal of the Maverix Litigation and pursuant to other customary terms of settlement, Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty. The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced from the current boundaries of the Kensington mine at a rate of: (i) 1.25% for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5% for production occurring on or after January 1, 2027. The Company also agreed to issue up to 2,455,000 shares of its common stock to an affiliate of Maverix, including common stock having a then-current fair market value of $3.0 million by April 2, 2024, and common stock having a then-current fair market value of $3.75 million by March 28, 2025 (collectively, the “Settlement Shares”), with a cash-settlement of any shortfall in value if all 2,455,000 shares of common stock are issued. The settlement provides that credit for the value of certain portions of equity issued to be credited against the royalty, as amended, as payment in arrears for production prior to January 1, 2024. In April 2024, the Company issued 737,210 shares to settle the first equity issuance. The issuance of the Settlement Shares is being made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold and silver hedges and other general corporate purposes. As of December 31, 2024 and December 31, 2023, the Company had surety bonds totaling $363.7 million and $324.8 million,

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

NOTE 18 – ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION

Accrued liabilities and other consist of the following:


In thousands	December 31, 2024		December 31, 2023
Accrued salaries and wages	$	31,151	$	31,722
Flow-through share premium received	853		5,563
Deferred revenue (1)	42,863		55,547
Income and mining taxes	36,490		11,766
Kensington royalty settlement (1)	3,750		—
Deferred Cash Due 2025	9,644		—
Accrued operating costs	6,577		11,081
Unrealized losses on derivatives	70		1,981
Taxes other than income and mining	5,491		5,321
Accrued interest payable	8,122		7,957
Operating lease liabilities	11,598		9,975
Accrued liabilities and other	$	156,609	$	140,913

(1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that total the same such amounts shown in the Consolidated Statements of Cash Flows in the years ended December 31, 2024 and 2023:


In thousands	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	55,087	$	61,633
Restricted cash equivalents(1)	1,787		1,745
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	56,874	$	63,378

(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet.


	Year ended December 31,
	2024		2023		2022
Non-cash lease obligations arising from obtaining operating lease assets	$	21,230	$	718	$	4,120
Non-cash financing and investing activities:
Finance lease obligations	$	54,330	$	32,978	$	43,810
Capital expenditures, not yet paid	$	26,515	$	44,966	$	33,688
Debt for equity exchange	$	5,867	$	76,018	$	—

Other cash flow information:
Interest paid	$	49,806	$	41,249	$	32,704
Income and mining taxes paid	$	45,100	$	35,000	$	41,600

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 19 – SUBSEQUENT EVENTS

On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur would acquire all of the issued and outstanding shares of SilverCrest Metals Inc. (“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”). Under the terms of the Agreement, SilverCrest shareholders were to receive 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

On February 14, 2025, the Company completed the closing of the Transaction after receiving regulatory approval on February 3, 2025 followed by shareholder approval on February 6, 2025. Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares. Based on the closing price of Coeur common shares on the NYSE on February 14, 2025, the implied total equity value was approximately $1.58 billion based on SilverCrest’s common shares outstanding and the Exchange Ratio. Given the timing of the completion of the Transaction, we are currently in the process of valuing the assets acquired and liabilities assumed in the Transaction. As a result, we are unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed and other disclosures. In connection with the Transaction, Coeur increased the authorized common shares for issuance to 900,000,000 common shares.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

PART IV

Item 15. Exhibits

(a) The Company's consolidated financial statements and notes, together with the report thereon of Grant Thornton LLP dated February 19, 2025 are included herein as part of Item 8. Financial Statements and Supplementary Data above.

(b) The following listed documents are filed as Exhibits to this report:















































23.1			Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm (Filed herewith).
31.1			Certification of the CEO (Filed herewith).
31.2			Certification of the CFO (Filed herewith).
32.1			CEO Section 1350 Certification (Filed herewith).
32.2			CFO Section 1350 Certification (Filed herewith).






101.INS			XBRL Instance Document*
101.SCH			XBRL Taxonomy Extension Schema*
101.CAL			XBRL Taxonomy Extension Calculation Linkbase*
101.DEF			XBRL Taxonomy Extension Definition Linkbase*
101.LAB			XBRL Taxonomy Extension Label Linkbase*
101.PRE			XBRL Taxonomy Extension Presentation Linkbase*
104			Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).

* The following financial information from Coeur Mining, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in XBRL (Extensible Business Reporting Language): Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows and Consolidated Statement of Changes in Stockholders’ Equity.

** Management contract or compensatory plan or arrangement.

Coeur Mining, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COEUR MINING, INC.

(Registrant)


Date:	May 6, 2025	By:	/s/ Mitchell J. Krebs
			Mitchell J. Krebs (Chairman, President, and Chief Executive Officer)