Coeur Mining, Inc.

Good day and welcome to the Core Mining Second Quarter 2025 Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on a touch-tone phone. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Mitch Krebs, Chairman, President, and Chief Executive Officer. Please go ahead.

Good morning, everyone, and thanks for joining our call today to discuss our second quarter results. Joining me are Mick Routledge, Aoife McGrath, and Tom Whalen, along with other members of the team, and we will all be available to answer your questions at the end of the call. Before I kick off, please note our cautionary language regarding forward-looking statements and refer to our SEC filings that are on our website. The second quarter highlights shown on slide three reflect the continuing transformation of core mining into a peer leading precious metals producer with best in class silver exposure. The numerous all time records achieved during the quarter highlight the fundamental step change that is now fully underway. The intersection of higher prices with a mine portfolio hitting its stride led to these impressive results, including free cash flow of $146 million, which led to the repayment of the remaining balance on a revolving credit facility helped fund initial repurchases under our new share repurchase program, and still resulted in a much higher cash balance at quarter end. With our strong first half performance and with further production increases expected in the second half, we're updating our full year expectations for adjusted EBITDA to over $800 million and for free cash flow to more than $400 million. At these levels, Our balance sheet is expected to continue strengthening at a rapid pace with the potential to be in a net cash position at year end. All five operations delivered strong production, cost, and financial performance during the second quarter, which Mick and Tom will talk more about in a few minutes. Two key drivers that made the quarter so strong were the continued progress at Rochester and the first full quarter of contribution from Las Chispas. At Las Chispas, the integration has been nearly seamless and is essentially complete at this point. The operation continues to deliver high-grade production at very low costs and positions Core as a flagship global silver producer with a peer-leading growth profile. What's more, a reoriented drilling program at Las Chispas is delivering exciting exploration results, which Aoife will talk more about. At Rochester, which is America's largest source of domestically produced and refined silver, another sizable jump in crushed tons in the second quarter is leading to expectations for a strong second half and for Rochester to achieve its full year guidance. Mick will provide some additional details on Rochester's progress shortly. On the topic of guidance, we've also reaffirmed our overall company-wide 2025 production and cost guidance ranges. based on what is expected to be an even stronger second half of production growth, higher margins, and strong cash flow. Those full-year 2025 gold and silver production levels summarized on slide four represent year-over-year expected increases of 20% and 62% respectively. With that, I'll turn the call over to Mick.

Thanks, Mitch. Consolidated gold and silver production increased 25% and 27% respectively compared to the last quarter, totaling 108,000 ounces of gold and 4.7 million ounces of silver. Total adjusted cash per ounce for gold and silver decreased by 5% and 6% respectively compared to last quarter, to $1,260 per ounce for gold and $13.41 per ounce for silver. Now let's take a look at the individual site contributions to this solid performance. Beginning with Las Chispas, the team continues to deliver great results, with silver production reaching nearly 1.5 million ounces and gold production adding 16,000 ounces. both running ahead of annual guided levels. As Mitch mentioned, the team continues to thrive as part of COA's organization, with numerous great examples of cross-pollinating ideas and best practices. Staying in Mexico and turning to Palmarejo, The mine generated an especially strong $42 million of free cash flow, driven by gold and silver production increases of 18% and 6% respectively, compared to the first quarter. The new Hidalgo access portal continues to enhance overall mining flexibility and efficiency, and it's opening up new zones within the Independencia deposit. Total tons milled at Palmariho achieved their highest quarterly levels in over a year. Tremendous results from the team. Turning to Nevada, the good news continued at Rochester, where positive trends in each phase of the operation sustained our momentum in the second quarter. Production of silver and gold increased by 13% and 7% respectively compared to the prior quarter, and by 50% and 79% respectively compared to last year's second quarter. The team did a great job driving up crushed tons by 24% compared to the previous quarter to 6.7 million tons. This additional crushed ore continues to displace direct to pad material, which fell to 1.1 million tons of the total 7.9 million tons placed during the quarter. Looking ahead, we anticipate more progress in driving crushed tons in the second half of the year. while our focus on average particle size distribution and recoveries continues with several successful modifications we made to the Crusher Corridor during a scheduled down period late last month. Moving to Kensington, the higher gold price, a 17% quarter over quarter production increase, and a 9% quarter-over-quarter decline in cash per ounce combined to generate $20 million of free cash flow for the quarter. With the multi-year capital investment programme in underground mine development now wrapped up, the external contractor force was demobilised from site by June 1. The team also made good progress towards completing a new raise-bore project that will contribute further to the efficiency improvements already in place at this revitalised operation. Kensington remains well positioned at the halfway mark to deliver sustained free cash flow with greater operating flexibility. Finishing up with Wharf, strong gold grade under leach led to a great second quarter. Quarterly gold production increased by 18% to over 24,000 ounces, marking the mine's second highest production level in two years and leading to free cash flow of $38 million. While we anticipate some great moderation over the months ahead, WARF is teed up for another strong year. With that, I'll pass the call over to Aoife.