Coeur Mining, Inc.

Good day and welcome to the Cora Mining Third 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 one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mitchell Krebs, President and CEO. Please go ahead.

Good morning, everyone, and thanks for joining our call today to discuss our third quarter results. 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 third quarter highlights on slide three showcase our second consecutive quarter of record results driven by higher realized prices, strong production levels, and solid cost management. As a result, our cash balance is growing rapidly and is expected to exceed $500 million at year end, placing us solidly in a net cash position heading into 2026. Based on recent price levels, we now expect our full-year EBITDA to exceed $1 billion and our full-year free cash flow to top $550 million, both of which are higher than our prior estimates. Mick and Tom will provide some further operational and financial details in a few minutes, but a couple of other highlights I wanted to quickly mention. Our Las Chispas silver and gold operation in Sonora, Mexico, had another consistent quarter of production during its second full quarter since the Silvercrest transaction closed back in February. Its free cash flow increased by 34% to $66 million in the third quarter. In addition to their solid operational and financial results, we issued an exploration update last month that highlighted several high-grade intercepts at Las Chispas. We couldn't be more pleased with the Silvercrest transaction and the addition of the Las Chispas operation and its team. It's a great example of well-timed M&A that has allowed us to significantly up-tier our asset portfolio by adding low-cost silver production and immediately bolster our balance sheet, which has put the company in a terrific position as we look ahead to what should be an even stronger fourth quarter and a record-breaking year in 2026. On the share repurchase program, we managed to get nearly 10% of our initial $75 million program completed so far, and we'll continue to evaluate our repurchase activities and overall capital allocation priorities with our board over the coming months. At Rochester, the team continued to make solid progress toward achieving steady state. We mentioned during our last call that we took extended downtime early in the third quarter to make some modifications to the Crusher corridor, which have proven to be successful. Mick will talk more about the progress there in a few minutes. Finally, you'll see we fine-tuned our full-year production guidance ranges, and we also tweaked our cost guidance ranges. These narrower production guidance ranges resulted in a small increase to the midpoint of our full-year gold production guidance and a slight decrease to the midpoint of our full-year silver production guidance. The main drivers to these adjustments are Las Chispas, Palmareo, and Morph being nicely ahead of plan, offset by some Rochester ounces being pushed into 2026 to reflect lower than planned crushed tons so far this year. Before I turn it over to Mick, I just want to quickly thank the team. Our safety and environmental performance this year is among the best in our company's 98-year history. and the operational and financial results speak for themselves. It's great to see these themes all coming together at the same time, the impact of our recent investments in expansions and exploration, the Silvercrest acquisition, and now these higher prices to generate these strong results for our shareholders from our balanced platform of North American assets. Mick, over to you.

Thanks, Mitch. The third quarter was another solid step forward for Kerr, marked by strong execution and operating discipline throughout the business. Consolidated gold and silver production continued a 2025 trend of positive sequential quarterly increases, delivering over 111,000 ounces of gold and 4.8 million ounces of silver. Adjusted CAS per ounce for gold and silver also continued that positive trend compared to Q3 2024 at $1,215 per ounce and $14.95 per ounce respectively. Looking in more detail at each of the operations, rock solid consistent production and cost performance with a balanced portfolio was the key takeaway in the quarter. Beginning with Las Chispas, The operation continues to perform exceptionally well, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces, generating $66 million of free cash flow, as Mitch mentioned earlier. The mine's outperformance to date and expectations for a strong finish to the year led us to increase the range of 2025 silver and gold production guidance. I'm also pleased to report that the full integration of Las Chispas is now complete Kudos to the entire team for a job well and safely done. Turning to Palmarejo, the mine delivered $47 million of free cash flow during the quarter, with strong recoveries and mill throughput that reached their highest levels in six quarters. The pace of exploration activity has also increased in the East District outside the Franco Nevada Gold Stream area of interest. including drilling, mapping, and site work in the highly prospective Camachin and Guasaparas trends, which we believe will be key drivers in Palmarejo's next leg of growth. Palmarejo's strong performance year-to-date and expectations for a good finish to the year supported an uptick in their full-year 2025 production guidance ranges, and driven by continued strong cost management, a reduction in their full-year 2025 CAS guidance ranges. Turning to Rochester, the priority in the third quarter remained on building consistency and momentum through the three-stage crushing line, which continues to drive steady sequential growth in production at a lower overall cost profile. Gold and silver production increased 3% and 13% respectively compared to the second quarter, driving a second successive quarter of free cash flow at $30 million. I'm pleased to report that the average particle size continues to trend downward for material passing through all three stages of crushing. From a P80 of around 0.92 inches in the second quarter to slightly better than budget levels of 0.84 inches in the third quarter, and the related recoveries continue to track our PSD models just as we expected. As mentioned last quarter, the team took an extended down period in July to successfully implement several modifications after startup to further enhance the tremendous processing power and efficiency of the crushing train. We also managed through some premature belt wear challenges in the secondary reclaimed feeder during the quarter, with a few more minor modifications to address this in the fourth quarter. This downtime resulted in a slight decrease in tons crushed compared to the prior quarter. However, total tons placed on stage six in the third quarter increased over 9% to 8.3 million tons by utilizing our available fleet and supplementing crushed tons with direct to pad material. Revised 2025 production and cost gains ranges at Rochester reflect the cumulative effects of this year to date downtime and the expected timing of ounces coming from stage six. Moving to Kensington, the positive impact of the recently completed multi-year underground development programme continues to shine through in the form of a stronger, more consistent production profile. Gold production increased for the third consecutive quarter, exceeding 27,000 ounces. Cast per ounce at Kensington has shown similar sequential improvement in 2025, reaching $1,659 in the quarter. These positive trends contributed to free cash flow of $31 million, Kensington's highest quarterly cash flow in over six years. In light of strong results to date, coupled with greater flexibility and productivity taking root throughout the mine, Kensington's 2025 production guidance has increased and its 2025 cash per ounce range has been narrowed downward. Finishing up at Wharf, the mine achieved its third consecutive quarter of increased production and lower costs applicable to sales. Quarterly gold production increased by 16% to 28,000 ounces, leading to free cash flow of an impressive $54 million. This great year-to-date performance led us to increase full-year gold production guidance by 3,000 ounces, at the same time moving cast guidance down by $125 per gold ounce. As Mitch mentioned, the power of Kerr's balanced North American portfolio is fully enjoying this moment of record-setting metals prices. With that, I'll pass the call over to Tom.