Coeur Mining, Inc.

Good day and welcome to the Core Mining Fourth 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. Please go ahead.

Good morning, everyone, and thanks for joining our call today to discuss our fourth quarter and full year results. Before we start, please note our cautionary language regarding forward-looking statements and refer to our SEC filings on our website. One housekeeping item, you may have noticed we shifted our reporting to metric units starting this quarter based on feedback we received and to better align with our peers. You'll see that prior period figures in the earnings release have been recast for comparability and additional details are provided. Our record fourth quarter results capped off an incredible year for the company that was full of all-time bests and record achievements. I want to take a couple of minutes to run through a few of them, some of which are shown on slide four. Record full-year silver and gold production increased 57% and 23% year-over-year respectively driven by the impact of the Rochester expansion, the acquisition of Silvercrest in February, and consistent performance from our three other North American operations. Full year record EBITDA increased 200% to over $1 billion, and full year free cash flow increased to $666 million versus negative $9 million in 2024. Slide 8 does a nice job summarizing how far we've come in just the last couple of years when EBITDA was just $142 million and free cash flow was negative $297 million. Our year-end cash increased more than 10x to $554 million, and net income last year also increased tenfold to a record $586 million. Our three U.S. operations accounted for nearly 60% of our 2025 revenue and silver represented about 35% of total revenue last year. Rochester made consistent progress toward achieving steady state levels throughout 2025 with full year silver and gold production increasing 40% and 54% year over year respectively. In the fourth quarter, Rochester made a strong statement by delivering record quarterly crushed tons and placed tons along with $78 million of free cash flow, which sets us up for an even stronger 2026 at America's largest source of domestically produced and refined silver. Las Chispas finished the year as our top cash flow generator with $286 million of free cash flow in only 10 and a half months of contribution. Just as important was the successful and safe integration of Las Chispas last year which deserves a big shout out to the entire team. On the exploration front and our year-end reserves and resources that we issued yesterday, it's really gratifying to see the success of our sustained exploration investments and how they continue to drive up our overall ROIC and extend our mine lives, which slide 16 does a good job of highlighting. The wharf reserve and inferred resource increases and the near doubling of its mine life to 12 years was especially eye-popping, and the Palmareo results that drove a five-year extension to its mine life were also very impressive, especially the resource growth off to the east. It was also great to see that we replaced a year of mine life at Las Chispas to remain at approximately seven years. Looking ahead to 2026 and beyond, it's clear that CORE is in the strongest position it's ever been in its 98-year history, and is poised to deliver another record year this year. Our newly issued standalone production guidance, summarized on slide six, reflects solid year-over-year growth, especially in silver with a 10% expected year-over-year increase, which incorporates a full year of production at Las Chispas and another expected step up in performance at Rochester. Between higher silver prices and this expected growth in our silver production, silver is expected to contribute approximately 42% of our total 2026 revenue based on current prices and the midpoint of guidance. And with the expected first half closing of the new gold transaction, 2026 will represent an even more significant step change in the quality, scale, and resiliency of core, which is highlighted on slide seven. Adding new golds to Canadian operations will further reduce our cost profile and enhance our geographic footprint for investors seeking lower risk silver and gold exposure and peer leading margins. This new and unique platform is emerging at precisely the right time and will be ideally positioned as the industry's only all North American senior producer with a cash flow liquidity and market profile that is unmatched in the precious metals sector. As we said on the November conference call when we announced the new gold acquisition, we expect the combined company to generate approximately $3 billion of EBITDA and $2 billion of free cash flow on a full year run rate basis based on consensus commodity prices from last October. I'll note that the guidance we issued today does not yet include contributions from the new gold assets. which will be incorporated into CORE's production profile following the close of the transaction. Looking out over the next few weeks, we anticipate an active flow of news, including the close of the new gold transaction, which remains on track, and we believe has a good chance to close by the end of the first quarter. Updated SK1300 technical reports for New Afton and Rainy River will be filed upon closing of the transaction, which will incorporate year-end 2025 reserves and resources for both assets, including a maiden resource at New Afton's K-Zone. We will also provide updated guidance for the combined company and share details of our updated capital return priorities once the transaction closes. Before handing the call over to Mick, I'll close with a big thank you to the team for the incredible amount of work that has gone into getting the company to where it is today. Closing out strongly in the fourth quarter is always a challenge, and year-end reporting is always a heavy lift. But these efforts are even more impressive this time around in light of the new gold transaction and the related integration planning process. Higher prices certainly help, but there is absolutely no doubt that we're as well positioned as we are because of the talent, resiliency, and dedication of our people across the entire organization. Mick, over to you.

Thanks Mitch. Our fourth quarter was a tour de force of the core portfolio, with all five mines hitting the straps in a safe and environmentally sound manner. Strong finishes at all of the mines, especially at Rochester, helped ensure the achievement of our annual 2025 production and cost guidance. Consolidated production for a quarter totaled 112,000 ounces of gold and 4.8 million ounces of silver. Adjusted cash per ounce for gold and silver also continued to be well managed with an impressive $1,207 per ounce and $1,729 per ounce respectively, and allowed for a strong margin expansion across the business. Turning to the assets and beginning with Las Chispas, the team turned in another solid quarter to cap off a great 2025 in its first year in the core portfolio. Silver production of 1.4 million ounces and gold production of 15,000 ounces led to $79 million of quarterly free cash flow. The operation's 2026 guidance reflects a full year of production compared to the approximate 10.5 months of 2025 contributions. Turning to Palmarejo, the main followed up one of its strongest quarters in terms of tons milled with an even better result in the fourth quarter. with over 470,000 tonnes milled, averaging over 6,000 tonnes per day. Together with strong grades and recoveries, Palmariho's free cash flow totalled $63 million. The team in Chihuahua has demonstrated great results with its fill the mill strategy, a unique skill set that we expect to leverage at Rainy River in the future, which is undergoing a similar transition from open pit operations to underground. Our 2026 guidance points to another great year ahead for Palmeray Hall. Turning to Rochester, e-performance metrics along the Crusher circuit saw marked improvement versus the prior quarter, concurrent with the fourth quarter completion of planned modifications and belt improvements. We exceeded 7 million tonnes, or 6.4 million metric tonnes, crushed this quarter, which was a nice achievement for the team. It has been impressive to see the main steady improvements in silver and gold production as the power of the new Crusher train continues to drive results, reaching their highest levels in 2025 at 1.7 million ounces of silver and 17,000 ounces of gold, respectively, in the fourth quarter. On an annual basis, the positive impact of Rochester's larger scale really stands out. with silver and gold production increasing 40% and 54% respectively compared to 2024. I'm pleased to report that the average particle size continued to beat the budget level for material passing through all three stages of crushing at a PAD around 0.84 inch in the fourth quarter. Importantly, related recoveries continue to track our PSD models as expected. The team is also hard at work on the next phase of the Leach Pad 6 expansion, most of which we expect to complete this year. Rochester is well positioned for an even stronger 2026. We are off to a great start with over 2.3 million metric tons crushed in January. Grades are expected to be lower in the first half of the year, consistent with the main plan, which is reflected in our 2026 guidance. Our long-term focus remains on building consistency and momentum through the three-stage crushing line and continuing to deliver quarterly crushed tons in the 6.2 to 7.2 million metric tons per quarter range as we drive towards our ultimate objective of a top size of five-eighths of an inch. Based on the midpoints of our 2026 guidance ranges, we expect silver and gold production to increase substantially compared to 2025. Moving to Kensington, the positive benefits of their multi-year underground development programme continue to manifest in the form of new efficiencies and operational flexibility. The team knocked it out of the park with its highest tons milled and gold grade of the year in the fourth quarter, leading to gold production of 30,000 ounces and the mine's lowest quarterly cash of the year at $1,533 per ounce. This led to quarterly free cash flow of $51 million, Kensington's best result ever. Coupled with the successful reserve additions announced yesterday, the mine remains on excellent footing and well positioned to deliver a strong 2026. Finishing up at Wharf, quarterly gold production totaled 25,000 ounces, leading to free cash flow of an impressive $62.3 million. These good results were overshadowed by a fire in the mine's tertiary crusher following routine maintenance in the fourth quarter. The tertiary crusher area sustained some damage in the upper levels impacting conveyor belts, ancillary equipment like the hoist, crane and electrical systems and those parts will need to be repaired or replaced. There was no damage to the four tertiary cone crushers in that area on the ground floor. The team quickly mobilized temporary mobile crushing units at site in January to supplement crushed ore tons. Repairs are expected to be completed over the course of the second quarter. Slide 6 provides an indicative expectation for 2026 quarterly production, showing a second half-weighted crushed tons as the site returns to normal operations throughout the year. As highlighted in yesterday's reserves and resources update, the future at Wharf is more exciting than ever, thanks to the resounding success of recent exploration and technical work that have unlocked new gold reserves, leading to a near doubling of mine life, with additional upside remaining from a significantly larger resource pipeline. We look forward to many great years ahead at this one-of-a-kind asset. With that, I'll pass the call over to Aoife.