Coeur Mining, Inc.

Good day and welcome to the Core Mining's first quarter 2026 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 2. Please note this event is being recorded. I would now like to turn the conference over to Mitchell Krebs, Chairman, President, and CEO. Please go ahead.

Hello, everyone, and thanks for joining our call to discuss CORE's first quarter results. I'll kick off with some highlights from the quarter, followed by an update on several key strategic priorities in the wake of the recently completed new gold transaction. I'll then turn it over to Tom for a recap of our first quarter results before opening it up for questions with the team who's here with me. Before we start, please note our cautionary language regarding forward-looking statements and refer to our SEC filings on our website. The highlights on slide four showcase our strong start despite the first quarter being the softest quarter of the year. Our record results also reflect just 11 days of contributions from the recently acquired New Afton and Rainy River mines. First quarter silver and gold production increased 18% and 11% year over year respectively, driving quarterly revenue to a record $856 million. EBITDA increased 12% versus the fourth quarter and nearly four-fold year-over-year to a record $475 million. We generated a very strong $267 million of free cash flow despite over $200 million of quarter-specific and one-time items that Tom will describe in more detail shortly. These accelerating cash flows continue to supercharge our balance sheet with cash and equivalents increasing nearly 11-fold over the past year to $843 million and growing. A real shout out to the team for getting us out of the gates cleanly and safely in 2026. The production summary on slide five provides the clearest portrait of what we expect will be a truly watershed year for the company. Among many other positive catalysts on tap the remaining three quarters will reflect full contributions from New Afton and Rainy River, rising production and cash flow from Rochester, and a strong rebound at Wharf now that its rebuilt crushing circuit is back up and running, thanks to a tremendous effort by the team there following a fire in the crusher building last November. Putting that all together, along with consistent performance from our three other operations and taking the midpoint of our guidance ranges, We expect to produce approximately 750,000 ounces of gold, over 20 million ounces of silver, and nearly 60 million pounds of copper in 2026. The two new Canadian operations are the main drivers behind an expected 80 percent increase in our 2026 gold production compared to last year, while also introducing copper into our metals mix and driving down our overall cost profile. The plus 20 million ounces of silver production we expect to generate this year represents about a 13 percent increase over last year, driven by a full year of contribution from Las Chispas, which was added in mid-February last year through the Silvercrest acquisition, as well as a further expected step up in production at Rochester. This level of silver production should keep us in the top five of all silver producers globally. and is expected to represent over 30 percent of our revenue this year based on recent prices. It's also important to highlight that 100 percent of our 2026 gold, silver, and copper production will come from North America with about 70 percent of our revenues coming from the U.S. and Canada. A couple of other quick updates. You likely saw on March 23rd that we provided a corporate update following the closing of the new gold transaction. that laid out an enhanced financial policy reflecting our priorities of establishing and maintaining a flexible balance sheet and reinvesting back into our assets, all while returning capital to shareholders through a substantially increased share repurchase program and an inaugural dividend, which Tom will talk more about shortly. On the integration front, we're very pleased with where we are after seven weeks since the closing. There's been an incredible amount of planning, effort, and collaboration throughout the combined organization, which deserves a big thank you. The teams are engaging in the work of integrating the two companies, and everyone is excited about the stronger and larger platform we've created and the tremendous potential that lies ahead. Before turning it over to Tom, one final note from me. We published our 2025 responsibility report on April 15th, which is summarized on slide 23. CORE's approach has always been grounded in driving sustainable growth and long-term value creation, and we focused this year's report on clearly tying our sustainability priorities to underlying business value. Tom, over to you.

Thanks, Mitch. I'll begin with a brief review of our first quarter financial results as presented on slide nine. Record quarterly performance in revenue, EBITDA, gap net income are just the latest signs of the emerging power and consistency of CORE's combined portfolio. Key headline financial results included a seventh consecutive quarter of free cash flow and an eighth consecutive quarter of positive earnings per share. This consistent track record of positive earnings and free cash flow, along with our new dividend policy, bodes well for future additional index inclusions. Our first quarter is always a little choppy with our traditionally seasonally low first quarter operating performance and significant working capital outflows. Add in the complexity of closing a transaction during the quarter, this led to a lot of moving parts in the quarterly results. We included a waterfall chart on slide 11 where we called out quarter-specific and one-time items totaling over $200 million. However, with the tailwinds of stronger realized prices and a focus on monetizing the opening inventory balances that are newly acquired Canadian operations, we managed to achieve our second highest free cash flow in company history at $267 million. Our day one integration efforts have paid off, leaving us set up for a memorable 2026 as we emerge as the new go-to North American only precious metals company. Slide eight highlights the incredible turnaround story of our balance sheet. With last 12 months adjusted EVA DA increasing by over a billion dollars compared to the same point one year ago, in overall net cash position, along with the new modernized and materially upsized $1 billion revolving credit facility, the balance sheet and overall liquidity levels are in great shape. Of note, our cash balance increased by almost $300 million during the quarter. more than offsetting the $272 million of net debt that was assumed at the closing of the Newgold acquisition. I would also highlight that we received multi-notch upgrades from our rating agencies as we completed the acquisition, which is external validation of the immense progress and stability we have built. A couple of final notes on the balance sheet. The obliger exchange related to Newgold's 2032 bonds that we launched on the transaction closing was completed on April 22nd. This innovative transaction has allowed us to novate over 96% of the outstanding new gold notes to become core notes, which will provide significant benefits, including no restrictions on our ability to return capital, additional US tax shield, and lower filing and compliance costs. And on April 30th, we repaid the bulk of our remaining $45 million of capital leases early to further reduce our overall interest expense going forward. With our 2026 guidance reaffirmed and using our 2026 budget prices, we expect to generate more than $3 billion of EBITDA and $2 billion of free cash flow as shown on slide seven, even with only nine months and 11 days of contributions from New Afton and Rainy River. This overall confidence in the portfolio was the basis of the updated financial policy as outlined on slide 10 for the company, including our return of capital strategy that we announced on March 23rd. As a brief reminder, our board authorized capital return strategy is comprised of a $750 million buyback program, which allows for the possibility of continuous activity even during blackout periods, as well as a discretionary component to allow us to execute repurchases opportunistically based on our underlying share price and valuation. We look forward to executing on this program following several months of inactivity due to blackouts. And Coors Board has also approved an inaugural dividend policy of two cents per share semiannually, with payments expected in the second and fourth quarters. This amount was selected to make the dividend sustainable for the long run, even under extreme low case pricing scenarios. and allows for potential dividend growth over time. Two final comments from me. Slide 12 includes our usual snapshot of inflationary pressures that we keep a close eye on every day as we manage the business. In the wake of the recent surge in oil prices, we wanted to highlight that diesel represents approximately 6% of CORE's total operating costs, and our 2026 cost guidance assumes a diesel price of $3.19 per gallon. A 10% increase in diesel prices would typically increase our cost by about $10 million, which equates to roughly 1% to 2% increase in our CAS per unit. So while we are not immune to this cost pressure, it is less acute than most people might think. And during the March 23rd call, I highlighted several accounting nuances that impact our CAS guidance with a special focus on the fair value uplifts of opening inventory, that arise from the purchase price allocation from the new gold acquisition. With all of Rainy River and New Afton's Q1 2026 sales coming from opening inventory, the CAS for the quarter at those mines approached current spot prices as required under U.S. GAAP, as those inventories were recorded at their fair market value. As a reminder, the associated $85 million non-cash impact on CAS during the quarter from this pointy-headed accounting matter is the same concept that we saw at Las Chispas last year. Our overall company-wide adjusted gold CAS would have been $689 less per ounce to give everyone a sense of the significant accounting impact of this non-cash item. The champagne problems of having so much opening inventory. This nuance will carry throughout 2026 at Rainy River as we are fortunate to inherit an approximate 2 million ton short-term stockpile. We will likely have some tweaks to the final non-cash impact of this fair value uplift that we will clarify with our Q2 2026 interim results as we finalize the new gold purchase price allocation. With that, I'll now pass the call back to Mitch.