Coeur Mining, Inc.

Red flags

• 2025 sales were entirely from gold and silver, leaving cash flow vulnerable to metal-price reversals; 2025 average realized prices rose 21% for gold and 39% for silver versus the prior quarter.
• The New Gold acquisition will be funded with Coeur shares at a 0.4959 exchange ratio per New Gold share, creating dilution and integration risk before guidance includes the acquired mines.
• A $29.4 million Mexican VAT receivable remains unpaid after years of disputes, and recovery through arbitration is described as lengthy and unpredictable.
• Environmental compliance spending for 2026 is expected at $18.1-$28.1 million, while mine hazards and permitting changes can create materially larger liabilities.