Record quarterly financial results; double-digit production increases; revolver extinguished; stock repurchase program initiated; full-year production and CAS¹ guidance reaffirmed

Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE:CDE) today reported record second quarter 2025 financial results, including revenue of $481 million and cash flow from operating activities of $207 million. The Company reported record quarterly GAAP net income from continuing operations of $71 million, or $0.11 per share. On an adjusted basis¹, Coeur reported record quarterly EBITDA of $244 million, record cash flow from operating activities before changes in working capital of $162 million and record net income from continuing operations of $127 million, or $0.20 per share.

Key Highlights

Strong production and cost performance drove margin expansion – Each of Coeur's five operations generated strong production increases and delivered positive free cash flow. Quarterly silver production of 4.7 million ounces was 27% higher quarter-over-quarter and 79% higher year-over-year. Gold production increased 25% quarter-over-quarter and 38% year-over-year to 108,487 ounces. Average realized prices for gold and silver increased 15% and 5% respectively, compared to the first quarter while costs applicable to sales per gold and silver ounce¹ declined by approximately 6% quarter-over-quarter
Record quarterly financial results – Fourth consecutive quarter of positive free cash flow, which increased more than eightfold versus the prior quarter to a record $146 million. Adjusted EBITDA¹ increased 64% versus the prior quarter to a record $244 million, bringing the last twelve-month ("LTM") total to $635 million. Fifth consecutive quarter of net income, which totaled a record $71 million, or $0.11 per share
Accelerated debt reduction initiative led to further balance sheet strengthening – The remaining $110 million balance on the revolving credit facility ("RCF")² was repaid during the quarter, quarter-end cash and equivalents increased to $112 million, and the net leverage ratio decreased to 0.4x at quarter-end
Stock repurchase program authorized with initial activity in the quarter – On May 27, 2025, Coeur announced a $75 million share repurchase program. During the second quarter, the Company repurchased 216,500 shares at an average price of $9.24 per share
Rochester crushed ore rates continued to increase – The newly-expanded Rochester silver and gold operation in Nevada crushed 6.7 million tons during the quarter, representing an increase of 24% compared to the previous quarter, reflecting steady increases in crushing circuit availability. Rochester silver and gold production increased 50% and 79%, respectively, compared to the second quarter of 2024 and remains on track to deliver on its full-year guidance ranges
Reaffirming full-year production and cost guidance - Coeur remains positioned to deliver guided 2025 production of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver, which represent year-over-year expected increases of 20% and 62% for gold and silver, respectively³. The Company also reaffirmed its full-year CAS¹ guidance

"Coeur's record second quarter reflects strong contributions from all five of our North American gold and silver operations, including the first full quarter from the recently acquired Las Chispas mine," said Mitchell J. Krebs, Chairman, President and Chief Executive Officer. "Together with the benefit of higher gold and silver prices, we saw a step change in our financial results in the quarter, including an impressive $146 million of free cash flow, while we eliminated the remaining balance on our RCF² and began buying back shares."

"Looking ahead to the second half of the year, we expect even higher gold and silver production levels consistent with our re-affirmed 2025 production and cost guidance. We remain uniquely positioned to leverage higher gold and silver prices, which is expected to lead to over $800 million of full-year 2025 adjusted EBITDA and over $400 million of full-year 2025 free cash flow."

Financial and Operating Highlights (Unaudited)

*(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics)*		2Q 2025		1Q 2025		4Q 2024		3Q 2024		2Q 2024
Gold Sales	$	323.1	$	235.3	$	205.2	$	223.8	$	154.1
Silver Sales	$	157.5	$	124.7	$	100.2	$	89.7	$	67.9
Consolidated Revenue	$	480.7	$	360.1	$	305.4	$	313.5	$	222.0
Costs Applicable to Sales⁴	$	229.5	$	204.3	$	158.8	$	156.7	$	144.7
General and Administrative Expenses	$	13.3	$	13.9	$	11.1	$	11.0	$	11.2
Net Income (Loss)	$	70.7	$	33.4	$	37.9	$	48.7	$	1.4
Net Income (Loss) Per Share	$	0.11	$	0.06	$	0.08	$	0.12	$	0.00
Adjusted Net Income (Loss)¹	$	127.4	$	59.9	$	45.3	$	47.2	$	(3.4	)
Adjusted Net Income (Loss)¹Per Share	$	0.20	$	0.11	$	0.11	$	0.12	$	(0.01	)
Weighted Average Shares Outstanding		643.1		521.2		401.0		400.8		399.9
EBITDA¹	$	203.0	$	105.3	$	104.6	$	121.1	$	49.7
Adjusted EBITDA¹	$	243.5	$	148.9	$	116.4	$	126.0	$	52.4
Cash Flow from Operating Activities	$	207.0	$	67.6	$	63.8	$	111.1	$	15.2
Capital Expenditures	$	60.8	$	50.0	$	47.7	$	42.0	$	51.4
Free Cash Flow¹	$	146.2	$	17.6	$	16.1	$	69.1	$	(36.2	)
Cash, Equivalents & Short-Term Investments	$	111.6	$	77.6	$	55.1	$	76.9	$	74.1
Total Debt⁵	$	380.7	$	498.3	$	590.1	$	605.2	$	629.3
Average Realized Price Per Ounce – Gold	$	3,021	$	2,635	$	2,399	$	2,309	$	2,003
Average Realized Price Per Ounce – Silver	$	33.72	$	32.05	$	31.11	$	29.86	$	26.20
Gold Ounces Produced		108,487		86,766		87,149		94,993		78,696
Silver Ounces Produced		4.7		3.7		3.2		3.0		2.6
Gold Ounces Sold		106,948		89,316		85,555		96,913		76,932
Silver Ounces Sold		4.7		3.9		3.2		3.0		2.6
Adjusted CAS per AuOz¹	$	1,260	$	1,330	$	1,192	$	1,113	$	1,264
Adjusted CAS per AgOz¹	$	13.41	$	14.28	$	16.93	$	15.67	$	17.71

Financial Results

Second quarter 2025 revenue totaled $481 million compared to $360 million in the prior period and $222 million in the second quarter of 2024. The Company produced 108,487 and 4.7 million ounces of gold and silver, respectively, during the quarter. Metal sales for the quarter totaled 106,948 ounces of gold and 4.7 million ounces of silver. Average realized gold and silver prices for the quarter were $3,021 and $33.72 per ounce, respectively, compared to $2,635 and $32.05 per ounce in the prior period and $2,003 and $26.20 per ounce in the second quarter of 2024.

Gold and silver sales represented 67% and 33% of quarterly revenue, respectively, compared to 65% and 35% in the prior period. The Company's U.S. operations accounted for approximately 55% of second quarter revenue compared to 57% in the first quarter of 2025, which included 45 days of production from Las Chispas following the closing of the SilverCrest transaction on February 14, 2025.

Adjusted costs applicable to sales per ounce¹ of gold and silver decreased 5% and 6% quarter-over-quarter, respectively, largely due to higher metal sales. General and administrative expenses decreased $1 million, or 4%, quarter-over-quarter to $13 million, driven by annual incentive payouts paid in the prior period.

Coeur invested approximately $30 million ($23 million expensed and $7 million capitalized) in exploration during the quarter, compared to approximately $22 million ($20 million expensed and $2 million capitalized) in the prior period. See the "Operations" and "Exploration" sections for additional detail on the Company's exploration activities.

The Company recorded income tax expense of approximately $63 million during the second quarter. Cash income and mining taxes paid during the period totaled approximately $38 million. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $28.3 million and decreased income and mining tax expense by $0.2 million for the three months ended June 30, 2025 and March 31, 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting.

Quarterly operating cash flow totaled $207 million compared to $68 million in the prior period, mainly driven by stronger operating performance at each of the Company's five mines, as well as increased metal sales and higher average metals prices. Changes in working capital during the quarter were $45 million.

Second quarter capital expenditures were $61 million compared to $50 million in the prior period. Sustaining and development capital expenditures accounted for approximately $48 million and $13 million, or 79% and 21%, respectively, of Coeur's total capital investment during the quarter.

Operations

Second quarter 2025 highlights for each of the Company's operations are provided below.

Las Chispas, Mexico

*(Dollars in millions, except per ounce amounts)*		2Q 2025			1Q 2025			4Q 2024			3Q 2024			2Q 2024
Tons milled		118,399			59,368			—			—			—
Average gold grade (oz/t)		0.150			0.130			—			—			—
Average silver grade (oz/t)		13.32			12.71			—			—			—
Average recovery rate – Au		93.8	%		94.8	%		—	%		—	%		—	%
Average recovery rate – Ag		94.4	%		94.6	%		—	%		—	%		—	%
Gold ounces produced		16,271			7,175			—			—			—
Silver ounces produced (000's)		1,489			714			—			—			—
Gold ounces sold		16,025			9,607			—			—			—
Silver ounces sold (000's)		1,479			924			—			—			—
Average realized price per gold ounce	$	3,315		$	2,902		$	—		$	—		$	—
Average realized price per silver ounce	$	33.48		$	32.63		$	—		$	—		$	—
Metal sales	$	102.7		$	58.0		$	—		$	—		$	—
Costs applicable to sales⁴	$	57.7		$	42.8		$	—		$	—		$	—
Adjusted CASper AuOz¹	$	894		$	744		$	—		$	—		$	—
Adjusted CASper AgOz¹	$	8.94		$	8.38		$	—		$	—		$	—
Exploration expense	$	3.3		$	1.9		$	—		$	—		$	—
Cash flow from operating activities	$	58.6		$	97.1		$	—		$	—		$	—
Sustaining capital expenditures (excludes capital lease payments)	$	9.2		$	5.3		$	—		$	—		$	—
Development capital expenditures	$	—		$	—		$	—		$	—		$	—
Total capital expenditures	$	9.2		$	5.3		$	—		$	—		$	—
Free cash flow¹	$	49.4		$	91.8		$	—		$	—		$	—

Operational

Second quarter gold and silver production totaled 16,271 ounces and 1,488,672 ounces, respectively, compared to 7,175 gold ounces and 714,239 silver ounces in the prior period, which included 45 days of production following the closing of the SilverCrest transaction on February 14, 2025
Production during the quarter benefited from higher average gold and silver grades

Financial

Adjusted CAS¹ for gold and silver on a co-product basis totaled $894 for gold and $8.94 for silver
Gold and silver accounted for approximately 48% and 52%, respectively, of revenue during the quarter
Free cash flow¹ in the second quarter totaled $49 million compared to $91.8 million in the prior period, which included the sale of held bullion and finished goods totaling $72 million

Exploration

Exploration investment in the second quarter totaled approximately $3 million (substantially all expensed) compared to $2 million (substantially all expensed) in the prior period
Up to eight rigs were active during the quarter: five on surface and three underground. The primary focus was on the Babicanora and Las Chispas Blocks as well as the Gap Zone located between these two blocks
On the Las Chispas Block and in the Gap Zone, the Augusta, William Tell Mini, North Las Chispas and La Sopresa veins delivered very favorable results and continued to expand. Notably, the high-grade Augusta discovery made earlier this year has now been traced over 320 meters along strike and 150 meters down dip, consistently yielding multi-kilo grade intercepts on a silver equivalent basis. In addition, the North Las Chispas Vein returned intercepts of significantly higher grade than previously encountered. These strong results support the potential for expansion of these resource zones and contribution towards year-end reserve and resource calculations
In the Babicanora Block, infill drilling has been delivering excellent results, providing enhanced potential for upgrade of inferred resources
In the third quarter, drilling is expected to continue on all veins detailed above and scout drilling is expected to commence on a number of targets across the district

Guidance

Prorated production reflecting 10.5 months is expected to be 42,500 - 52,500 ounces of gold and 4.25 - 5.25 million ounces of silver
Prorated adjusted CAS¹ reflecting 10.5 months are expected to be $850 - $950 per gold ounce and $9.25 - $10.25 per silver ounce
Prorated capital expenditures reflecting 10.5 months are expected to be $30 - $34 million, consisting primarily of sustaining capital
Prorated exploration investment reflecting 10.5 months is expected to be $16 - $18 million (substantially all expensed)

Palmarejo, Mexico

*(Dollars in millions, except per ounce amounts)*		2Q 2025			1Q 2025			4Q 2024			3Q 2024			2Q 2024
Tons milled		483,880			440,920			419,008			413,463			429,561
Average gold grade (oz/t)		0.060			0.050			0.059			0.070			0.066
Average silver grade (oz/t)		4.06			4.36			4.17			5.15			4.49
Average recovery rate – Au		92.9	%		95.2	%		91.2	%		94.8	%		89.9	%
Average recovery rate – Ag		88.6	%		87.4	%		88.3	%		85.6	%		82.8	%
Gold ounces produced		27,272			23,032			22,490			27,549			25,467
Silver ounces produced (000's)		1,741			1,680			1,543			1,823			1,596
Gold ounces sold		26,782			22,713			22,353			28,655			24,313
Silver ounces sold (000's)		1,720			1,636			1,598			1,861			1,542
Average realized price per gold ounce	$	2,093		$	1,924		$	1,750		$	1,922		$	1,744
Average realized price per silver ounce	$	33.76		$	31.85		$	31.27		$	29.71		$	26.48
Metal sales	$	114.1		$	95.8		$	89.1		$	110.4		$	83.2
Costs applicable to sales⁴	$	48.7		$	43.7		$	45.5		$	47.5		$	48.2
Adjusted CASper AuOz¹	$	888		$	882		$	894		$	818		$	1,006
Adjusted CASper AgOz¹	$	14.39		$	14.37		$	15.92		$	12.60		$	15.24
Exploration expense	$	4.0		$	3.9		$	3.8		$	4.3		$	2.6
Cash flow from operating activities	$	47.9		$	8.7		$	33.2		$	55.6		$	23.7
Sustaining capital expenditures (excludes capital lease payments)	$	3.6		$	2.5		$	6.5		$	4.0		$	3.1
Development capital expenditures	$	2.0		$	3.4		$	3.4		$	4.0		$	2.8
Total capital expenditures	$	5.6		$	5.9		$	9.9		$	8.0		$	5.9
Free cash flow¹	$	42.3		$	2.8		$	23.3		$	47.6		$	17.8

Operational

Second quarter gold and silver production totaled 27,272 and 1.7 million ounces, respectively, compared to 23,032 and 1.7 million ounces in the prior period and 25,467 and 1.6 million ounces in the second quarter of 2024
Production during the quarter benefited from higher average silver recoveries, higher average gold grade and higher tons milled, driven in part by greater contributions from Hidalgo development ore following the completion of the Hidalgo portal last year

Financial

Adjusted CAS¹ for gold and silver on a co-product basis decreased slightly quarter-over-quarter to $888 and $14.39 per ounce, respectively, driven by higher metal sales
Capital expenditures totaled $6 million, which were flat compared to the prior period
Free cash flow¹ in the second quarter increased to $42 million compared to $3 million in the prior period, driven by lower tax payments this quarter

Exploration

Exploration investment remained consistent quarter-over-quarter at approximately $4 million (substantially all expensed)
The exploration program ramped up to eight rigs across the property during the second quarter
Key areas of drilling activity included expansion of the mine trend to the northwest and the southeast. The northwestern portion of the mine trend, called the Hidalgo Corridor, includes the Hidalgo, Libertad and San Juan zones. Expansion drilling to the southeast of the mine trend involves validation drilling of the Independencia Sur block that was acquired from Fresnillo in 2024 and includes the Independencia Sur vein and other vein targets. Scout drilling also continued at Camuchin
On the Hidalgo Corridor, drilling continues to deliver excellent results, outlining an additional 350 meters of strike length year to date. Drilling is extending the trend back towards the area that includes the original open pit, processing plant and the high-grade La Prieta system. Since its discovery in 2019, Hidalgo has become Palmarejo's second largest reserve after Guadalupe and is expected to expand further. Three rigs are expected to remain active in the Hidalgo Corridor through year-end
At the Independencia Sur block, validation drilling is focused on the southeastern extension of mine corridor veins into this block, immediately adjacent to existing infrastructure and outside the area of interest of the Franco-Nevada gold stream agreement. Multiple veins, including Bruno and Independencia Sur, as well as potential new zones, have been intersected. As many as five rigs are expected to remain active in the Independencia Sur block through year-end
At Camuchin, scout drilling has confirmed multiple veins spanning several kilometers. Ongoing geological work is aimed at refining targets, with highly encouraging results to date
A follow-up program to the 2024 pilot high-resolution geophysical survey commenced during the quarter. This effort has significantly improved subsurface targeting and is driving faster, more cost-effective drilling campaigns
Validation drilling also commenced on the Guazapares trend over the San Miguel deposit following the successful amendment to an agreement with the Guazapares Ejido in the first quarter

Other

Approximately 48% of Palmarejo's gold sales in the second quarter were sold under the gold stream agreement with Franco-Nevada at a price of $800 per ounce, totaling 12,986 ounces. The Company anticipates approximately 40% - 50% of Palmarejo's 2025 gold sales will be sold under the gold stream agreement

Guidance

Full-year 2025 production is expected to be 95,000 - 105,000 ounces of gold and 5.4 - 6.5 million ounces of silver
Adjusted CAS¹ in 2025 are expected to be $950 - $1,150 per gold ounce and $17.00 - $18.00 per silver ounce
Capital expenditures are expected to be $26 - $32 million, consisting primarily of sustaining capital and underground development
Exploration investment in 2025 is expected to be $16 - $18 million (substantially all expensed)

Rochester, Nevada

*(Dollars in millions, except per ounce amounts)*		2Q 2025		1Q 2025			4Q 2024		3Q 2024			2Q 2024
Ore tons placed		7,851,665		6,987,324			8,226,820		7,064,623			5,102,800
Average silver grade (oz/t)		0.60		0.59			0.44		0.57			0.59
Average gold grade (oz/t)		0.003		0.003			0.003		0.002			0.002
Silver ounces produced (000's)		1,456		1,284			1,551		1,155			973
Gold ounces produced		14,302		13,353			15,752		9,690			8,006
Silver ounces sold (000's)		1,438		1,282			1,571		1,098			985
Gold ounces sold		13,881		14,713			14,824		9,186			8,150
Average realized price per silver ounce	$	33.88	$	31.86		$	30.97	$	30.13		$	25.78
Average realized price per gold ounce	$	3,333	$	2,840		$	2,604	$	2,492		$	2,131
Metal sales	$	95.0	$	82.6		$	87.2	$	56.0		$	42.8
Costs applicable to sales⁴	$	47.9	$	48.5		$	51.5	$	39.4		$	36.7
Adjusted CASper AgOz¹	$	16.83	$	18.41		$	17.96	$	20.88		$	21.58
Adjusted CASper AuOz¹	$	1,675	$	1,670		$	1,495	$	1,735		$	1,813
Prepayment, working capital cash flow	$	—	$	(17.5	)	$	—	$	—		$	—
Exploration expense	$	1.2	$	1.5		$	2.7	$	1.0		$	1.0
Cash flow from operating activities	$	39.6	$	(7.0	)	$	26.0	$	3.2		$	(5.9	)
Sustaining capital expenditures (excludes capital lease payments)	$	20.7	$	8.5		$	10.4	$	7.0		$	9.9
Development capital expenditures	$	3.8	$	6.4		$	3.5	$	3.1		$	17.6
Total capital expenditures	$	24.5	$	14.9		$	13.9	$	10.1		$	27.5
Free cash flow¹	$	15.1	$	(21.9	)	$	12.1	$	(6.9	)	$	(33.4	)

Operational

Silver and gold production in the second quarter increased to 1.5 million and 14,302 ounces, respectively, compared to 1.3 million and 13,353 ounces in the prior period and 1.0 million and 8,006 ounces in the second quarter of 2024
Ore tons placed during the quarter totaled 7.9 million tons, consisting of approximately 6.7 million tons through the crushing circuit, up from 5.5 million tons in the prior quarter. Additionally, the Company placed approximately 1.1 million tons of direct to pad (DTP) material, down from 1.5 million tons of DTP material placed in the prior quarter
Work progressed on the campaign to remove eight million tons from the legacy Stage I and Stage II leach pads to facilitate exploration drilling and future planned mining activities. Approximately 4.8 million tons have been removed year-to-date, with project completion expected in the third quarter of 2025

Financial

Second quarter adjusted CAS¹ for silver and gold on a co-product basis totaled $16.83 and $1,675 per ounce, respectively, mainly driven by higher metal sales
Capital expenditures increased on a quarter-over-quarter basis to $25 million compared to $15 million in the prior period, driven mainly by capitalized stripping to offload material from the legacy Stage I and II leach pads
Free cash flow¹ in the second quarter totaled $15 million compared to $(22) million in the prior period

Exploration

Exploration investment in the second quarter totaled approximately $4 million ($1 million expensed and $3 million capitalized) compared to roughly $2 million ($2 million expensed and $1 million capitalized) in the prior quarter
Up to two rigs were active during the quarter. Target areas included East Rochester, Lincoln Hill and the expected highly prospective corridor between Nevada Packard and Rochester
A small diamond core drill program completed at East Rochester during the quarter successfully delineated the edges of the Wedge target and areas of colluvium in advance of a larger-scale drill campaign expected to begin in the fourth quarter of 2025, following the partial removal of legacy Stage I and Stage II leach pads
A validation and expansion program at Lincoln Hill commenced during the quarter and is expected to continue through the third quarter of 2025
Ongoing geological modeling at Nevada Packard and Rochester is extending interpretations into the connecting corridor. Strong geophysical responses and historic workings support the presence of high-grade structures continuing between the pits. As a result, an initial scout drill program commenced during the quarter, with two holes already completed in the corridor

Guidance

Full-year 2025 production is expected to be 7.0 - 8.3 million ounces of silver and 60,000 - 75,000 ounces of gold
Adjusted CAS¹ for 2025 are expected to be $14.50 - $16.50 per silver ounce and $1,250 - $1,450 per gold ounce
Capital expenditures are expected to be $57 - $70 million, which reflects an eight-million-ton stripping campaign for the removal of Stage I and II legacy leach pads to access ore zones in the eastern portion of the open pit, modifications after startup of the crusher corridor and final negotiated payment with a key contractor of the expansion construction
Exploration investment in 2025 is expected to be $13 - $16 million ($11 - $12 million expensed and $2 - $4 million capitalized)

Kensington, Alaska

*(Dollars in millions, except per ounce amounts)*		2Q 2025			1Q 2025			4Q 2024			3Q 2024			2Q 2024
Tons milled		192,169			185,344			183,639			165,916			182,043
Average gold grade (oz/t)		0.15			0.13			0.16			0.16			0.14
Average recovery rate		91.8	%		93.3	%		91.8	%		90.4	%		92.3	%
Gold ounces produced		26,555			22,715			26,931			24,104			23,202
Gold ounces sold		26,751			22,205			25,839			24,800			23,539
Average realized price per gold ounce, gross	$	3,410		$	2,990		$	2,702		$	2,563		$	2,223
Treatment and refining charges per gold ounce	$	56		$	53		$	53		$	56		$	52
Average realized price per gold ounce, net	$	3,354		$	2,937		$	2,649		$	2,507		$	2,171
Metal sales	$	89.8		$	65.2		$	68.3		$	62.2		$	51.1
Costs applicable to sales⁴	$	46.1		$	42.2		$	39.7		$	38.1		$	40.7
Adjusted CAS per AuOz¹	$	1,713		$	1,882		$	1,529		$	1,539		$	1,734
Prepayment, working capital cash flow	$	—		$	(12.1	)	$	(12.9	)	$	11.8		$	(11.8	)
Exploration expense	$	1.5		$	3.3		$	0.7		$	2.0		$	1.3
Cash flow from operating activities	$	36.0		$	5.9		$	8.5		$	38.1		$	(7.2	)
Sustaining capital expenditures (excludes capital lease payments)	$	12.3		$	15.2		$	18.9		$	20.0		$	16.5
Development capital expenditures	$	4.0		$	0.3		$	—		$	—		$	—
Total capital expenditures	$	16.3		$	15.5		$	18.9		$	20.0		$	16.5
Free cash flow¹	$	19.7		$	(9.6	)	$	(10.4	)	$	18.1		$	(23.7	)

Operational

Gold production in the second quarter increased to 26,555 ounces compared to 22,715 ounces in the prior period and 23,202 ounces in the second quarter of 2024
Stronger production during the quarter was driven by higher tons milled and higher average gold grade offset by lower recoveries

Financial

Second quarter adjusted CAS¹ decreased to $1,713 per ounce compared to $1,882 per ounce in the prior period, due primarily to increased metal sales
Capital expenditures increased 5% quarter-over-quarter to $16 million. The second quarter marked the end of the multi-year underground mine development program at Kensington
Free cash flow¹ in the second quarter increased to $20 million, reflecting increased metals sales

Exploration

Exploration investment in the second quarter totaled approximately $5 million ($2 million expensed and $3 million capitalized), compared to $5 million ($3 million expensed and $2 million capitalized) in the prior period
Drilling at Kensington is progressing exceptionally well, with drill footage targets achieved ahead of schedule and under budget during the quarter. Drill targets include Elmira, Upper and Lower Kensington and Johnson
At Elmira and Elmira South, second quarter drilling was focused primarily on infill work. Notably, the newly-discovered Elmira Hanging Wall Zone first identified in 2024 returned several high-grade intercepts and is expected to be included in the year-end 2025 resource estimates for the first time
In Upper Kensington, both expansion and infill drilling at Zones 30 and 30B continue to return high-grade intercepts. Additionally, expansion drilling in Zone 10 (Lower Kensington) is extending the mineralization up-dip into Upper Kensington
Following very strong results from initial test drilling at the Johnson target in 2024, an increased budget of $1.6 million was approved during the quarter. Drilling is ongoing, and this area is also expected to contribute to year-end reserve and resource estimates
Due to excellent progress across the Kensington programs this year, the number of active drill rigs will be reduced in the second half. During the summer, one rig is expected to be dedicated to scout drilling on a new target called Ivanhoe and Hope, located approximately 1.2 miles northwest of the Kensington mine workings

Guidance

Full-year 2025 production is expected to be 92,500 - 107,500 gold ounces
Adjusted CAS¹ in 2025 are expected to be $1,700 - $1,900 per gold ounce
Capital expenditures are expected to be $55 - $64 million, which reflects the completion of the multi-year development and exploration program in the first half of the year as well as an $18 - $22 million investment to raise the main tailings storage facility embankment as part o

Coeur Reports Second Quarter 2025 Results