CDEHIGH SIGNALFINANCIAL10-K

Coeur Mining experienced a dramatic decline in gross profit alongside a major acquisition announcement and significant debt reduction.

The substantial deterioration in gross profit indicates serious operational challenges or one-time impacts that investors need to understand better. The announced acquisition of New Gold Inc. represents a major strategic shift that could transform the company's scale and portfolio, though execution risk remains high given the current operational performance issues.

Comparing 2026-02-18 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows concerning operational performance with gross profit falling substantially from $219.9M to $49.5M, while interest expense grew modestly to $29.1M. However, the company improved its balance sheet positioning by reducing total debt meaningfully from $380.0M to $266.4M, though current liabilities increased to $393.1M. The combination of sharply declining profitability alongside strategic debt reduction and a major acquisition announcement suggests the company is navigating significant operational challenges while pursuing growth through M&A.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
-77.5%
$219.9M→$49.5M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Debt
Balance Sheet
-29.9%
$380.0M→$266.4M

Debt reduced 29.9% — deleveraging strengthens balance sheet and reduces financial risk.

Interest Expense
P&L
+22%
$23.9M→$29.1M

Interest costs rose 22% — monitor debt levels and coverage ratio in rising rate environment.

Current Liabilities
Balance Sheet
+18.8%
$330.8M→$393.1M

Current liabilities rose 18.8% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-19
ADDED
OUR BUSINESS Operating Segments We produce and sell precious metals from the following operating segments: The Las Chispas underground silver-gold mine, located in the State of Sonora in northern Mexico, which began operations in 2022 and was acquired by Coeur in early 2025.
The Palmarejo silver-gold complex, located in the State of Chihuahua in northern Mexico, which has been in operation since 2009.
The Wharf open pit heap leach gold mine, located near Lead, South Dakota, which began operations in 1982.
On November 2, 2025, the Company entered into a definitive agreement (the Arrangement Agreement ) whereby, a wholly-owned subsidiary of Coeur ( Canadian Sub ) would acquire all of the issued and outstanding shares of New Gold Inc.
( New Gold ) pursuant to a court-approved plan of arrangement (the New Gold Transaction ).
Under the terms of the Arrangement Agreement, New Gold shareholders were to receive 0.4959 Coeur common shares for each New Gold common share (the Exchange Ratio ).
The New Gold Transaction is anticipated to close in the first half of 2026, subject to relevant regulatory approvals and routine closing conditions.
Coeur s presence in Canada is expected to grow with the addition of two Canadian operations, the New Afton gold-copper mine and the Rainy River gold-silver mine, as a result of the acquisition.
For additional information, see Item 1A Risk Factors , Item 7A Quantitative and Qualitative Disclosures About Market Risk and Note 14 Derivative Financial Instruments in the notes to the Consolidated Financial Statements .
Expenditures for environmental compliance in 2026 are expected to range from $18.1 million to $28.1 million, which includes New Gold assets.
REMOVED
OUR BUSINESS Operating Segments We produce and sell precious metals from the following operating segments: The Palmarejo gold-silver complex, located in the State of Chihuahua in northern Mexico, which has been in operation since 2009.
The Wharf open pit heap leach gold mine, located near Lead, South Dakota, which was acquired by Coeur in 2015.
The newly acquired Las Chispas underground silver-gold mine, located in the State of Sonora in northern Mexico, which began operations in 2022.
For additional information, see Item 1A Risk Factors , Item 7A.
Quantitative and Qualitative Disclosures About Market Risk and Note 13 Derivative Financial Instruments in the notes to the Consolidated Financial Statements .
Expenditures for environmental compliance in 2025 are expected to range from $12.3 million to $13.3 million.
We are in the process of amending existing permits at our Palmarejo complex, including a significant operating permit that is set to expire in October 2025, to support future planned activities.
At December 31, 2024, we had approximately 2,116 employees (1,176 in the U.S., 71 in Canada and 869 in Mexico) and over 700 people were working as contractors in support of Coeur s operations.
The newly acquired Las Chispas mine has 314 employees and approximately 775 people working as contractors.
Employee participation in 2023 was 84%, which exceeded industry benchmarks.
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