Coeur Mining, Inc. Mining Forum Americas 2026

Yeah. It was a busy first half of the year for us. The main thing that happened was we closed the New Gold transaction in late March, so the second quarter was the beginning of having two new Canadian assets at Rainy River in Ontario and New Afton out in British Columbia. Like you said, a very back half-weighted year here in 2026, but this is really the coming out year for the company after a few years of heavy lifting, investing in some internal expansions, aggressive exploration, $9 billion of M&A the last two years. Now this is sort of the first year where all of that kind of comes together, and we should produce this year about 630,000 ounces of gold, around 19 million ounces of silver and about 40 million pounds of copper.

That means our revenue mix will be about 65% gold, 30% silver, 5% copper. So that's a nice mix from seven operations, all North America, two in Mexico, three in the U.S. and now two in Canada. 2027 will be an even better year because we'll have New Gold's assets for a full 12 months. So back half of the year is really driven by some ramp-ups that are going on, not only at New Afton with a new C-Zone, that's a block caving operation, and that C-Zone is just ramping up here in the back half of 2026. At the Rainy River asset, that's an underground mine ramp-up here in the second half of the year, so that's another catalyst in the second half of the year.

Our Rochester silver and gold mine out in Nevada has a very second half-weighted year based on an expanded leach pad that we put in place in the first half of the year. So we've got a lot of material close to liner that should give us a nice surge of ounces in the back half of the year. Our Wharf mine out in South Dakota in the Black Hills, which is an amazing asset, has a very second half-weighted year as well. They had some crusher projects in the first half of the year, and now they're on a pretty rapid trajectory here for a strong second half. So you add all that stuff up and, yeah, second half's going to be very exciting for us.

Yeah. No, I think what we did in the second quarter was we dialed back full-year guidance just to kind of level set after having taken over the reins there really starting April 1.

To give us a more achievable set of guidance numbers for 2026. I would call those sort of near term, short term related tweaks. The longer term, if both of those assets, if anything, I think we are probably more excited about them now than we were from during our due diligence. I mentioned C-Zone at New Afton, that is the new cave right now. But on the back of that is K-Zone.

We put out an initial resource on that just after the transaction closed with a total resource of about 54 million tons. The current reserve at New Afton from the C-Zone is something like 35 million tons.

We will bring along that K-Zone to be ready when the C-Zone is done, probably around 2032, and that should give New Afton a really long mine life beyond into the 2040s. At Rainy River, what makes us excited is, yeah, we are in the middle of this ramp-up on the underground, but there is a lot of open pit potential still there at Rainy River. There is a beautiful 26,000 tonne a day mill that we want to keep full for as long as possible from a mix of open pit and underground material. That is probably one of the biggest value drivers that we have in the entire business. We will be spending a lot of time on unlocking that value here in coming years.

Yeah. Tailings capacity there is sufficient, probably a little more than sufficient for the current life of mine, which goes out, I think, to 2035 or 2036.

As we hopefully unlock some of this additional mine life, Yeah we'll have to find a place for that additional tailings.