Coeur Mining Inc

Record quarter + major balance sheet step-change (good/surprising): Q2 delivered record quarterly revenue (~$1.1B, +27% QoQ), record adjusted EBITDA ($478M) and record free cash flow (~$388M, +45% QoQ) even though it was one of the lighter production quarters expected for 2026. Ending cash surpassed $1B for the first time and liquidity exited the quarter at >$2B (cash at $1.1B at June 30, ~2x YE 2025). A big contributor: first full quarter of Canadian asset ownership (New Afton + Rainy River) delivered ~45% of consolidated free cash flow (~$175M) while both were still ramping.

Material non-cash acquisition accounting at Rainy River (bad/important to model): Rainy River’s purchased inventory fair-value uplift is flowing through earnings/EBITDA/CAS non-cashly under US GAAP. Management highlighted ~$140M impact in Q2 (~$0.10/share) and guided that ~$38M of remaining impact should flow through in Q3, with the effect largely gone by Q4. They also quantified magnitude: Q2 Rainy River CAS impact ~ $2,036/oz (of total $3.79k/oz CAS at Rainy River), and consolidated CAS impact ~ $834/oz (of total $2.44k/oz).

Guidance reset for Canadian assets due to ramp timing + execution gaps (challenge/risk but manageable): - New Afton: Production ramp to 16k tonnes/day now expected ~early Q4 (vs earlier expectation to reach it by end of Q2), driven mainly by prudent cave draw management/healthy cave propagation (timing + grade recovery effects from where they draw in the cave as it propagates). Also guided that grade/recovery should improve as draw shifts. - Rainy River: Underground mining rates were below planned in Q2 due to short-term execution/tactical bottlenecks (trucks/personnel/infrastructure) after development outpaced mining. Fixes are in place: underground jumped from ~2.3k tpd (Q2 avg) to ~3.3k tpd in July (>40%) and the plan is to reach 5k tpd by year-end (with ramp looking fairly linear into Dec, with 5k as end-of-year level, not average of Q4). Management expects a very quick payback on the additional capital/opex for the gaps.