Coeur Mining Issues Major Company Update Following New Gold Acquisition

Chicago, Illinois — March 23, 2026 — Coeur Mining, Inc. (NYSE, TSX: CDE) has released a comprehensive corporate update following the successful closing of its acquisition of New Gold Inc. on March 20, 2026. This update includes the first consolidated 2026 guidance incorporating the newly acquired New Afton and Rainy River mines, updated mineral reserves and resources, and a significant overhaul of its capital return program. Below, we break down the critical details for investors and shareholders.

Key Highlights for Investors

• Significant Production Growth Post-Acquisition: With nine months of contributions from New Afton and Rainy River, Coeur expects 2026 consolidated production of:
  • Gold: 680,000 – 815,000 ounces
  • Silver: 18.7 – 21.9 million ounces
  • Copper: 50 – 65 million pounds

  This marks a dramatic increase from 2025 production (419,046 gold ounces and 17.9 million silver ounces) and signals a transformative jump in the company’s growth trajectory. The acquisition is expected to drive an 80% increase in gold output and introduce substantial copper production, enhancing Coeur’s profile as a senior diversified precious metals producer.

• Robust Capital Return Program: The Board announced a major expansion to shareholder returns:
  • \$750 million share repurchase program — replacing the previous \$75 million program
  • Inaugural semiannual cash dividend: \$0.02 per share, anticipated to be paid in June and December each year
  • New \$1.0 billion revolving credit facility — further strengthening liquidity and replacing the previous \$400 million line
• Updated Reserves and Resources:
  • New Afton:
    • Proven & probable reserves: 36.2 million tonnes (780,000 oz gold, 2.1 million oz silver, 591 million lbs copper)
    • Measured & indicated resources: 104.7 million tonnes (1.5 million oz gold, 5.6 million oz silver, 1.2 billion lbs copper)
    • Maiden K-Zone resource: 47.6 million tonnes (715,000 oz gold, 2.9 million oz silver, 606 million lbs copper), with inferred resources open for expansion and a feasibility study planned for H2 2026
    • Mine life extended to 2032; production ramp-up to 15,000 tpd from C-Zone in H1 2026
    • Life-of-mine EBITDA: \$3.4 billion; Free cash flow: \$2.8 billion (reserves only)
  • Rainy River:
    • Proven & probable reserves: 2.2 million oz gold, 5.6 million oz silver
    • Mine life extended by two years to 2035
    • Annual production (next 3 years): 287,000 oz gold, 527,000 oz silver
    • Life-of-mine EBITDA: \$3.0 billion; Free cash flow: \$2.2 billion (reserves only)
    • Addition of Northwest extension to the open pit and ongoing underground transition
• Strong Financial Policy & Future Growth:
  • Targeting a net cash position, strong balance sheet, and flexible liquidity
  • 2026 exploration budget: ~\$160 million, with \$500 million earmarked for sustaining and development capex
  • Ongoing organic growth projects include Rochester leach pad expansion, Kensington tailings, Silvertip project, and K-Zone at New Afton
• 2026 Detailed Guidance:
  • Gold CAS (costs applicable to sales): \$700 – \$2,350/oz (mine-dependent)
  • Silver CAS: \$12.50 – \$25.00/oz
  • Copper CAS: \$1.20 – \$1.35/lb
  • Total sustaining capital: \$291 – \$337 million (Coeur + New Gold mines)
  • Total development capital: \$146 – \$189 million
  • Exploration: \$147 – \$169 million (\$118 – \$132 million expensed, \$29 – \$37 million capitalized)
  • G&A: \$90 – \$100 million
  • Cash income and mining taxes: \$475 – \$600 million; Effective tax rate: 30% – 36%
• Conference Call: Coeur will host a call March 23, 2026, at 11:00 a.m. Eastern to discuss these results, with details available on their website.

Key Issues for Shareholders

• Major Increase in Capital Returns: The launch of a \$750 million buyback and new dividend policy reflect confidence in cash flows and financial strength. This is a sharp increase versus the prior buyback plan and marks the first regular dividend, both of which are likely to be seen as shareholder-friendly and could be share price catalysts.
• Material Upgrades in Production and Reserves: The acquisition adds scale, diversity, and mine life, making Coeur a larger player in North American precious metals. The increase in gold production by 80% and the introduction of significant copper output could re-rate the company’s valuation multiples.
• Growth Pipeline and Exploration Upside: The K-Zone at New Afton provides notable future mine life extension potential, with a feasibility study beginning in H2 2026. The focus on organic growth (Silvertip, Palmarejo, Rochester, Kensington) supports long-term optionality.
• Risk Factors: As always, shareholders should monitor risks including commodity price volatility, execution on mine plans, exploration success, permitting, and integration of new assets. The company’s substantial increase in capex and exploration could impact short-term free cash flow if metal prices weaken or operational issues arise.
• Financial Strength: The expanded \$1.0 billion credit facility and net cash policy support resilience through commodity cycles.

Summary Table: 2026 Production Guidance

Outlook

With the closing of the New Gold acquisition, Coeur Mining has repositioned itself as a major North American precious metals producer—delivering scale, diversification, and a robust pipeline of growth projects. The company is set to reward shareholders with enhanced capital returns, while maintaining a disciplined approach to balance sheet strength and organic growth. The sizable increase in production guidance, expanded reserves, and resource base, as well as the launch of a regular dividend and a major buyback, are all potentially share price-moving events. Investors should closely monitor execution, commodity prices, and exploration results as the company enters this new phase.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with financial professionals before making investment decisions. Forward-looking statements are inherently subject to risks that could cause actual results to differ materially. Please refer to Coeur Mining’s official filings and disclosures for a comprehensive discussion of risks and assumptions.

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