Coeur Provides Exploration Update for New Afton and Rainy River

Coeur Mining, Inc. (CDE) released an exploration update for its two newly acquired Canadian mines, New Afton in British Columbia and Rainy River in Ontario, on September 22, 2026, after market close. The company announced a 2026 exploration budget of $158 million, with approximately $24 million allocated to New Afton and $18 million to Rainy River. This figure represents the midpoint of guidance previously published on August 5, 2026.

At New Afton, infill drilling confirmed existing mineralization and outlined potential for future upside to overall grades at the K-Zone. Expansion drilling extended mineralization by more than 300 meters beyond the original footprint of approximately 850 meters. The Western K-Zone (D-Zone Gap) was extended by approximately 150 meters, and the East Picrite Trend was extended at least 100 meters to the southeast. The maiden K-Zone resource, announced on March 23, 2026, cited 48 million tonnes of measured and indicated resources and 6 million tonnes of inferred resources. New Afton’s 2025 proven and probable reserves stand at 36 million tonnes at 0.67 g/t Au and 0.74% Cu.

Reported K-Zone intercepts, all stated as estimated true widths, include:

• EA26-631: 26.3 m at 1.8 g/t Au and 1.84% Cu, plus 20.0 m at 0.6 g/t Au and 1.26% Cu
• EA26-641: 23.6 m at 2.0 g/t Au and 2.00% Cu, plus 33.4 m at 0.3 g/t Au and 0.77% Cu
• EA26-624: 175.8 m at 0.5 g/t Au and 0.88% Cu
• EA26-644: 33.1 m at 1.5 g/t Au and 1.40% Cu
• EA26-628: 23.6 m at 0.6 g/t Au and 1.15% Cu, plus 23.9 m at 0.2 g/t Au and 0.26% Cu
• EA26-632: 30.7 m at 0.7 g/t Au and 0.69% Cu, plus 11.5 m at 0.3 g/t Au and 0.51% Cu

Intercepts from the East Picrite Trend include:

• EA26-623: 124.6 m at 1.1 g/t Au and 1.25% Cu (plus 29.8 m at 0.7 g/t Au and 1.00% Cu)
• EA26-630B: 64.1 m at 1.1 g/t Au and 1.36% Cu
• EA25-569B: 88.6 m at 1.0 g/t Au and 1.44% Cu
• EA26-640: 68.7 m at 1.0 g/t Au and 1.49% Cu (plus 39.5 m at 0.3 g/t Au and 0.25% Cu)

At Rainy River, the ODM Main Zone was expanded more than 150 meters down-plunge, while Zone 17 extended more than 200 meters down-plunge. The Intrepid zone extended more than 40 meters laterally and more than 200 meters down-plunge. The 114 Zone, located below the Phase 5 pit, was identified and remains open at depth. Infill drilling closed a 275 m by 150 m gap in the core of the ODM Main Zone. A 24-hole, 3,863-meter near-surface reverse circulation program tested the saddle between the planned NWT and Phase 5 pits, with 12 of 24 holes meeting or exceeding expectations.

Highlighted Rainy River intercepts, stated as true widths, include:

• RR26-2119B: 8.1 m at 14.8 g/t Au
• RR26-2123: 7.9 m at 10.8 g/t Au
• RR26-2108-W2: 5.8 m at 3.6 g/t Au
• RR26-2110-W1A: 5.8 m at 43.6 g/t Au
• RR26-2109-W1: 10.5 m at 5.6 g/t Au
• RR26-2109: 11.6 m at 1.8 g/t Au
• RR26-2112-W2: 4.3 m at 10.3 g/t Au
• RR26-2113: 13.4 m at 1.8 g/t Au
• RR25-2081-W1: 3.3 m at 12.9 g/t Au
• RC26-025: 6.0 m at 4.8 g/t Au
• RC26-015: 15.8 m at 1.1 g/t Au
• RC26-008: 11.6 m at 0.7 g/t Au

Coeur Mining, Inc. (CDE) is a senior producer operating seven mines, reporting Q2 2026 revenue of US$1.086 billion, record adjusted EBITDA of US$478 million, and record free cash flow of US$388 million. The company holds approximately US$1.05-1.1 billion in cash. This recent release does not alter any reserve, resource, or production numbers, serving instead as confirmation-and-extension drilling at two mines that together contribute roughly a quarter of group revenue.

The >300 m K-Zone footprint extension was previously disclosed on the Q2 2026 earnings call, with management noting the "K Zone footprint expanded >300m in 2026, with grades holding up; FS preparation is underway." The $158M budget and the maiden K-Zone resource date from March. The new information in this release centers on assay detail, specifically the East Picrite grades, the western D-Zone Gap confirmation, and the Rainy River high-grade shoot extensions.

The K-Zone maiden resource, dated 2026-03-23, serves as the anchor result for New Afton. The stock moved from US$24.12 on 2026-03-20 to US$28.88 on 2026-09-22, a path that included a round trip to US$19.93 on 2026-07-20. Consequently, the anchor is not embedded as the bar this release must clear.

The threshold for materiality is whether this changes scale, grade, or odds of the system relative to a ~US$30 billion equity. K-Zone is already a 48 Mt M&I resource grading roughly 0.47 g/t Au and 0.58% Cu (about 1.13 g/t AuEq, or 0.99% CuEq). East Picrite assays at double that CuEq grade are an encouraging indication of grade upside, but there are no tonnes, no cutoff, no metallurgy, and no resource update attached. Drilling that confirms and slightly grows an asset inside a company this size will not move NAV by 15% on its own.

A year-end reserve/resource update that converts the Rainy River inferred blocks to M&I, adds new K-Zone reserves from the 150-300 m extensions, and demonstrates a grade uplift from East Picrite into the plan would be material. This release is the input to that, not the event.

Coeur Mining, Inc. (CDE) is a US-based precious metals producer operating seven wholly owned mines: New Afton (gold-copper, BC, Canada), Rainy River (gold-silver, Ontario, Canada), Las Chispas (silver-gold, Sonora, Mexico), Palmarejo (gold-silver, Chihuahua, Mexico), Rochester (silver-gold, Nevada), Kensington (gold, Alaska), and Wharf (gold, South Dakota). The company also holds the wholly owned Silvertip polymetallic critical minerals project in BC. Its production mix consists of approximately 64% gold, 30% silver, and 6% copper.

The acquisition of New Gold closed on March 20, 2026, resulting in the issuance of approximately 392.7 million Coeur shares at a rate of 0.4959 per New Gold share. This transaction increased the total share count to approximately 1.03 billion. Following the deal, the company began trading on the TSX under the ticker "CDE."

For the second quarter of 2026, ending June 30, 2026, Coeur reported revenue of US$1,085.6 million, operating income of US$216.5 million, and net income of US$121.9 million, or US$0.12 per share. Operating cash flow for the period was US$513.2 million. For the first half of 2026, revenue totaled US$1,941.8 million and net income was US$368.6 million.

As of the end of Q2 2026, the balance sheet showed cash of US$1,052.3 million, total debt of US$705.3 million, and total equity of US$10,409.5 million. With 1,028.5 million shares outstanding, the book value per share was US$10.12. At a price of US$28.88, the stock trades at roughly 2.9 times book value, with a market capitalization of approximately US$29.7 billion. This figure contrasts with an investor presentation that cited a market capitalization of approximately US$18 billion, which implied a share price of US$17.50 based on the reported share count—a figure not present in the provided price series. The discrepancy is attributed to the presentation likely using a pre-New Gold share count of approximately 640 million shares at a price of roughly US$28.

Full-year 2026 guidance targets approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper. At gold prices of $4,000/oz, silver prices of $60/oz, and copper prices of $6.00/lb, the company projects approximately US$2.3 billion in adjusted EBITDA and US$1.5 billion in free cash flow. Capital return plans include a US$750 million share repurchase authorization, of which US$110.4 million was repurchased through June 30, and an inaugural semi-annual dividend of US$0.02.