Coeur Mining, Inc.CDE
Coeur Mining, Inc. Segments Disclosure
SEGMENT REPORTING
(1) Excludes amortization.
(1) Excludes amortization.
(1) Excludes amortization.
The Company’s operating segments include the Las Chispas, Palmarejo, Rochester, Kensington and Wharf mines, and the Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
The Company’s Chief Operating Decision Maker (“CODM”), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Executive Vice President and Chief Financial Officer, and Michael Routledge, Executive Vice President and Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations. The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes. The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies.
Financial information relating to the Company’s segments is as follows (in thousands):
| Year Ended December 31, 2025 | Las Chispas | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Other | Total | |||||||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
| Gold sales | $ | 203,234 | $ | 218,064 | $ | 210,680 | $ | 377,693 | $ | 334,058 | $ | — | $ | — | $ | 1,343,729 | |||||||||||||||||||||||||||||||
| Silver sales | 218,197 | 255,700 | 247,362 | 17 | 5,121 | — | — | 726,397 | |||||||||||||||||||||||||||||||||||||||
| Metal sales | 421,431 | 473,764 | 458,042 | 377,710 | 339,179 | — | — | 2,070,126 | |||||||||||||||||||||||||||||||||||||||
| Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 201,684 | 191,657 | 209,114 | 179,054 | 116,928 | — | — | 898,437 | |||||||||||||||||||||||||||||||||||||||
| Amortization | 94,213 | 37,015 | 69,283 | 39,295 | 6,558 | 3,903 | 832 | 251,099 | |||||||||||||||||||||||||||||||||||||||
| Exploration | 10,421 | 18,527 | 8,566 | 7,776 | 7,416 | 31,165 | 2,721 | 86,592 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses(2) | 2,162 | 7,691 | 12,155 | 7,930 | 5,692 | 12,338 | 79,017 | 126,985 | |||||||||||||||||||||||||||||||||||||||
| Costs and expenses | 308,480 | 254,890 | 299,118 | 234,055 | 136,594 | 47,406 | 82,570 | 1,363,113 | |||||||||||||||||||||||||||||||||||||||
| Income (loss) from operations | 112,951 | 218,874 | 158,924 | 143,655 | 202,585 | (47,406) | (82,570) | 707,013 | |||||||||||||||||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||
| Loss on debt extinguishment | — | — | (106) | (7) | — | — | — | (113) | |||||||||||||||||||||||||||||||||||||||
| Fair value adjustments, net | — | — | (342) | — | — | — | (342) | ||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (131) | (315) | (9,480) | (361) | (158) | — | (20,497) | (30,942) | |||||||||||||||||||||||||||||||||||||||
Other, net(3) | 12,224 | (5,615) | (446) | (459) | (178) | (83) | 1,479 | 6,922 | |||||||||||||||||||||||||||||||||||||||
| Income (loss) before income and mining taxes | 125,044 | 212,944 | 148,550 | 142,828 | 202,249 | (47,489) | (101,588) | 682,538 | |||||||||||||||||||||||||||||||||||||||
| Income and mining tax (expense) benefit | (78,183) | (103,526) | (9,004) | (1,687) | (19,098) | — | 114,832 | (96,666) | |||||||||||||||||||||||||||||||||||||||
| Net Income (loss) | $ | 46,861 | $ | 109,418 | $ | 139,546 | $ | 141,141 | $ | 183,151 | $ | (47,489) | $ | 13,244 | $ | 585,872 | |||||||||||||||||||||||||||||||
Segment assets(4) | $ | 1,661,565 | $ | 311,672 | $ | 1,280,017 | $ | 263,614 | $ | 121,986 | $ | 220,285 | $ | 69,766 | $ | 3,928,905 | |||||||||||||||||||||||||||||||
| Capital expenditures | $ | 38,149 | $ | 25,534 | $ | 65,750 | $ | 65,635 | $ | 17,802 | $ | 7,112 | $ | 1,180 | $ | 221,162 | |||||||||||||||||||||||||||||||
(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other.
(3) See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.
(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.
| Year Ended December 31, 2024 | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Other | Total | ||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||||||||
| Gold sales | $ | 190,520 | $ | 91,541 | $ | 225,200 | $ | 227,600 | $ | — | $ | — | $ | 734,861 | |||||||||||||||||||||||||||
| Silver sales | 188,540 | 124,271 | (71) | 6,405 | — | — | 319,145 | ||||||||||||||||||||||||||||||||||
| Metal sales | 379,060 | 215,812 | 225,129 | 234,005 | — | — | 1,054,006 | ||||||||||||||||||||||||||||||||||
| Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 195,458 | 154,611 | 157,757 | 98,366 | — | — | 606,192 | ||||||||||||||||||||||||||||||||||
| Amortization | 44,979 | 41,293 | 28,201 | 6,487 | 3,235 | 779 | 124,974 | ||||||||||||||||||||||||||||||||||
| Exploration | 13,230 | 5,070 | 5,494 | 6,192 | 27,332 | 2,340 | 59,658 | ||||||||||||||||||||||||||||||||||
Other operating expenses(2) | 8,665 | 12,963 | 9,753 | 4,519 | 9,923 | 53,177 | 99,000 | ||||||||||||||||||||||||||||||||||
| Costs and expenses | 262,332 | 213,937 | 201,205 | 115,564 | 40,490 | 56,296 | 889,824 | ||||||||||||||||||||||||||||||||||
| Income (loss) from operations | 116,728 | 1,875 | 23,924 | 118,441 | (40,490) | (56,296) | 164,182 | ||||||||||||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||||||||||||||
| Gain on debt extinguishment | — | — | — | — | — | 417 | 417 | ||||||||||||||||||||||||||||||||||
| Fair value adjustments, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Interest expense, net | 324 | (5,081) | (1,681) | (544) | (11) | (44,283) | (51,276) | ||||||||||||||||||||||||||||||||||
Other, net(3) | 7,074 | (363) | (312) | (509) | (43) | 7,180 | 13,027 | ||||||||||||||||||||||||||||||||||
| Income (loss) before income and mining taxes | 124,126 | (3,569) | 21,931 | 117,388 | (40,544) | (92,982) | 126,350 | ||||||||||||||||||||||||||||||||||
| Income and mining tax (expense) benefit | (45,765) | (1,778) | (576) | (10,679) | — | (8,652) | (67,450) | ||||||||||||||||||||||||||||||||||
| Net Income (loss) | $ | 78,361 | $ | (5,347) | $ | 21,355 | $ | 106,709 | $ | (40,544) | $ | (101,634) | $ | 58,900 | |||||||||||||||||||||||||||
Segment assets(4) | $ | 316,232 | $ | 1,227,745 | $ | 223,525 | $ | 119,407 | $ | 219,613 | $ | 55,359 | $ | 2,161,881 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 30,621 | $ | 72,676 | $ | 68,656 | $ | 7,175 | $ | 3,597 | $ | 463 | $ | 183,188 | |||||||||||||||||||||||||||
(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other.
(3) See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.
(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.
| Year Ended December 31, 2023 | Palmarejo | Rochester | Kensington | Wharf | Silvertip | Other | Total | ||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||||||||
| Gold sales | $ | 155,036 | $ | 75,571 | $ | 162,010 | $ | 183,060 | $ | — | $ | — | $ | 575,677 | |||||||||||||||||||||||||||
| Silver sales | 158,171 | 80,451 | 468 | 6,439 | — | — | 245,529 | ||||||||||||||||||||||||||||||||||
| Metal sales | 313,207 | 156,022 | 162,478 | 189,499 | — | — | 821,206 | ||||||||||||||||||||||||||||||||||
| Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 194,309 | 171,271 | 152,659 | 114,657 | — | — | 632,896 | ||||||||||||||||||||||||||||||||||
| Amortization | 35,709 | 26,392 | 25,905 | 6,694 | 4,018 | 1,104 | 99,822 | ||||||||||||||||||||||||||||||||||
| Exploration | 7,840 | 1,221 | 7,900 | — | 12,251 | 1,750 | 30,962 | ||||||||||||||||||||||||||||||||||
Other operating expenses(2) | 8,064 | 26,005 | 3,440 | 4,157 | 17,104 | 37,471 | 96,241 | ||||||||||||||||||||||||||||||||||
| Costs and expenses | 245,922 | 224,889 | 189,904 | 125,508 | 33,373 | 40,325 | 859,921 | ||||||||||||||||||||||||||||||||||
| Income (loss) from operations | 67,285 | (68,867) | (27,426) | 63,991 | (33,373) | (40,325) | (38,715) | ||||||||||||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||||||||||||||
| Gain on debt extinguishment | — | — | — | — | — | 3,437 | 3,437 | ||||||||||||||||||||||||||||||||||
| Fair value adjustments, net | — | — | — | — | — | 3,384 | 3,384 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | 844 | (1,603) | (1,744) | (329) | (63) | (26,204) | (29,099) | ||||||||||||||||||||||||||||||||||
Other, net(3) | 4,590 | (293) | (311) | (396) | (129) | (10,924) | (7,463) | ||||||||||||||||||||||||||||||||||
| Income (loss) before income and mining taxes | 72,719 | (70,763) | (29,481) | 63,266 | (33,565) | (70,632) | (68,456) | ||||||||||||||||||||||||||||||||||
| Income and mining tax (expense) benefit | (26,016) | (816) | — | (7,047) | — | (1,277) | (35,156) | ||||||||||||||||||||||||||||||||||
| Net Income (loss) | $ | 46,703 | $ | (71,579) | $ | (29,481) | $ | 56,219 | $ | (33,565) | $ | (71,909) | $ | (103,612) | |||||||||||||||||||||||||||
Segment assets(4) | $ | 312,879 | $ | 1,081,442 | $ | 171,602 | $ | 102,245 | $ | 215,545 | $ | 59,324 | $ | 1,943,037 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 41,766 | $ | 263,401 | $ | 53,316 | $ | 2,472 | $ | 2,867 | $ | 795 | $ | 364,617 | |||||||||||||||||||||||||||
(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other.
(3) See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.
(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.
| Assets | December 31, 2025 | December 31, 2024 | |||||||||
| Total assets for reportable segments | $ | 3,928,905 | $ | 2,161,881 | |||||||
| Cash and cash equivalents | 553,597 | 55,087 | |||||||||
| Other assets | 213,180 | 84,779 | |||||||||
| Total consolidated assets | $ | 4,695,682 | $ | 2,301,747 | |||||||
Geographic Information
| Long-Lived Assets | December 31, 2025 | December 31, 2024 | |||||||||
| United States | $ | 1,315,939 | $ | 1,312,976 | |||||||
| Mexico | 1,815,259 | 267,144 | |||||||||
| Canada | 239,265 | 237,263 | |||||||||
| Other | 233 | 233 | |||||||||
| Total | $ | 3,370,696 | $ | 1,817,616 | |||||||
| Revenue | Year ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 1,174,931 | $ | 674,946 | $ | 507,999 | |||||||||||
| Mexico | 895,195 | 379,060 | 313,207 | ||||||||||||||
| Total | $ | 2,070,126 | $ | 1,054,006 | $ | 821,206 | |||||||||||
The Company’s doré, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company had seven trading counterparties at December 31, 2025. The Company's sales of doré and electrolytic cathodic sludge product produced by the Palmarejo, Las Chispas, Rochester, and Wharf mines amounted to approximately 82%, 79%, and 80%, of total metal sales for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company’s gold concentrate product from the Kensington mine is sold under a long-term offtake agreement and is shipped to geographically diverse third-party smelters who are responsible for arranging the smelting of the concentrate. The Company’s sales of concentrate produced by the Kensington amounted to approximately 18%, 21%, and 20% of total metal sales for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company believes that the loss of any one smelter, refiner, trader or third-party customer would not have a material adverse effect on the Company due to the liquidity of the markets and current availability of alternative trading counterparties.
The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years ended December 31, 2025, 2024, and 2023 (in millions):
| Year ended December 31, | ||||||||||||||||||||
| Customer | 2025 | 2024 | 0 | 2023 | Segments reporting revenue | |||||||||||||||
| Bank of Montreal | $ | 1,198.1 | $ | 445.6 | $ | 367.2 | Las Chispas, Palmarejo, Rochester, Wharf | |||||||||||||
| Ocean Partners | $ | 464.5 | $ | 484.5 | $ | 346.2 | Palmarejo, Rochester, Kensington, Wharf | |||||||||||||
| Asahi | $ | 360.2 | $ | 104.9 | $ | 63.7 | Las Chispas, Palmarejo, Rochester, Kensington, Wharf | |||||||||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.