COEUR MINING, INC., 10-K filed on 2/18/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2025
Feb. 16, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 1-8641    
Entity Registrant Name COEUR MINING, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 82-0109423    
Entity Address, Address Line One 200 South Wacker Drive    
Entity Address, Address Line Two Suite 2100    
Entity Address, City or Town Chicago    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 60606    
City Area Code 312    
Local Phone Number 489-5800    
Title of 12(b) Security Common Stock (par value $.01 per share)    
Trading Symbol CDE    
Security Exchange Name NYSE    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 5,605,534,558
Entity Common Stock, Shares Outstanding   642,097,555  
Entity Central Index Key 0000215466    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Entity Voluntary Filers No    
Document Annual Report true    
Entity Well-known Seasoned Issuer Yes    
v3.25.4
Audit Information
12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Grant Thornton LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 248
v3.25.4
Cover
12 Months Ended
Dec. 31, 2025
Cover [Abstract]  
Documents Incorporated by Reference
Certain information called for by Part III of the Form 10-K is incorporated by reference from the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders which will be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 553,597 $ 55,087
Receivables 69,160 29,930
Inventory 163,330 78,617
Ore on leach pads 157,461 92,724
Prepaid expenses and other 29,129 16,741
Current assets 972,677 273,099
NON-CURRENT ASSETS    
Property, plant and equipment and mining properties, net 2,744,884 1,817,616
Goodwill 625,812 0
Ore on leach pads, noncurrent 119,446 106,670
Restricted assets 9,114 8,512
Receivables, Net, Current 19,683 19,583
Deferred Income Tax Assets, Net 140,553 3,632
Other assets 63,513 72,635
Total consolidated assets 4,695,682 2,301,747
CURRENT LIABILITIES    
Accounts payable 148,872 125,877
Accrued liabilities and other 212,213 156,609
Debt 16,996 31,380
Reclamation 15,063 16,954
Current liabilities 393,144 330,820
NON-CURRENT LIABILITIES    
Debt 323,537 558,678
Reclamation 262,448 243,538
Deferred tax liabilities 322,983 7,258
Other long-term liabilities 80,519 38,201
Non-current liabilities $ 989,487 $ 847,675
Common stock, shares outstanding (in shares) 642,092,761 399,235,632
STOCKHOLDERS' EQUITY    
Common stock, par value $0.01 per share; authorized 900,000,000 shares, 642,092,761 issued and outstanding at December 31, 2025 and 399,235,632 at December 31, 2024 $ 6,421 $ 3,992
Additional paid-in capital 5,783,019 4,181,521
Accumulated deficit (2,476,389) (3,062,261)
Stockholders' equity 3,313,051 1,123,252
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,695,682 $ 2,301,747
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 642,092,761 399,235,632
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
STOCKHOLDERS' EQUITY    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 642,092,761 399,235,632
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue $ 2,070,126 $ 1,054,006 $ 821,206
COSTS AND EXPENSES      
Amortization 251,099 124,974 99,822
General and administrative 57,197 47,727 41,605
Pre-development, reclamation, and other 69,788 51,273 54,636
Total costs and expenses 1,363,113 889,824 859,921
Income (loss) from operations 707,013 164,182 (38,715)
OTHER INCOME (EXPENSE), NET      
(Gain) loss on debt extinguishment (113) 417 3,437
Fair value adjustments, net, pretax (342) 0 3,384
Interest expense, net of capitalized interest (30,942) (51,276) (29,099)
Other, net [1] 6,922 13,027 (7,463)
Total other income (expense), net (24,475) (37,832) (29,741)
Income (loss) before income and mining taxes 682,538 126,350 (68,456)
Income and mining tax (expense) benefit (96,666) (67,450) (35,156)
NET INCOME (LOSS) 585,872 58,900 (103,612)
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax:      
Unrealized gain (loss) on hedger, net of tax 0 (18,507) (318)
Reclassification adjustments for realized (gain) loss on cash flow hedges 0 (17,176) 10,694
Other comprehensive income (loss) 0 (1,331) (11,012)
COMPREHENSIVE INCOME (LOSS) $ 585,872 $ 57,569 $ (114,624)
Basic EPS      
Earnings Per Share, Basic $ 0.96 $ 0.15 $ (0.30)
Diluted EPS      
Earnings Per Share, Diluted $ 0.95 $ 0.15 $ (0.30)
Accumulated Deficit [Member]      
OTHER INCOME (EXPENSE), NET      
NET INCOME (LOSS) $ 585,872 $ 58,900 $ (103,612)
Product      
COSTS AND EXPENSES      
Costs applicable to sales [2] 898,437 606,192 632,896
Mineral, Exploration      
COSTS AND EXPENSES      
Costs applicable to sales $ 86,592 $ 59,658 $ 30,962
[1] See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.
[2] Excludes amortization.
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 585,872 $ 58,900 $ (103,612)
Adjustments:      
Amortization 251,099 124,974 99,822
Accretion 20,978 18,208 16,381
Deferred income taxes (161,015) (8,734) (1,495)
(Gain) loss on debt extinguishment 113 (417) (3,437)
Fair value adjustments, net 342 0 (3,384)
Stock-based compensation 19,209 12,022 11,361
Gain (Loss) on Disposition of Assets 0 4,250 25,197
Inventory Write-down 0 3,235 40,247
Revenue Recognized (42,824) (55,562) (25,468)
Acquired inventory purchase price allocation 93,477 0 0
Foreign exchange and other 4,306 5,483 3,215
Changes in operating assets and liabilities:      
Receivables (6,688) (504) 933
Prepaid expenses and other current assets 72,634 2,777 (461)
Inventories (51,798) (69,640) (47,592)
Accounts payable and accrued liabilities 101,174 79,242 55,581
Cash provided by (used in) operating activities 886,879 174,234 67,288
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (221,162) (183,188) (364,617)
Acquisitions, net 93,635 (10,000) 0
Proceeds from the sale of assets 13 37 8,546
Sale of investments 0 0 47,611
Proceeds from Collection of Notes Receivable 0 0 5,000
Other (328) (362) (239)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (127,842) (193,513) (303,699)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from Issuance of Common Stock 10,005 22,823 168,964
Issuance of notes and bank borrowings, net of issuance costs 166,500 391,500 598,000
Payments on long-term debt, capital leases, and associated costs (417,886) (398,348) (528,541)
Share repurchases (9,625) 0 0
Other (9,625) (2,085) (2,370)
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES (260,631) 13,890 236,053
Effect of exchange rate changes on cash and cash equivalents 425 (1,115) 567
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 498,831 (6,504) 209
Cash, cash equivalents and restricted cash at beginning of period 56,874 63,378 63,169
Cash, cash equivalents and restricted cash at end of period $ 555,705 $ 56,874 $ 63,378
v3.25.4
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Private Placement
Royalty Settlement [Domain]
At the market offering
Common Stock
Common Stock
Private Placement
Common Stock
Royalty Settlement [Domain]
Common Stock
At the market offering
Additional Paid-In Capital
Additional Paid-In Capital
Private Placement
Additional Paid-In Capital
Royalty Settlement [Domain]
Additional Paid-In Capital
At the market offering
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022         295,698,000                  
Beginning balance at Dec. 31, 2022 $ 889,016       $ 2,957       $ 3,891,265       $ (3,017,549) $ 12,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (103,612)                       (103,612)  
Other comprehensive income (loss) (11,012)                         (11,012)
Common stock issued for the extinguishment of Senior Notes (in shares)         25,191,000                  
Common stock issued for the extinguishment of Senior Notes 72,252       $ 253       71,999          
Common stock issued (in shares)           8,276,000   54,562,000            
Common stock issued   $ 21,018   $ 147,566   $ 83   $ 546   $ 20,935   $ 147,020    
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net (in shares)         2,556,000                  
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 8,675       $ 24       8,651          
Ending balance (in shares) at Dec. 31, 2023         386,283,000                  
Ending balance at Dec. 31, 2023 1,023,903       $ 3,863       4,139,870       (3,121,161) 1,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 58,900                       58,900  
Other comprehensive income (loss) (1,331)                         (1,331)
Common stock issued for the extinguishment of Senior Notes (in shares)         1,772,000                  
Common stock issued for the extinguishment of Senior Notes 5,368       $ 18       5,350          
Common stock issued (in shares)           7,705,000 738,000              
Common stock issued   $ 23,069 $ 3,406     $ 77 $ 7     $ 22,992 $ 3,399      
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net (in shares)         2,738,000                  
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 9,937       $ 27       9,910          
Ending balance (in shares) at Dec. 31, 2024         399,236,000                  
Ending balance at Dec. 31, 2024 1,123,252       $ 3,992       4,181,521       (3,062,261) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 585,872                       585,872  
Other comprehensive income (loss) 0                          
Common stock issued for the extinguishment of Senior Notes (in shares)         239,489,000                  
Common stock issued for the extinguishment of Senior Notes $ 1,590,091       $ 2,395       1,587,696          
Common stock issued (in shares)             595,000              
Common stock issued     $ 3,655       $ 6       $ 3,649      
Stock options exercised (in shares) 3,304,104       2,212,000                  
Stock options exercised $ 7,523       $ 22       7,501          
Stock repurchase program (in shares)         (814,000)                  
Stock repurchase program (9,624)       $ (7)       (9,617)          
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net (in shares)         1,375,000                  
Common stock issued/canceled under long-term incentive plans, annual incentive plans, director fees and options, net 12,282       $ 13       12,269          
Ending balance (in shares) at Dec. 31, 2025         642,093,000                  
Ending balance at Dec. 31, 2025 $ 3,313,051       $ 6,421       $ 5,783,019       $ (2,476,389) $ 0
v3.25.4
Basis of Presentation
12 Months Ended
Dec. 31, 2025
Basis of Presentation [Abstract]  
Basis of Accounting
Coeur Mining, Inc. (“Coeur” or the “Company”) is primarily a gold and silver producer with assets in the United States, Mexico and Canada. Coeur was incorporated as an Idaho corporation in 1928 under the name Coeur d’Alene Mines Corporation and on May 16, 2013, changed its state of incorporation from the State of Idaho to the State of Delaware and changed its name to Coeur Mining, Inc. Coeur’s corporate headquarters are in Chicago, Illinois.
v3.25.4
Summary Of Significant Accounting Policies
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and uncertainties
As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. Further, the carrying value of the Company’s property, plant and equipment and mining properties, net, inventories and ore on leach pads are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.
In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and impacts of global events could result in material impairment charges related to these assets.
Use of Estimates
The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units, goodwill and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Principles of Consolidation
The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Compania Minera La Llamarada, S.A. de C.V., Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., and Coeur Silvertip Holdings Ltd. All intercompany balances and transactions have been eliminated.
Cash and Cash Equivalents
Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. At certain times, amounts on deposit may exceed federal deposit insurance limits.
Receivables
Trade receivables and other receivable balances are recognized net of an allowance for credit losses. The allowance represents the portion of the amortized cost basis that the Company does not expect to collect due to credit over the contractual life of the receivables, taking into consideration past events, current conditions and reasonable and supportable forecasts of future economic conditions. As of December 31, 2025, the amount of credit loss recognized is not significant.
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes.
The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue and are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. The updated recoverable ounce estimate performed as part of the review of estimated recoverable metal is considered a change in estimate and was accounted for prospectively. As of December 31, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 55,944 and 9.6 million, respectively.
Metal and Other Inventory
Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities.
Property, Plant, and Equipment and Mining Properties, Net
Expenditures for new facilities, assets acquired pursuant to finance leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves.
Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include
engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves and are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production. Mine development costs are amortized using the units-of-production method over the estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.
Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into mineral reserve. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $21.0 million and $16.8 million in the years ended December 31, 2025 and 2024, respectively, were capitalized.
The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory.
Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value.
Impairment of Long-lived Assets
We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected gold, silver, lead and zinc prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans.
Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold, silver, lead and zinc that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineral resources could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling.
Gold, silver, zinc and lead prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors that may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally,
production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Impairment of Long-lived Assets.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The Las Chispas mine is considered a distinct reporting unit for purposes of goodwill impairment testing. Based on the December 31, 2025 review, the Company concluded that Goodwill was not impaired.
The Company may elect to perform a qualitative assessment to determine if it is more likely than not that the fair value exceeds the carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.
Restricted Assets
The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2025 and 2024, the Company held certificates of deposit and cash under these agreements of $9.1 million and $8.5 million, respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term.
Leases
We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, non-current with the related liabilities included in Accrued liabilities and other and Other long-term liabilities. Assets under finance leases, which primarily represent property and equipment, are included in Property, plant and equipment, net, with the related liabilities included in debt, current and debt, non-current on the Consolidated Balance Sheet.
Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate to determine the present value of lease payments. Variable components of the lease payments such as maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We have elected to not recognize operating lease assets and liabilities for short-term leases that have a lease term of twelve months or less. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components which are accounted for as a single lease component. See Note 8 -- Leases for additional information related to the Company’s operating and finance leases.
Reclamation
The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. See Note 10 -- Reclamation for additional information.
Foreign Currency
The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Monetary assets and liabilities are remeasured at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses remeasured at the average exchange rate for the current period. Foreign currency gains and losses are included in the determination of net income or loss.
Derivative Financial Instruments
The Company is exposed to various market risks, including the effect of changes in metal prices, foreign exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP.
The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices and foreign exchange rates. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. Assuming normal market conditions, the change in the market value of such derivative contracts has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs applicable to sales or Pre-development, reclamation and other in the same period the related expenses are incurred.
For derivatives not designated as hedging instruments, the Company recognizes derivatives as either assets or liabilities on the Consolidated Balance Sheets and measures those instruments at fair value. Changes in the value of derivative instruments not designated as hedging instruments are recorded each period in the Consolidated Statements of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue. Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 14 -- Derivative Financial Instruments and Hedging Activities for additional information.
Stock-based Compensation
The Company estimates the fair value of stock options using the Black-Scholes option pricing model. Stock options granted are accounted for as equity-based awards. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock-based compensation are included in General and administrative expenses, Costs applicable to sales, and Property, plant, and equipment, net as deemed appropriate.
The fair value of restricted stock is based on the Company’s stock price on the date of grant. The fair value of performance leverage stock units with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company’s performance, and related tax impacts. See Note 12 -- Stock-Based Compensation for additional information.
Income and Mining Taxes
The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized.
Revenue Recognition
The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer.
In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs applicable to sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied.
Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months after the shipment date, based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when risk of loss is transferred to the customer. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement.
The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when risk of loss is transferred to the customer.
The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer.
For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation.
Recently Adopted Accounting Standards
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. We have adopted the new standard effective December 31, 2025 retrospectively for all periods presented. See Note 11 - Income and Mining Taxes for all periods presented with the new required disclosures. The new standard did not impact our Consolidated Financial Statements.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Consolidated Financial Statements and related disclosures.
v3.25.4
Acquisitions (Notes)
12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Acquisitions ACQUISITIONS
On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur would acquire all of the issued and outstanding shares of SilverCrest Metals Inc. (“SilverCrest”) pursuant to a court-approved plan of arrangement (the “SilverCrest Transaction”). Under the terms of the Agreement, SilverCrest shareholders received 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).
On February 14, 2025, the Company completed the closing of the SilverCrest Transaction after receiving regulatory approval on February 3, 2025 followed by stockholder approval on February 6, 2025. Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares. Based on the closing price of Coeur common shares on the NYSE on February 14, 2025, the implied total equity value was approximately $1.58 billion based on SilverCrest’s common shares outstanding and the Exchange Ratio.
The Company retained an independent appraiser to assist with the determination of the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of SilverCrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes and was assigned to the Las Chispas segment. The goodwill balance of $625.8 million is composed of amounts attributable to the assembled workforce, potential strategic and financial benefits, including the financial flexibility to execute capital priorities, and new book to tax basis differences of assets acquired and liabilities assumed. The acquisition of SilverCrest increased the Company’s gold and other metal reserves and expanded our footprint in a jurisdiction where the Company has significant experience.
Prior to the closing of the SilverCrest Transaction, the Company entered into a loan with SilverCrest through which Coeur Rochester, Inc., a subsidiary of the Company, owed $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the SilverCrest Transaction. The acquired bullion and metal inventory was sold during the first quarter of 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net on the Consolidated Statements of Comprehensive Income. Total transaction costs were $20.6 million with $12.1 million incurred in the year ended December 31, 2025. These transaction costs are included in Pre-development, reclamation, and other on the Consolidated Statements of Comprehensive Income and are reflected in pro forma earnings in the table below for the year ended December 31, 2025.
In 2025, the Company completed the analysis to assign fair values to all assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for the SilverCrest Transaction as of December 31, 2025:
(Amounts in thousands, except shares and share price amounts)
Common shares issued (239,331,799 at $6.61)
$1,581,983 
Fair value of replacement stock-based compensation awarded(1)
8,539 
Fair value of Coeur payable to SilverCrest repurchased(72,311)
Total purchase price$1,518,211 
Assets:
Cash and cash equivalents$103,724 
Short-term receivables23,292 
Inventory153,826 
Prepaid expenses and other15,213 
Property, plant and equipment and mining properties1,008,962 
Other5,596 
Total Assets$1,310,613 
Liabilities:
Accounts payable16,774 
Accrued liabilities and other25,636 
Debt846 
Reclamation10,870 
Deferred tax liabilities (2)
343,650 
Other long-term liabilities20,438 
Total liabilities$418,214 
Net identifiable assets acquired$892,399 
Goodwill625,812 
Net assets acquired$1,518,211 
(1) As of December 31, 2025, 2.3 million common shares were issued related to the exercise of 3.3 million replacement options.
(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the fair value of the assets acquired in Mexico and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill.
Pro Forma Financial Information
Sales and net income in the Consolidated Statement of Operations includes SilverCrest revenue and net income of $421.4 million and $46.9 million, respectively, from the acquisition date to December 31, 2025. The following unaudited pro forma financial information presents consolidated results assuming the SilverCrest Transaction occurred on January 1, 2024.
Twelve Months Ended
December 31, 2025December 31, 2024
Revenue$2,125,103 $1,355,934 
Net income (loss)$696,724 $(47,633)
Pro forma amounts assume that transaction costs were incurred in the first quarter of 2024. The pro forma results have been calculated after applying the Company’s accounting policies and adjusting the results of SilverCrest to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties and the impact of purchase price allocation on acquired inventory which have been applied from January 1, 2024, with the consequential tax effects.
v3.25.4
Segment Reporting
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
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, 2025Las ChispasPalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$203,234 $218,064 $210,680 $377,693 $334,058 $— $— $1,343,729 
Silver sales218,197 255,700 247,362 17 5,121 — — 726,397 
Metal sales421,431 473,764 458,042 377,710 339,179 — — 2,070,126 
Costs and Expenses
Costs applicable to sales(1)
201,684 191,657 209,114 179,054 116,928 — — 898,437 
Amortization94,213 37,015 69,283 39,295 6,558 3,903 832 251,099 
Exploration10,421 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 expenses308,480 254,890 299,118 234,055 136,594 47,406 82,570 1,363,113 
Income (loss) from operations112,951 218,874 158,924 143,655 202,585 (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 taxes125,044 212,944 148,550 142,828 202,249 (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 
(1) Excludes amortization.
(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, 2024PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
Revenue
Gold sales$190,520 $91,541 $225,200 $227,600 $— $— $734,861 
Silver sales188,540 124,271 (71)6,405 — — 319,145 
Metal sales379,060 215,812 225,129 234,005 — — 1,054,006 
Costs and Expenses
Costs applicable to sales(1)
195,458 154,611 157,757 98,366 — — 606,192 
Amortization44,979 41,293 28,201 6,487 3,235 779 124,974 
Exploration13,230 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 expenses262,332 213,937 201,205 115,564 40,490 56,296 889,824 
Income (loss) from operations116,728 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, net324 (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 taxes124,126 (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 
(1) Excludes amortization.
(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, 2023PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
Revenue
Gold sales$155,036 $75,571 $162,010 $183,060 $— $— $575,677 
Silver sales158,171 80,451 468 6,439 — — 245,529 
Metal sales313,207 156,022 162,478 189,499 — — 821,206 
Costs and Expenses
Costs applicable to sales(1)
194,309 171,271 152,659 114,657 — — 632,896 
Amortization35,709 26,392 25,905 6,694 4,018 1,104 99,822 
Exploration7,840 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 expenses245,922 224,889 189,904 125,508 33,373 40,325 859,921 
Income (loss) from operations67,285 (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, net844 (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 taxes72,719 (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 
(1) Excludes amortization.
(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, 2025December 31, 2024
Total assets for reportable segments$3,928,905 $2,161,881 
Cash and cash equivalents553,597 55,087 
Other assets213,180 84,779 
Total consolidated assets$4,695,682 $2,301,747 
Geographic Information
Long-Lived Assets December 31, 2025December 31, 2024
United States$1,315,939 $1,312,976 
Mexico1,815,259 267,144 
Canada239,265 237,263 
Other233 233 
Total$3,370,696 $1,817,616 
RevenueYear ended December 31,
202520242023
United States$1,174,931 $674,946 $507,999 
Mexico895,195 379,060 313,207 
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,
Customer2025202402023Segments 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
v3.25.4
Receivables
12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
    Receivables consist of the following:
In thousandsDecember 31, 2025December 31, 2024
Current receivables:
Trade receivables$18,181 $7,818 
VAT receivable37,100 12,684 
Income tax receivable11,931 8,509 
Deferred cash consideration (2)
834 — 
Other (1)
1,114 919 
$69,160 $29,930 
Non-current receivables:
Other tax receivable (1)
$6,488 $5,554 
Deferred cash consideration (2)
— 834 
Contingent consideration (3)
13,195 13,195 
$19,683 $19,583 
Total receivables$88,843 $49,513 
(1) Consists of exploration credit refunds at Silvertip.
(2) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
(3) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million based on gold resources reported in the Sterling/Crown exploration properties by the buyer, its affiliates or its successors. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
v3.25.4
Inventory and Ore on Leach Pads
12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORY AND ORE ON LEACH PADS INVENTORY AND ORE ON LEACH PADS
    Inventory consists of the following:
In thousandsDecember 31, 2025December 31, 2024
Inventory:
Concentrate$3,507 $2,663 
Stockpile ore (1)
85,450 6,773 
Precious metals15,164 16,034 
Supplies59,209 53,147 
$163,330 $78,617 
Ore on Leach Pads:
Current$157,461 $92,724 
Non-current119,446 106,670 
$276,907 $199,394 
Long-term Stockpile (included in Other)
$42,076 $41,718 
Total Inventory and Ore on Leach Pads$482,313 $319,729 
    
(1) Includes $73.6 million, $8.4 million, $2.3 million, and $1.1 million at Las Chispas, Wharf, Kensington, and Palmarejo at December 31, 2025, respectively. Includes $3.1 million, $3.2 million, and $0.5 million at Kensington, Wharf, and Palmarejo at December 31, 2024, respectively.
v3.25.4
Property, Plant and Equipment
12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT AND MINING PROPERTIES, NET
Property, plant and equipment and mining properties, net consist of the following:
In thousandsDecember 31, 2025December 31, 2024
Mine development$1,657,873 $1,502,457 
Mineral interests1,683,564 833,564 
Land9,961 9,000 
Facilities and equipment(1)
1,741,055 1,517,170 
Construction in progress129,662 145,732 
Total$5,222,115 $4,007,923 
Accumulated depreciation, depletion and amortization(2)
(2,477,231)(2,190,307)
Property, plant and equipment and mining properties, net$2,744,884 $1,817,616 
(1) Includes $123.8 million and $170.1 million associated with facilities and equipment assets under finance leases at December 31, 2025 and December 31, 2024, respectively.
(2) Includes $75.1 million and $63.3 million of accumulated amortization related to assets under finance leases at December 31, 2025 and December 31, 2024, respectively.
v3.25.4
Leases
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases LEASES
Right of Use Assets and Liabilities
The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.
Year ended December 31,
In thousands202520242023
Lease Cost
Operating lease cost$13,600 $12,924 $12,536 
Short-term operating lease cost$18,705 $13,784 $12,223 
Finance lease cost:
Amortization of leased assets$39,494 $34,424 $27,985 
Interest on lease liabilities5,739 4,844 3,762 
Total finance lease cost$45,233 $39,268 $31,747 
Supplemental cash flow information related to leases was as follows:
Year ended December 31,
In thousands202520242023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$32,305 $26,709 $24,759 
Operating cash flows from finance leases$5,739 $4,844 $3,762 
Financing cash flows from finance leases$56,386 $24,524 $24,505 
Supplemental balance sheet information related to leases was as follows:
In thousandsDecember 31, 2025December 31, 2024
Operating Leases
Other assets, non-current$15,837 $23,913 
Accrued liabilities and other11,962 11,598 
Other long-term liabilities6,467 14,797 
Total operating lease liabilities$18,429 $26,395 
Finance Leases
Property and equipment, gross$123,770 $170,144 
Accumulated depreciation(75,056)(63,278)
Property and equipment, net$48,714 $106,866 
Debt, current$16,996 $31,380 
Debt, non-current32,745 73,620 
Total finance lease liabilities$49,741 $105,000 
Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases1.852.12
Weighted-average remaining lease term - operating leases3.803.97
Weighted Average Discount Rate
Weighted-average discount rate - finance leases6.7 %6.6 %
Weighted-average discount rate - operating leases6.1 %6.2 %
Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:
As of December 31, 2025 (In thousands)
Operating leases Finance leases
2026$11,874 $19,615 
20271,394 12,839 
20281,142 12,728 
2029984 10,739 
2030977 — 
Thereafter3,649 — 
Total$20,020 $55,921 
Less: imputed interest(1,591)(6,180)
Net lease obligation$18,429 $49,741 
Leases LEASES
Right of Use Assets and Liabilities
The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.
Year ended December 31,
In thousands202520242023
Lease Cost
Operating lease cost$13,600 $12,924 $12,536 
Short-term operating lease cost$18,705 $13,784 $12,223 
Finance lease cost:
Amortization of leased assets$39,494 $34,424 $27,985 
Interest on lease liabilities5,739 4,844 3,762 
Total finance lease cost$45,233 $39,268 $31,747 
Supplemental cash flow information related to leases was as follows:
Year ended December 31,
In thousands202520242023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$32,305 $26,709 $24,759 
Operating cash flows from finance leases$5,739 $4,844 $3,762 
Financing cash flows from finance leases$56,386 $24,524 $24,505 
Supplemental balance sheet information related to leases was as follows:
In thousandsDecember 31, 2025December 31, 2024
Operating Leases
Other assets, non-current$15,837 $23,913 
Accrued liabilities and other11,962 11,598 
Other long-term liabilities6,467 14,797 
Total operating lease liabilities$18,429 $26,395 
Finance Leases
Property and equipment, gross$123,770 $170,144 
Accumulated depreciation(75,056)(63,278)
Property and equipment, net$48,714 $106,866 
Debt, current$16,996 $31,380 
Debt, non-current32,745 73,620 
Total finance lease liabilities$49,741 $105,000 
Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases1.852.12
Weighted-average remaining lease term - operating leases3.803.97
Weighted Average Discount Rate
Weighted-average discount rate - finance leases6.7 %6.6 %
Weighted-average discount rate - operating leases6.1 %6.2 %
Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:
As of December 31, 2025 (In thousands)
Operating leases Finance leases
2026$11,874 $19,615 
20271,394 12,839 
20281,142 12,728 
2029984 10,739 
2030977 — 
Thereafter3,649 — 
Total$20,020 $55,921 
Less: imputed interest(1,591)(6,180)
Net lease obligation$18,429 $49,741 
v3.25.4
Debt
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Disclosure DEBT
 December 31, 2025December 31, 2024
In thousandsCurrentNon-CurrentCurrentNon-Current
2029 Senior Notes, net(1)
$— $290,792 $— $290,058 
Revolving Credit Facility(2)
— — — 195,000 
Finance lease obligations16,996 32,745 31,380 73,620 
$16,996 $323,537 $31,380 $558,678 
(1) Net of unamortized debt issuance costs of $2.3 million and $3.1 million at December 31, 2025 and December 31, 2024, respectively.
(2) Unamortized debt issuance costs of $1.9 million and $3.4 million at December 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets.
2029 Senior Notes
In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and The Bank of New York Mellon, as trustee (the “Trustee”). The 2029 Senior Notes bear interest at a rate of 5.125% per year from the date of issuance. Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally guaranteed by the Guarantors.
The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2029 Senior Notes to be due and payable.
Revolving Credit Facility
In September 2017, the Company entered into a senior secured revolving credit facility (“RCF”) pursuant to a credit agreement, dated as of September 29, 2017 (as subsequently amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders with an original term of four years. Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. The RCF was subsequently amended in 2018, 2019, 2021, 2022, 2023 and 2024, including amendments to extend the term of the RCF, increase its capacity, add and remove lenders, modify restrictive covenants, and address other matters.
On February 21, 2024, the Company entered into an agreement to extend and enhance the RCF (the “February 2024 Amendment”). The February 2024 Amendment, among other things, (1) extends the term of the RCF by approximately two years so that it now matures in February 2027, (2) increases the RCF to $400 million, (3) adds Fédération Des Caisses Desjardins Du Québec and National Bank of Canada as lenders on the RCF, (4) permits the Company to obtain one or more increases of the RCF in an aggregate amount of up to $100 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase, (5) allows for unencumbered domestic cash to be included in the calculation of the consolidated net leverage ratio, and (6) allows up to $15 million of non-capitalized underground mine development costs related to Silvertip to be excluded from the calculation of Consolidated EBITDA for purposes of the RCF.
The RCF is secured by substantially all of the assets of the Company and its U.S. subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines as well as a pledge of the shares and other equity interests of certain of the Company’s subsidiaries. The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement requires the Company to meet certain financial covenants, including a senior secured leverage ratio, a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default.
At December 31, 2025, the Company had no outstanding draws, $0.5 million in outstanding letters of credit and $399.5 million available under the RCF. Future borrowing may be subject to certain financial covenants.
Finance Lease Obligations
From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the year ended December 31, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for
$0.8 million at an interest rate of 7.2%. The Company prepaid $25.6 million in finance leases at Rochester and Kensington in the third and fourth quarters of 2025, which, combined with planned principal payments, decreased outstanding finance lease obligations by 53%, or $55.3 million, in the year ended December 31, 2025. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments.
Interest Expense
 Year Ended December 31,
In thousands202520242023
2029 Senior Notes$15,022 $15,086 17,288 
Revolving Credit Facility7,563 26,749 17,752 
Finance lease obligations5,739 4,844 3,762 
Amortization of debt issuance costs2,324 2,360 2,709 
Other obligations1,377 3,293 2,149 
Capitalized interest(1,083)(1,056)(14,561)
Total interest expense, net of capitalized interest$30,942 $51,276 $29,099 
v3.25.4
Reclamation
12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
RECLAMATION RECLAMATION
Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties and assesses its financial capacity to meet closure requirement obligations. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. The estimated reclamation and mine closure costs were discounted using credit-adjusted, risk-free interest rates ranging from 6.3% to 9.6%. The asset retirement obligation increased in 2025 due to increased reclamation and mine closure costs associated with Las Chispas. Coeur maintains the financial capacity to meet current estimated costs of the tailings facility lifecycle, including closure and post-closure obligations.
Changes to the Company’s asset retirement obligations for its operating sites are as follows:
Year Ended December 31,
In thousands20252024
Asset retirement obligation - Beginning$260,492 $214,013 
Accretion19,698 16,778 
Additions and changes to estimates6,566 35,455 
Settlements(9,245)(5,754)
Asset retirement obligation - Ending$277,511 $260,492 
v3.25.4
Income and Mining Taxes
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME AND MINING TAXES INCOME AND MINING TAXES
The components of Income (loss) before income taxes are below:
 Year Ended December 31,
In thousands202520242023
United States$403,735 $50,194 $(107,021)
Foreign278,803 76,156 38,565 
Total$682,538 $126,350 $(68,456)
The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below:
Year Ended December 31,
In thousands202520242023
Current:   
United States$(637)$(145)$981 
United States — State mining taxes(33,269)(11,256)(7,047)
United States — Foreign withholding tax(22)(33)(119)
Canada(5,169)(1,147)(848)
Mexico(215,872)(63,604)(30,222)
Deferred:
United States138,893 149 305 
United States — State mining taxes3,479 (1,778)(1,076)
Canada(4,798)(376)— 
Mexico20,729 10,740 2,870 
Income tax (expense) benefit$(96,666)$(67,450)$(35,156)
The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
 Year Ended December 31,
In thousands2025%2024%2023%
U.S. federal statutory tax rate$(143,428)21.0 %$(26,534)21.0 %$14,376 21.0 %
State income and mining taxes, net of federal benefit(1)
(37,331)5.5 (11,313)9.0 (1,468)(2.2)
Foreign tax effects
Mexico
Foreign tax rate differences(30,341)4.4 (11,253)8.9 (5,848)(8.6)
Foreign permanent differences1,893 (0.3)(1,384)1.1 (1,190)(1.7)
Mining taxes, net of income tax benefit(27,276)4.0 (8,865)7.0 (6,513)(9.5)
Change in valuation allowance4,520 (0.7)— — — — 
Foreign withholding taxes(10,821)1.6 (6,900)5.5 — — 
Foreign exchange rates(38,893)5.7 1,434 (1.1)1,172 1.7 
Foreign inflation and indexing5,724 (0.8)2,230 (1.8)2,858 4.2 
Uncertain tax positions(28,820)4.2 — — — — 
Sale of non-core assets— — — — (1,322)(1.9)
Enactment of 1% increase in Mexico special mining duty tax— — (1,696)1.3 — — 
Other, net2,967 (0.4)(175)0.1 (547)(0.8)
Canada
Foreign tax rate difference(2,954)0.4 (2,434)1.9 (2,015)(3.0)
Provincial tax5,907 (0.9)4,868 (3.9)4,029 5.9 
Canadian flow through shares permanent(3,802)0.6 (7,246)5.7 (3,448)(5.0)
Change in valuation allowance(9,481)1.4 (3,746)3.0 (5,986)(8.8)
Foreign withholding taxes(3,460)0.5 (1,523)1.2 (848)(1.2)
Other(3,427)0.5 40 — 369 0.5 
Other foreign jurisdictions
Other(420)0.1 (456)0.4 (117)(0.2)
Effect of cross border tax laws
Subpart F income(32)— (1,345)1.1 (758)(1.1)
Change in valuation allowance208,938 (30.6)4,011 (3.2)(30,242)(44.2)
Nondeductible items
Percentage depletion21,092 (3.1)6,974 (5.5)5,649 8.3 
Equity compensation1,321 (0.2)(1,205)1.0 (780)(1.1)
Other nondeductible items(2,185)0.3 (769)0.6 (1,502)(2.2)
Other adjustments
Effect of tax rate changes— — — — (1,659)(2.4)
Other(6,357)1.0 (163)0.1 634 0.9 
Income and mining tax (expense) benefit$(96,666)14.2 %$(67,450)53.4 %$(35,156)(51.4)%

(1)State mining taxes in South Dakota, Nevada, and Alaska made up the majority (greater than 50 percent) of the state tax effect.
The following table provides a reconciliation of cash taxes paid for income and mining taxes:
Year Ended December 31,
In thousands202520242023
Federal$— $700 $— 
State
South Dakota15,098 10,800 5,000 
All other states895 — — 
Foreign
Mexico161,041 31,700 29,800 
Canada1,432 1,900 200 
Total net (refunds) payments$178,466 $45,100 $35,000 

At December 31, 2025 and 2024, the significant components of the Company’s deferred tax assets and liabilities are below:
 Year Ended December 31,
In thousands20252024
Deferred tax liabilities:  
Property, plant, and equipment$59,006 $5,529 
Mineral properties261,588 — 
Other long-term liabilities10,103 — 
 330,697 5,529 
Deferred tax assets:
Net operating loss carryforwards288,122 304,244 
Mineral properties— 50,824 
Mining royalty tax53,529 8,314 
Capital loss carryforwards17,089 16,910 
Asset retirement obligation58,905 49,306 
Accrued expenses15,323 18,117 
Tax credit carryforwards12,274 13,620 
Other long-term assets— 30,612 
 445,242 491,947 
Valuation allowance(303,518)(490,044)
 141,724 1,903 
Net deferred tax liabilities$188,973 $3,626 
A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see “Item 1A – Risk Factors”.
The Company has historically provided a valuation allowance against its U.S. net deferred tax assets. In 2025, the Company released $209.8 million of valuation allowance against its U.S. net deferred tax assets, resulting in a non-cash deferred tax benefit. The $209.8 million valuation allowance release is composed of $73.3 million related to current year income and $136.5 million related to forecasted future year income. The timing of this valuation allowance release was primarily due to the cumulative income position for the most recent three-year period and projected future earnings.
The Company continues to maintain a valuation allowance against approximately $52.4 million of U.S. federal and state deferred tax assets as of December 31, 2025, because the Company has concluded that it is not more likely than not to be realized.
The exact timing and amount of any valuation allowance release are subject to change, depending upon the level of profitability that the Company is able to achieve and the net deferred tax assets available.
Based upon this analysis, the Company has recorded valuation allowances as follows:
 Year Ended December 31,
In thousands20252024
U.S. $52,394 $268,119 
Canada216,711 200,319 
Mexico12,594 408 
New Zealand21,643 21,013 
Other176 185 
 $303,518 $490,044 
The Company has the following tax attribute carryforwards at December 31, 2025, by jurisdiction:
In thousandsU.S.CanadaMexicoNew ZealandOtherTotal
Regular net operating losses$522,637 $480,612 $4,971 $77,861 $787 $1,086,868 
Expiration years2026-2037, Indefinite2028-20442029-2036Indefinite2026-2030
Capital losses55,885 26,363 — — — 82,248 
Foreign tax credits10,864 — — — — 10,864 
As of December 31, 2025, for U.S. income tax purposes, the Company has federal and state net operating loss carryforwards of $522.6 million and $402.0 million, respectively. U.S. net operating loss carryforwards of $313.8 million arising before December 31, 2017 have a 20-year expiration period, the earliest of which could expire in 2026. U.S. net operating loss carryforwards of $208.8 million arising in 2018 and future periods have an indefinite carryforward period. Foreign tax credits expire if unused beginning in 2026.
The utilization of U.S. net operating loss carryforwards, tax credit carryforwards, and recognized built-in losses may be subject to limitation under the rules regarding a change in stock ownership as determined by the Internal Revenue Code and state tax laws. Section 382 of the Internal Revenue Code of 1986, as amended, imposes annual limitations on the utilization of net operating loss carryforwards, tax credit carryforwards, and certain built-in losses upon an ownership change as defined under that Section. Generally, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company’s stock by more than 50 percentage points over a three-year testing period. If the Company experiences an ownership change, an annual limitation would be imposed on certain of the Company’s tax attributes, including net operating losses and certain other losses, credits, deductions or tax basis. Management has determined that the Company experienced ownership changes during 2002, 2003, 2007, and 2015 for purposes of Section 382. Based on management’s calculations, the Company does not expect any of its U.S. tax attributes to expire unused as a result of the Section 382 annual limitations. However, the annual limitations may impact the timeframe over which the net operating loss carryforwards can be used, potentially impacting cash tax liabilities in a future period. The U.S. federal tax credits and state net operating losses may potentially be limited as well. The Company continues to maintain a valuation allowance of $52.4 million on U.S. net deferred tax assets since it is more likely than not that the related tax benefits will not be realized.
The Company may also experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if the Company earns U.S. federal taxable income, it may be limited in the ability to (1) recognize current deductions on built-in loss assets and (2) offset this income with our pre-change net operating loss carryforwards and other tax credit carryforwards, which may be subject to limitations, potentially resulting in increased future tax liability to us. Under the Tax Cuts and Jobs Act of 2017 (“TCJA”), federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such federal net operating losses is limited to 80% of future taxable income.
The Company intends to continue repatriating certain earnings from its Mexican operations and has provided deferred income taxes on the planned distributions.
A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands):
Unrecognized tax benefits at December 31, 2023$2 
Gross increase to current period tax positions$— 
Gross increase to prior period tax positions$— 
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations$(2)
Unrecognized tax benefits at December 31, 2024$— 
Gross increase to current period tax positions$— 
Gross increase to prior period tax positions$34,446 
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations$— 
Unrecognized tax benefits at December 31, 2025$34,446 
At December 31, 2025, 2024, and 2023, $34.4 million, nil, and $2 thousand, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate.
The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved.
The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2022 for the U.S. federal jurisdiction, for 2016 and from 2019 for the Mexico federal jurisdiction, and from 2019 for certain other foreign jurisdictions. Our 2016 federal tax return is currently under audit in Mexico. As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions, the Company believes that the total amount of its unrecognized income tax benefit will decrease between $25.0 million and $26.0 million in the next 12 months.
The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of $15.3 million, nil, and nil at December 31, 2025, 2024, and 2023, respectively.
In 2021, the Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal.
As a result of business expansions, including the closing of the SilverCrest Transaction in the first quarter of 2025, the Company expects to fall within the scope of the Pillar Two rules as of January 1, 2025. The Company will continue to monitor developments and evaluate the potential impact on future periods. At this time, based on the Company’s current analysis of the Pillar Two provisions and because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its Consolidated Financial Statements.
v3.25.4
Stock-Based Compensation
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 was $19.2 million, $12.0 million and $11.4 million, respectively. At December 31, 2025, there was $17.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.
    Restricted Stock
Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vests in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote and to receive any dividends declared on the shares.
The following table summarizes restricted stock activity for the years ended December 31, 2025, 2024, and 2023:
 Restricted Stock
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 20222,784,610 $5.05 
Granted3,251,765 2.94 
Vested(1,381,246)5.09 
Canceled/Forfeited(680,710)3.66 
Outstanding at December 31, 20233,974,419 $3.54 
Granted3,129,255 2.66 
Vested(1,576,652)4.11 
Canceled/Forfeited(308,396)2.82 
Outstanding at December 31, 20245,218,626 $2.89 
Granted1,857,034 7.42 
Vested(2,506,676)3.03 
Canceled/Forfeited(71,826)4.09 
Outstanding at December 31, 20254,497,158 $4.66 
At December 31, 2025, there was $7.7 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.4 years.
Performance Shares
Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model.
Performance shares granted prior to 2025 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares; however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics.
Performance shares granted during 2025 vest at the end of a three-year service period if relative stockholder return and internal performance metrics, including a market condition, are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. On the other hand, the existence of a performance condition requires recognition of compensation cost for the performance share awards based on the performance achieved ranging from 0%-200%.
The following table summarizes performance shares activity for the years ended December 31, 2025, 2024, and 2023:
 Performance Shares
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 20222,574,537 $5.26 
Granted (1)
1,816,429 3.16 
Vested(566,891)4.00 
Canceled/Forfeited (1)
(664,165)4.32 
Outstanding at December 31, 20233,159,910 $4.52 
Granted (2)
2,076,818 2.85 
Vested(379,402)8.30 
Canceled/Forfeited (2)
(215,814)8.55 
Outstanding at December 31, 20244,641,512 $3.24 
Granted (3)
1,191,381 9.79 
Vested(580,360)4.38 
Canceled/Forfeited (3)
(490,093)4.26 
Outstanding at December 31, 20254,762,440 $4.63 
(1) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award.
(2) Includes 22,351 additional shares granted and 187,809 shares cancelled in connection with the vesting of the 2021 award in 2024 due to above-target and below target performance, respectively, in accordance with the terms of the award.
(3) Includes 77,826 additional shares granted and 490,093 shares cancelled in connection with the vesting of the 2022 award in 2025 due to above-target and below target performance, respectively, in accordance with the terms of the award.
At December 31, 2025, there was $9.4 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.9 years.
Stock Options
Stock options granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards. The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model:
202520242023
Weighted average fair value of stock options granted$2.02 $— $— 
Volatility66.2 %— %— %
Expected life in years1.5— — 
Risk-free interest rate4.2 %— %— %
Dividend yield— %— %— %
The following table summarizes stock option activity for the years ended December 31, 2025, 2024, and 2023:
 Stock Options
SharesWeighted
Average
Exercise
Price
Outstanding at December 31, 202293,988 $14.41 
Canceled/forfeited— — 
Expired(39,658)23.90 
Outstanding at December 31, 202354,330 $7.49 
Canceled/forfeited(10,908)9.31 
Exercised(14,292)5.57 
Outstanding at December 31, 202429,130 $7.75 
Granted3,488,137 4.03 
Canceled/forfeited(5,261)3.48 
Expired(43,259)5.37 
Exercised/released(3,304,104)4.07 
Outstanding at December 31, 2025164,643 $3.52 
The following table summarizes outstanding stock options as of December 31, 2025:
Range of
Exercise Price
Number
Outstanding
Weighted Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate Intrinsic Value (in thousands)
$ 0.00-$10.00164,643 $3.52 2.51$2,356 
Outstanding164,643 $3.52 2.51$2,356 
Vested and expected to vest81,436 $3.78 1.91$1,144 
Exercisable148,485 $3.47 2.61$2,132 

The total intrinsic value of options exercised for the year ended December 31, 2025 was $9.3 million. Cash received from options exercised for the year ended December 31, 2025 was $13.4 million and there was no related tax benefit.
The grant date fair value for stock options vested during the years ended December 31, 2024 and 2023 was nil.
v3.25.4
Fair Value Measurements
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
 Year Ended December 31,
In thousands202520242023
Change in the value of equity securities$— $— $3,384 
Acquired bullion and metal inventory monetization(342)— — 
Fair value adjustments, net$(342)$— $3,384 
Coeur Rochester, Inc., a subsidiary of the Company, had a loan payable of $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the SilverCrest Transaction. The acquired bullion and metal inventory was sold during the first quarter of 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net on the Consolidated Statements of Comprehensive Income (loss).
Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 Fair Value at December 31, 2025
In thousandsTotalLevel 1Level 2Level 3  
Assets:
Provisional metal sales contracts$1,103 $— $1,103 $— 
Liabilities:
Provisional metal sales contracts$124 $— $124 $— 
 
 Fair Value at December 31, 2024
In thousandsTotalLevel 1Level 2Level 3  
Assets:
Provisional metal sales contracts$222 $— $222 $— 
Liabilities:
Provisional metal sales contracts$70 $— $70 $— 
The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.
No assets or liabilities were transferred between fair value levels in the year ended December 31, 2025.
The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2025 and December 31, 2024 is presented in the following table:
 December 31, 2025
In thousandsBook ValueFair ValueLevel 1Level 2Level 3  
Liabilities:
2029 Senior Notes(1)
$290,792 $289,232 $— $289,232 $— 
Deferred Cash Due 2026$4,829 $4,852 $— $4,852 $— 
(1) Net of unamortized debt issuance costs of $2.3 million.
 December 31, 2024
In thousandsBook ValueFair ValueLevel 1Level 2Level 3  
Liabilities:
2029 Senior Notes(1)
$290,058 $278,014 $— $278,014 $— 
Revolving Credit Facility(2)
$195,000 $195,000 $— $195,000 $— 
Deferred Cash Due 2025$9,644 $9,673 $— $9,673 $— 
Deferred Cash Due 2026$4,505 $4,533 $— $4,533 $— 
(1) Net of unamortized debt issuance costs of $3.1 million.
(2) Unamortized debt issuance costs of $3.4 million included in Other Non-Current Assets.
The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.
In July 2024, the Company completed the purchase of mining concessions adjacent to the Palmarejo complex from Fresnillo. Total consideration includes a cash payment of $10 million paid at closing, the Deferred Cash Due 2025 of $10 million, which was paid in July 2025, and the Deferred Cash Due 2026 of $5 million. The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.
v3.25.4
Derivative Financial Instruments
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES
The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. Derivative gains and losses are included in operating cash flows in the period in which they contractually settle. The Company does not hold or issue derivatives for trading or speculative purposes.
The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.
Derivatives Designated as Cash Flow Hedging Strategies
To protect the Company’s exposure to fluctuations in metal prices, particularly during times of elevated capital expenditures, in the past the Company has entered into forward contracts. The contracts were net settled monthly, and if the actual price of gold or silver at the time of expiration is lower than the fixed price or higher than the fixed price, it resulted in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At December 31, 2025, the Company had no outstanding derivative cash flow hedge instruments.
The effective portions of cash flow hedges were recorded in Accumulated other comprehensive income (loss) (“AOCI”) until the hedged item was recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue were recognized as a component of Revenue in the same period as the related sale is recognized.
The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively (in thousands):
Year Ended December 31,
202520242023
 Amount of Gain (Loss) Recognized in AOCI
Gold forwards$— $(10,886)$(10,627)
Silver forwards— (7,621)10,309 
$— $(18,507)$(318)
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards$— $12,867 $(3,697)
Silver forwards— 4,309 (6,997)
$— $17,176 $(10,694)
Derivatives Not Designated as Hedging Instruments
Provisional Metal Sales
The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.
The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest that settled monthly through March 2025. The Company had no outstanding gold or silver hedging contracts at December 31, 2025.
At December 31, 2025, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces20252026 and Thereafter
Provisional gold sales contracts$57,699 $— 
Average gold price per ounce$4,258 $— 
Notional ounces13,552 — 
The following summarizes the classification of the fair value of the derivative instruments:
 December 31, 2025
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$1,103 $124 
 December 31, 2024
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$222 $70 
The following represent mark-to-market gains (losses) on derivative instruments in the years ended December 31, 2025, 2024, and 2023, respectively (in thousands):
 Year Ended December 31,
Financial statement lineDerivative202520242023
RevenueProvisional metal sales contracts$827 $(166)$30 
Credit Risk
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.
v3.25.4
Additional Comprehensive Income (Loss) Detail
12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Additional Comprehensive Income (Loss) Detail ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL
Pre-development, reclamation, and other consists of the following:
 Year Ended December 31,
In thousands202520242023
Silvertip ongoing carrying costs$10,440 $8,513 $15,616 
Loss on sale of assets698 4,250 12,879 
Asset retirement accretion19,697 16,778 16,405 
Kensington royalty settlement(1)
(95)7,156 — 
Transaction costs26,409 8,517 — 
Wage and hour litigation settlement(1)
7,059 — — 
Other5,580 6,059 9,736 
Pre-development, reclamation and other$69,788 $51,273 $54,636 
(1) See Note 18 -- Commitments and Contingencies for additional details on the Kensington royalty settlement and wage and hour litigation settlement.
Other, net consists of the following:
 Year Ended December 31,
In thousands202520242023
Foreign exchange gain (loss)$1,429 $4,753 $(459)
Loss on dispositions— — (12,318)
Flow-through shares764 5,563 2,057 
RMC bankruptcy distribution37 1,294 1,516 
Other4,692 1,417 1,741 
Other, net$6,922 $13,027 $(7,463)
v3.25.4
Net Income (Loss) Per Share
12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share NET INCOME (LOSS) PER SHARE
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the years ended December 31, 2025, 2024 and 2023, there were 12,917, 61,467 and 1,777,273 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.
Year Ended December 31,
In thousands except per share amounts202520242023
Net income (loss) available to common stockholders$585,872 $58,900 $(103,612)
Weighted average shares:
Basic607,201 391,709 343,059 
Effect of stock-based compensation plans7,465 5,713 — 
Diluted614,666 397,422 343,059 
Income (loss) per share:
Basic$0.96 $0.15 $(0.30)
Diluted$0.95 $0.15 $(0.30)
On May 27, 2025, the Company announced a $75.0 million share repurchase program (the “Program”), effective through May 31, 2026. Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “Modified Company 10b5-1 Plan”).
The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the year ended December 31, 2025:
Year Ended December 31,
2025
Shares repurchased814,129 
Cost of shares (in thousands)$9,625 
Average price paid per share$11.82 
v3.25.4
Supplemental Guarantor Information
12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SUPPLEMENTAL GUARANTOR INFORMATION SUPPLEMENTAL GUARANTOR INFORMATION
The following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company, and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan.
SUMMARIZED BALANCE SHEET
Coeur Mining, Inc.Subsidiary Guarantors
In thousandsDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Current assets$375,741 $13,782 $291,673 $164,627 
Non-current assets(1)
$1,110,145 $516,209 $1,494,435 $1,483,632 
Non-guarantor intercompany assets$3,008 $3,144 $— $— 
Current liabilities$33,646 $31,841 $166,385 $202,329 
Non-current liabilities$311,921 $496,976 $216,889 $260,210 
Non-guarantor intercompany liabilities$1,423 $2,642 $1,608 $1,570 
(1) Coeur Mining, Inc.’s non-current assets include its investment in Guarantor Subsidiaries.

SUMMARIZED STATEMENTS OF INCOME
YEAR ENDED DECEMBER 31, 2025
In thousandsCoeur Mining, Inc.Subsidiary Guarantors
Revenue$— $1,174,931 
Gross profit (loss)$(826)$554,699 
Net income$585,872 $463,834 
v3.25.4
Commitments and Contingencies
12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Mexico Litigation Matters
As of December 31, 2025, $29.4 million in principal is due from the Mexican government associated with amounts that were paid as VAT under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received refunds in the normal course of these amounts paid as VAT associated with the royalty payments; however, in 2011 the Mexican tax authorities began denying refunds of these amounts based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of these amounts paid as VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover these amounts from the Mexican government (including through refiling refund requests as undue payments rather than refunds of VAT that were due, litigation and international arbitration). Despite a favorable ruling from Mexican tax courts in this matter in 2019, Mexico still has not returned the payments. While the Company believes that it remains legally entitled to be refunded the full amount of the receivable and intends to rigorously continue its recovery efforts, based on the continued failure to recover the receivable and certain unfavorable Mexican court decisions, the Company determined to write down the carrying value of the receivable at September 30, 2021. Coeur initiated an arbitration proceeding against Mexico under Annex 14-C of the United States-Mexico-Canada Agreement, or USMCA, for violations of the North American Free Trade Agreement, or NAFTA, to pursue recovery of the unduly paid VAT plus interest and other damages. Outcomes in arbitration and the process for recovering funds even if there is a successful outcome in arbitration can be lengthy and unpredictable.
Palmarejo Gold Stream
Coeur Mexicana currently sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015 and 2024) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce (“Franco-Nevada Gold Stream Agreement”). The Franco-Nevada Gold Stream Agreement supersedes an earlier arrangement made in January 2009 in which Franco-Nevada purchased a royalty covering 50% of the gold produced by Coeur Mexicana from its Palmarejo silver and gold mine in Mexico in exchange for total consideration of $78.0 million, consisting of $75.0 million in cash plus a warrant to acquire Franco-Nevada Common Shares that was then-valued at $3.0 million (the “Prior Gold Stream Agreement”). The Prior Gold Stream Agreement was terminated in 2014 and its minimum ounce delivery requirement satisfied in 2016, after which sales under the Franco-Nevada Gold Stream Agreement commenced. Under the Franco-Nevada Gold Stream Agreement, Coeur Mexicana received a $22.0 million deposit toward future deliveries. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units-of-production basis as ounces are sold to Franco-Nevada. Because there is no minimum obligation associated with the deposit, it is not considered a financing, and each shipment is considered to be a separate performance obligation. The Franco-Nevada Gold Stream Agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada.
The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet.
The following table presents a roll forward of the Franco-Nevada contract liability balance:
Year Ended December 31,
In thousands202520242023
Opening Balance$6,382 $6,942 $7,411 
Revenue Recognized(660)(560)(469)
Closing Balance$5,722 $6,382 $6,942 
Metal Sales Prepayments
In June 2019, Coeur amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments. Additionally, in June 2023, the Company entered into sales and purchase contracts with a metal sales counterparty for gold electrolytic cathodic sludge from its Wharf mine and gold and silver doré from its Rochester mine.
The metal sales prepayments represented a contract liability under ASC 606, which required the Company to recognize ratably a portion of the deposit as revenue for each gold and silver ounce delivered to the customer. The remaining contract liability was included in Accrued liabilities and other on the Consolidated Balance Sheet. In September 2024, Kensington received an additional prepayment of $25.0 million, following the fulfillment of the previous received prepayments. In December 2024, Wharf and Rochester received additional prepayments of $12.5 million and $17.5 million, respectively. All of the outstanding prepayments as of December 31, 2024 were recognized as revenue in the first quarter of 2025. At December 31, 2025, there were no remaining contract liabilities.
The following table presents a roll forward of the prepayment contract liability balance:
Year Ended December 31,
In thousands202520242023
Opening Balance$42,164 $55,082 $25,016 
Additions— 170,000 130,066 
Revenue Recognized(42,164)(182,918)(100,000)
Closing Balance$— $42,164 $55,082 
Kensington Royalty Matter
On March 28, 2024, the Company and its subsidiary Coeur Alaska, Inc. (“Coeur Alaska”) entered into a settlement agreement to resolve litigation with Maverix Metals Inc. and Maverix Metals (Nevada) Inc. (collectively, “Maverix”) regarding the terms of a royalty impacting a portion of the Kensington mine property (the “Maverix Litigation”). While Coeur Alaska continued to believe its claims and counterclaims in the matter were valid, it determined that the settlement was appropriate given the inherent uncertainty presented in litigation matters. Coeur Alaska and Maverix agreed to amend the terms of the royalty to decrease the effective rate of the royalty and to eliminate the concept of cost recoupment provided for in the original royalty. The amended royalty now provides that Coeur Alaska pays a net returns royalty on up to two million troy ounces of gold produced at a rate of: (i) 1.25% for production occurring from January 1, 2024 through December 31, 2026 and (ii) 1.5% for production occurring on or after January 1, 2027. The Company also agreed to issue shares of its common stock to an affiliate of Maverix (“Settlement Shares”), consisting of 737,210 shares that were issued in April 2024 and 595,267 shares that were issued in March 2025. The issuances of the Settlement Shares were made pursuant to the exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.
U.S. Wage and Hour Matter
On November 13, 2024, a putative collective and class action lawsuit was filed against the Company by a former employee in the United States District Court for the Northern District of Illinois, Eastern Division (the “Court”) alleging non-compliance with certain provisions of the Fair Labor Standards Act and the Alaska Wage and Hour Act (“Wage and Hour Litigation”). The Company reached an agreement in principle to resolve the Wage and Hour Litigation on August 26, 2025, and executed a definitive settlement agreement on January 12, 2026 (the “Wage and Hour Litigation Settlement”). The Company denies any wrongdoing and its planned settlement of the Wage and Hour Litigation is not an admission of any non-compliance with the Fair Labor Standards Act or the Alaska Wage and Hour Act, but rather a business decision made in recognition of the
costs of defense and inherent uncertainty presented in litigation matters. The Wage and Hour Litigation Settlement was approved by the Court on January 16, 2026. The Company made a settlement payment for $6.1 million in February 2026 and anticipates incurring additional expenses for the employer’s share of relevant taxes for amounts treated as wages.
Other Commitments and Contingencies
The Company, either directly or through its subsidiaries, has a number of active litigation matters related to labor and employment matters involving its operations in Mexico. Although the Company intends to vigorously defend its interests in these matters, litigation is inherently uncertain and the Company has determined it is reasonably possible that it may incur a loss of $0 to $12 million in these matters. This good faith estimate of the potential loss in these matters includes estimates of penalties and interest through the date of this Report, but such penalties and interest may continue to grow during the course of legal proceedings.
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, and other general corporate purposes. As of December 31, 2025 and December 31, 2024, the Company had surety bonds totaling $372.4 million and $363.7 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and, from time to time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.
v3.25.4
Additional Balance Sheet Detail and Supplemental Cash Flow Information
12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Cash Flow, Supplemental Disclosures [Text Block] ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION
Accrued liabilities and other consist of the following:
In thousandsDecember 31, 2025December 31, 2024
Accrued salaries and wages$42,354 $31,151 
Flow-through share premium received— 853 
Deferred revenue (1)
683 42,863 
Income and mining taxes116,230 36,490 
Kensington royalty settlement (1)
— 3,750 
Deferred Cash Due 2026(2)
4,829 — 
Deferred Cash Due 2025(2)
— 9,644 
Accrued operating costs12,506 6,577 
Unrealized losses on derivatives124 70 
Taxes other than income and mining17,465 5,491 
Accrued interest payable6,060 8,122 
Operating lease liabilities11,962 11,598 
Accrued liabilities and other$212,213 $156,609 
(1) See Note 18 -- Commitments and Contingencies for additional details on deferred revenue liabilities.
(2) See Note 13 -- Fair Value Measurements for additional details on Deferred Cash Due 2026.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that total the same such amounts shown in the Consolidated Statements of Cash Flows in the years ended December 31, 2025 and 2024:
In thousandsDecember 31, 2025December 31, 2024
Cash and cash equivalents$553,597 $55,087 
Restricted cash equivalents(1)
2,108 1,787 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$555,705 $56,874 
(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet.
Year ended December 31,
202520242023
Non-cash lease obligations arising from obtaining operating lease assets$3,045 $21,230 $718 
Non-cash financing and investing activities:
Finance lease obligations$1,127 $54,330 $32,978 
Capital expenditures, not yet paid$30,689 $26,515 $44,966 
Debt for equity exchange $— $5,867 $76,018 
Other cash flow information:
Interest paid$31,763 $49,806 $41,249 
Income and mining taxes paid$178,466 $45,100 $35,000 
v3.25.4
Insider Trading Arrangements
3 Months Ended 12 Months Ended
Dec. 31, 2025
shares
Dec. 31, 2025
shares
Trading Arrangements, by Individual    
Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Casey M. Nault [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The trading arrangement for the sale of shares of the Company’s common stock previously adopted by Casey M. Nault, Executive Vice President, General Counsel and Secretary, on February 28, 2025 (the “Nault 10b5-1 Plan”) was terminated on August 22, 2025 (the “Nault 10b5-1 Plan Termination Date”) pursuant to the terms specified in the Nault 10b5-1 Plan because all 202,257 shares subject to the plan had been sold.
Name Casey M. Nault  
Title Vice President, General Counsel and Secretary  
Rule 10b5-1 Arrangement Terminated true  
Termination Date August 22, 2025  
Aggregate Available 202,257 202,257
Mitchell J. Krebs [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The trading arrangement for the sale of shares of the Company’s common stock previously adopted by Mitchell J. Krebs, Chairman, President and Chief Executive Officer, on June 6, 2025 (the “June Krebs 10b5-1 Plan”) was terminated on September 8, 2025 (the “June Krebs 10b5-1 Plan Termination Date”) pursuant to the terms specified in the June Krebs 10b5-1 Plan because all 250,000 shares subject to the plan had been sold.
Name Mitchell J. Krebs  
Title Chairman, President and Chief Executive Officer  
Rule 10b5-1 Arrangement Terminated true  
Termination Date September 8, 2025  
Aggregate Available 250,000 250,000
v3.25.4
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our cybersecurity program is intended to assess, identify, and manage material risks from cybersecurity threats, including those associated with our use of third-party service providers. We integrate cybersecurity into our top-level enterprise risk management (“ERM”) processes and our site-level operational risk management (“ORM”) processes, including management of operational technology (“OT”) cybersecurity risks. This involves, in part, direct engagement by, and consultation with, our Vice President, IT & Cybersecurity (“Vice President”) during ERM and ORM risk assessments, and collaboration between the Vice President and relevant Operations employees regarding OT cybersecurity.
Our cybersecurity strategy leverages people, processes, and technology to identify and manage cybersecurity risks, including through: security monitoring; vulnerability assessments; patching and security upgrades; deployment of network defenses; regular cybersecurity trainings for users; use of third-party cybersecurity vendors to complement our internal Cybersecurity and IT Infrastructure team, including for monitoring, remediation, and response capabilities; periodic engagement of cybersecurity consultants, including for cybersecurity maturity assessments and recommendations and penetration test exercises; and periodic reviews of aspects of our cybersecurity program by our Internal Audit function.
We also have a Cybersecurity Incident Response Plan (“CSIRP”) to provide a standardized framework for responding to cybersecurity incidents, including escalation to senior management and other key stakeholders, as appropriate. Our CSIRP is reviewed at least annually, and we conduct cybersecurity tabletop exercises to practice our response.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our cybersecurity program is intended to assess, identify, and manage material risks from cybersecurity threats, including those associated with our use of third-party service providers. We integrate cybersecurity into our top-level enterprise risk management (“ERM”) processes and our site-level operational risk management (“ORM”) processes, including management of operational technology (“OT”) cybersecurity risks. This involves, in part, direct engagement by, and consultation with, our Vice President, IT & Cybersecurity (“Vice President”) during ERM and ORM risk assessments, and collaboration between the Vice President and relevant Operations employees regarding OT cybersecurity.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board, with the assistance of the Audit Committee, to whom the Board has delegated to the primary authority and responsibility to oversee cybersecurity risks, oversees the management of risks arising from cybersecurity incidents, and, as noted above, cybersecurity is one of the material risks tracked through our ERM process. The Audit Committee is briefed quarterly by our Vice President on cybersecurity emerging risks, strategies, key initiatives, incidents and training and compliance. Executive management and other senior leaders participate in the semi-annual updates to our ERM risk register and heat map, and those updates, which incorporate cybersecurity risk and strategy, also are presented to our Board for discussion and feedback at least annually. We also have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported promptly to the Audit Committee Chair.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Vice President leads our internal team responsible for assessing and managing cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Vice President reports directly to the Senior Vice President, FP&A, Strategy and Performance and regularly engages with and briefs other members of senior and executive management on cybersecurity issues. A number of IT professionals with experience implementing cybersecurity defenses and responding to cyber attacks report to the Vice President and, as noted above, the Vice President also oversees third-party firms specializing in security monitoring and vulnerability assessment.
Cybersecurity Risk Role of Management [Text Block]
Our Vice President leads our internal team responsible for assessing and managing cybersecurity risks. The Vice President has more than 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Critical Controls, Defensible Security Architecture, Security Leadership, Security Operations, and Strategic Planning, Policy and Leadership certifications, as well as a Cybersecurity Management degree from the SANS Technology Institute. The Vice President reports directly to the Senior Vice President, FP&A, Strategy and Performance and regularly engages with and briefs other members of senior and executive management on cybersecurity issues. A number of IT professionals with experience implementing cybersecurity defenses and responding to cyber attacks report to the Vice President and, as noted above, the Vice President also oversees third-party firms specializing in security monitoring and vulnerability assessment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Vice President leads our internal team responsible for assessing and managing cybersecurity risks. The Vice President has more than 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Critical Controls, Defensible Security Architecture, Security Leadership, Security Operations, and Strategic Planning, Policy and Leadership certifications, as well as a Cybersecurity Management degree from the SANS Technology Institute. The Vice President reports directly to the Senior Vice President, FP&A, Strategy and Performance and regularly engages with and briefs other members of senior and executive management on cybersecurity issues. A number of IT professionals with experience implementing cybersecurity defenses and responding to cyber attacks report to the Vice President and, as noted above, the Vice President also oversees third-party firms specializing in security monitoring and vulnerability assessment.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Vice President has more than 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Critical Controls, Defensible Security Architecture, Security Leadership, Security Operations, and Strategic Planning, Policy and Leadership certifications, as well as a Cybersecurity Management degree from the SANS Technology Institute.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Vice President leads our internal team responsible for assessing and managing cybersecurity risks. The Vice President has more than 10 years of experience being responsible for cybersecurity at multi-site industrial companies, in addition to IT infrastructure and strategy, and has earned the Global Information Assurance Certification (“GIAC”) Critical Controls, Defensible Security Architecture, Security Leadership, Security Operations, and Strategic Planning, Policy and Leadership certifications, as well as a Cybersecurity Management degree from the SANS Technology Institute. The Vice President reports directly to the Senior Vice President, FP&A, Strategy and Performance and regularly engages with and briefs other members of senior and executive management on cybersecurity issues. A number of IT professionals with experience implementing cybersecurity defenses and responding to cyber attacks report to the Vice President and, as noted above, the Vice President also oversees third-party firms specializing in security monitoring and vulnerability assessment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Risks and Uncertainties
Risks and uncertainties
As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. Further, the carrying value of the Company’s property, plant and equipment and mining properties, net, inventories and ore on leach pads are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.
In addition to changes in commodity prices, other factors such as changes in mine plans, increases in costs, geotechnical failures, changes in social, environmental or regulatory requirements and impacts of global events could result in material impairment charges related to these assets.
Use of Estimates, Policy
Use of Estimates
The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units, goodwill and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.
Consolidation, Policy
Principles of Consolidation
The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Compania Minera La Llamarada, S.A. de C.V., Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., and Coeur Silvertip Holdings Ltd. All intercompany balances and transactions have been eliminated.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy
Cash and Cash Equivalents
Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. At certain times, amounts on deposit may exceed federal deposit insurance limits.
Receivables, Policy
Receivables
Trade receivables and other receivable balances are recognized net of an allowance for credit losses. The allowance represents the portion of the amortized cost basis that the Company does not expect to collect due to credit over the contractual life of the receivables, taking into consideration past events, current conditions and reasonable and supportable forecasts of future economic conditions. As of December 31, 2025, the amount of credit loss recognized is not significant.
Ore on Leach Pad
Ore on Leach Pads
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes.
The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue and are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold electrolytic cathodic sludge at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method.
The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process.
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. The updated recoverable ounce estimate performed as part of the review of estimated recoverable metal is considered a change in estimate and was accounted for prospectively. As of December 31, 2025, the Company’s combined estimated recoverable ounces of gold and silver on the leach pads were 55,944 and 9.6 million, respectively.
Metal and Other Inventory
Metal and Other Inventory
Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities.
Property, Plant and Equipment, Useful Life
Property, Plant, and Equipment and Mining Properties, Net
Expenditures for new facilities, assets acquired pursuant to finance leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves.
Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include
engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves and are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production. Mine development costs are amortized using the units-of-production method over the estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.
Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into mineral reserve. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $21.0 million and $16.8 million in the years ended December 31, 2025 and 2024, respectively, were capitalized.
The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory.
Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value.
Impairment or Disposal of Long-Lived Assets, Policy
Impairment of Long-lived Assets
We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected gold, silver, lead and zinc prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans.
Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold, silver, lead and zinc that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineral resources could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling.
Gold, silver, zinc and lead prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors that may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally,
production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Impairment of Long-lived Assets.
Restricted Assets Policy
Restricted Assets
The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2025 and 2024, the Company held certificates of deposit and cash under these agreements of $9.1 million and $8.5 million, respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term.
Lessee, Leases
Leases
We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, non-current with the related liabilities included in Accrued liabilities and other and Other long-term liabilities. Assets under finance leases, which primarily represent property and equipment, are included in Property, plant and equipment, net, with the related liabilities included in debt, current and debt, non-current on the Consolidated Balance Sheet.
Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate to determine the present value of lease payments. Variable components of the lease payments such as maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We have elected to not recognize operating lease assets and liabilities for short-term leases that have a lease term of twelve months or less. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components which are accounted for as a single lease component. See Note 8 -- Leases for additional information related to the Company’s operating and finance leases.
Asset Retirement Obligation
Reclamation
The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. See Note 10 -- Reclamation for additional information.
Foreign Currency Transactions and Translations Policy
Foreign Currency
The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Monetary assets and liabilities are remeasured at the period-end exchange rate, and non-monetary assets and liabilities at historical rates, with income and expenses remeasured at the average exchange rate for the current period. Foreign currency gains and losses are included in the determination of net income or loss.
Derivatives, Policy
Derivative Financial Instruments
The Company is exposed to various market risks, including the effect of changes in metal prices, foreign exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP.
The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices and foreign exchange rates. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. Assuming normal market conditions, the change in the market value of such derivative contracts has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. The effective portions of cash flow hedges are recorded in Accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs applicable to sales or Pre-development, reclamation and other in the same period the related expenses are incurred.
For derivatives not designated as hedging instruments, the Company recognizes derivatives as either assets or liabilities on the Consolidated Balance Sheets and measures those instruments at fair value. Changes in the value of derivative instruments not designated as hedging instruments are recorded each period in the Consolidated Statements of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue. Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 14 -- Derivative Financial Instruments and Hedging Activities for additional information.
Share-based Compensation, Option and Incentive Plans Policy
Stock-based Compensation
The Company estimates the fair value of stock options using the Black-Scholes option pricing model. Stock options granted are accounted for as equity-based awards. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock-based compensation are included in General and administrative expenses, Costs applicable to sales, and Property, plant, and equipment, net as deemed appropriate.
The fair value of restricted stock is based on the Company’s stock price on the date of grant. The fair value of performance leverage stock units with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company’s performance, and related tax impacts. See Note 12 -- Stock-Based Compensation for additional information.
Income Tax, Policy
Income and Mining Taxes
The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized.
Revenue Recognition, Policy
Revenue Recognition
The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer.
In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs applicable to sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied.
Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months after the shipment date, based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when risk of loss is transferred to the customer. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement.
The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when risk of loss is transferred to the customer.
The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer.
For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. We have adopted the new standard effective December 31, 2025 retrospectively for all periods presented. See Note 11 - Income and Mining Taxes for all periods presented with the new required disclosures. The new standard did not impact our Consolidated Financial Statements.
Recent Accounting Standards
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Consolidated Financial Statements and related disclosures.
v3.25.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Contract Liability
The following table presents a roll forward of the Franco-Nevada contract liability balance:
Year Ended December 31,
In thousands202520242023
Opening Balance$6,382 $6,942 $7,411 
Revenue Recognized(660)(560)(469)
Closing Balance$5,722 $6,382 $6,942 
The following table presents a roll forward of the prepayment contract liability balance:
Year Ended December 31,
In thousands202520242023
Opening Balance$42,164 $55,082 $25,016 
Additions— 170,000 130,066 
Revenue Recognized(42,164)(182,918)(100,000)
Closing Balance$— $42,164 $55,082 
v3.25.4
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Schedule of Purchase Price and Acquired Assets and Liabilities The following table summarizes the purchase price allocation for the SilverCrest Transaction as of December 31, 2025:
(Amounts in thousands, except shares and share price amounts)
Common shares issued (239,331,799 at $6.61)
$1,581,983 
Fair value of replacement stock-based compensation awarded(1)
8,539 
Fair value of Coeur payable to SilverCrest repurchased(72,311)
Total purchase price$1,518,211 
Assets:
Cash and cash equivalents$103,724 
Short-term receivables23,292 
Inventory153,826 
Prepaid expenses and other15,213 
Property, plant and equipment and mining properties1,008,962 
Other5,596 
Total Assets$1,310,613 
Liabilities:
Accounts payable16,774 
Accrued liabilities and other25,636 
Debt846 
Reclamation10,870 
Deferred tax liabilities (2)
343,650 
Other long-term liabilities20,438 
Total liabilities$418,214 
Net identifiable assets acquired$892,399 
Goodwill625,812 
Net assets acquired$1,518,211 
(1) As of December 31, 2025, 2.3 million common shares were issued related to the exercise of 3.3 million replacement options.
(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the fair value of the assets acquired in Mexico and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill.
Schedule of Pro Forma Information The following unaudited pro forma financial information presents consolidated results assuming the SilverCrest Transaction occurred on January 1, 2024.
Twelve Months Ended
December 31, 2025December 31, 2024
Revenue$2,125,103 $1,355,934 
Net income (loss)$696,724 $(47,633)
v3.25.4
Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Financial information relating to the reporting segments
Financial information relating to the Company’s segments is as follows (in thousands):
Year Ended December 31, 2025Las ChispasPalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$203,234 $218,064 $210,680 $377,693 $334,058 $— $— $1,343,729 
Silver sales218,197 255,700 247,362 17 5,121 — — 726,397 
Metal sales421,431 473,764 458,042 377,710 339,179 — — 2,070,126 
Costs and Expenses
Costs applicable to sales(1)
201,684 191,657 209,114 179,054 116,928 — — 898,437 
Amortization94,213 37,015 69,283 39,295 6,558 3,903 832 251,099 
Exploration10,421 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 expenses308,480 254,890 299,118 234,055 136,594 47,406 82,570 1,363,113 
Income (loss) from operations112,951 218,874 158,924 143,655 202,585 (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 taxes125,044 212,944 148,550 142,828 202,249 (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 
(1) Excludes amortization.
(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, 2024PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
Revenue
Gold sales$190,520 $91,541 $225,200 $227,600 $— $— $734,861 
Silver sales188,540 124,271 (71)6,405 — — 319,145 
Metal sales379,060 215,812 225,129 234,005 — — 1,054,006 
Costs and Expenses
Costs applicable to sales(1)
195,458 154,611 157,757 98,366 — — 606,192 
Amortization44,979 41,293 28,201 6,487 3,235 779 124,974 
Exploration13,230 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 expenses262,332 213,937 201,205 115,564 40,490 56,296 889,824 
Income (loss) from operations116,728 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, net324 (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 taxes124,126 (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 
(1) Excludes amortization.
(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, 2023PalmarejoRochesterKensingtonWharfSilvertipOtherTotal
Revenue
Gold sales$155,036 $75,571 $162,010 $183,060 $— $— $575,677 
Silver sales158,171 80,451 468 6,439 — — 245,529 
Metal sales313,207 156,022 162,478 189,499 — — 821,206 
Costs and Expenses
Costs applicable to sales(1)
194,309 171,271 152,659 114,657 — — 632,896 
Amortization35,709 26,392 25,905 6,694 4,018 1,104 99,822 
Exploration7,840 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 expenses245,922 224,889 189,904 125,508 33,373 40,325 859,921 
Income (loss) from operations67,285 (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, net844 (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 taxes72,719 (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 
(1) Excludes amortization.
(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.
Consolidated Assets
Assets December 31, 2025December 31, 2024
Total assets for reportable segments$3,928,905 $2,161,881 
Cash and cash equivalents553,597 55,087 
Other assets213,180 84,779 
Total consolidated assets$4,695,682 $2,301,747 
Long Lived Assets by Country
Geographic Information
Long-Lived Assets December 31, 2025December 31, 2024
United States$1,315,939 $1,312,976 
Mexico1,815,259 267,144 
Canada239,265 237,263 
Other233 233 
Total$3,370,696 $1,817,616 
Revenue from External Customers by Geographic Areas
RevenueYear ended December 31,
202520242023
United States$1,174,931 $674,946 $507,999 
Mexico895,195 379,060 313,207 
Total$2,070,126 $1,054,006 $821,206 
Schedule of Revenue by Major Customers by Reporting Segments
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,
Customer2025202402023Segments 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
v3.25.4
Receivables (Tables)
12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Receivables Receivables consist of the following:
In thousandsDecember 31, 2025December 31, 2024
Current receivables:
Trade receivables$18,181 $7,818 
VAT receivable37,100 12,684 
Income tax receivable11,931 8,509 
Deferred cash consideration (2)
834 — 
Other (1)
1,114 919 
$69,160 $29,930 
Non-current receivables:
Other tax receivable (1)
$6,488 $5,554 
Deferred cash consideration (2)
— 834 
Contingent consideration (3)
13,195 13,195 
$19,683 $19,583 
Total receivables$88,843 $49,513 
(1) Consists of exploration credit refunds at Silvertip.
(2) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
(3) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million based on gold resources reported in the Sterling/Crown exploration properties by the buyer, its affiliates or its successors. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
v3.25.4
Inventory and Ore on Leach Pads (Tables)
12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventory consists of the following:
In thousandsDecember 31, 2025December 31, 2024
Inventory:
Concentrate$3,507 $2,663 
Stockpile ore (1)
85,450 6,773 
Precious metals15,164 16,034 
Supplies59,209 53,147 
$163,330 $78,617 
Ore on Leach Pads:
Current$157,461 $92,724 
Non-current119,446 106,670 
$276,907 $199,394 
Long-term Stockpile (included in Other)
$42,076 $41,718 
Total Inventory and Ore on Leach Pads$482,313 $319,729 
    
(1) Includes $73.6 million, $8.4 million, $2.3 million, and $1.1 million at Las Chispas, Wharf, Kensington, and Palmarejo at December 31, 2025, respectively. Includes $3.1 million, $3.2 million, and $0.5 million at Kensington, Wharf, and Palmarejo at December 31, 2024, respectively.
v3.25.4
Property, Plant and Equipment (Tables)
12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, plant and equipment
Property, plant and equipment and mining properties, net consist of the following:
In thousandsDecember 31, 2025December 31, 2024
Mine development$1,657,873 $1,502,457 
Mineral interests1,683,564 833,564 
Land9,961 9,000 
Facilities and equipment(1)
1,741,055 1,517,170 
Construction in progress129,662 145,732 
Total$5,222,115 $4,007,923 
Accumulated depreciation, depletion and amortization(2)
(2,477,231)(2,190,307)
Property, plant and equipment and mining properties, net$2,744,884 $1,817,616 
(1) Includes $123.8 million and $170.1 million associated with facilities and equipment assets under finance leases at December 31, 2025 and December 31, 2024, respectively.
(2) Includes $75.1 million and $63.3 million of accumulated amortization related to assets under finance leases at December 31, 2025 and December 31, 2024, respectively.
v3.25.4
Leases (Tables)
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Summary of Lease Cost and Cash Flow Information
The following table summarizes quantitative information pertaining to the Company’s finance and operating leases.
Year ended December 31,
In thousands202520242023
Lease Cost
Operating lease cost$13,600 $12,924 $12,536 
Short-term operating lease cost$18,705 $13,784 $12,223 
Finance lease cost:
Amortization of leased assets$39,494 $34,424 $27,985 
Interest on lease liabilities5,739 4,844 3,762 
Total finance lease cost$45,233 $39,268 $31,747 
Supplemental cash flow information related to leases was as follows:
Year ended December 31,
In thousands202520242023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$32,305 $26,709 $24,759 
Operating cash flows from finance leases$5,739 $4,844 $3,762 
Financing cash flows from finance leases$56,386 $24,524 $24,505 
Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases was as follows:
In thousandsDecember 31, 2025December 31, 2024
Operating Leases
Other assets, non-current$15,837 $23,913 
Accrued liabilities and other11,962 11,598 
Other long-term liabilities6,467 14,797 
Total operating lease liabilities$18,429 $26,395 
Finance Leases
Property and equipment, gross$123,770 $170,144 
Accumulated depreciation(75,056)(63,278)
Property and equipment, net$48,714 $106,866 
Debt, current$16,996 $31,380 
Debt, non-current32,745 73,620 
Total finance lease liabilities$49,741 $105,000 
Weighted Average Remaining Lease Term
Weighted-average remaining lease term - finance leases1.852.12
Weighted-average remaining lease term - operating leases3.803.97
Weighted Average Discount Rate
Weighted-average discount rate - finance leases6.7 %6.6 %
Weighted-average discount rate - operating leases6.1 %6.2 %
Operating Lease Minimum Future Lease Payments
Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:
As of December 31, 2025 (In thousands)
Operating leases Finance leases
2026$11,874 $19,615 
20271,394 12,839 
20281,142 12,728 
2029984 10,739 
2030977 — 
Thereafter3,649 — 
Total$20,020 $55,921 
Less: imputed interest(1,591)(6,180)
Net lease obligation$18,429 $49,741 
Finance Lease Minimum Future Lease Payments
Minimum future lease payments under finance and operating leases with terms longer than one year are as follows:
As of December 31, 2025 (In thousands)
Operating leases Finance leases
2026$11,874 $19,615 
20271,394 12,839 
20281,142 12,728 
2029984 10,739 
2030977 — 
Thereafter3,649 — 
Total$20,020 $55,921 
Less: imputed interest(1,591)(6,180)
Net lease obligation$18,429 $49,741 
v3.25.4
Debt (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long term debt and capital lease obligations
 December 31, 2025December 31, 2024
In thousandsCurrentNon-CurrentCurrentNon-Current
2029 Senior Notes, net(1)
$— $290,792 $— $290,058 
Revolving Credit Facility(2)
— — — 195,000 
Finance lease obligations16,996 32,745 31,380 73,620 
$16,996 $323,537 $31,380 $558,678 
(1) Net of unamortized debt issuance costs of $2.3 million and $3.1 million at December 31, 2025 and December 31, 2024, respectively.
(2) Unamortized debt issuance costs of $1.9 million and $3.4 million at December 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets.
Interest Expenses Incurred for Various Debt Instruments [Table Text Block]
Interest Expense
 Year Ended December 31,
In thousands202520242023
2029 Senior Notes$15,022 $15,086 17,288 
Revolving Credit Facility7,563 26,749 17,752 
Finance lease obligations5,739 4,844 3,762 
Amortization of debt issuance costs2,324 2,360 2,709 
Other obligations1,377 3,293 2,149 
Capitalized interest(1,083)(1,056)(14,561)
Total interest expense, net of capitalized interest$30,942 $51,276 $29,099 
v3.25.4
Reclamation (Tables)
12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation
Changes to the Company’s asset retirement obligations for its operating sites are as follows:
Year Ended December 31,
In thousands20252024
Asset retirement obligation - Beginning$260,492 $214,013 
Accretion19,698 16,778 
Additions and changes to estimates6,566 35,455 
Settlements(9,245)(5,754)
Asset retirement obligation - Ending$277,511 $260,492 
v3.25.4
Income and Mining Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of Income (loss) before income taxes are below:
 Year Ended December 31,
In thousands202520242023
United States$403,735 $50,194 $(107,021)
Foreign278,803 76,156 38,565 
Total$682,538 $126,350 $(68,456)
The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below:
Year Ended December 31,
In thousands202520242023
Current:   
United States$(637)$(145)$981 
United States — State mining taxes(33,269)(11,256)(7,047)
United States — Foreign withholding tax(22)(33)(119)
Canada(5,169)(1,147)(848)
Mexico(215,872)(63,604)(30,222)
Deferred:
United States138,893 149 305 
United States — State mining taxes3,479 (1,778)(1,076)
Canada(4,798)(376)— 
Mexico20,729 10,740 2,870 
Income tax (expense) benefit$(96,666)$(67,450)$(35,156)
Schedule of Effective Income Tax Rate Reconciliation
The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
 Year Ended December 31,
In thousands2025%2024%2023%
U.S. federal statutory tax rate$(143,428)21.0 %$(26,534)21.0 %$14,376 21.0 %
State income and mining taxes, net of federal benefit(1)
(37,331)5.5 (11,313)9.0 (1,468)(2.2)
Foreign tax effects
Mexico
Foreign tax rate differences(30,341)4.4 (11,253)8.9 (5,848)(8.6)
Foreign permanent differences1,893 (0.3)(1,384)1.1 (1,190)(1.7)
Mining taxes, net of income tax benefit(27,276)4.0 (8,865)7.0 (6,513)(9.5)
Change in valuation allowance4,520 (0.7)— — — — 
Foreign withholding taxes(10,821)1.6 (6,900)5.5 — — 
Foreign exchange rates(38,893)5.7 1,434 (1.1)1,172 1.7 
Foreign inflation and indexing5,724 (0.8)2,230 (1.8)2,858 4.2 
Uncertain tax positions(28,820)4.2 — — — — 
Sale of non-core assets— — — — (1,322)(1.9)
Enactment of 1% increase in Mexico special mining duty tax— — (1,696)1.3 — — 
Other, net2,967 (0.4)(175)0.1 (547)(0.8)
Canada
Foreign tax rate difference(2,954)0.4 (2,434)1.9 (2,015)(3.0)
Provincial tax5,907 (0.9)4,868 (3.9)4,029 5.9 
Canadian flow through shares permanent(3,802)0.6 (7,246)5.7 (3,448)(5.0)
Change in valuation allowance(9,481)1.4 (3,746)3.0 (5,986)(8.8)
Foreign withholding taxes(3,460)0.5 (1,523)1.2 (848)(1.2)
Other(3,427)0.5 40 — 369 0.5 
Other foreign jurisdictions
Other(420)0.1 (456)0.4 (117)(0.2)
Effect of cross border tax laws
Subpart F income(32)— (1,345)1.1 (758)(1.1)
Change in valuation allowance208,938 (30.6)4,011 (3.2)(30,242)(44.2)
Nondeductible items
Percentage depletion21,092 (3.1)6,974 (5.5)5,649 8.3 
Equity compensation1,321 (0.2)(1,205)1.0 (780)(1.1)
Other nondeductible items(2,185)0.3 (769)0.6 (1,502)(2.2)
Other adjustments
Effect of tax rate changes— — — — (1,659)(2.4)
Other(6,357)1.0 (163)0.1 634 0.9 
Income and mining tax (expense) benefit$(96,666)14.2 %$(67,450)53.4 %$(35,156)(51.4)%

(1)State mining taxes in South Dakota, Nevada, and Alaska made up the majority (greater than 50 percent) of the state tax effect.
Schedule of Deferred Tax Assets and Liabilities
At December 31, 2025 and 2024, the significant components of the Company’s deferred tax assets and liabilities are below:
 Year Ended December 31,
In thousands20252024
Deferred tax liabilities:  
Property, plant, and equipment$59,006 $5,529 
Mineral properties261,588 — 
Other long-term liabilities10,103 — 
 330,697 5,529 
Deferred tax assets:
Net operating loss carryforwards288,122 304,244 
Mineral properties— 50,824 
Mining royalty tax53,529 8,314 
Capital loss carryforwards17,089 16,910 
Asset retirement obligation58,905 49,306 
Accrued expenses15,323 18,117 
Tax credit carryforwards12,274 13,620 
Other long-term assets— 30,612 
 445,242 491,947 
Valuation allowance(303,518)(490,044)
 141,724 1,903 
Net deferred tax liabilities$188,973 $3,626 
Summary of Valuation Allowance
Based upon this analysis, the Company has recorded valuation allowances as follows:
 Year Ended December 31,
In thousands20252024
U.S. $52,394 $268,119 
Canada216,711 200,319 
Mexico12,594 408 
New Zealand21,643 21,013 
Other176 185 
 $303,518 $490,044 
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands):
Unrecognized tax benefits at December 31, 2023$2 
Gross increase to current period tax positions$— 
Gross increase to prior period tax positions$— 
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations$(2)
Unrecognized tax benefits at December 31, 2024$— 
Gross increase to current period tax positions$— 
Gross increase to prior period tax positions$34,446 
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations$— 
Unrecognized tax benefits at December 31, 2025$34,446 
Summary of Tax Credit Carryforwards
The Company has the following tax attribute carryforwards at December 31, 2025, by jurisdiction:
In thousandsU.S.CanadaMexicoNew ZealandOtherTotal
Regular net operating losses$522,637 $480,612 $4,971 $77,861 $787 $1,086,868 
Expiration years2026-2037, Indefinite2028-20442029-2036Indefinite2026-2030
Capital losses55,885 26,363 — — — 82,248 
Foreign tax credits10,864 — — — — 10,864 
Reconciliation of Cash Taxes Paid for Income and Mining Taxes
The following table provides a reconciliation of cash taxes paid for income and mining taxes:
Year Ended December 31,
In thousands202520242023
Federal$— $700 $— 
State
South Dakota15,098 10,800 5,000 
All other states895 — — 
Foreign
Mexico161,041 31,700 29,800 
Canada1,432 1,900 200 
Total net (refunds) payments$178,466 $45,100 $35,000 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that total the same such amounts shown in the Consolidated Statements of Cash Flows in the years ended December 31, 2025 and 2024:
In thousandsDecember 31, 2025December 31, 2024
Cash and cash equivalents$553,597 $55,087 
Restricted cash equivalents(1)
2,108 1,787 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$555,705 $56,874 
(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet.
Year ended December 31,
202520242023
Non-cash lease obligations arising from obtaining operating lease assets$3,045 $21,230 $718 
Non-cash financing and investing activities:
Finance lease obligations$1,127 $54,330 $32,978 
Capital expenditures, not yet paid$30,689 $26,515 $44,966 
Debt for equity exchange $— $5,867 $76,018 
Other cash flow information:
Interest paid$31,763 $49,806 $41,249 
Income and mining taxes paid$178,466 $45,100 $35,000 
v3.25.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes restricted stock activity for the years ended December 31, 2025, 2024, and 2023:
 Restricted Stock
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 20222,784,610 $5.05 
Granted3,251,765 2.94 
Vested(1,381,246)5.09 
Canceled/Forfeited(680,710)3.66 
Outstanding at December 31, 20233,974,419 $3.54 
Granted3,129,255 2.66 
Vested(1,576,652)4.11 
Canceled/Forfeited(308,396)2.82 
Outstanding at December 31, 20245,218,626 $2.89 
Granted1,857,034 7.42 
Vested(2,506,676)3.03 
Canceled/Forfeited(71,826)4.09 
Outstanding at December 31, 20254,497,158 $4.66 
Share-based Payment Arrangement, Performance Shares, Outstanding Activity
The following table summarizes performance shares activity for the years ended December 31, 2025, 2024, and 2023:
 Performance Shares
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 20222,574,537 $5.26 
Granted (1)
1,816,429 3.16 
Vested(566,891)4.00 
Canceled/Forfeited (1)
(664,165)4.32 
Outstanding at December 31, 20233,159,910 $4.52 
Granted (2)
2,076,818 2.85 
Vested(379,402)8.30 
Canceled/Forfeited (2)
(215,814)8.55 
Outstanding at December 31, 20244,641,512 $3.24 
Granted (3)
1,191,381 9.79 
Vested(580,360)4.38 
Canceled/Forfeited (3)
(490,093)4.26 
Outstanding at December 31, 20254,762,440 $4.63 
(1) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award.
(2) Includes 22,351 additional shares granted and 187,809 shares cancelled in connection with the vesting of the 2021 award in 2024 due to above-target and below target performance, respectively, in accordance with the terms of the award.
(3) Includes 77,826 additional shares granted and 490,093 shares cancelled in connection with the vesting of the 2022 award in 2025 due to above-target and below target performance, respectively, in accordance with the terms of the award.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model:
202520242023
Weighted average fair value of stock options granted$2.02 $— $— 
Volatility66.2 %— %— %
Expected life in years1.5— — 
Risk-free interest rate4.2 %— %— %
Dividend yield— %— %— %
Schedule of Stock Options Roll Forward
The following table summarizes stock option activity for the years ended December 31, 2025, 2024, and 2023:
 Stock Options
SharesWeighted
Average
Exercise
Price
Outstanding at December 31, 202293,988 $14.41 
Canceled/forfeited— — 
Expired(39,658)23.90 
Outstanding at December 31, 202354,330 $7.49 
Canceled/forfeited(10,908)9.31 
Exercised(14,292)5.57 
Outstanding at December 31, 202429,130 $7.75 
Granted3,488,137 4.03 
Canceled/forfeited(5,261)3.48 
Expired(43,259)5.37 
Exercised/released(3,304,104)4.07 
Outstanding at December 31, 2025164,643 $3.52 
The following table summarizes outstanding stock options as of December 31, 2025:
Range of
Exercise Price
Number
Outstanding
Weighted Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate Intrinsic Value (in thousands)
$ 0.00-$10.00164,643 $3.52 2.51$2,356 
Outstanding164,643 $3.52 2.51$2,356 
Vested and expected to vest81,436 $3.78 1.91$1,144 
Exercisable148,485 $3.47 2.61$2,132 

v3.25.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Adjustments to Comprehensive income (Loss)
 Year Ended December 31,
In thousands202520242023
Change in the value of equity securities$— $— $3,384 
Acquired bullion and metal inventory monetization(342)— — 
Fair value adjustments, net$(342)$— $3,384 
Financial assets and liabilities measured at fair value on recurring basis
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 Fair Value at December 31, 2025
In thousandsTotalLevel 1Level 2Level 3  
Assets:
Provisional metal sales contracts$1,103 $— $1,103 $— 
Liabilities:
Provisional metal sales contracts$124 $— $124 $— 
 
 Fair Value at December 31, 2024
In thousandsTotalLevel 1Level 2Level 3  
Assets:
Provisional metal sales contracts$222 $— $222 $— 
Liabilities:
Provisional metal sales contracts$70 $— $70 $— 
Financial Assets and Liabilities not Measured at Fair Value
The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2025 and December 31, 2024 is presented in the following table:
 December 31, 2025
In thousandsBook ValueFair ValueLevel 1Level 2Level 3  
Liabilities:
2029 Senior Notes(1)
$290,792 $289,232 $— $289,232 $— 
Deferred Cash Due 2026$4,829 $4,852 $— $4,852 $— 
(1) Net of unamortized debt issuance costs of $2.3 million.
 December 31, 2024
In thousandsBook ValueFair ValueLevel 1Level 2Level 3  
Liabilities:
2029 Senior Notes(1)
$290,058 $278,014 $— $278,014 $— 
Revolving Credit Facility(2)
$195,000 $195,000 $— $195,000 $— 
Deferred Cash Due 2025$9,644 $9,673 $— $9,673 $— 
Deferred Cash Due 2026$4,505 $4,533 $— $4,533 $— 
(1) Net of unamortized debt issuance costs of $3.1 million.
(2) Unamortized debt issuance costs of $3.4 million included in Other Non-Current Assets.
v3.25.4
Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of the derivative instruments
The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively (in thousands):
Year Ended December 31,
202520242023
 Amount of Gain (Loss) Recognized in AOCI
Gold forwards$— $(10,886)$(10,627)
Silver forwards— (7,621)10,309 
$— $(18,507)$(318)
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards$— $12,867 $(3,697)
Silver forwards— 4,309 (6,997)
$— $17,176 $(10,694)
The following summarizes the classification of the fair value of the derivative instruments:
 December 31, 2025
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$1,103 $124 
 December 31, 2024
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$222 $70 
Derivative instruments, future settlement
At December 31, 2025, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces20252026 and Thereafter
Provisional gold sales contracts$57,699 $— 
Average gold price per ounce$4,258 $— 
Notional ounces13,552 — 
Gain losses on derivative instruments
The following represent mark-to-market gains (losses) on derivative instruments in the years ended December 31, 2025, 2024, and 2023, respectively (in thousands):
 Year Ended December 31,
Financial statement lineDerivative202520242023
RevenueProvisional metal sales contracts$827 $(166)$30 
Credit Risk
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.
v3.25.4
Additional Comprehensive Income (Loss) Detail (Tables)
12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
Pre-development, reclamation, and other consists of the following:
 Year Ended December 31,
In thousands202520242023
Silvertip ongoing carrying costs$10,440 $8,513 $15,616 
Loss on sale of assets698 4,250 12,879 
Asset retirement accretion19,697 16,778 16,405 
Kensington royalty settlement(1)
(95)7,156 — 
Transaction costs26,409 8,517 — 
Wage and hour litigation settlement(1)
7,059 — — 
Other5,580 6,059 9,736 
Pre-development, reclamation and other$69,788 $51,273 $54,636 
(1) See Note 18 -- Commitments and Contingencies for additional details on the Kensington royalty settlement and wage and hour litigation settlement.
Schedule of Nonoperating Income (Expense)
Other, net consists of the following:
 Year Ended December 31,
In thousands202520242023
Foreign exchange gain (loss)$1,429 $4,753 $(459)
Loss on dispositions— — (12,318)
Flow-through shares764 5,563 2,057 
RMC bankruptcy distribution37 1,294 1,516 
Other4,692 1,417 1,741 
Other, net$6,922 $13,027 $(7,463)
v3.25.4
Net Income (Loss) Per Share (Tables)
12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Year Ended December 31,
In thousands except per share amounts202520242023
Net income (loss) available to common stockholders$585,872 $58,900 $(103,612)
Weighted average shares:
Basic607,201 391,709 343,059 
Effect of stock-based compensation plans7,465 5,713 — 
Diluted614,666 397,422 343,059 
Income (loss) per share:
Basic$0.96 $0.15 $(0.30)
Diluted$0.95 $0.15 $(0.30)
Schedule of Repurchase Agreements
The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the year ended December 31, 2025:
Year Ended December 31,
2025
Shares repurchased814,129 
Cost of shares (in thousands)$9,625 
Average price paid per share$11.82 
v3.25.4
Supplemental Guarantor Information (Tables)
12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
SUMMARIZED BALANCE SHEET
Coeur Mining, Inc.Subsidiary Guarantors
In thousandsDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Current assets$375,741 $13,782 $291,673 $164,627 
Non-current assets(1)
$1,110,145 $516,209 $1,494,435 $1,483,632 
Non-guarantor intercompany assets$3,008 $3,144 $— $— 
Current liabilities$33,646 $31,841 $166,385 $202,329 
Non-current liabilities$311,921 $496,976 $216,889 $260,210 
Non-guarantor intercompany liabilities$1,423 $2,642 $1,608 $1,570 
(1) Coeur Mining, Inc.’s non-current assets include its investment in Guarantor Subsidiaries.
Schedule of Comprehensive Income (Loss)
SUMMARIZED STATEMENTS OF INCOME
YEAR ENDED DECEMBER 31, 2025
In thousandsCoeur Mining, Inc.Subsidiary Guarantors
Revenue$— $1,174,931 
Gross profit (loss)$(826)$554,699 
Net income$585,872 $463,834 
v3.25.4
Commitment and Contingencies (Tables)
12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Contract Liability
The following table presents a roll forward of the Franco-Nevada contract liability balance:
Year Ended December 31,
In thousands202520242023
Opening Balance$6,382 $6,942 $7,411 
Revenue Recognized(660)(560)(469)
Closing Balance$5,722 $6,382 $6,942 
The following table presents a roll forward of the prepayment contract liability balance:
Year Ended December 31,
In thousands202520242023
Opening Balance$42,164 $55,082 $25,016 
Additions— 170,000 130,066 
Revenue Recognized(42,164)(182,918)(100,000)
Closing Balance$— $42,164 $55,082 
v3.25.4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables)
12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Accrued Liabilities [Table Text Block]
Accrued liabilities and other consist of the following:
In thousandsDecember 31, 2025December 31, 2024
Accrued salaries and wages$42,354 $31,151 
Flow-through share premium received— 853 
Deferred revenue (1)
683 42,863 
Income and mining taxes116,230 36,490 
Kensington royalty settlement (1)
— 3,750 
Deferred Cash Due 2026(2)
4,829 — 
Deferred Cash Due 2025(2)
— 9,644 
Accrued operating costs12,506 6,577 
Unrealized losses on derivatives124 70 
Taxes other than income and mining17,465 5,491 
Accrued interest payable6,060 8,122 
Operating lease liabilities11,962 11,598 
Accrued liabilities and other$212,213 $156,609 
(1) See Note 18 -- Commitments and Contingencies for additional details on deferred revenue liabilities.
(2) See Note 13 -- Fair Value Measurements for additional details on Deferred Cash Due 2026.
Schedule of Cash Flow, Supplemental Disclosures
The following table provides a reconciliation of cash taxes paid for income and mining taxes:
Year Ended December 31,
In thousands202520242023
Federal$— $700 $— 
State
South Dakota15,098 10,800 5,000 
All other states895 — — 
Foreign
Mexico161,041 31,700 29,800 
Canada1,432 1,900 200 
Total net (refunds) payments$178,466 $45,100 $35,000 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that total the same such amounts shown in the Consolidated Statements of Cash Flows in the years ended December 31, 2025 and 2024:
In thousandsDecember 31, 2025December 31, 2024
Cash and cash equivalents$553,597 $55,087 
Restricted cash equivalents(1)
2,108 1,787 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$555,705 $56,874 
(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet.
Year ended December 31,
202520242023
Non-cash lease obligations arising from obtaining operating lease assets$3,045 $21,230 $718 
Non-cash financing and investing activities:
Finance lease obligations$1,127 $54,330 $32,978 
Capital expenditures, not yet paid$30,689 $26,515 $44,966 
Debt for equity exchange $— $5,867 $76,018 
Other cash flow information:
Interest paid$31,763 $49,806 $41,249 
Income and mining taxes paid$178,466 $45,100 $35,000 
v3.25.4
Summary of Significant Accounting Policies (Details) - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 02, 2014
Business Combination [Line Items]          
Drilling and Related Costs Capitalized $ 21,000,000 $ 16,800,000      
Certificates of Deposit, at Carrying Value 9,100,000 8,500,000      
Inventory Write-down 0 3,235,000 $ 40,247,000    
Certificates of Deposit, at Carrying Value $ 9,100,000 8,500,000      
Palmarejo gold production royalty          
Business Combination [Line Items]          
Aggregate deposit to be received         $ 22,000,000.0
Production to be sold, percent         50.00%
Price per ounce under agreement         $ 800
Building and Building Improvements | Minimum          
Business Combination [Line Items]          
Property, Plant and Equipment, Useful Life 7 years        
Building and Building Improvements | Maximum          
Business Combination [Line Items]          
Property, Plant and Equipment, Useful Life 30 years        
Machinery and Equipment | Minimum          
Business Combination [Line Items]          
Property, Plant and Equipment, Useful Life 3 years        
Machinery and Equipment | Maximum          
Business Combination [Line Items]          
Property, Plant and Equipment, Useful Life 10 years        
Kensington          
Business Combination [Line Items]          
Revenue liability $ 0 $ 42,164,000 $ 55,082,000 $ 25,016,000  
v3.25.4
Summary of Significant Accounting Policies Summary of Unearned Income (Details) - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 02, 2014
Contract Liabilities        
Revenue Recognized $ 42,824,000 $ 55,562,000 $ 25,468,000  
Palmarejo gold production royalty        
Contract Liabilities        
Aggregate deposit to be received       $ 22,000,000.0
Price per ounce under agreement       $ 800
Production to be sold, percent       50.00%
Franco-Nevada        
Contract Liabilities        
Opening Balance 6,382,000 6,942,000 7,411,000  
Revenue Recognized (660,000) (560,000) (469,000)  
Closing Balance 5,722,000 6,382,000 6,942,000  
Kensington        
Contract Liabilities        
Opening Balance 42,164,000 55,082,000 25,016,000  
Additions 0 170,000,000 130,066,000  
Revenue Recognized (42,164,000) (182,918,000) (100,000,000)  
Closing Balance $ 0 $ 42,164,000 $ 55,082,000  
v3.25.4
Summary of Significant Accounting Policies - Property Plant and Equipment (Details)
Dec. 31, 2025
Minimum | Building and Building Improvements  
Business Combination [Line Items]  
Property, Plant and Equipment, Useful Life 7 years
Minimum | Machinery and Equipment  
Business Combination [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Maximum | Building and Building Improvements  
Business Combination [Line Items]  
Property, Plant and Equipment, Useful Life 30 years
Maximum | Machinery and Equipment  
Business Combination [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
v3.25.4
Summary of Significant Accounting Policies - Mining Properties and Mine Development (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Drilling and Related Costs Capitalized $ 21.0 $ 16.8
v3.25.4
Summary of Significant Accounting Policies - Restricted Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Certificates of Deposit, at Carrying Value $ 9.1 $ 8.5
v3.25.4
Acquisitions - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended 15 Months Ended
Feb. 14, 2025
Oct. 03, 2024
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Business Combination [Line Items]              
Common stock, shares issued (in shares)     642,092,761 642,092,761 399,235,632   642,092,761
Common stock, shares outstanding (in shares)     642,092,761 642,092,761 399,235,632   642,092,761
Inventories       $ 51,798 $ 69,640 $ 47,592  
Fair value adjustments, net, pretax       342 0 (3,384)  
Acquisition related costs       26,409 8,517 0  
Business Combination, Total Transaction Costs       12,100     $ 20,600
Revenue       2,070,126 1,054,006 821,206  
Metal sales              
Business Combination [Line Items]              
Revenue       2,070,126 $ 1,054,006 $ 821,206  
Las Chispas              
Business Combination [Line Items]              
Fair value adjustments, net, pretax       0      
Las Chispas | Metal sales              
Business Combination [Line Items]              
Revenue       $ 421,431      
SilverCrest              
Business Combination [Line Items]              
Common stock, shares issued (in shares) 239,331,799   239,331,799 239,331,799     239,331,799
Common stock, shares outstanding (in shares) 239,331,799            
Common shares issued (value) $ 1,580,000   $ 1,581,983        
Fair value of Coeur payable to SilverCrest repurchased     (72,311)        
Inventories     $ (72,000)        
Company Subsidary              
Business Combination [Line Items]              
Common stock portion, number of Coeur stock for each share of Silvercrest common stock converted (in shares)   1.6022          
v3.25.4
Acquisitions - Purchase Price Allocation (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Feb. 14, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Assets:        
Short-term receivables   $ 23,292 $ 23,292  
LIABILITIES        
Goodwill   $ 625,812 $ 625,812 $ 0
Common stock, shares issued (in shares)   642,092,761 642,092,761 399,235,632
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period     3,304,104  
Common Stock        
LIABILITIES        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period     2,212,000  
Common Stock | Royalty Settlement [Domain]        
LIABILITIES        
Common stock issued for investment (in shares)     595,000 738,000
SilverCrest        
Business Combination [Line Items]        
Common shares issued (value) $ 1,580,000 $ 1,581,983    
Fair value of replacement stock-based compensation awarded(1) [1]   8,539    
Fair value of Coeur payable to SilverCrest repurchased   72,311    
Total purchase price   1,518,211    
Assets:        
Cash and cash equivalents   103,724 $ 103,724  
Inventory   153,826 153,826  
Prepaid expenses and other   15,213 15,213  
Property, plant and equipment and mining properties   1,008,962 1,008,962  
Other   5,596 5,596  
Total Assets   1,310,613 1,310,613  
LIABILITIES        
Accounts payable   16,774 16,774  
Accrued liabilities and other   25,636 25,636  
Debt   846 846  
Reclamation   10,870 10,870  
Deferred tax liabilities [2]   343,650 343,650  
Other long-term liabilities   20,438 20,438  
Total liabilities   418,214 418,214  
Net assets acquired   892,399 892,399  
Goodwill   625,812 625,812  
Net assets acquired   $ 1,518,211 $ 1,518,211  
Common stock, shares issued (in shares) 239,331,799 239,331,799 239,331,799  
Shares issued (in dollars per share)   $ 6.61 $ 6.61  
SilverCrest | Common Stock | SilverCrest Acquisition        
LIABILITIES        
Common stock issued for investment (in shares)     2,300,000  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period     3,300,000  
[1] As of December 31, 2025, 2.3 million common shares were issued related to the exercise of 3.3 million replacement options.
[2] Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the fair value of the assets acquired in Mexico and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill.
v3.25.4
Acquisitions - Pro Forma (Details) - SilverCrest - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]    
Revenue $ 2,125,103 $ 1,355,934
Net income (loss) $ 696,724 $ (47,633)
v3.25.4
Segment Reporting (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 2,070,126 $ 1,054,006 $ 821,206
Amortization 251,099 124,974 99,822
Other operating expenses 126,985 [1] 99,000 96,241
Costs and Expenses 1,363,113 889,824 859,921
Income (loss) from operations 707,013 164,182 (38,715)
(Gain) loss on debt extinguishment (113) 417 3,437
Fair value adjustments, net, pretax (342) 0 3,384
Interest Income (Expense), Nonoperating 30,942 51,276 29,099
Other, net [2] 6,922 13,027 (7,463)
Income (loss) before income and mining taxes 682,538 126,350 (68,456)
Income and mining tax (expense) benefit (96,666) (67,450) (35,156)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 585,872 58,900 (103,612)
Total assets for reportable segments 3,928,905 [3] 2,161,881 1,943,037
Payments to Acquire Productive Assets 221,162 183,188 364,617
Las Chispas      
Segment Reporting Information [Line Items]      
Amortization 94,213    
Other operating expenses [1] 2,162    
Costs and Expenses 308,480    
Income (loss) from operations 112,951    
(Gain) loss on debt extinguishment 0    
Fair value adjustments, net, pretax 0    
Interest Income (Expense), Nonoperating (131)    
Other, net [2] 12,224    
Income (loss) before income and mining taxes 125,044    
Income and mining tax (expense) benefit (78,183)    
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 46,861    
Total assets for reportable segments 1,661,565    
Payments to Acquire Productive Assets 38,149    
Palmarejo      
Segment Reporting Information [Line Items]      
Amortization 37,015 44,979 35,709
Other operating expenses 7,691 [1] 8,665 8,064
Costs and Expenses 254,890 262,332 245,922
Income (loss) from operations 218,874 116,728 67,285
(Gain) loss on debt extinguishment 0 0 0
Fair value adjustments, net, pretax 0 0 0
Interest Income (Expense), Nonoperating 315 (324) (844)
Other, net (5,615) [2] 7,074 4,590
Income (loss) before income and mining taxes 212,944 124,126 72,719
Income and mining tax (expense) benefit (103,526) (45,765) (26,016)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 109,418 78,361 46,703
Total assets for reportable segments 311,672 316,232 312,879
Payments to Acquire Productive Assets 25,534 30,621 41,766
Rochester      
Segment Reporting Information [Line Items]      
Amortization 69,283 41,293 26,392
Other operating expenses 12,155 [1] 12,963 26,005
Costs and Expenses 299,118 213,937 224,889
Income (loss) from operations 158,924 1,875 (68,867)
(Gain) loss on debt extinguishment (106) 0 0
Fair value adjustments, net, pretax (342) 0 0
Interest Income (Expense), Nonoperating (9,480) 5,081 1,603
Other, net (446) [2] (363) (293)
Income (loss) before income and mining taxes 148,550 (3,569) (70,763)
Income and mining tax (expense) benefit (9,004) (1,778) (816)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 139,546 (5,347) (71,579)
Total assets for reportable segments 1,280,017 1,227,745 1,081,442
Payments to Acquire Productive Assets 65,750 72,676 263,401
Kensington      
Segment Reporting Information [Line Items]      
Amortization 39,295 28,201 25,905
Other operating expenses 7,930 [1] 9,753 3,440
Costs and Expenses 234,055 201,205 189,904
Income (loss) from operations 143,655 23,924 (27,426)
(Gain) loss on debt extinguishment (7) 0 0
Fair value adjustments, net, pretax 0 0 0
Interest Income (Expense), Nonoperating (361) 1,681 1,744
Other, net (459) [2] (312) (311)
Income (loss) before income and mining taxes 142,828 21,931 (29,481)
Income and mining tax (expense) benefit (1,687) (576) 0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 141,141 21,355 (29,481)
Total assets for reportable segments 263,614 223,525 171,602
Payments to Acquire Productive Assets 65,635 68,656 53,316
Wharf      
Segment Reporting Information [Line Items]      
Amortization 6,558 6,487 6,694
Other operating expenses 5,692 [1] 4,519 4,157
Costs and Expenses 136,594 115,564 125,508
Income (loss) from operations 202,585 118,441 63,991
(Gain) loss on debt extinguishment 0 0 0
Fair value adjustments, net, pretax 0 0
Interest Income (Expense), Nonoperating (158) 544 329
Other, net (178) [2] (509) (396)
Income (loss) before income and mining taxes 202,249 117,388 63,266
Income and mining tax (expense) benefit (19,098) (10,679) (7,047)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 183,151 106,709 56,219
Total assets for reportable segments 121,986 119,407 102,245
Payments to Acquire Productive Assets 17,802 7,175 2,472
Silvertip      
Segment Reporting Information [Line Items]      
Amortization 3,903 3,235 4,018
Other operating expenses 12,338 [1] 9,923 17,104
Costs and Expenses 47,406 40,490 33,373
Income (loss) from operations (47,406) (40,490) (33,373)
(Gain) loss on debt extinguishment 0 0 0
Fair value adjustments, net, pretax 0 0 0
Interest Income (Expense), Nonoperating 0 11 63
Other, net (83) [2] (43) (129)
Income (loss) before income and mining taxes (47,489) (40,544) (33,565)
Income and mining tax (expense) benefit 0 0 0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (47,489) (40,544) (33,565)
Total assets for reportable segments 220,285 219,613 215,545
Payments to Acquire Productive Assets 7,112 3,597 2,867
Other Mining Properties      
Segment Reporting Information [Line Items]      
Amortization 832 779 1,104
Other operating expenses 79,017 [1] 53,177 37,471
Costs and Expenses 82,570 56,296 40,325
Income (loss) from operations (82,570) (56,296) (40,325)
(Gain) loss on debt extinguishment 0 417 3,437
Fair value adjustments, net, pretax 0 0 3,384
Interest Income (Expense), Nonoperating (20,497) 44,283 26,204
Other, net 1,479 [2] 7,180 (10,924)
Income (loss) before income and mining taxes (101,588) (92,982) (70,632)
Income and mining tax (expense) benefit 114,832 (8,652) (1,277)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 13,244 (101,634) (71,909)
Total assets for reportable segments 69,766 [3] 55,359 59,324
Payments to Acquire Productive Assets 1,180 463 795
Gold sales      
Segment Reporting Information [Line Items]      
Revenue 1,343,729 734,861 575,677
Gold sales | Las Chispas      
Segment Reporting Information [Line Items]      
Revenue 203,234    
Gold sales | Palmarejo      
Segment Reporting Information [Line Items]      
Revenue 218,064 190,520 155,036
Gold sales | Rochester      
Segment Reporting Information [Line Items]      
Revenue 210,680 91,541 75,571
Gold sales | Kensington      
Segment Reporting Information [Line Items]      
Revenue 377,693 225,200 162,010
Gold sales | Wharf      
Segment Reporting Information [Line Items]      
Revenue 334,058 227,600 183,060
Gold sales | Silvertip      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Gold sales | Other Mining Properties      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Silver sales      
Segment Reporting Information [Line Items]      
Revenue 726,397 319,145 245,529
Silver sales | Las Chispas      
Segment Reporting Information [Line Items]      
Revenue 218,197    
Silver sales | Palmarejo      
Segment Reporting Information [Line Items]      
Revenue 255,700 188,540 158,171
Silver sales | Rochester      
Segment Reporting Information [Line Items]      
Revenue 247,362 124,271 80,451
Silver sales | Kensington      
Segment Reporting Information [Line Items]      
Revenue 17 (71) 468
Silver sales | Wharf      
Segment Reporting Information [Line Items]      
Revenue 5,121 6,405 6,439
Silver sales | Silvertip      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Silver sales | Other Mining Properties      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Metal sales      
Segment Reporting Information [Line Items]      
Revenue 2,070,126 1,054,006 821,206
Metal sales | Las Chispas      
Segment Reporting Information [Line Items]      
Revenue 421,431    
Metal sales | Palmarejo      
Segment Reporting Information [Line Items]      
Revenue 473,764 379,060 313,207
Metal sales | Rochester      
Segment Reporting Information [Line Items]      
Revenue 458,042 215,812 156,022
Metal sales | Kensington      
Segment Reporting Information [Line Items]      
Revenue 377,710 225,129 162,478
Metal sales | Wharf      
Segment Reporting Information [Line Items]      
Revenue 339,179 234,005 189,499
Metal sales | Silvertip      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Metal sales | Other Mining Properties      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Product      
Segment Reporting Information [Line Items]      
Costs applicable to sales [4] 898,437 606,192 632,896
Product | Las Chispas      
Segment Reporting Information [Line Items]      
Costs applicable to sales [4] 201,684    
Product | Palmarejo      
Segment Reporting Information [Line Items]      
Costs applicable to sales 191,657 [4] 195,458 194,309
Product | Rochester      
Segment Reporting Information [Line Items]      
Costs applicable to sales 209,114 [4] 154,611 171,271
Product | Kensington      
Segment Reporting Information [Line Items]      
Costs applicable to sales 179,054 [4] 157,757 152,659
Product | Wharf      
Segment Reporting Information [Line Items]      
Costs applicable to sales 116,928 [4] 98,366 114,657
Product | Silvertip      
Segment Reporting Information [Line Items]      
Costs applicable to sales 0 [4] 0 0
Product | Other Mining Properties      
Segment Reporting Information [Line Items]      
Costs applicable to sales 0 [4] 0 0
Mineral, Exploration      
Segment Reporting Information [Line Items]      
Costs applicable to sales 86,592 59,658 30,962
Mineral, Exploration | Las Chispas      
Segment Reporting Information [Line Items]      
Costs applicable to sales 10,421    
Mineral, Exploration | Palmarejo      
Segment Reporting Information [Line Items]      
Costs applicable to sales 18,527 13,230 7,840
Mineral, Exploration | Rochester      
Segment Reporting Information [Line Items]      
Costs applicable to sales 8,566 5,070 1,221
Mineral, Exploration | Kensington      
Segment Reporting Information [Line Items]      
Costs applicable to sales 7,776 5,494 7,900
Mineral, Exploration | Wharf      
Segment Reporting Information [Line Items]      
Costs applicable to sales 7,416 6,192 0
Mineral, Exploration | Silvertip      
Segment Reporting Information [Line Items]      
Costs applicable to sales 31,165 27,332 12,251
Mineral, Exploration | Other Mining Properties      
Segment Reporting Information [Line Items]      
Costs applicable to sales $ 2,721 $ 2,340 $ 1,750
[1] Other operating expenses include General and administrative and Pre-development, reclamation, and other.
[2] See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.
[3] Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill
[4] Excludes amortization.
v3.25.4
Segment Reporting - Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Total assets for reportable segments $ 3,928,905 [1] $ 2,161,881 $ 1,943,037
Cash and cash equivalents 553,597 55,087  
Other assets 213,180 84,779  
Total consolidated assets $ 4,695,682 $ 2,301,747  
[1] Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill
v3.25.4
Segment Reporting - Geographic Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-Lived Assets $ 3,370,696 $ 1,817,616
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-Lived Assets 1,315,939 1,312,976
Mexico    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-Lived Assets 1,815,259 267,144
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-Lived Assets 239,265 237,263
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-Lived Assets $ 233 $ 233
v3.25.4
Segment Reporting - Revenue (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 2,070,126 $ 1,054,006 $ 821,206
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 1,174,931 674,946 507,999
Mexico      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 895,195 $ 379,060 $ 313,207
v3.25.4
Segment Reporting - Summary of Concentration Risk (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Revenue $ 2,070,126 $ 1,054,006 $ 821,206
Customer Concentration Risk | Bank of Montreal      
Concentration Risk [Line Items]      
Revenue 1,198,100 445,600 367,200
Customer Concentration Risk | Ocean Partners      
Concentration Risk [Line Items]      
Revenue 464,500 484,500 346,200
Customer Concentration Risk | Asahi Formerly Johnson Matthey      
Concentration Risk [Line Items]      
Revenue $ 360,200 $ 104,900 $ 63,700
v3.25.4
Segment Reporting - Narrative (Details) - segment
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Number of Operating Segments 6    
Number of Reportable Segments 6    
dore | Revenue, Product and Service Benchmark | Product Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage 82.00% 79.00% 80.00%
concentrate | Revenue, Product and Service Benchmark | Product Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage 18.00% 21.00% 20.00%
v3.25.4
Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Receivables - current portion    
Accounts receivable - trade $ 18,181 $ 7,818
Refundable value added tax 37,100 12,684
Income tax receivable 11,931 8,509
Deferred cash consideration 834 0
Accounts receivable - other 1,114 919
Receivables, net current portion 69,160 29,930
Receivables - non-current portion    
Other tax receivable [1] 6,488 5,554
Deferred cash consideration (2) [2] 0 834
Contingent consideration (3) [3] 13,195 13,195
Non-current receivables: 19,683 19,583
Total receivables $ 88,843 $ 49,513
[1] Consists of exploration credit refunds at Silvertip.
[2] Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
[3] Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million based on gold resources reported in the Sterling/Crown exploration properties by the buyer, its affiliates or its successors. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.
v3.25.4
Inventory and Ore on Leach Pads (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory [Line Items]    
Inventory, Finished Goods, Net of Reserves $ 3,507 $ 2,663
Stockpile ore 85,450 6,773
Other Inventory, Net of Reserves 15,164 16,034
Inventory, Supplies, Net of Reserves 59,209 53,147
Inventory 163,330 78,617
Ore on Leach Pad, Current 157,461 92,724
Ore on leach pads, noncurrent 119,446 106,670
Inventory, Ore Stockpiles on Leach Pads, Gross 276,907 199,394
Long-Term Inventory Stockpile 42,076 41,718
Inventory and Ore on Leach Pads 482,313 319,729
Las Chispas    
Inventory [Line Items]    
Stockpile ore 73,600  
Kensington    
Inventory [Line Items]    
Stockpile ore 8,400 3,100
Palmarejo    
Inventory [Line Items]    
Stockpile ore 2,300 3,200
Wharf    
Inventory [Line Items]    
Stockpile ore $ 1,100 $ 500
v3.25.4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Inventory [Line Items]      
Inventory Write-down $ 0 $ 3,235 $ 40,247
v3.25.4
Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, plant and equipment    
Operational Mining Properties Gross $ 1,657,873 $ 1,502,457
Mineral Interest 1,683,564 833,564
Land 9,961 9,000
Buildings and Improvements, Gross [1] 1,741,055 1,517,170
Property, Plant and Equipment, Gross 5,222,115 4,007,923
Accumulated depreciation and amortization [2] (2,477,231) (2,190,307)
Construction in Progress, Gross 129,662 145,732
Property, plant and equipment and mining properties, net $ 2,744,884 $ 1,817,616
[1] Includes $123.8 million and $170.1 million associated with facilities and equipment assets under finance leases at December 31, 2025 and December 31, 2024, respectively.
[2] Includes $75.1 million and $63.3 million of accumulated amortization related to assets under finance leases at December 31, 2025 and December 31, 2024, respectively.
v3.25.4
Property, Plant and Equipment (Details Textual) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Finance Lease, Right-of-Use Asset, before Accumulated Amortization $ 123,800 $ 170,100
Construction in Progress, Gross 129,662 145,732
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation $ 75,056 $ 63,278
v3.25.4
Property, Plant and Equipment and Mining Properties, Net (Narrtive) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Mineral Interest $ 1,683,564 $ 833,564
Accrued liabilities and other 212,213 156,609
Other long-term liabilities $ 80,519 $ 38,201
v3.25.4
Leases - Summary of Lease Cost and Cash Flow Information (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease Cost        
Operating lease cost   $ 13,600 $ 12,924 $ 12,536
Short-term Lease, Cost   18,705 13,784 12,223
Finance lease cost:        
Amortization of leased assets   39,494 34,424 27,985
Total finance lease cost   45,233 39,268 31,747
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   32,305 26,709 24,759
Financing cash flows from finance leases $ 25,600 56,386 24,524 24,505
Finance Lease, Interest Expense   $ 5,739 $ 4,844 $ 3,762
v3.25.4
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Weighted Average Discount Rate    
Weighted-average discount rate - finance leases 6.70% 6.60%
Weighted-average discount rate - operating leases 6.10% 6.20%
Operating Leases    
Other assets, non-current $ 15,837 $ 23,913
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities and other Accrued liabilities and other
Accrued liabilities and other $ 11,962 $ 11,598
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Other long-term liabilities $ 6,467 $ 14,797
Total operating lease liabilities 18,429 26,395
Finance Leases    
Property and equipment, gross 123,770 170,144
Accumulated depreciation (75,056) (63,278)
Property and equipment, net 48,714 106,866
Debt, current 16,996 31,380
Debt, non-current 32,745 73,620
Total finance lease liabilities $ 49,741 $ 105,000
Weighted Average Remaining Lease Term    
Weighted-average remaining lease term - finance leases 1 year 10 months 6 days 2 years 1 month 13 days
Weighted-average remaining lease term - operating leases 3 years 9 months 18 days 3 years 11 months 19 days
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Debt Debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Debt Debt
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
v3.25.4
Leases - Summary of Minimum Future Lease Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating leases    
2026 $ 11,874  
2027 1,394  
2028 1,142  
2029 984  
2030 977  
Thereafter 3,649  
Total 20,020  
Less: imputed interest (1,591)  
Net lease obligation 18,429 $ 26,395
Finance leases    
2026 19,615  
2027 12,839  
2028 12,728  
2029 10,739  
2030 0  
Thereafter 0  
Total 55,921  
Less: imputed interest (6,180)  
Net lease obligation $ 49,741 $ 105,000
v3.25.4
Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Long term debt and capital lease obligations    
Current $ 16,996 $ 31,380
Debt 323,537 558,678
Senior Notes due 2029    
Long term debt and capital lease obligations    
Net unamortized debt issuance costs 2,300 3,100
Senior Notes due 2029    
Long term debt and capital lease obligations    
Debt [1]   290,058
Revolving Credit Facility    
Long term debt and capital lease obligations    
Debt [2] 0 195,000
Finance Lease Obligations    
Long term debt and capital lease obligations    
Debt 32,745 73,620
Senior Notes due 2029    
Long term debt and capital lease obligations    
Current [1] 0 0
Revolving Credit Facility    
Long term debt and capital lease obligations    
Current [2] 0 0
Finance Lease Obligations    
Long term debt and capital lease obligations    
Current 16,996 31,380
Revolving Credit Facility    
Long term debt and capital lease obligations    
Net unamortized debt issuance costs $ 1,900 $ 3,400
[1] Net of unamortized debt issuance costs of $2.3 million and $3.1 million at December 31, 2025 and December 31, 2024, respectively.
[2] Unamortized debt issuance costs of $1.9 million and $3.4 million at December 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets
v3.25.4
Debt (Details Textual) - USD ($)
$ in Thousands
1 Months Ended 6 Months Ended 12 Months Ended
Feb. 21, 2024
Mar. 31, 2021
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]            
Finance Lease Obligations       $ 800    
Financing cash flows from finance leases     $ 25,600 56,386 $ 24,524 $ 24,505
Decrease in finance lease liability       $ 55,300    
Line of Credit            
Debt Instrument [Line Items]            
Stated interest rate     7.20% 7.20%    
Revolving Credit Facility | Base Rate | Minimum            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate       1.00%    
Revolving Credit Facility | Base Rate | Maximum            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate       1.75%    
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) 1 | Minimum            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate       2.00%    
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) 1 | Maximum            
Debt Instrument [Line Items]            
Debt Instrument, Basis Spread on Variable Rate       2.75%    
Senior Notes due 2029            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount   $ 375,000        
Proceeds from debt   $ 367,500        
Stated interest rate     5.125% 5.125%    
Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of Credit Facility, Accordion Feature, Increase Limit $ 100,000          
Debt Covenant, Amount of Non-Capitalized Underground Mine Development Costs To Be Excluded from EBITDA 15,000          
Letters of credit outstanding, amount     $ 500 $ 500    
Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Amount available subject to debt covenants     $ 399,500 $ 399,500    
Revolving Credit Facility | Credit Agreement | Line of Credit            
Debt Instrument [Line Items]            
Maximum borrowing capacity $ 400,000          
v3.25.4
Debt - Interest Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Interest paid on Senior Notes due 2029 $ 15,022 $ 15,086 $ 17,288
Interest paid on Revolving Credit Facility 7,563 26,749 17,752
Finance Lease, Interest Expense 5,739 4,844 3,762
Amortization of Debt Issuance Costs 2,324 2,360 2,709
Interest Expense, Other 1,377 3,293 2,149
Interest Costs Capitalized Adjustment (1,083) (1,056) (14,561)
Interest Costs Incurred $ 30,942 $ 51,276 $ 29,099
v3.25.4
Reclamation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]      
Asset Retirement Obligation $ 277,511 $ 260,492 $ 214,013
Asset Retirement Obligation, Accretion Expense, Excluding Held for Sale Disposal Group. 19,698 16,778  
Asset Retirement Obligation, Revision of Estimate 6,566 35,455  
Asset Retirement Obligation, Liabilities Settled $ (9,245) $ (5,754)  
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum 6.30%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum 9.60%    
v3.25.4
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
United States, Income (loss) before tax $ 403,735 $ 50,194 $ (107,021)
Foreign, Income (loss) before tax (278,803) (76,156) (38,565)
Income (loss) before income and mining taxes 682,538 126,350 (68,456)
Tax (expense) benefit $ 96,666 $ 67,450 $ 35,156
v3.25.4
Income and Mining Taxes - Narrative (Details) - USD ($)
12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Line Items]        
Change in deferred tax asset, valuation allowance   $ (209,800,000)    
Valuation allowance   303,518,000 $ 490,044,000  
Operating loss carryforwards, domestic   522,600,000    
Operating loss carryforwards, state and local   402,000,000    
Operating loss carryforwards subject to expiration   $ 313,800,000    
Expiration term   20 years    
Operating loss carryforwards not subject to expiration   $ 208,800,000    
Unrecognized tax benefits   34,400,000 0 $ 2,000
Income-tax related interest and penalties   15,300,000 $ 0 $ 0
Forecast | Minimum        
Valuation Allowance [Line Items]        
Unrecognized tax benefits, period increase (decrease) $ 25,000,000      
Forecast | Maximum        
Valuation Allowance [Line Items]        
Unrecognized tax benefits, period increase (decrease) $ 26,000,000      
Current Year Income        
Valuation Allowance [Line Items]        
Change in deferred tax asset, valuation allowance   (73,300,000)    
Forecasted Future Year Income        
Valuation Allowance [Line Items]        
Change in deferred tax asset, valuation allowance   (136,500,000)    
U.S. Federal And State Deferred Tax Assets        
Valuation Allowance [Line Items]        
Valuation allowance   $ 52,400,000    
v3.25.4
Income and Mining Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ (143,428) $ (26,534) $ 14,376
State income and mining taxes, net of federal benefit (37,331) (11,313) (1,468)
Change in valuation allowance 208,938 4,011 (30,242)
Uncertain tax positions (28,820) 0 0
Subpart F income (32) (1,345) (758)
Percentage depletion 21,092 6,974 5,649
Equity compensation 1,321 (1,205) (780)
Other nondeductible items (2,185) (769) (1,502)
Effect of tax rate changes 0 0 (1,659)
Income and mining tax (expense) benefit $ (96,666) $ (67,450) $ (35,156)
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State income and mining taxes, net of federal benefit 5.50% 9.00% (2.20%)
Change in valuation allowance (30.60%) (3.20%) (44.20%)
Subpart F income 0.00% 1.10% (1.10%)
Percentage depletion (3.10%) (5.50%) 8.30%
Equity compensation (0.20%) 1.00% (1.10%)
Other nondeductible items 0.30% 0.60% (2.20%)
Effect of tax rate changes 0.00% 0.00% (2.40%)
Income and mining tax (expense) benefit 14.20% 53.40% (51.40%)
Mexico      
Amount      
Foreign tax rate differences $ (30,341) $ (11,253) $ (5,848)
Foreign permanent differences 1,893 (1,384) (1,190)
Mining taxes, net of income tax benefit (27,276) (8,865) (6,513)
Change in valuation allowance 4,520 0 0
Foreign withholding taxes (10,821) (6,900) 0
Foreign exchange rates (38,893) 1,434 1,172
Foreign inflation and indexing 5,724 2,230 2,858
Sale of non-core assets 0 0 (1,322)
Enactment of 1% increase in Mexico special mining duty tax 0 (1,696) 0
Other, net $ 2,967 $ (175) $ (547)
Percent      
Foreign tax rate differences 4.40% 8.90% (8.60%)
Foreign permanent differences (0.30%) 1.10% (1.70%)
Mining taxes, net of income tax benefit 4.00% 7.00% (9.50%)
Change in valuation allowance (0.70%) 0.00% 0.00%
Foreign withholding taxes 1.60% 5.50% 0.00%
Foreign exchange rates 5.70% (1.10%) 1.70%
Foreign inflation and indexing (0.80%) (1.80%) 4.20%
Uncertain tax positions 4.20% 0.00% 0.00%
Sale of non-core assets 0.00% 0.00% (1.90%)
Enactment of 1% increase in Mexico special mining duty tax 0.00% 1.30% 0.00%
Other, net (0.40%) 0.10% (0.80%)
Canada      
Amount      
Foreign tax rate differences $ (2,954) $ (2,434) $ (2,015)
Provincial tax 5,907 4,868 4,029
Canadian flow through shares permanent (3,802) (7,246) (3,448)
Change in valuation allowance (9,481) (3,746) (5,986)
Foreign withholding taxes (3,460) (1,523) (848)
Other, net $ (3,427) $ 40 $ 369
Percent      
Foreign tax rate differences 0.40% 1.90% (3.00%)
Provincial tax (0.90%) (3.90%) 5.90%
Canadian flow through shares permanent 0.60% 5.70% (5.00%)
Change in valuation allowance 1.40% 3.00% (8.80%)
Foreign withholding taxes 0.50% 1.20% (1.20%)
Other, net 0.50% 0.00% 0.50%
Foreign Tax Jurisdiction, Other      
Amount      
Foreign tax rate differences $ (420) $ (456) $ (117)
Percent      
Foreign tax rate differences 0.10% 0.40% (0.20%)
United States      
Amount      
Other, net $ (6,357) $ (163) $ 634
Percent      
Other, net 1.00% 0.10% 0.90%
v3.25.4
Income and Mining Taxes - Income and Mining Taxes Paid (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Federal, after Refund Received $ 0 $ 700 $ 0
Income Taxes Paid, Net 178,466 45,100 35,000
South Dakota      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 15,098 10,800 5,000
All other states      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 895 0 0
Mexico      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received 161,041 31,700 29,800
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received $ 1,432 $ 1,900 $ 200
v3.25.4
Income and Mining Taxes - Income and Mining Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Income and mining tax (expense) benefit $ (96,666) $ (67,450) $ (35,156)
United States      
Income Tax Examination [Line Items]      
Current Federal Tax Expense (Benefit) (637) (145) 981
Deferred Federal Income Tax Expense (Benefit) 138,893 149 305
United States — State mining taxes      
Income Tax Examination [Line Items]      
Current Federal Tax Expense (Benefit) (33,269) (11,256) (7,047)
Deferred Federal Income Tax Expense (Benefit) 3,479 (1,778) (1,076)
United States — Foreign withholding tax      
Income Tax Examination [Line Items]      
Current Federal Tax Expense (Benefit) (22) (33) (119)
Canada      
Income Tax Examination [Line Items]      
Current Foreign Tax Expense (Benefit) (5,169) (1,147) (848)
Deferred Foreign Income Tax Expense (Benefit) (4,798) (376) 0
Mexico      
Income Tax Examination [Line Items]      
Current Foreign Tax Expense (Benefit) (215,872) (63,604) (30,222)
Deferred Foreign Income Tax Expense (Benefit) $ 20,729 $ 10,740 $ 2,870
v3.25.4
Income and Mining Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax liabilities:    
Property, plant, and equipment $ 59,006 $ 5,529
Mineral properties 261,588 0
Other long-term liabilities 10,103 0
Deferred tax liabilities, total 330,697 5,529
Deferred tax assets:    
Net operating loss carryforwards 288,122 304,244
Deferred Tax Assets, Mineral Properties 0 50,824
Mining Royalty Tax 53,529 8,314
Capital loss carryforwards 17,089 16,910
Asset retirement obligation 58,905 49,306
Accrued expenses 15,323 18,117
Tax credit carryforwards 12,274 13,620
Deferred Tax Assets, Other 0 30,612
Deferred Tax Assets, Gross 445,242 491,947
Valuation allowance (303,518) (490,044)
Deferred tax assets, total 141,724 1,903
Net deferred tax liabilities $ 188,973 $ 3,626
v3.25.4
Income and Mining Taxes - Valuation Allowance (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Income Tax Examination [Line Items]    
Valuation allowance $ 303,518 $ 490,044
United States    
Income Tax Examination [Line Items]    
Valuation allowance 52,394 268,119
Canada    
Income Tax Examination [Line Items]    
Valuation allowance 216,711 200,319
Mexico    
Income Tax Examination [Line Items]    
Valuation allowance 12,594 408
New Zealand    
Income Tax Examination [Line Items]    
Valuation allowance 21,643 21,013
Other jurisdictions    
Income Tax Examination [Line Items]    
Valuation allowance $ 176 $ 185
v3.25.4
Income and Mining Taxes - Summary of Tax Credit Carryforwards (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Tax Credit Carryforward [Line Items]  
Regular net operating losses $ 1,086,868
Capital losses 82,248
Foreign tax credits 10,864
United States  
Tax Credit Carryforward [Line Items]  
Regular net operating losses 522,637
Capital losses 55,885
Foreign tax credits 10,864
Canada  
Tax Credit Carryforward [Line Items]  
Regular net operating losses 480,612
Capital losses 26,363
Mexico  
Tax Credit Carryforward [Line Items]  
Regular net operating losses 4,971
New Zealand  
Tax Credit Carryforward [Line Items]  
Regular net operating losses 77,861
Other jurisdictions  
Tax Credit Carryforward [Line Items]  
Regular net operating losses $ 787
v3.25.4
Income and Mining Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits $ 34,446 $ 0 $ 2
Gross increase to current period tax positions 0 0  
Gross increase to prior period tax positions 34,446 0  
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations $ 0 $ (2)  
v3.25.4
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized stock-based compensation cost $ 17.2    
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 7 months 6 days    
Stock options exercised (in shares) (3,304,104)    
Weighted average exercise price, options (in dollars per share) $ 4.07    
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized stock-based compensation cost $ 7.7    
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 4 months 24 days    
Performance shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized stock-based compensation cost $ 9.4    
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 10 months 24 days    
Annual Incentive Plan and Long Term Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense for stock based compensation awards $ 19.2 $ 12.0 $ 11.4
v3.25.4
Stock-Based Compensation - Summary of Grants Awarded (Details) - $ / shares
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock 1,857,034 3,129,255 3,251,765
Grant date fair value of restricted stock $ 7.42 $ 2.66 $ 2.94
Performance shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock 1,191,381 2,076,818 1,816,429
Grant date fair value of restricted stock $ 9.79 $ 2.85 $ 3.16
Performance shares | 2020 Award      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock 77,826   26,200
Performance shares | 2021 Award      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock   22,351  
v3.25.4
Stock-Based Compensation - Performance Shares Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Unrecognized stock-based compensation cost $ 17.2      
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 7 months 6 days      
Performance shares        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Unrecognized stock-based compensation cost $ 9.4      
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 10 months 24 days      
Shares outstanding (in shares) 4,762,440 4,641,512 3,159,910 2,574,537
Shares outstanding, Weighted Average Grant Date Fair Value (in dollars per share) $ 4.63 $ 3.24 $ 4.52 $ 5.26
Restricted stock 1,191,381 2,076,818 1,816,429  
Grant date fair value of restricted stock $ 9.79 $ 2.85 $ 3.16  
Vested (in shares) (580,360) (379,402) (566,891)  
Vested (in dollars per share) $ 4.38 $ 8.30 $ 4.00  
Canceled/Forfeited (in shares) (490,093) (215,814) (664,165)  
Canceled/Forfeited (in dollars per share) $ 4.26 $ 8.55 $ 4.32  
2020 Award | Performance shares        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Restricted stock 77,826   26,200  
Canceled/Forfeited (in shares) (490,093)   (468,393)  
2021 Award | Performance shares        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Restricted stock   22,351    
Canceled/Forfeited (in shares)   (187,809)    
v3.25.4
Stock-Based Compensation - Restriced Stock Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Unrecognized stock-based compensation cost $ 17.2      
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 7 months 6 days      
Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock award vesting period 3 years      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Unrecognized stock-based compensation cost $ 7.7      
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 4 months 24 days      
Shares outstanding (in shares) 4,497,158 5,218,626 3,974,419 2,784,610
Shares outstanding, Weighted Average Grant Date Fair Value (in dollars per share) $ 4.66 $ 2.89 $ 3.54 $ 5.05
Restricted stock 1,857,034 3,129,255 3,251,765  
Grant date fair value of restricted stock $ 7.42 $ 2.66 $ 2.94  
Vested (in shares) (2,506,676) (1,576,652) (1,381,246)  
Vested (in dollars per share) $ 3.03 $ 4.11 $ 5.09  
Canceled/Forfeited (in shares) (71,826) (308,396) (680,710)  
Canceled/Forfeited (in dollars per share) $ 4.09 $ 2.82 $ 3.66  
Performance shares        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Unrecognized stock-based compensation cost $ 9.4      
Unrecognized stock-based compensation cost, weighted-average period recognized 1 year 10 months 24 days      
Shares outstanding (in shares) 4,762,440 4,641,512 3,159,910 2,574,537
Shares outstanding, Weighted Average Grant Date Fair Value (in dollars per share) $ 4.63 $ 3.24 $ 4.52 $ 5.26
Restricted stock 1,191,381 2,076,818 1,816,429  
Grant date fair value of restricted stock $ 9.79 $ 2.85 $ 3.16  
Vested (in shares) (580,360) (379,402) (566,891)  
Vested (in dollars per share) $ 4.38 $ 8.30 $ 4.00  
Canceled/Forfeited (in shares) (490,093) (215,814) (664,165)  
Canceled/Forfeited (in dollars per share) $ 4.26 $ 8.55 $ 4.32  
Performance shares | 2020 Award        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Restricted stock 77,826   26,200  
Canceled/Forfeited (in shares) (490,093)   (468,393)  
Performance shares | 2021 Award        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Restricted stock   22,351    
Canceled/Forfeited (in shares)   (187,809)    
v3.25.4
Stock-Based Compensation - Share Appreciation Rights (Details) - $ / shares
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares        
Outstanding, beginning of period (in shares) 29,130 54,330 93,988  
Granted (in shares) 3,488,137      
Canceled/forfeited (in shares) 5,261 10,908 0  
Expired (in shares) (43,259) (14,292) (39,658)  
Exercised/released (in shares) (3,304,104)      
Outstanding, end of period (in shares) 164,643 29,130 54,330  
Weighted Average Exercise Price        
Stock options outstanding (in dollars per share) $ 3.52 $ 7.75 $ 7.49 $ 14.41
Granted (in dollars per share) 4.03      
Canceled/forfeited (in dollars per share) 3.48 9.31 0  
Expired (in dollars per share) 5.37 $ 5.57 $ 23.90  
Weighted average exercise price, options (in dollars per share) $ 4.07      
v3.25.4
Stock-Based Compensation - Valuation Assumptions (Details) - Equity Option - $ / shares
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options granted (in dollars per share) $ 2.02 $ 0 $ 0
Volatility 66.20% 0.00% 0.00%
Expected life in years 1 year 6 months    
Risk-free interest rate 4.20% 0.00% 0.00%
Dividend yield 0.00% 0.00% 0.00%
v3.25.4
Stock-Based Compensation - Outstanding Stock Options (Details) - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Options exercises in period, intrinsic value $ 9,300,000    
Proceeds from stock options exercised 13,400,000    
Options, vested in period, fair value $ 0 $ 0 $ 0
Outstanding, shares 164,643    
Outstanding (in dollars per share) $ 3.52    
Outstanding, remaining term 2 years 6 months 3 days    
Outstanding, intrinsic value $ 2,356,000    
Vested and expected to vest, shares 81,436    
Vested and expected to vest (in dollars per share) $ 3.78    
Vested and expected to vest, remaining term 1 year 10 months 28 days    
Vested and expected to vest, intrinsic value $ 1,144,000    
Exercisable, shares 148,485    
Exercisable (in dollars per share) $ 3.47    
Exercisable, remaining term 2 years 7 months 9 days    
Exercisable, intrinsic value $ 2,132,000    
Zero to Ten Dollars      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Outstanding, shares 164,643    
Outstanding (in dollars per share) $ 3.52    
Outstanding, remaining term 2 years 6 months 3 days    
Outstanding, intrinsic value $ 2,356,000    
v3.25.4
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]      
Termination of gold zero cost collars $ (342) $ 0 $ 0
Fair value adjustments, net (342) 0 3,384
Equity Securities, FV-NI, Gain (Loss) $ 0 $ 0 $ 3,384
v3.25.4
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue $ 2,070,126 $ 1,054,006 $ 821,206
Amortization 251,099 124,974 99,822
Other operating expenses 126,985 [1] 99,000 96,241
Fair value adjustments, net, pretax (342) 0 3,384
Other, net [2] 6,922 13,027 (7,463)
Income and mining tax (expense) benefit (96,666) (67,450) (35,156)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 585,872 58,900 (103,612)
Total assets for reportable segments 3,928,905 [3] 2,161,881 1,943,037
Payments to Acquire Productive Assets 221,162 183,188 364,617
Palmarejo      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Amortization 37,015 44,979 35,709
Other operating expenses 7,691 [1] 8,665 8,064
Fair value adjustments, net, pretax 0 0 0
Other, net (5,615) [2] 7,074 4,590
Income and mining tax (expense) benefit (103,526) (45,765) (26,016)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 109,418 78,361 46,703
Total assets for reportable segments 311,672 316,232 312,879
Payments to Acquire Productive Assets 25,534 30,621 41,766
Rochester      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Amortization 69,283 41,293 26,392
Other operating expenses 12,155 [1] 12,963 26,005
Fair value adjustments, net, pretax (342) 0 0
Other, net (446) [2] (363) (293)
Income and mining tax (expense) benefit (9,004) (1,778) (816)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 139,546 (5,347) (71,579)
Total assets for reportable segments 1,280,017 1,227,745 1,081,442
Payments to Acquire Productive Assets 65,750 72,676 263,401
Kensington      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Amortization 39,295 28,201 25,905
Other operating expenses 7,930 [1] 9,753 3,440
Fair value adjustments, net, pretax 0 0 0
Other, net (459) [2] (312) (311)
Income and mining tax (expense) benefit (1,687) (576) 0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 141,141 21,355 (29,481)
Total assets for reportable segments 263,614 223,525 171,602
Payments to Acquire Productive Assets 65,635 68,656 53,316
Wharf      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Amortization 6,558 6,487 6,694
Other operating expenses 5,692 [1] 4,519 4,157
Fair value adjustments, net, pretax 0 0
Other, net (178) [2] (509) (396)
Income and mining tax (expense) benefit (19,098) (10,679) (7,047)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 183,151 106,709 56,219
Total assets for reportable segments 121,986 119,407 102,245
Payments to Acquire Productive Assets 17,802 7,175 2,472
Silvertip      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Amortization 3,903 3,235 4,018
Other operating expenses 12,338 [1] 9,923 17,104
Fair value adjustments, net, pretax 0 0 0
Other, net (83) [2] (43) (129)
Income and mining tax (expense) benefit 0 0 0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (47,489) (40,544) (33,565)
Total assets for reportable segments 220,285 219,613 215,545
Payments to Acquire Productive Assets 7,112 3,597 2,867
Other Mining Properties      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Amortization 832 779 1,104
Other operating expenses 79,017 [1] 53,177 37,471
Fair value adjustments, net, pretax 0 0 3,384
Other, net 1,479 [2] 7,180 (10,924)
Income and mining tax (expense) benefit 114,832 (8,652) (1,277)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 13,244 (101,634) (71,909)
Total assets for reportable segments 69,766 [3] 55,359 59,324
Payments to Acquire Productive Assets 1,180 463 795
Gold sales      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 1,343,729 734,861 575,677
Gold sales | Palmarejo      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 218,064 190,520 155,036
Gold sales | Rochester      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 210,680 91,541 75,571
Gold sales | Kensington      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 377,693 225,200 162,010
Gold sales | Wharf      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 334,058 227,600 183,060
Gold sales | Silvertip      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 0 0 0
Gold sales | Other Mining Properties      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 0 0 0
Silver sales      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 726,397 319,145 245,529
Silver sales | Palmarejo      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 255,700 188,540 158,171
Silver sales | Rochester      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 247,362 124,271 80,451
Silver sales | Kensington      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 17 (71) 468
Silver sales | Wharf      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 5,121 6,405 6,439
Silver sales | Silvertip      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 0 0 0
Silver sales | Other Mining Properties      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 0 0 0
Metal sales      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 2,070,126 1,054,006 821,206
Metal sales | Palmarejo      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 473,764 379,060 313,207
Metal sales | Rochester      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 458,042 215,812 156,022
Metal sales | Kensington      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 377,710 225,129 162,478
Metal sales | Wharf      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 339,179 234,005 189,499
Metal sales | Silvertip      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 0 0 0
Metal sales | Other Mining Properties      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Revenue 0 0 0
Product      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales [4] 898,437 606,192 632,896
Product | Palmarejo      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 191,657 [4] 195,458 194,309
Product | Rochester      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 209,114 [4] 154,611 171,271
Product | Kensington      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 179,054 [4] 157,757 152,659
Product | Wharf      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 116,928 [4] 98,366 114,657
Product | Silvertip      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 0 [4] 0 0
Product | Other Mining Properties      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 0 [4] 0 0
Mineral, Exploration      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 86,592 59,658 30,962
Mineral, Exploration | Palmarejo      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 18,527 13,230 7,840
Mineral, Exploration | Rochester      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 8,566 5,070 1,221
Mineral, Exploration | Kensington      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 7,776 5,494 7,900
Mineral, Exploration | Wharf      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 7,416 6,192 0
Mineral, Exploration | Silvertip      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales 31,165 27,332 12,251
Mineral, Exploration | Other Mining Properties      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Costs applicable to sales $ 2,721 $ 2,340 $ 1,750
[1] Other operating expenses include General and administrative and Pre-development, reclamation, and other.
[2] See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.
[3] Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill
[4] Excludes amortization.
v3.25.4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt $ 323,537 $ 558,678
Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt [1] 0 195,000
Senior Notes due 2029    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Book value 290,792 290,058
Debt [2]   290,058
Deferred Cash Due Two Thousand Twenty Five    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Book value   9,644
Deferred Cash Due Two Thousand Twenty Six    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Book value 4,829 4,505
Portion at Other than Fair Value Measurement | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   195,000
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   0
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   195,000
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   0
Portion at Other than Fair Value Measurement | Senior Notes due 2029    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 289,232 278,014
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 0 0
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 289,232 278,014
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 3      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 0 0
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Five    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   9,673
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Five | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   0
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Five | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   9,673
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Five | Level 3      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt   0
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Six    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 4,852 4,533
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Six | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 0 0
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Six | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 4,852 4,533
Portion at Other than Fair Value Measurement | Deferred Cash Due Two Thousand Twenty Six | Level 3      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 0 0
Senior Notes due 2029    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Net unamortized debt issuance costs 2,300 3,100
Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Net unamortized debt issuance costs $ 1,900 $ 3,400
[1] Unamortized debt issuance costs of $1.9 million and $3.4 million at December 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets
[2] Net of unamortized debt issuance costs of $2.3 million and $3.1 million at December 31, 2025 and December 31, 2024, respectively.
v3.25.4
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Inventories   $ 51,798 $ 69,640 $ 47,592  
Fair value adjustments, net, pretax   $ (342) $ 0 $ 3,384  
Mining Concessions Purchase Agreement Member          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Cash payment at closing         $ 10,000
Cash payment 12 months after closing         10,000
Cash payment 24 months after closing         $ 5,000
SilverCrest          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Fair value of Coeur payable to SilverCrest repurchased $ 72,311        
Inventories $ (72,000)        
v3.25.4
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) - Gold concentrates sales agreements
$ in Thousands
Dec. 31, 2025
USD ($)
oz
$ / oz
2025  
Derivative instruments Settlement  
Notional Amount Derivative | $ $ 57,699
Derivative average price | $ / oz 4,258
Outstanding Provisionally Priced Sales Consists of Gold | oz 13,552
2026 and Thereafter  
Derivative instruments Settlement  
Notional Amount Derivative | $ $ 0
Derivative average price | $ / oz 0
Outstanding Provisionally Priced Sales Consists of Gold | oz 0
v3.25.4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Provisional metal sales contracts | Fair Value, Recurring    
Fair value of the derivative instruments    
Embedded Derivative, Fair Value of Embedded Derivative Asset $ 1,103 $ 222
Fair Value of Derivative Liability 124 70
Provisional metal sales contracts | Level 1 | Fair Value, Recurring    
Fair value of the derivative instruments    
Embedded Derivative, Fair Value of Embedded Derivative Asset 0 0
Fair Value of Derivative Liability 0 0
Provisional metal sales contracts | Level 2 | Fair Value, Recurring    
Fair value of the derivative instruments    
Embedded Derivative, Fair Value of Embedded Derivative Asset 1,103 222
Fair Value of Derivative Liability 124 70
Provisional metal sales contracts | Level 3   | Fair Value, Recurring    
Fair value of the derivative instruments    
Embedded Derivative, Fair Value of Embedded Derivative Asset 0 0
Fair Value of Derivative Liability 0 0
Silver and Gold Concentrate Sales Agreements | Prepaid expenses and other    
Fair value of the derivative instruments    
Embedded Derivative, Fair Value of Embedded Derivative Asset $ 1,103 $ 222
v3.25.4
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Provisional gain (loss) on derivatives and commodity contracts $ 827 $ (166) $ 30
Termination of gold zero cost collars $ (342) $ 0 $ 0
v3.25.4
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Provisional gain (loss) on derivatives and commodity contracts $ 827 $ (166) $ 30
Termination of gold zero cost collars 342 0 0
Unrealized gain (loss) on hedger, net of tax $ 0 $ (18,507) $ (318)
v3.25.4
Derivative Financial Instruments - Summary of Pre-tax Gains (Losses) On Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gains (losses) recognized in OCI - effective portion: $ 0 $ (18,507) $ (318)
Gains (losses) reclassified from AOCI into net income - effective portion: 0 17,176 (10,694)
Gold Forwards      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gains (losses) recognized in OCI - effective portion: 0 (10,886) (10,627)
Gains (losses) reclassified from AOCI into net income - effective portion: 0 12,867 (3,697)
SIlver Forwards      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gains (losses) recognized in OCI - effective portion: 0 (7,621) 10,309
Gains (losses) reclassified from AOCI into net income - effective portion: $ 0 $ 4,309 $ (6,997)
v3.25.4
Additional Comprehensive Income (Loss) Detail - Summary of Pre-development, reclamation and other (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Care and maintenance costs $ 10,440 $ 8,513 $ 15,616
(Gain) loss on sale of assets 698 4,250 12,879
Accretion 19,697 16,778 16,405
Acquisition related costs 26,409 8,517 0
Other Operating Income (Expense), Net 5,580 6,059 9,736
Pre-development, reclamation, and other 69,788 51,273 54,636
Kensington Royalty Matter      
Business Combination [Line Items]      
Gain (Loss) from Litigation Settlement [1] (95)    
Royalty settlement [1]   7,156 0
U.S. Wage and Hour Matter      
Business Combination [Line Items]      
Gain (Loss) from Litigation Settlement [1] $ 7,059    
Royalty settlement [1]   $ 0 $ 0
[1] See Note 18 -- Commitments and Contingencies for additional details on the Kensington royalty settlement and wage and hour litigation settlement.
v3.25.4
Additional Comprehensive Income (Loss) Detail - Summary of Other Non-Operating (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Foreign exchange gain (loss) $ 1,429 $ 4,753 $ (459)
Gain (Loss) On Disposition Of Mineral Properties 0 0 (12,318)
Flow-through shares 764 5,563 2,057
RMC bankruptcy distribution 37 1,294 1,516
Interest Income, Other 4,692 1,417 1,741
Other, net [1] $ 6,922 $ 13,027 $ (7,463)
[1] See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail.
v3.25.4
Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share (Textual) [Abstract]      
Number of antidilutive shares of common stock equivalents 12,917 61,467 1,777,273
Common stock, shares issued (in shares) 642,092,761 399,235,632  
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Net Income (Loss) Attributable to Coeur Stockholders      
NET INCOME (LOSS) $ 585,872 $ 58,900 $ (103,612)
Weighted Average Number of Shares Outstanding      
Weighted Average Number of Shares Outstanding, Basic 607,201,000 391,709,000 343,059,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 7,465,000 5,713,000 0
Weighted Average Number of Shares Outstanding, Diluted 614,666,000 397,422,000 343,059,000
Basic EPS      
Earnings Per Share, Basic $ 0.96 $ 0.15 $ (0.30)
Diluted EPS      
Earnings Per Share, Diluted $ 0.95 $ 0.15 $ (0.30)
v3.25.4
Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]    
Common stock, shares issued (in shares) 642,092,761 399,235,632
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
v3.25.4
Net Income (Loss) Per Share - Share Repurchase Program (Details) - USD ($)
12 Months Ended
Dec. 31, 2025
May 27, 2025
Earnings Per Share [Abstract]    
Share repurchase program, authorized, amount   $ 75,000,000
Shares repurchased 814,129  
Cost of shares (in thousands) $ 9,625,000  
Average price paid per share $ 11,820,000  
v3.25.4
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]    
Current assets $ 972,677 $ 273,099
Current liabilities 393,144 330,820
Non-current liabilities 989,487 847,675
Coeur Mining, Inc.    
Condensed Financial Statements, Captions [Line Items]    
Current assets 375,741 13,782
Non-current assets(1) [1] 1,110,145 516,209
Non-guarantor intercompany assets 3,008 3,144
Current liabilities 33,646 31,841
Non-current liabilities 311,921 496,976
Non-guarantor intercompany liabilities 1,423 2,642
Subsidiary Guarantors    
Condensed Financial Statements, Captions [Line Items]    
Current assets 291,673 164,627
Non-current assets(1) [1] 1,494,435 1,483,632
Non-guarantor intercompany assets 0 0
Current liabilities 166,385 202,329
Non-current liabilities 216,889 260,210
Non-guarantor intercompany liabilities $ 1,608 $ 1,570
[1] Coeur Mining, Inc.’s non-current assets include its investment in Guarantor Subsidiaries.
v3.25.4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]      
Revenue $ 2,070,126 $ 1,054,006 $ 821,206
Net income 585,872 $ 58,900 $ (103,612)
Coeur Mining, Inc.      
Condensed Financial Statements, Captions [Line Items]      
Revenue 0    
Gross Profit (826)    
Net income 585,872    
Subsidiary Guarantors      
Condensed Financial Statements, Captions [Line Items]      
Revenue 1,174,931    
Gross Profit 554,699    
Net income $ 463,834    
v3.25.4
Commitments and Contigencies (Details Textual)
ozt in Millions
12 Months Ended 36 Months Ended
Jan. 01, 2027
Aug. 26, 2025
USD ($)
Oct. 02, 2014
USD ($)
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Dec. 31, 2026
Apr. 03, 2024
shares
Mar. 28, 2024
ozt
Dec. 31, 2022
USD ($)
Business Combination [Line Items]                    
Valued-added Tax Outstanding       $ 29,400,000            
Revenue Recognized       $ 42,824,000 $ 55,562,000 $ 25,468,000        
Common stock, shares issued (in shares) | shares       642,092,761 399,235,632          
Surety Bonds Outstanding       $ 372,400,000 $ 363,700,000          
Minimum                    
Business Combination [Line Items]                    
Estimate of possible loss       0            
Maximum                    
Business Combination [Line Items]                    
Estimate of possible loss       $ 12,000,000            
Kensington Royalty Matter | Settled Litigation                    
Business Combination [Line Items]                    
Royalty payment | ozt                 2  
Common stock, shares issued (in shares) | shares       595,267       737,210    
Kensington Royalty Matter | Settled Litigation | Forecast                    
Business Combination [Line Items]                    
Royalty payment rate 1.50%           1.25%      
U.S. Wage and Hour Matter | Settled Litigation                    
Business Combination [Line Items]                    
Payments for settlements   $ 6,100,000                
Palmarejo gold production royalty                    
Business Combination [Line Items]                    
Production to be sold, percent     50.00%              
Price per ounce under agreement     $ 800              
Aggregate deposit to be received     $ 22,000,000.0              
Franco-Nevada Gold Stream Agreement                    
Business Combination [Line Items]                    
Production to be sold, percent     50.00%              
Total consideration     $ 78,000,000              
Payments to acquire businesses, gross     75,000,000              
Common shares issued (value)     $ 3,000,000              
Kensington                    
Business Combination [Line Items]                    
Revenue Recognized       $ (42,164,000) (182,918,000) (100,000,000)        
Revenue liability       0 $ 42,164,000 $ 55,082,000       $ 25,016,000
Kensington | September 2024 Prepayment                    
Business Combination [Line Items]                    
Revenue liability       25,000,000            
Rochester | June 2024 Prepayment                    
Business Combination [Line Items]                    
Revenue liability       17,500,000            
Wharf | June 2024 Prepayment                    
Business Combination [Line Items]                    
Revenue liability       $ 12,500,000            
v3.25.4
Commitments and Contingencies - Contract Liability (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Revenue Recognized $ 42,824 $ 55,562 $ 25,468
Franco-Nevada      
Business Combination [Line Items]      
Opening Balance 6,382 6,942 7,411
Revenue Recognized (660) (560) (469)
Closing Balance 5,722 6,382 6,942
Kensington      
Business Combination [Line Items]      
Opening Balance 42,164 55,082 25,016
Additions 0 170,000 130,066
Revenue Recognized (42,164) (182,918) (100,000)
Closing Balance $ 0 $ 42,164 $ 55,082
v3.25.4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]    
Accrued salaries and wages $ 42,354 $ 31,151
Flow-through share premium received (including over-allotment) 0 853
Deferred revenue [1] 683 42,863
Income and mining taxes 116,230 36,490
Royalty settlement [2] 0 3,750
Deferred cash due 2026 4,829 0
Deferred cash due 2025 0 9,644
Accrued operating costs 12,506 6,577
Unrealized losses on derivatives 124 70
Taxes other than income and mining 17,465 5,491
Accrued interest payable 6,060 8,122
Operating lease liabilities 11,962 11,598
Accrued liabilities and other $ 212,213 $ 156,609
[1] See Note 18 -- Commitments and Contingencies for additional details on deferred revenue liabilities.
(2) See Note 13 -- Fair Value Measurements for additional details on Deferred Cash Due 2026.
[2] See Note 18 -- Commitments and Contingencies for additional details on the Kensington royalty settlement and wage and hour litigation settlement.
v3.25.4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 553,597 $ 55,087    
Restricted Cash Equivalent [1] 2,108 1,787    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 555,705 $ 56,874 $ 63,378 $ 63,169
[1] Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet.
v3.25.4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 2) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]      
Non-cash lease obligations arising from obtaining operating lease assets $ 3,045 $ 21,230 $ 718
Finance lease obligations 1,127 54,330 32,978
Capital expenditures, not yet paid 30,689 26,515 44,966
Debt for equity exchange 0 5,867 76,018
Interest paid 31,763 49,806 41,249
Income and mining taxes paid $ 178,466 $ 45,100 $ 35,000