Meta Platforms, Inc. Earnings Call Highlights AI Growth
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Meta Platforms, Inc. recently held its earnings call, showcasing a strong performance driven by advancements in AI technology. The company reported significant growth in revenue and user engagement, attributed to its strategic investments in AI infrastructure and talent. Despite these achievements, Meta faces challenges, particularly with losses in its Reality Labs division and regulatory pressures in the European Union.
Strong Revenue Growth
Meta reported a total revenue of $47.5 billion for the second quarter, marking a 22% increase on both a reported and constant currency basis. This impressive growth highlights the company's robust financial health and its ability to capitalize on market opportunities.
AI-Powered Ad Improvements
The company has seen a notable enhancement in ad conversions, thanks to AI-powered recommendations. Instagram experienced a 5% increase in ad conversions, while Facebook saw a 3% rise. These improvements underscore Meta's commitment to leveraging AI to optimize its advertising platforms.
Increased Engagement
Meta's advancements in recommendation systems have led to increased user engagement, with a 5% rise in time spent on Facebook and a 6% increase on Instagram. This growth in engagement is a testament to the effectiveness of Meta's AI-driven strategies.
Family of Apps Revenue Surge
The Family of Apps division reported a revenue of $47.1 billion, reflecting a 22% year-over-year increase. This surge underscores the strength and popularity of Meta's suite of applications.
Strong Operating Income
Meta's operating income for the second quarter was $20.4 billion, representing a 43% operating margin. This strong performance indicates efficient cost management and a successful revenue model.
Growing Meta AI Engagement
Meta AI now boasts over 1 billion monthly active users, highlighting the widespread adoption and integration of AI across Meta's platforms.
Expansion of AI Devices
Meta is making strides in the AI devices market with the successful launch of Ray-Ban Meta glasses and the new Oakley Meta HSTN. These products are gaining momentum, contributing to the company's growth in the augmented reality space.
Reality Labs Operating Loss
Despite the overall positive performance, Reality Labs reported expenses of $4.9 billion and an operating loss of $4.5 billion. This division remains a challenging area for Meta, requiring strategic adjustments to achieve profitability.
Regulatory Challenges in Europe
Meta is facing increased legal and regulatory headwinds in the EU, which could significantly impact its business and financial results. Navigating these challenges will be crucial for Meta's continued success in the region.
High Infrastructure Costs
The company's total expenses for the second quarter were $27.1 billion, up 12% due to higher infrastructure costs. This increase reflects Meta's ongoing investments in its technological backbone to support future growth.
Increase in Capital Expenditures
Meta's capital expenditures reached $17 billion, driven by investments in servers, data centers, and network infrastructure. These expenditures are essential for maintaining and expanding Meta's technological capabilities.
Forward-Looking Guidance
Looking ahead, Meta provided extensive guidance for the second quarter of 2025. The company expects Q3 2025 revenue to range between $47.5 billion and $50.5 billion. Total expenses for 2025 are anticipated to be between $114 billion and $118 billion, driven by continued investments in infrastructure and talent. Meta's strategic focus remains on AI development, with advancements in the Llama 4.1 and 4.2 models and growth in the augmented reality space.
In conclusion, Meta Platforms, Inc. has demonstrated strong financial performance and user engagement growth, driven by its strategic focus on AI advancements. While challenges persist, particularly in Reality Labs and regulatory environments, Meta's forward-looking guidance suggests continued growth and investment in key areas. Investors and stakeholders will be keenly watching how Meta navigates these challenges and capitalizes on its opportunities in the coming quarters.
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Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $28.3 million and decreased income and mining tax expense by $0.2 million for the three months ended June 30, 2025 and March 31, 2025, respectively. The impact of foreign exchange rates on deferred tax balances is predominantly due to the Mexican Peso and deferred taxes resulting from Las Chispas purchase price accounting. Article content Quarterly operating cash flow totaled $207 million compared to $68 million in the prior period, mainly driven by stronger operating performance at each of the Company's five mines, as well as increased metal sales and higher average metals prices. Changes in working capital during the quarter were $45 million. Article content Second quarter capital expenditures were $61 million compared to $50 million in the prior period. Sustaining and development capital expenditures accounted for approximately $48 million and $13 million, or 79% and 21%, respectively, of Coeur's total capital investment during the quarter. Article content Las Chispas, Mexico Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Tons milled 118,399 59,368 — — — Average gold grade (oz/t) 0.150 0.130 — — — Average silver grade (oz/t) 13.32 12.71 — — — Average recovery rate – Au 93.8 % 94.8 % — % — % — % Average recovery rate – Ag 94.4 % 94.6 % — % — % — % Gold ounces produced 16,271 7,175 — — — Silver ounces produced (000's) 1,489 714 — — — Gold ounces sold 16,025 9,607 — — — Silver ounces sold (000's) 1,479 924 — — — Average realized price per gold ounce $ 3,315 $ 2,902 $ — $ — $ — Average realized price per silver ounce $ 33.48 $ 32.63 $ — $ — $ — Metal sales $ 102.7 $ 58.0 $ — $ — $ — Costs applicable to sales 4 $ 57.7 $ 42.8 $ — $ — $ — Adjusted CAS per AuOz 1 $ 894 $ 744 $ — $ — $ — Adjusted CAS per AgOz 1 $ 8.94 $ 8.38 $ — $ — $ — Exploration expense $ 3.3 $ 1.9 $ — $ — $ — Cash flow from operating activities $ 58.6 $ 97.1 $ — $ — $ — Sustaining capital expenditures (excludes capital lease payments) $ 9.2 $ 5.3 $ — $ — $ — Development capital expenditures $ — $ — $ — $ — $ — Total capital expenditures $ 9.2 $ 5.3 $ — $ — $ — Free cash flow 1 $ 49.4 $ 91.8 $ — $ — $ — Article content Operational Article content Second quarter gold and silver production totaled 16,271 ounces and 1,488,672 ounces, respectively, compared to 7,175 gold ounces and 714,239 silver ounces in the prior period, which included 45 days of production following the closing of the SilverCrest transaction on February 14, 2025 Production during the quarter benefited from higher average gold and silver grades Article content Financial Article content Adjusted CAS 1 for gold and silver on a co-product basis totaled $894 for gold and $8.94 for silver Gold and silver accounted for approximately 48% and 52%, respectively, of revenue during the quarter Free cash flow 1 in the second quarter totaled $49 million compared to $91.8 million in the prior period, which included the sale of held bullion and finished goods totaling $72 million Article content Exploration Article content Exploration investment in the second quarter totaled approximately $3 million (substantially all expensed) compared to $2 million (substantially all expensed) in the prior period Up to eight rigs were active during the quarter: five on surface and three underground. The primary focus was on the Babicanora and Las Chispas Blocks as well as the Gap Zone located between these two blocks On the Las Chispas Block and in the Gap Zone, the Augusta, William Tell Mini, North Las Chispas and La Sopresa veins delivered very favorable results and continued to expand. Notably, the high-grade Augusta discovery made earlier this year has now been traced over 320 meters along strike and 150 meters down dip, consistently yielding multi-kilo grade intercepts on a silver equivalent basis. In addition, the North Las Chispas Vein returned intercepts of significantly higher grade than previously encountered. These strong results support the potential for expansion of these resource zones and contribution towards year-end reserve and resource calculations In the Babicanora Block, infill drilling has been delivering excellent results, providing enhanced potential for upgrade of inferred resources In the third quarter, drilling is expected to continue on all veins detailed above and scout drilling is expected to commence on a number of targets across the district Article content Guidance Article content Prorated production reflecting 10.5 months is expected to be 42,500 – 52,500 ounces of gold and 4.25 – 5.25 million ounces of silver Prorated adjusted CAS 1 reflecting 10.5 months are expected to be $850 – $950 per gold ounce and $9.25 – $10.25 per silver ounce Prorated capital expenditures reflecting 10.5 months are expected to be $30 – $34 million, consisting primarily of sustaining capital Prorated exploration investment reflecting 10.5 months is expected to be $16 – $18 million (substantially all expensed) Article content Palmarejo, Mexico Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Tons milled 483,880 440,920 419,008 413,463 429,561 Average gold grade (oz/t) 0.060 0.050 0.059 0.070 0.066 Average silver grade (oz/t) 4.06 4.36 4.17 5.15 4.49 Average recovery rate – Au 92.9 % 95.2 % 91.2 % 94.8 % 89.9 % Average recovery rate – Ag 88.6 % 87.4 % 88.3 % 85.6 % 82.8 % Gold ounces produced 27,272 23,032 22,490 27,549 25,467 Silver ounces produced (000's) 1,741 1,680 1,543 1,823 1,596 Gold ounces sold 26,782 22,713 22,353 28,655 24,313 Silver ounces sold (000's) 1,720 1,636 1,598 1,861 1,542 Average realized price per gold ounce $ 2,093 $ 1,924 $ 1,750 $ 1,922 $ 1,744 Average realized price per silver ounce $ 33.76 $ 31.85 $ 31.27 $ 29.71 $ 26.48 Metal sales $ 114.1 $ 95.8 $ 89.1 $ 110.4 $ 83.2 Costs applicable to sales 4 $ 48.7 $ 43.7 $ 45.5 $ 47.5 $ 48.2 Adjusted CAS per AuOz 1 $ 888 $ 882 $ 894 $ 818 $ 1,006 Adjusted CAS per AgOz 1 $ 14.39 $ 14.37 $ 15.92 $ 12.60 $ 15.24 Exploration expense $ 4.0 $ 3.9 $ 3.8 $ 4.3 $ 2.6 Cash flow from operating activities $ 47.9 $ 8.7 $ 33.2 $ 55.6 $ 23.7 Sustaining capital expenditures (excludes capital lease payments) $ 3.6 $ 2.5 $ 6.5 $ 4.0 $ 3.1 Development capital expenditures $ 2.0 $ 3.4 $ 3.4 $ 4.0 $ 2.8 Total capital expenditures $ 5.6 $ 5.9 $ 9.9 $ 8.0 $ 5.9 Free cash flow 1 $ 42.3 $ 2.8 $ 23.3 $ 47.6 $ 17.8 Article content Operational Article content Second quarter gold and silver production totaled 27,272 and 1.7 million ounces, respectively, compared to 23,032 and 1.7 million ounces in the prior period and 25,467 and 1.6 million ounces in the second quarter of 2024 Production during the quarter benefited from higher average silver recoveries, higher average gold grade and higher tons milled, driven in part by greater contributions from Hidalgo development ore following the completion of the Hidalgo portal last year Article content Financial Article content Adjusted CAS 1 for gold and silver on a co-product basis decreased slightly quarter-over-quarter to $888 and $14.39 per ounce, respectively, driven by higher metal sales Capital expenditures totaled $6 million, which were flat compared to the prior period Free cash flow 1 in the second quarter increased to $42 million compared to $3 million in the prior period, driven by lower tax payments this quarter Article content Exploration Article content Exploration investment remained consistent quarter-over-quarter at approximately $4 million (substantially all expensed) The exploration program ramped up to eight rigs across the property during the second quarter Key areas of drilling activity included expansion of the mine trend to the northwest and the southeast. The northwestern portion of the mine trend, called the Hidalgo Corridor, includes the Hidalgo, Libertad and San Juan zones. Expansion drilling to the southeast of the mine trend involves validation drilling of the Independencia Sur block that was acquired from Fresnillo in 2024 and includes the Independencia Sur vein and other vein targets. Scout drilling also continued at Camuchin On the Hidalgo Corridor, drilling continues to deliver excellent results, outlining an additional 350 meters of strike length year to date. Drilling is extending the trend back towards the area that includes the original open pit, processing plant and the high-grade La Prieta system. Since its discovery in 2019, Hidalgo has become Palmarejo's second largest reserve after Guadalupe and is expected to expand further. Three rigs are expected to remain active in the Hidalgo Corridor through year-end At the Independencia Sur block, validation drilling is focused on the southeastern extension of mine corridor veins into this block, immediately adjacent to existing infrastructure and outside the area of interest of the Franco-Nevada gold stream agreement. Multiple veins, including Bruno and Independencia Sur, as well as potential new zones, have been intersected. As many as five rigs are expected to remain active in the Independencia Sur block through year-end At Camuchin, scout drilling has confirmed multiple veins spanning several kilometers. Ongoing geological work is aimed at refining targets, with highly encouraging results to date A follow-up program to the 2024 pilot high-resolution geophysical survey commenced during the quarter. This effort has significantly improved subsurface targeting and is driving faster, more cost-effective drilling campaigns Validation drilling also commenced on the Guazapares trend over the San Miguel deposit following the successful amendment to an agreement with the Guazapares Ejido in the first quarter Article content Other Article content Full-year 2025 production is expected to be 95,000 – 105,000 ounces of gold and 5.4 – 6.5 million ounces of silver Adjusted CAS 1 in 2025 are expected to be $950 – $1,150 per gold ounce and $17.00 – $18.00 per silver ounce Capital expenditures are expected to be $26 – $32 million, consisting primarily of sustaining capital and underground development Exploration investment in 2025 is expected to be $16 – $18 million (substantially all expensed) Article content Rochester, Nevada Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Ore tons placed 7,851,665 6,987,324 8,226,820 7,064,623 5,102,800 Average silver grade (oz/t) 0.60 0.59 0.44 0.57 0.59 Average gold grade (oz/t) 0.003 0.003 0.003 0.002 0.002 Silver ounces produced (000's) 1,456 1,284 1,551 1,155 973 Gold ounces produced 14,302 13,353 15,752 9,690 8,006 Silver ounces sold (000's) 1,438 1,282 1,571 1,098 985 Gold ounces sold 13,881 14,713 14,824 9,186 8,150 Average realized price per silver ounce $ 33.88 $ 31.86 $ 30.97 $ 30.13 $ 25.78 Average realized price per gold ounce $ 3,333 $ 2,840 $ 2,604 $ 2,492 $ 2,131 Metal sales $ 95.0 $ 82.6 $ 87.2 $ 56.0 $ 42.8 Costs applicable to sales 4 $ 47.9 $ 48.5 $ 51.5 $ 39.4 $ 36.7 Adjusted CAS per AgOz 1 $ 16.83 $ 18.41 $ 17.96 $ 20.88 $ 21.58 Adjusted CAS per AuOz 1 $ 1,675 $ 1,670 $ 1,495 $ 1,735 $ 1,813 Prepayment, working capital cash flow $ — $ (17.5 ) $ — $ — $ — Exploration expense $ 1.2 $ 1.5 $ 2.7 $ 1.0 $ 1.0 Cash flow from operating activities $ 39.6 $ (7.0 ) $ 26.0 $ 3.2 $ (5.9 ) Sustaining capital expenditures (excludes capital lease payments) $ 20.7 $ 8.5 $ 10.4 $ 7.0 $ 9.9 Development capital expenditures $ 3.8 $ 6.4 $ 3.5 $ 3.1 $ 17.6 Total capital expenditures $ 24.5 $ 14.9 $ 13.9 $ 10.1 $ 27.5 Free cash flow 1 $ 15.1 $ (21.9 ) $ 12.1 $ (6.9 ) $ (33.4 ) Article content Operational Article content Silver and gold production in the second quarter increased to 1.5 million and 14,302 ounces, respectively, compared to 1.3 million and 13,353 ounces in the prior period and 1.0 million and 8,006 ounces in the second quarter of 2024 Ore tons placed during the quarter totaled 7.9 million tons, consisting of approximately 6.7 million tons through the crushing circuit, up from 5.5 million tons in the prior quarter. Additionally, the Company placed approximately 1.1 million tons of direct to pad (DTP) material, down from 1.5 million tons of DTP material placed in the prior quarter Work progressed on the campaign to remove eight million tons from the legacy Stage I and Stage II leach pads to facilitate exploration drilling and future planned mining activities. Approximately 4.8 million tons have been removed year-to-date, with project completion expected in the third quarter of 2025 Article content Financial Article content Second quarter adjusted CAS 1 for silver and gold on a co-product basis totaled $16.83 and $1,675 per ounce, respectively, mainly driven by higher metal sales Capital expenditures increased on a quarter-over-quarter basis to $25 million compared to $15 million in the prior period, driven mainly by capitalized stripping to offload material from the legacy Stage I and II leach pads Free cash flow 1 in the second quarter totaled $15 million compared to $(22) million in the prior period Article content Exploration Article content Exploration investment in the second quarter totaled approximately $4 million ($1 million expensed and $3 million capitalized) compared to roughly $2 million ($2 million expensed and $1 million capitalized) in the prior quarter Up to two rigs were active during the quarter. Target areas included East Rochester, Lincoln Hill and the expected highly prospective corridor between Nevada Packard and Rochester A small diamond core drill program completed at East Rochester during the quarter successfully delineated the edges of the Wedge target and areas of colluvium in advance of a larger-scale drill campaign expected to begin in the fourth quarter of 2025, following the partial removal of legacy Stage I and Stage II leach pads A validation and expansion program at Lincoln Hill commenced during the quarter and is expected to continue through the third quarter of 2025 Ongoing geological modeling at Nevada Packard and Rochester is extending interpretations into the connecting corridor. Strong geophysical responses and historic workings support the presence of high-grade structures continuing between the pits. As a result, an initial scout drill program commenced during the quarter, with two holes already completed in the corridor Article content Guidance Article content Full-year 2025 production is expected to be 7.0 – 8.3 million ounces of silver and 60,000 – 75,000 ounces of gold Adjusted CAS 1 for 2025 are expected to be $14.50 – $16.50 per silver ounce and $1,250 – $1,450 per gold ounce Capital expenditures are expected to be $57 – $70 million, which reflects an eight-million-ton stripping campaign for the removal of Stage I and II legacy leach pads to access ore zones in the eastern portion of the open pit, modifications after startup of the crusher corridor and final negotiated payment with a key contractor of the expansion construction Exploration investment in 2025 is expected to be $13 – $16 million ($11 – $12 million expensed and $2 – $4 million capitalized) Article content Kensington, Alaska Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Tons milled 192,169 185,344 183,639 165,916 182,043 Average gold grade (oz/t) 0.15 0.13 0.16 0.16 0.14 Average recovery rate 91.8 % 93.3 % 91.8 % 90.4 % 92.3 % Gold ounces produced 26,555 22,715 26,931 24,104 23,202 Gold ounces sold 26,751 22,205 25,839 24,800 23,539 Average realized price per gold ounce, gross $ 3,410 $ 2,990 $ 2,702 $ 2,563 $ 2,223 Treatment and refining charges per gold ounce $ 56 $ 53 $ 53 $ 56 $ 52 Average realized price per gold ounce, net $ 3,354 $ 2,937 $ 2,649 $ 2,507 $ 2,171 Metal sales $ 89.8 $ 65.2 $ 68.3 $ 62.2 $ 51.1 Costs applicable to sales 4 $ 46.1 $ 42.2 $ 39.7 $ 38.1 $ 40.7 Adjusted CAS per AuOz 1 $ 1,713 $ 1,882 $ 1,529 $ 1,539 $ 1,734 Prepayment, working capital cash flow $ — $ (12.1 ) $ (12.9 ) $ 11.8 $ (11.8 ) Exploration expense $ 1.5 $ 3.3 $ 0.7 $ 2.0 $ 1.3 Cash flow from operating activities $ 36.0 $ 5.9 $ 8.5 $ 38.1 $ (7.2 ) Sustaining capital expenditures (excludes capital lease payments) $ 12.3 $ 15.2 $ 18.9 $ 20.0 $ 16.5 Development capital expenditures $ 4.0 $ 0.3 $ — $ — $ — Total capital expenditures $ 16.3 $ 15.5 $ 18.9 $ 20.0 $ 16.5 Free cash flow 1 $ 19.7 $ (9.6 ) $ (10.4 ) $ 18.1 $ (23.7 ) Article content Operational Article content Gold production in the second quarter increased to 26,555 ounces compared to 22,715 ounces in the prior period and 23,202 ounces in the second quarter of 2024 Stronger production during the quarter was driven by higher tons milled and higher average gold grade offset by lower recoveries Article content Financial Article content Second quarter adjusted CAS 1 decreased to $1,713 per ounce compared to $1,882 per ounce in the prior period, due primarily to increased metal sales Capital expenditures increased 5% quarter-over-quarter to $16 million. The second quarter marked the end of the multi-year underground mine development program at Kensington Free cash flow 1 in the second quarter increased to $20 million, reflecting increased metals sales Article content Exploration Article content Exploration investment in the second quarter totaled approximately $5 million ($2 million expensed and $3 million capitalized), compared to $5 million ($3 million expensed and $2 million capitalized) in the prior period Drilling at Kensington is progressing exceptionally well, with drill footage targets achieved ahead of schedule and under budget during the quarter. Drill targets include Elmira, Upper and Lower Kensington and Johnson At Elmira and Elmira South, second quarter drilling was focused primarily on infill work. Notably, the newly-discovered Elmira Hanging Wall Zone first identified in 2024 returned several high-grade intercepts and is expected to be included in the year-end 2025 resource estimates for the first time In Upper Kensington, both expansion and infill drilling at Zones 30 and 30B continue to return high-grade intercepts. Additionally, expansion drilling in Zone 10 (Lower Kensington) is extending the mineralization up-dip into Upper Kensington Following very strong results from initial test drilling at the Johnson target in 2024, an increased budget of $1.6 million was approved during the quarter. Drilling is ongoing, and this area is also expected to contribute to year-end reserve and resource estimates Due to excellent progress across the Kensington programs this year, the number of active drill rigs will be reduced in the second half. During the summer, one rig is expected to be dedicated to scout drilling on a new target called Ivanhoe and Hope, located approximately 1.2 miles northwest of the Kensington mine workings Article content Guidance Article content Full-year 2025 production is expected to be 92,500 – 107,500 gold ounces Adjusted CAS 1 in 2025 are expected to be $1,700 – $1,900 per gold ounce Capital expenditures are expected to be $55 – $64 million, which reflects the completion of the multi-year development and exploration program in the first half of the year as well as an $18 – $22 million investment to raise the main tailings storage facility embankment as part of the expansion of the existing facility, which is expected to be executed over the next two years Exploration investment in 2025 is expected to be $11 – $14 million ($6 – $8 million expensed and $5 – $6 million capitalized) Article content Wharf, South Dakota Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q2024 2Q 2024 Ore tons placed 1,105,605 1,033,699 1,164,894 1,424,649 1,162,437 Average gold grade (oz/t) 0.035 0.020 0.023 0.046 0.032 Gold ounces produced 24,087 20,491 21,976 33,650 22,021 Silver ounces produced (000's) 36 51 54 42 69 Gold ounces sold 23,509 20,078 22,539 34,272 20,930 Silver ounces sold (000's) 35 50 54 45 65 Average realized price per gold ounce $ 3,315 $ 2,827 $ 2,620 $ 2,440 $ 2,064 Metal sales $ 79.1 $ 58.4 $ 60.7 $ 85.0 $ 45.0 Costs applicable to sales 4 $ 29.0 $ 27.0 $ 22.1 $ 31.8 $ 19.1 Adjusted CAS per AuOz 1 $ 1,175 $ 1,260 $ 902 $ 885 $ 822 Prepayment, working capital cash flow $ — $ (12.5 ) $ — $ — $ — Exploration expense $ 3.5 $ 2.6 $ 2.7 $ 2.3 $ 1.1 Cash flow from operating activities $ 41.4 $ 15.7 $ 22.2 $ 51.6 $ 17.0 Sustaining capital expenditures (excludes capital lease payments) $ 2.3 $ 6.4 $ 2.9 $ 2.8 $ 1.2 Development capital expenditures $ 1.3 $ 1.0 $ — $ — $ — Total capital expenditures $ 3.6 $ 7.4 $ 2.9 $ 2.8 $ 1.2 Free cash flow 1 $ 37.8 $ 8.3 $ 19.3 $ 48.8 $ 15.8 Article content Operational Article content Gold production in the second quarter increased 18% quarter-over-quarter to 24,087 ounces, driven by higher gold grades Article content Financial Article content Adjusted CAS 1 on a by-product basis decreased 7% quarter-over-quarter to $1,175 per ounce, due primarily to higher gold sales Capital expenditures totaled approximately $4 million compared to $7 million in the prior period Free cash flow 1 in the second quarter increased to $38 million compared to $8 million in the prior period Article content Exploration Article content Exploration investment during the second quarter totaled $4 million (substantially all expensed), compared to $3 million (substantially all expensed) in the prior quarter Expansion and infill drilling programs at Wedge and North Foley were completed during the quarter. All remaining 2025 drilling is expected to focus on infill work at Juno Results from both Wedge and North Foley met expectations, and these zones are expected to contribute meaningfully to year-end reserve and resource estimates Exploration priorities in the third quarter include infill drilling at Juno, following up on 2024 expansion drilling, which extended mineralization approximately 500 feet to the northwest Article content Guidance Article content Full-year 2025 production is expected to be 90,000 – 100,000 gold ounces and 50,000 – 200,000 ounces of silver Adjusted CAS 1 in 2025 are expected to be $1,250 – $1,350 per gold ounce Capital expenditures are expected to be $13 – $17 million, which reflects increased infill drilling expected to materially extend the mine life as well as other investments which are expected to be required to convert the Juno and North Foley deposits into reserves Exploration investment in 2025 is expected to be $7 – $10 million (substantially all expensed) Article content Exploration Article content The Company's exploration investment in 2025 is expected to total $67 – $77 million for expansion drilling (classified as exploration expense) and $10 – $16 million for infill drilling (capitalized exploration) for a total expected investment of $77 – $93 million. Article content Top exploration priorities for 2025 are: (1) continuing to build the inferred pipeline at Palmarejo to provide optionality to the operation, including to the East of existing operations, where 60% of this year's exploration investment is budgeted; (2) outlining higher-grade structures to enhance the near-term margin and longer-term free cash flow profile of Rochester; (3) maintaining a 5-year reserve-based mine life at Kensington while finding higher-grade zones to bolster cash flow; (4) completing the expansion and infill programs at Wharf to add to the life of mine; (5) building on the new geological model and understanding at Silvertip to grow the resource base, and; (6) rapidly building detailed knowledge of Las Chispas and maintaining mine life. Article content During the second quarter, Coeur invested approximately $30 million ($23 million expensed and $7 million capitalized), compared to roughly $22 million ($20 million expensed and $2 million capitalized) in the prior period. Article content At Silvertip, exploration investment totaled approximately $9 million in the second quarter, compared to $6 million in the prior period. Following completion of the geological model in the first quarter of 2025, exploration drilling commenced in May. During the second quarter, drilling at Silvertip focused on three targets; Southern Silver, Discovery, and Saddle Zones, using one underground rig and three surface rigs. Alongside drilling, final preparations and planning were completed for the summer surface exploration program, which includes geological mapping, rock chip sampling, and stream and soil geochemical surveys. Article content 2025 Guidance Article content The Company has reaffirmed its 2025 production and costs applicable to sales guidance ranges as shown below. Regarding 2025 capital guidance (which excludes capital leases), the Company has elected to fund $10 million of sustaining capital with cash versus previously planned capital leases due to the overall improved financial position of the Company. Due to the Company's strong share price performance in 2025, the Company has increased its 2025 G&A expense guidance to reflect the non-cash increase in incentive compensation related to expected performance share expense. The exploration expense guidance below excludes $17 – $22 million of underground mine development and support costs associated with Silvertip. Article content Note that Las Chispas guidance reflects results from the February 14, 2025 closing of the acquisition. Additionally, Las Chispas cost guidance excludes the effects of the SilverCrest purchase price allocation. Article content 2025 Adjusted Costs Applicable to Sales Guidance Article content 2025 Capital, Exploration and G&A Guidance Article content Note: The Company's guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50. Guidance figures exclude the impact of any metal sales or foreign exchange hedges. Article content Financial Results and Conference Call Article content Coeur will host a conference call to discuss its second quarter 2025 financial results on August 7, 2025 at 11:00 a.m. Eastern Time. Article content Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael 'Mick' Routledge, Senior Vice President and Chief Operating Officer, Aoife McGrath, Senior Vice President, Exploration, and other members of management. A replay of the call will be available through August 14, 2025. Article content About Coeur Article content Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia. Article content Cautionary Statements Article content This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding cash flow, production growth, costs, capital expenditures, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the gold stream agreement at Palmarejo, anticipated production, and costs and expenses and operations at Las Chispas, Palmarejo, Rochester, Kensington and Wharf. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur's production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur's future acquisition of new mining properties or businesses, risks associated with the continued integration of the recent acquisition of SilverCrest, the risk that the Rochester expansion does not sustain planned performance, the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, impacts from tariffs or other trade barriers, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur's ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur's most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale. Article content The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a 'qualified person' under Item 1300 of SEC Regulation S-K, namely our Vice President, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company's material properties which are available at Article content Non-U.S. GAAP Measures Article content We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce are important measures in assessing the Company's overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2024. Article content EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company's RCF. Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. As of June 30, 2025, Coeur had no outstanding borrowings and $20.2 million in outstanding letters of credit under its RCF. Future borrowing under the RCF may be subject to certain financial covenants. Percentage based on the midpoint of 2025 guidance ranges. Excludes amortization. Includes capital leases. Net of debt issuance costs and premium received. Article content COEUR MINING, INC. AND SUBSIDIARIES June 30, 2025 December 31, 2024 ASSETS In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 111,646 $ 55,087 Receivables 60,640 29,930 Inventory 201,679 78,617 Ore on leach pads 129,469 92,724 Prepaid expenses and other 22,875 16,741 526,309 273,099 NON-CURRENT ASSETS Property, plant and equipment and mining properties, net 2,794,687 1,817,616 Goodwill 613,355 — Ore on leach pads 102,078 106,670 Restricted assets 9,381 8,512 Receivables 14,447 19,583 Other 90,693 76,267 TOTAL ASSETS $ 4,150,950 $ 2,301,747 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 141,511 $ 125,877 Accrued liabilities and other 139,145 156,609 Debt 29,889 31,380 Reclamation 17,129 16,954 327,674 330,820 Debt 350,833 558,678 Reclamation 257,903 243,538 Deferred tax liabilities 326,223 7,258 Other long-term liabilities 59,930 38,201 994,889 847,675 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Common stock, par value $0.01 per share; authorized 900,000,000 shares, 642,701,753 issued and outstanding at June 30, 2025 and 399,235,632 at December 31, 2024 6,426 3,992 Additional paid-in capital 5,780,143 4,181,521 2,828,387 1,123,252 Article content Three Months Ended June 30, Six Months Ended June 30, In thousands, except share data Revenue $ 480,650 $ 222,026 $ 840,712 $ 435,086 COSTS AND EXPENSES Costs applicable to sales (1) 229,454 144,717 433,720 290,714 Amortization 61,421 27,928 104,514 55,225 General and administrative 13,250 11,241 27,162 25,645 Exploration 23,256 12,874 42,938 23,365 Pre-development, reclamation, and other 13,161 8,590 30,114 26,818 Total costs and expenses 340,542 205,350 638,448 421,767 Income or loss from operations 140,108 16,676 202,264 13,319 OTHER INCOME (EXPENSE), NET Gain (loss) on debt extinguishment — (21 ) — 417 Fair value adjustments, net 4 — (342 ) — Interest expense, net of capitalized interest (8,251 ) (13,162 ) (18,701 ) (26,109 ) Other, net 1,460 5,122 1,866 7,895 Total other income (expense), net (6,787 ) (8,061 ) (17,177 ) (17,797 ) Income (loss) before income and mining taxes 133,321 8,615 185,087 (4,478 ) Income and mining tax (expense) benefit (62,595 ) (7,189 ) (81,008 ) (23,213 ) NET INCOME (LOSS) $ 70,726 $ 1,426 $ 104,079 $ (27,691 ) OTHER COMPREHENSIVE INCOME (LOSS): Change in fair value of derivative contracts designated as cash flow hedges — (10,881 ) — (18,507 ) Reclassification adjustments for realized (gain) loss on cash flow hedges — 17,028 — 17,176 Other comprehensive income (loss) — 6,147 — (1,331 ) COMPREHENSIVE INCOME (LOSS) $ 70,726 $ 7,573 $ 104,079 $ (29,022 ) NET INCOME (LOSS) PER SHARE Basic income (loss) per share: (1) Excludes amortization. Article content Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 In thousands CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 70,726 $ 1,426 $ 104,079 $ (27,691 ) Adjustments: Amortization 61,421 27,928 104,514 55,225 Accretion 4,900 4,154 9,632 8,230 Deferred taxes (12,204 ) (9,217 ) (29,557 ) (4,788 ) Gain on debt extinguishment — 21 — (417 ) Fair value adjustments, net (4 ) — 342 — Stock-based compensation 4,217 2,732 7,515 6,980 Write-downs — — — 3,235 Deferred revenue recognition (192 ) (118 ) (42,508 ) (55,277 ) Acquired inventory purchase price allocation 29,680 — 56,720 — Other 3,029 556 4,552 11,378 Changes in operating assets and liabilities: Receivables (4,766 ) 3,180 (821 ) (2,136 ) Prepaid expenses and other current assets 2,424 4,176 84,489 3,537 Inventory and ore on leach pads (14,125 ) (19,774 ) (22,473 ) (39,468 ) Accounts payable and accrued liabilities 61,845 185 (1,898 ) 40,570 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 206,951 15,249 274,586 (622 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (60,807 ) (51,405 ) (110,809 ) (93,488 ) Acquisitions, net 239 — 103,635 — Proceeds from the sale of assets 80 — 80 24 Other (85 ) (148 ) (175 ) (215 ) CASH USED IN INVESTING ACTIVITIES (60,573 ) (51,553 ) (7,269 ) (93,679 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 9,147 — 9,449 22,823 Issuance of notes and bank borrowings, net of issuance costs 47,000 115,000 146,500 250,000 Payments on debt, finance leases, and associated costs (164,731 ) (71,653 ) (356,965 ) (163,878 ) Share repurchases (2,004 ) — (2,004 ) — Other financing activities (2,184 ) (31 ) (7,905 ) (1,810 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (112,772 ) 43,316 (210,925 ) 107,135 Effect of exchange rate changes on cash and cash equivalents 496 (361 ) 204 (321 ) INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 34,102 6,651 56,596 12,513 Cash, cash equivalents and restricted cash at beginning of period 79,368 69,240 56,874 63,378 Cash, cash equivalents and restricted cash at end of period $ 113,470 $ 75,891 $ 113,470 $ 75,891 Article content Adjusted EBITDA Reconciliation (Dollars in thousands except per share amounts) LTM 2Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income (loss) $ 190,670 $ 70,726 $ 33,353 $ 37,852 $ 48,739 $ 1,426 Interest expense, net of capitalized interest 43,868 8,251 10,450 11,887 13,280 13,162 Income tax provision (benefit) 125,245 62,595 18,413 18,420 25,817 7,189 Amortization 174,263 61,421 43,093 36,533 33,216 27,928 EBITDA 534,046 202,993 105,309 104,692 121,052 49,705 Fair value adjustments, net 342 (4 ) 346 — — — Foreign exchange (gain) loss (2,517 ) (246 ) 758 (1,321 ) (1,708 ) (2,089 ) Asset retirement obligation accretion 18,180 4,900 4,732 4,315 4,233 4,154 Inventory adjustments and write-downs 6,309 1,598 1,928 1,552 1,231 1,071 (Gain) loss on sale of assets 377 117 186 (102 ) 176 640 RMC bankruptcy distribution (132 ) (37 ) — (95 ) — (1,199 ) (Gain) loss on debt extinguishment — — — — — 21 Transaction costs 20,227 2,823 8,887 7,541 976 — Kensington royalty settlement (67 ) 28 (95 ) — — 419 Mexico arbitration matter 3,629 1,740 410 152 1,327 1,138 Flow-through share premium (2,313 ) (112 ) (585 ) (369 ) (1,247 ) (1,456 ) COVID-19 1 — — — 1 3 Acquired inventory purchase price 56,721 29,681 27,040 — — — Adjusted EBITDA $ 634,803 $ 243,481 $ 148,916 $ 116,365 $ 126,041 $ 52,407 Adjusted EBITDA Margin 43 % 51 % 41 % 38 % 40 % 24 % Article content Adjusted Net Income (Loss) Reconciliation (Dollars in thousands except per share amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income (loss) $ 70,726 $ 33,353 $ 37,852 $ 48,739 $ 1,426 Fair value adjustments, net (4 ) 346 — — — Foreign exchange loss (gain) (1) 28,072 574 265 (2,247 ) (2,950 ) (Gain) loss on sale of assets 117 186 (102 ) 176 640 RMC bankruptcy distribution (37 ) — (95 ) — (1,199 ) (Gain) loss on debt extinguishment — — — — 21 Transaction costs 2,823 8,887 7,541 976 — Kensington royalty settlement 28 (95 ) — — 419 Mexico arbitration matter 1,740 410 152 1,327 1,138 Flow-through share premium (112 ) (585 ) (369 ) (1,247 ) (1,456 ) COVID-19 — — — 1 3 Acquired inventory purchase price 29,681 27,040 — — — Tax effect of adjustments (5,633 ) (10,230 ) 142 (568 ) (1,447 ) Adjusted net income (loss) $ 127,401 $ 59,886 $ 45,386 $ 47,157 $ (3,405 ) Adjusted net income (loss) per share – Basic $ 0.20 $ 0.12 $ 0.12 $ 0.12 $ (0.01 ) Adjusted net income (loss) per share – Diluted $ 0.20 $ 0.11 $ 0.11 $ 0.12 $ (0.01 ) Article content (1) Includes the impact of foreign exchange rates on deferred tax balances of $28.3 million, $(0.2) million, $1.6 million, $(0.5) million and $(0.9) million for the three months ended June 30 and March 31, 2025 and December 31, September 30 and June 30, 2024, respectively. Article content Reconciliation of Costs Applicable to Sales for Three Months Ended June 30, 2025 In thousands (except metal sales, per ounce or per pound amounts) Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 80,122 $ 58,109 $ 64,676 $ 56,304 $ 30,542 $ 928 $ 290,681 Amortization (22,375 ) (9,406 ) (16,748 ) (10,221 ) (1,549 ) (928 ) (61,227 ) Costs applicable to sales $ 57,747 $ 48,703 $ 47,928 $ 46,083 $ 28,993 $ — $ 229,454 Inventory Adjustments (523 ) (147 ) (489 ) (222 ) (191 ) — (1,572 ) Acquired inventory purchase price allocation (29,681 ) — — — — — (29,681 ) By-product credit — — — (41 ) (1,188 ) — (1,229 ) Adjusted costs applicable to sales $ 27,543 $ 48,556 $ 47,439 $ 45,820 $ 27,614 $ — $ 196,972 Metal Sales Gold ounces 16,025 26,782 13,881 26,751 23,509 — 106,948 Silver ounces 1,479,410 1,720,383 1,437,811 — 34,916 — 4,672,520 Zinc pounds — — Lead pounds — — Revenue Split Gold 52 % 49 % 49 % 100 % 100 % Silver 48 % 51 % 51 % — % Zinc — % Lead — % Adjusted costs applicable to sales Gold ($/oz) $ 894 $ 888 $ 1,675 $ 1,713 $ 1,175 $ 1,260 Silver ($/oz) $ 8.94 $ 14.39 $ 16.83 $ — $ 13.41 Zinc ($/lb) $ — $ — Lead ($/lb) $ — $ — Article content Article content This Post contains more content. For the full press release please view source version on Article content Article content Article content Contacts Article content For Additional Information Article content Article content Coeur Mining, Inc. Article content Article content 200 S. Wacker Drive, Suite 2100 Article content Article content Chicago, IL 60606 Article content Article content Attention: Jeff Wilhoit, Senior Director, Investor Relations Article content Article content Phone: (312) 489-5800 Article content Article content Article content Article content Article content
