Exhibit 99.3

Prepared for: Coeur Mining, Inc. Report current as at: 31 December, 2025

Prepared by: Mr. Tyler Roberts, P.Eng. Mr. Devin Wade, P.Geo. Ms. Jennifer Katchen, P.Eng. Mr. Vincent Nadeau-Benoit, P.Geo. Mr. Matthew Davis, P.Eng. Ms. Emily O’Hara, P.Eng.

1.0	EXECUTIVE SUMMARY	1-1
1.1	Introduction	1-1
1.2	Terms of Reference	1-1
1.3	Property Setting	1-1
1.4	Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements	1-2
1.5	Geology and Mineralization	1-3
1.6	History and Exploration	1-3
1.7	Drilling and Sampling	1-3
1.8	Data Verification	1-4
1.9	Metallurgical Testwork	1-4
1.10	Mineral Resource Estimation	1-5
1.10.1	Estimation Methodology	1-5
1.10.2	Mineral Resource Statement	1-6
1.10.3	Factors That May Affect the Mineral Resource Estimate	1-6
1.11	Mineral Reserve Estimation	1-8
1.11.1	Estimation Methodology	1-8
1.11.2	Mineral Reserve Statement	1-8
1.11.3	Factors That May Affect the Mineral Reserve Estimate	1-8
1.12	Mining Methods	1-9
1.13	Recovery Methods	1-11
1.14	Infrastructure	1-11
1.15	Markets and Contracts	1-12
1.15.1	Market Studies	1-12
1.15.2	Commodity Prices	1-13
1.15.3	Contracts	1-13
1.16	Environmental, Permitting and Social Considerations	1-13
1.16.1	Environmental Studies and Monitoring	1-13
1.16.2	Closure and Reclamation Considerations	1-14
1.16.3	Permitting	1-14
1.16.4	Social Considerations, Plans, Negotiations and Agreements	1-14
1.17	Capital Cost Estimates	1-14
1.18	Operating Cost Estimates	1-15
1.19	Economic Analysis	1-16
1.19.1	Forward-Looking Information	1-16
1.19.2	Methodology and Assumptions	1-17
1.19.3	Economic Analysis	1-17
1.19.4	Sensitivity Analysis	1-19
1.20	Risks and Opportunities	1-19
1.20.1	Risks	1-19
1.20.2	Opportunities	1-19
1.21	Conclusions	1-20
1.22	Recommendations	1-20
2.0	INTRODUCTION	2-1
2.1	Registrant	2-1
2.2	Terms of Reference	2-1
2.2.1	Report Purpose	2-1
2.2.2	Terms of Reference	2-1

2.3	Qualified Persons	2-3
2.4	Site Visits and Scope of Personal Inspection	2-3
2.4.1	Mr. Tyler Roberts	2-3
2.4.2	Mr. Devin Wade	2-3
2.4.3	Ms. Jennifer Katchen	2-3
2.4.4	Mr. Vincent Nadeau-Benoit	2-4
2.4.5	Mr. Matthew Davis	2-5
2.4.6	Ms. Emily O’Hara	2-5
2.5	Report Date	2-5
2.6	Information Sources and References	2-5
2.7	Previous Technical Report Summaries	2-5
3.0	PROPERTY DESCRIPTION	3-1
3.1	Property Location	3-1
3.2	Ownership	3-1
3.3	Mineral Title	3-1
3.3.1	Tenure Holdings	3-1
3.3.2	Tenure Maintenance Requirements	3-8
3.4	Surface Rights	3-8
3.5	Water Rights	3-8
3.6	Royalties	3-8
3.7	Agreements	3-12
3.8	Encumbrances	3-12
3.8.1	Permitting Requirements	3-12
3.8.2	Permitting Timelines	3-12
3.8.3	Violations and Fines	3-12
3.9	Significant Factors and Risks That May Affect Access, Title or Work Programs	3-12
4.0	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY	4-1
4.1	Physiography	4-1
4.2	Accessibility	4-1
4.3	Climate	4-1
4.4	Infrastructure	4-1
5.0	HISTORY	5-1
6.0	GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT	6-1
6.1	Deposit Type	6-1
6.2	Regional Geology	6-1
6.3	Local Geology	6-3
6.3.1	Lithological Units	6-3
6.3.2	Structure	6-3
6.3.3	Metamorphism	6-3
6.3.4	Mineralization	6-3
6.4	Property Geology	6-8
6.4.1	Deposit Dimensions	6-8
6.4.2	Lithological Units	6-8
6.4.3	Structure	6-8
6.4.4	Alteration	6-8
6.4.5	Mineralization	6-11
7.0	EXPLORATION	7-1
7.1	Exploration	7-1
7.1.1	Grids and Surveys	7-1
7.1.2	Geological Mapping	7-1

7.1.3	Geochemistry	7-1
7.1.4	Geophysics	7-1
7.1.5	Exploration Drifts	7-5
7.1.6	Other Studies	7-5
7.1.7	Qualified Person’s Interpretation of the Exploration Information	7-5
7.1.8	Exploration Potential	7-5
7.2	Drilling	7-7
7.2.1	Overview	7-7
7.2.2	Drill Methods	7-7
7.2.3	Logging	7-7
7.2.4	Recovery	7-13
7.2.5	Collar Surveys	7-13
7.2.6	Down Hole Surveys	7-13
7.2.7	Drilling Since Database Close-out Date	7-13
7.2.8	Comment on Material Results and Interpretation	7-14
7.3	Hydrogeology	7-14
7.3.1	Sampling Methods and Laboratory Determinations	7-14
7.3.2	Comment on Results	7-14
7.3.3	Surface Water	7-15
7.3.4	Groundwater	7-15
7.4	Geotechnical	7-16
7.4.1	Sampling Methods and Laboratory Determinations	7-17
7.4.2	In Situ Rock Mass Stress	7-18
7.4.3	Comment on Results	7-18
8.0	SAMPLE PREPARATION, ANALYSES, AND SECURITY	8-1
8.1	Sampling Methods	8-1
8.2	Sample Security Methods	8-1
8.3	Density Determinations	8-1
8.4	Analytical and Test Laboratories	8-2
8.5	Sample Preparation	8-2
8.6	Analysis	8-2
8.7	Quality Assurance and Quality Control	8-3
8.8	Database	8-4
8.9	Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures	8-5
9.0	DATA VERIFICATION	9-1
9.1	Internal Data Verification	9-1
9.2	External Data Verification	9-1
9.3	Data Verification by Qualified Person	9-2
9.3.1	Mr. Nadeau-Benoit	9-2
9.3.2	Mr. Roberts	9-2
9.4	Qualified Person’s Opinion on Data Adequacy	9-3
10.0	MINERAL PROCESSING AND METALLURGICAL TESTING	10-1
10.1	Test Laboratories	10-1
10.2	Metallurgical Testwork	10-1
10.2.1	C-Zone	10-1
10.2.2	East Extension	10-3
10.2.3	D-Zone	10-3
10.2.4	K-Zone	10-4
10.2.5	Cleaner Circuit Upgrade	10-4
10.3	Recovery Estimates	10-4
10.4	Metallurgical Variability	10-5

10.5	Deleterious Elements	10-7
10.6	Qualified Person’s Opinion on Data Adequacy	10-7
11.0	MINERAL RESOURCE ESTIMATES	11-1
11.1	Introduction	11-1
11.2	Exploratory Data Analysis	11-1
11.3	Geological Models	11-1
11.4	Density Assignment	11-2
11.5	Grade Capping/Outlier Restrictions	11-2
11.6	Composites	11-4
11.7	Variography	11-4
11.8	Estimation/interpolation Methods	11-4
11.9	Validation	11-4
11.10	Confidence Classification of Mineral Resource Estimate	11-5
11.10.1	Mineral Resource Confidence Classification	11-5
11.10.2	Uncertainties Considered During Confidence Classification	11-5
11.11	Reasonable Prospects of Economic Extraction	11-6
11.11.1	Input Assumptions	11-6
11.11.2	Commodity Price	11-6
11.11.3	Cut-off Grades	11-6
11.11.4	QP Statement	11-8
11.12	Mineral Resource Statement	11-8
11.13	Uncertainties (Factors) That May Affect the Mineral Resource Estimate	11-8
12.0	MINERAL RESERVE ESTIMATES	12-1
12.1	Introduction	12-1
12.2	Development of Mining Case	12-1
12.3	Cut-offs	12-3
12.4	Ore Loss and Dilution	12-3
12.5	Commodity Price	12-4
12.6	Mineral Reserve Statement	12-5
12.7	Uncertainties (Factors) That May Affect the Mineral Reserve Estimate	12-5
13.0	MINING METHODS	13-1
13.1	Introduction	13-1
13.2	Geotechnical Considerations	13-1
13.2.1	Caveability and Fragmentation	13-1
13.2.2	Stope Stability	13-1
13.2.3	Surface Subsidence	13-2
13.2.4	Mud Rushes	13-3
13.2.5	Air Blast	13-3
13.2.6	Support Systems	13-4
13.2.7	Monitoring	13-4
13.3	Hydrogeological Considerations	13-5
13.4	Operations	13-5
13.4.1	Mining Method	13-5
13.4.2	Access	13-6
13.4.3	B3 Cave	13-6
13.4.4	C-Zone	13-6
13.4.5	East Extension	13-7
13.5	Materials Handling	13-8
13.5.1	B3 Cave	13-8
13.5.2	C-Zone	13-8
13.5.3	East Extension	13-9

13.6	Underground Infrastructure	13-9
13.6.1	Maintenance and Workshops	13-9
13.6.2	Fuel Bay	13-10
13.6.3	Batch Plant	13-10
13.6.4	Refuge Stations	13-10
13.6.5	Utility and Fire Water	13-10
13.6.6	Compressed Air and Electricity	13-10
13.6.7	Communications	13-10
13.7	Ventilation	13-11
13.8	Blasting and Explosives	13-13
13.9	Production Schedule	13-13
13.10	Equipment	13-13
13.11	Personnel	13-15
14.0	RECOVERY METHODS	14-1
14.1	Process Method Selection	14-1
14.2	Flowsheet	14-1
14.3	Throughput	14-1
14.4	Plant Design	14-1
14.4.1	Crushing	14-1
14.4.2	Grinding	14-3
14.4.3	Flotation	14-3
14.4.4	Dewatering	14-4
14.4.5	Tailings	14-4
14.5	Equipment Sizing	14-5
14.6	Power and Consumables	14-6
14.6.2	Consumables	14-6
14.6.3	Personnel	14-6
15.0	INFRASTRUCTURE	15-1
15.1	Introduction	15-1
15.2	Surface Buildings and Facilities	15-1
15.3	Roads and Logistics	15-3
15.4	Stockpiles	15-3
15.5	Waste Rock Storage Facilities	15-3
15.6	Tailings Storage Facilities	15-3
15.6.1	Afton Pit TSF	15-4
15.6.2	New Afton TSF	15-4
15.6.3	Historical Afton TSF	15-4
15.6.4	Pothook TSF	15-5
15.6.5	Tailings Facility Stabilization	15-5
15.6.6	Monitoring	15-6
15.6.7	Performance Reviews	15-6
15.7	Water Management	15-6
15.8	Water Supply	15-7
15.9	Camps and Accommodation	15-7
15.10	Power and Electrical	15-7
16.0	MARKET STUDIES AND CONTRACTS	16-1
16.1	Markets	16-1
16.2	Commodity Price Forecasts	16-1
16.3	Contracts	16-2
17.0	ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS	17-1

17.1	Baseline and Supporting Studies	17-1
17.2	Environmental Considerations/Monitoring Programs	17-1
17.3	Closure and Reclamation Considerations	17-1
17.4	Permitting	17-2
17.5	Social Considerations, Plans, Negotiations and Agreements	17-3
17.5.1	Social Considerations	17-3
17.5.2	Indigenous Communities	17-3
17.5.3	Cultural Heritage	17-4
17.6	Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues	17-4
18.0	CAPITAL AND OPERATING COSTS	18-1
18.1	Introduction	18-1
18.2	Capital Cost Estimates	18-1
18.2.1	Mine-Related Costs	18-1
18.2.2	Other Costs	18-1
18.2.3	Capital Cost Summary	18-1
18.3	Operating Cost Estimates	18-2
18.3.1	Basis of Estimate	18-2
18.3.2	Mining and Processing Costs	18-2
18.3.3	General and Administrative Costs	18-3
18.3.4	Other Operating Costs	18-3
18.3.5	Operating Cost Summary	18-3
19.0	ECONOMIC ANALYSIS	19-1
19.1	Forward-looking Information	19-1
19.2	Methodology Used	19-1
19.3	Financial Model Parameters	19-2
19.3.1	Mineral Resource, Mineral Reserve, and Mine Life	19-2
19.3.2	Metallurgical Recoveries	19-2
19.3.3	Smelting and Refining Terms	19-2
19.3.4	Metal Prices	19-2
19.3.5	Capital and Operating Costs	19-2
19.3.6	Working Capital	19-3
19.3.7	Taxes and Royalties	19-3
19.3.8	Closure Costs and Salvage Value	19-3
19.3.9	Financing	19-3
19.3.10	Inflation	19-3
19.4	Economic Analysis	19-3
19.5	Sensitivity Analysis	19-4
20.0	ADJACENT PROPERTIES	20-1
21.0	OTHER RELEVANT DATA AND INFORMATION	21-1
22.0	INTERPRETATION AND CONCLUSIONS	22-1
22.1	Introduction	22-1
22.2	Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements	22-1
22.3	Geology and Mineralization	22-1
22.4	Exploration, Drilling, and Sampling	22-2
22.5	Data Verification	22-2
22.6	Metallurgical Testwork	22-2
22.7	Mineral Resource Estimates	22-2
22.8	Mineral Reserve Estimates	22-3
22.9	Mining Methods	22-3
22.10	Recovery Methods	22-4
22.11	Infrastructure	22-4

22.12	Market Studies	22-4
22.13	Environmental, Permitting and Social Considerations	22-4
22.14	Capital Cost Estimates	22-5
22.15	Operating Cost Estimates	22-5
22.16	Economic Analysis	22-5
22.17	Risks and Opportunities	22-6
22.17.1	Risks	22-6
22.17.2	Opportunities	22-6
22.18	Conclusions	22-7
23.0	RECOMMENDATIONS	23-1
24.0	REFERENCES	24-1
24.1	Bibliography	24-1
24.2	Abbreviations and Units of Measure	24-5
24.3	Glossary of Terms	24-9
25.0	RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT	25-1
25.1	Introduction	25-1
25.2	Macroeconomic Trends	25-1
25.3	Markets	25-1
25.4	Legal Matters	25-1
25.5	Environmental Matters	25-2
25.6	Stakeholder Accommodations	25-2
25.7	Governmental Factors	25-2

TABLES
Table 1‑1:	Measured, Indicated and Inferred Mineral Resource Statement	1-7
Table 1‑2:	Proven and Probable Mineral Reserves Statement	1-9
Table 1‑3:	LOM Sustaining Capital Cost Estimate	1-15
Table 1‑4:	LOM Total Operating Cost Estimate	1-16
Table 1‑5:	Commodity Price Forecast Used in Cashflow Analysis	1-18
Table 1‑6:	Cashflow Summary Table	1-18
Table 2‑1:	QP Chapter Responsibilities	2-4
Table 3‑1:	Mineral Tenure Summary Table	3-2
Table 3‑2:	Surface Rights Summary Table	3-9
Table 5‑1:	Exploration and Development History Summary Table	5-2
Table 6‑1:	Stratigraphic Table	6-6
Table 6‑2:	Alteration Types	6-12
Table 6‑3:	Mineralized Zone Characteristics	6-13
Table 7‑1:	Geophysical Surveys	7-2
Table 7‑2:	Petrographic and Other Studies Completed	7-6
Table 7‑3:	Property Drill Summary Table	7-8
Table 7‑4:	Drilling Used for Mineral Resource Estimation	7-10
Table 7‑5:	Geotechnical Properties By Mining Zone	7-17
Table 7‑6:	Geotechnical Properties By Lithology	7-17
Table 9‑1:	External Data Reviews	9-2
Table 11‑1:	Interpolation Parameters	11-5
Table 11‑2:	Cut-off Input Assumptions	11-7
Table 11‑3:	Measured, Indicated, and Inferred Mineral Resources Statement	11-9
Table 12‑1:	NSR Parameters	12-4
Table 12‑2:	Proven and Probable Mineral Reserves Statement	12-6

Table 13‑1:	LOM Production Plan	13-14
Table 13‑2:	Key Equipment List	13-16
Table 16‑1:	Commodity Price Forecast Used in Cashflow Analysis	16-3
Table 18‑1:	LOM Capital Cost Estimate (US$ M)	18-2
Table 18‑2:	LOM Operating Cost Estimate	18-4
Table 19‑1:	Cashflow Summary Table	19-5
Table 19‑2:	Cashflow Forecast on Annualized Basis (US$ M)	19-6
Table 19‑3:	Sensitivity Table (US$ M)	19-7

FIGURES
Figure 2‑1:	Location of New Afton Mine	2-2
Figure 3‑1:	Mineral Tenure Location Plan	3-7
Figure 3‑2:	Lands Purchase Agreement Royalty	3-11
Figure 6‑1:	Regional Geology Map	6-2
Figure 6‑2:	Local Geology Map	6-4
Figure 6‑3:	Stratigraphic Column, New Afton Deposit Area	6-5
Figure 6‑4:	Geology Map, New Afton Deposit	6-9
Figure 6‑5:	Mineralized Zones Relative to Lithological Units	6-10
Figure 6‑6:	Mineralization Domains within the New Afton Geological Model	6-14
Figure 7‑1:	Map of Geophysical Surveys	7-4
Figure 7‑2:	Drill Collar Location Plan, Project Area	7-9
Figure 7‑3:	Collar Locations of Drilling used for Mineral Resource Estimation	7-11
Figure 7‑4:	Example Drill Section, Drilling Used In Mineral Resource Estimates	7-12
Figure 10‑1:	Copper Recovery Curves At 16,000 t/d Processing Rate	10-6
Figure 10‑2:	Gold Recovery Curves At 16,000 t/d Processing Rate	10-7
Figure 11‑1:	Low-Grade Estimation and Mineral Reserves-Constraining Shapes	11-3
Figure 12‑1:	Final Mine Layout Plan	12-2
Figure 13‑1:	Ventilation Schematic	13-12
Figure 14‑1:	Process Flowsheet	14-2
Figure 15‑1:	Infrastructure Layout Plan	15-2

1.0	EXECUTIVE SUMMARY

1.1	Introduction

1.2	Terms of Reference

1.3	Property Setting

1.4	Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

1.5	Geology and Mineralization

•

The Main zone, located on the western edge of the Pothook diorite is subdivided into Lift 1 East, Lift 1 West (both mined out), and the B3, C-Zone, and D-Zone mining zones. Mining is currently focused on the B3 and C-Zone. Mineral resources are estimated for the D-Zone;

•

The Hanging wall (HW) zones are smaller satellite zones located along the southern margin of the Pothook diorite;

•

The Eastern zones include two separate areas located on the northern margin of the Pothook diorite: East Extension and K-Zone. East Extension is currently in the mine planning phase and the K-Zone has estimated mineral resources.

1.6	History and Exploration

1.7	Drilling and Sampling

1.8	Data Verification

1.9	Metallurgical Testwork

1.10	Mineral Resource Estimation

1.10.1

Estimation Methodology

•

Cu% + (Au g/t * Au Recovery * Au Payable * (Au Price - Refining) / 31.1035) + (Ag g/t * Ag Recovery * Ag Payable * (Ag Price - Refining) / 31.1035) / (22.046 * Cu Recovery * Cu Payable * (Cu Price - Refining).

•

Au price: US$2,500/oz Au; Au recovery: 87.7%; Au payable: 97.0%; Au refining charge: US$6.00/oz; Ag price: US$30/oz Au; Ag recovery: 73.5%; Ag payable: 90.0%; Ag refining charge: US$0.50/oz; Cu price: US$4.40/lb Cu; Cu recovery: 86.4%; Cu payable: 96.4%; Cu refining charge: US$0.8/lb.

1.10.2

Mineral Resource Statement

1.10.3

Factors That May Affect the Mineral Resource Estimate

	Zone		Category		Tonnes (t x 1,000)		Grade						Metal Content						Cut-off Grade		Metallurgical Recovery
							Au (g/t)		Ag (g/t)		Cu (%)		Au Ounces (oz x 1,000)		Ag Ounces (oz x 1,000)		Cu Pounds (lb x 1,000,000)		CuEq. (%)		Au (%)		Ag (%)		Cu (%)
	B-Zone C-Zone D-Zone HW		Measured		29,843		0.58		1.78		0.62		552		1,707		408		0.15		87.7		73.5		86.4
			Indicated		25,611		0.28		1.04		0.28		230		859		158		0.15		87.7		73.5		86.4
			Sub-total measured and indicated		55,454		0.44		1.44		0.46		782		2,566		566		0.15		87.7		73.5		86.4
			Inferred		1,289		0.35		0.70		0.22		15		29		6		0.15		87.7		73.5		86.4
	K-Zone		Measured		7,206		0.70		3.66		0.91		162		849		144		0.30		87.7		73.5		86.4
			Indicated		40,436		0.43		1.52		0.52		553		1,979		462		0.30		87.7		73.5		86.4
			Sub-total measured and indicated		47,642		0.47		1.85		0.58		715		2,827		606		0.30		87.7		73.5		86.4
			Inferred		5,877		0.45		1.64		0.59		86		309		77		0.30		87.7		73.5		86.4
	East Extension		Measured		—		—		—		—		—		—		—		—		—		—		—
			Indicated		1,558		0.96		4.24		1.04		48		213		36		1.26		87.7		73.5		86.4
			Sub-total measured and indicated		1,558		0.96		4.24		1.04		48		213		36		1.26		87.7		73.5		86.4
			Inferred		—		—		—		—		—		—		—		—		—		—		—
	Total		Measured		37,049		0.60		2.15		0.68		715		2,555		552		—		87.7		73.5		86.4
			Indicated		67,605		0.38		1.40		0.44		831		3,051		656		—		87.7		73.5		86.4
			Total measured and indicated		104,654		0.46		1.67		0.52		1,545		5,606		1,208		—		87.7		73.5		86.4
			Inferred		7,166		0.44		1.47		0.53		100		338		83		—		87.7		73.5		86.4

1.	The mineral resource estimates are current as at December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).

2.	The reference point for the mineral resource estimate is in situ. The Qualified Persons for the estimate are Mr. Vincent Nadeau-Benoit P.Geo., and Mr. Tyler Roberts, P.Eng., both Coeur employees.

3.	Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

4.	Mineral Resources are estimated using metal price assumptions of US$4.40 per pound of copper, US$2,500 per ounce of gold, and US$30 per ounce of silver, and a foreign exchange rate assumption of 1.30 C$/1.00US$.

5.

For underground bulk mining, mineral resources are reported within resource cave shapes created using a cut-off grade of 0.33% CuEq. Within resource cave shapes, resources are reported for blocks above 0.30% CuEq for K-Zone, and above 0.15% CuEq for the other zones. For stope mining, mineral resources are reported within mineable shapes created using a cut-off grade of 1.26% CuEq and include must-take material.

6.

The following copper-equivalency (CuEq%) formula is used: Cu% + (Au g/t * Au Recovery * Au Payable * (Au Price - Refining) / 31.1035) + (Ag g/t * Ag Recovery * Ag Payable * (Ag Price - Refining) / 31.1035) / (22.046 * Cu Recovery * Cu Payable * (Cu Price - Refining). The calculations are based on the following: Au price: US$2,500/oz Au; Au recovery: 87.7%; Au payable: 97.0%; Au refining charge: US$6.00/oz; Ag price: US$30/oz Au; Ag recovery: 73.5%; Ag payable: 90.0%; Ag refining charge: US$0.50/oz; Cu price: US$4.40/lb Cu; Cu recovery: 86.4%; Cu payable: 96.4%; Cu refining charge: US$0.8/lb.

7.	Rounding of tonnes, grades, troy ounces and pounds as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.

1.11	Mineral Reserve Estimation

1.11.1

Estimation Methodology

1.11.2

Mineral Reserve Statement

1.11.3

Factors That May Affect the Mineral Reserve Estimate

	Zone		Category		Tonnes (kt)		Grade						Contained Metal						Metallurgical Recovery (%)
							Au (g/t)		Ag (g/t)		Cu (%)		Au (koz)		Ag (koz)		Cu (Mlbs)
	C-Zone		Proven		—		—		—		—		—		—		—		—
			Probable		35,212		0.65		1.62		0.72		739		1,837		556		88.5
			Sub-total proven and probable		35,212		0.65		1.62		0.72		739		1,837		556		88.5
	East Extension		Proven		—		—		—		—		—		—		—		—
			Probable		962		1.31		8.5		1.63		41		264		35		87.6
			Sub-total proven and probable		962		1.31		8.5		1.63		41		264		35		87.6
	Total		Proven & Probable		36,174		0.67		1.79		0.74		780		2,101		591		88.5

1.	The Mineral Reserve estimates are current as at December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).

2.	The Qualified Person for the estimate is Mr. Tyler Roberts, P.Eng., a Coeur employee.

3.	Mineral Reserves are estimated using metal price assumptions of US$3.50 per pound of copper, US$1,650 per ounce of gold, and US$20 per ounce of silver, and a foreign exchange rate assumption of C$1.30 : US$1.00.

4.

C-Zone block cave Mineral Reserves are reported at a cut-off NSR of US$24/t and East Extension Mineral Reserves are reported at a cut-off NSR of US$100/t, based on processing costs of US$9.00/t processed, G&A costs of US$3.50/t processed, block caving costs of US$11.50/t ore mined, and stoping costs of US$87.50/t ore mined. Metallurgical recoveries vary depending on ore type and grades.

5.	Rounding of short tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.

1.12	Mining Methods

1.13	Recovery Methods

1.14	Infrastructure

•

The Afton Pit TSF, which is the primary facility for LOM tailings deposition;

•

The New Afton TSF, which holds the Lift 1 and majority of B3 tailings ;

•

The Historical Afton TSF, which holds the tailings from the original Afton operation and has since been inactive;

•

The Pothook TSF, which acts as a site water reservoir, and currently does not receive any tailings.

1.15	Markets and Contracts

1.15.1

Market Studies

1.15.2

Commodity Prices

•

Mineral reserves:

o

US$1,650/oz Au; US$3.50/lb;

•

Mineral resources:

o

US$2,500/oz Au; US$4.40/lb.

1.15.3

Contracts

1.16	Environmental, Permitting and Social Considerations

1.16.1

Environmental Studies and Monitoring

1.16.2

Closure and Reclamation Considerations

1.16.3

Permitting

1.16.4

Social Considerations, Plans, Negotiations and Agreements

1.17	Capital Cost Estimates

	Category		2026		2027		2028		2029		2030		2031		2032		Total
	Sustaining Capital
	C-Zone		14.3		18.9		4.3		4.3		4.3		4.3		—		50.6
	East Extension		—		—		1.1		2.0		—		—		—		3.1
	Other		17.6		6.1		2.9		2.7		1.1		—		—		30.5
	Total sustaining capital		32.0		25.0		8.4		9.0		5.4		4.3		—		84.2
	Growth Capital
	C-Zone		27.3		0.5		—		—		—		—		—		27.8
	East Extension		0.4		1.2		34.0		—		—		—		—		35.5
	K-Zone		17.6		21.7		21.2		—		—		—		—		60.5
	Other		(0.6)		2.3		0.7		2.2		—		—		—		4.6
	Total growth capital		44.6		25.8		55.9		2.2		—		—		—		128.4
	Total Capital		76.6		50.8		64.2		11.2		5.4		4.3		—		212.6

1.18	Operating Cost Estimates

			Units		2026		2027		2028		2029		2030		2031		2032		Total/ Average
	Operating Costs
	Mining		US$ M		65.7		65.2		58.7		83.7		75.7		69.8		11.6		430.3
	Processing		US$ M		45.3		41.6		41.2		40.5		39.8		36.1		5.0		249.4
	G&A		US$ M		66.1		62.1		59.9		46.4		42.6		38.2		4.2		319.5
	Other		US$ M		12.4		13.5		12.8		18.7		14.5		13.3		1.2		86.4
	Total		US$ M		189.5		182.4		172.6		189.2		172.5		157.3		22.0		1,085.6
	Unit Operating Costs
	Mining		$/t mined		11.51		10.67		9.94		14.23		12.87		11.87		14.25		12.19
	Processing		$/t milled		8.03		6.94		6.91		6.81		6.77		6.17		5.46		6.73
	G&A		$/t milled		11.72		10.37		10.04		7.81		7.25		6.53		4.60		8.33
	Other		$/t milled		2.21		2.26		2.14		3.14		2.46		2.27		1.28		2.25
	Total		$/t milled		33.60		30.44		28.93		31.84		29.35		26.92		24.08		29.31

1.19	Economic Analysis

1.19.1

Forward-Looking Information

1.19.2

Methodology and Assumptions

1.19.3

Economic Analysis

			Units		2026		2027		2028		2029		2030		2031+
	Gold		US$/oz		4,550		4,000		3,800		3,600		3,100		3,100
	Copper		US$/lb		5.00		5.00		5.00		5.00		4.50		4.50

	Item	Units		Value
	Revenue	US$ M		4,837.4
	Production costs	US$ M		1,108.9
	Exploration	US$ M		23.3
	Accretion liability	US$ M		18.9
	Total cost and expenses	US$ M		1,151.2
	Interest income	US$ M		3.4
	Intercompany	US$ M		27.7
	EBITDA	US$ M		3,655.1
	Depreciation, depletion and amortization	US$ M		4,580.4
	Income before taxes	US$ M		(925.3)
	Income tax expense (benefit)	US$ M		731.1
	Net income	US$ M		(1,656.4)
	Add back amortization	US$ M		4,580.4
	Add back accretion	US$ M		(47.3)
	Add back other non-cash items	US$ M		54.4
	Operating cash flow before working capital changes	US$ M		2,931.2
	Working capital	US$ M		28.6
	Operating cash flow	US$ M		2,959.6
	Investing activities	US$ M		(222.4)
	Interest received	US$ M		0.4
	Other	US$ M		(2.8)
	Payments on capital leases	US$ M		(0.2)
	Total cash flow	US$ M		2,734.7
	Free cash flow	US$ M		2,737.2
	NPV Pre-Tax/After-Tax @ 5%	US$ M		3132/2,484.6

1.19.4

Sensitivity Analysis

1.20	Risks and Opportunities

1.20.1

Risks

•

Negative variations to the copper and gold price assumptions;

•

Significant additional dilution or ore losses due to cave deviation or variations to the mine plan;

•

Oversized material or hung drawpoints during the early stages of C-Zone cave propagation, potentially limiting daily tonnage until additional drawpoints are blasted or drawpoints become free-flowing;

•

Significant delays to the completion of the tailings stabilization project, potentially impacting C-Zone production;

•

Changes in geotechnical conditions and modelling parameters, including but not limited to the following:

o

The extent and magnitude of subsidence affecting site infrastructure;

o

Convergence in underground production drifts exceeding expectations;

o

Cave growth deviation and induced stress from the C-Zone block cave impacting underground development and infrastructure.

1.20.2

Opportunities

•

Potential extension of mine life and improved production profile if mineral resources at the K-Zone, D-Zone, and HW Zone can be converted to mineral reserves with additional studies;

•

Potential to expand mineralization and identify new zones with additional drilling;

•

Further improvements in metallurgical recoveries with process plant improvements;

•

Further reduction in cement consumption in the thickened and amended tailings plant with additional testing and analysis;

•

Overperformance of drawpoints in C-Zone pulling in residual grade from the B3 cave post closure;

•

Conversion of some or all of the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting studies;

•

Upgrade of some or all of the inferred mineral resources to higher-confidence categories with additional studies.

1.21	Conclusions

1.22	Recommendations

2.0	INTRODUCTION

2.1	Registrant

2.2	Terms of Reference

2.2.1

Report Purpose

2.2.2

Terms of Reference

2.3	Qualified Persons

•

Mr. Tyler Roberts, P.Eng. Strategic Planning Superintendent, New Afton Mine;

•

Mr. Devin Wade, P.Geo. Chief Exploration Geologist, New Afton Mine;

•

Ms. Jennifer Katchen, P.Eng. Metallurgical Superintendent, New Afton Mine;

•

Mr. Vincent Nadeau-Benoit, P.Geo., Director, Mineral Resources at Coeur ;

•

Mr. Matthew Davis, P.Eng. Tailings and Surface Superintendent, New Afton Mine;

•

Ms. Emily O’Hara, P.Eng. Manager, Water Strategy and Stewardship at Coeur.

2.4	Site Visits and Scope of Personal Inspection

2.4.1

Mr. Tyler Roberts

2.4.2

Mr. Devin Wade

2.4.3

Ms. Jennifer Katchen

	QP Name		Chapter Responsibility
	Mr. Roberts		1.1, 1.2, 1.10.2, 1.10.3, 1.11.1, 1.11.1.2, 1.11.1.3, 1.11.2, 1.11.3, 1.12, 1.12.2, 1.15, 1.17, 1.18, 1.19, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.1, 2.5, 2.6, 2.7, 7.4, 9.1, 9.2, 9.3.2, 9.4, 11.11, 11.12, 11.13, 12.1, 12.2, 12.3, 12.4, 12.5, 12.6, 12.7, 13.1, 13.2, 13.3, 13.4, 13.5, 13.6, 13.7, 13,8, 13.9, 13.10, 13.11, 16.1, 16.2, 16.3, 18.1, 18.2, 18.3, 19.1, 19.2, 19.3, 19.4, 19.5, 21, 22.1, 22.6, 22.7, 22.8, 22.9, 22.12, 22.14, 22.15, 22.16, 22.17, 22.18, 23, 24, 25.1, 25.2, 25.3
	Mr. Wade		1.1, 1.2, 1.5, 1.6, 1.7, 1.8, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.2, 2.5, 2.6, 2.7, 5.0, 6.1, 6.2, 6.3, 6.4, 7.1, 7.2, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6, 8.7, 8.8, 8.9, 21, 22.1, 22.3, 22.4, 22.6, 22.17, 22.18, 23, 24, 25.1
	Mr. Vincent Nadeau-Benoit		1.1, 1.2, 1.8, 1.10.1, 1.10.2, 1.10.3, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.4, 2.5, 2.6, 2.7, 9.1, 9.2, 9.3.1, 9.4. 11.1, 11.2, 11.3, 11.4, 11.5, 11.6, 11.7, 11.8, 11.9, 11.10, 11.11, 11.12, 11.13, 21, 22.1, 22.3, 22.5, 22.7, 22.17, 22.18, 23, 24, 25.1
	Ms. Katchen		1.1, 1.2, 1.9, 1.13, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.3, 2.5, 2.6, 2.7, 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, 14.1, 14.2, 14.3, 14.4, 14.5, 14.6, 21, 22.1, 22.10, 22.17, 22.18, 23, 24, 25.1
	Mr. Davis		1.1, 1.2, 1.14, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.5, 2.5, 2.6, 2.7, 14.4, 15.1, 15.2, 15.3, 15.4, 15.8, 15.9, 15.10, 21, 22.1, 22.11, 22.17, 22.18, 23, 24, 25.1
	Ms. Emily O’Hara		1.1, 1.2, 1.3, 1.4, 1.16, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.6, 2.5, 2.6, 2.7, 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.0, 7.3, 13.11, 15.6, 15.7, 15.8, 17.1, 17.2, 17.3, 17.4, 17.5, 17.6, 20, 21, 22.1, 22.2, 22.13, 22.17, 22.18, 23, 24, 25.4, 25.1, 25.5, 25.6, 25.7

2.4.4

Mr. Vincent Nadeau-Benoit

2.4.5

Mr. Matthew Davis

2.4.6

Ms. Emily O’Hara

2.5	Report Date

2.6	Information Sources and References

2.7	Previous Technical Report Summaries

3.0	PROPERTY DESCRIPTION

3.1	Property Location

3.2

Ownership

3.3	Mineral Title

3.3.1

Tenure Holdings

•

Legacy claims (staked in the field prior to January 2005);

•

Cell claims (staked online post January 2025);

•

Mining lease (application to the Ministry, payment of fee, legal boundary survey, annual maintenance payment).