Coeur Mining, Inc.

What they do

Coeur operates seven wholly-owned mines across the U.S., Canada, and Mexico, producing gold, silver, and copper. Its portfolio includes the New Afton gold-copper mine, Rainy River gold-silver mine, Las Chispas silver-gold mine, Palmarejo gold-silver complex, Rochester silver-gold mine, Kensington gold mine, and Wharf gold mine. The company also owns the Silvertip polymetallic exploration project in British Columbia.

Revenue drivers

• Gold sales — Largest revenue contributor; in Q2 2026, gold sales were $695 million, driven by record quarterly gold production of 163,490 ounces, with average realized price of $4,140/oz.
• Silver sales — Second-largest; Q2 2026 silver sales were $322 million, with production of 4.4 million ounces at an average realized price of $71.18/oz, contributing 30% of company revenue.
• Copper sales — New revenue stream from New Afton acquisition; Q2 2026 copper sales totaled $69 million, with full-year 2026 copper production guidance of ~45 million pounds.

Recent performance

In Q2 2026, Coeur reported record revenue of $1.09 billion, up 126% year-over-year, and net income of $122 million ($0.12 diluted EPS). Adjusted EBITDA was $478 million, and free cash flow was $388 million. Cash and equivalents doubled from year-end 2025 to $1.1 billion. For the first half of 2026, revenue was $1.94 billion and net income was $369 million ($0.42 diluted EPS).

Strategy

Coeur aims to be a diversified, all-North American senior precious metals producer, focusing on organic growth and acquisitions. In late March 2026, it closed the New Gold acquisition, adding the New Afton and Rainy River mines, which contributed a full quarter of results in Q2 2026. The company has initiated an enhanced capital return program, including share repurchases and a semi-annual dividend. Management emphasizes disciplined capital allocation, debt reduction, and maintaining a strong balance sheet, while continuing to invest in expansions at Rochester and Las Chispas.

Risks

• Commodity price volatility — Revenue depends heavily on gold and silver prices, which fluctuated widely in 2025 (gold high $4,449, low $2,633; silver high $74.84, low $29.41), and now copper prices with New Afton.
• Operational ramp-up at Canadian mines — New Afton's C-Zone and Rainy River's underground operations are ramping up slower than planned, leading to partial-year guidance adjustments and potentially lower near-term production.
• Purchase price accounting impacts — Q2 2026 earnings were affected by a non-cash $140 million charge related to Rainy River's stockpile inventory, illustrating accounting complexities from acquisitions.
• Rising input costs and grades decline — Lower silver grades at Rochester and Palmarejo, along with volatile input commodity prices, could pressure costs and margins.

Outlook

Management updated 2026 guidance to reflect lower metal prices and slower Canadian ramp-up, expecting approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper. They forecast record full-year adjusted EBITDA of $2.3 billion and free cash flow of $1.5 billion. The five legacy operations remain on track to meet prior guidance, and the New Gold integration is progressing according to plan.